Chapter1WhatIsProjectFinance?ContentFocusofthischapter1.WhatisProjectFinance?TermsGreenfieldfinancing全新融资Amortizingloanrepayment分期支付贷款Balloonloan/payment气球贷款Completionrisk完工风险Pledge抵押（品），担保人Off-takeagreement承购协议Financialleverage财务杠杆Performancebond履约保函Default违约1.1TwowaysoffinancinglargeprojectsConventionalcompanyfinancingProjectFinanceLimitedrecourseNon-recourseloan1.2DifferencesbetweentraditionalcompanyfinancingandProjectFinanceProjectFinanceisthedevelopmentofanassetwherethefinancingistobeprovidedbywayofdebtorothersandistoberepaidprincipallyoutofrevenuesgeneratedbytheoperationofthatasset1.3WhatisProjectFinance?Sowecansay:TraditionalfinancingisfinancingtoaprojectwhereasProjectFinancingisfinancingthroughaproject.2.WhyisProjectFinanceneeded?2.1WhyProjectFinance?2.2MainCharacteristicsofProjectFinanceProjectFinance2.3BenefitsofProjectFinance2.4DisadvantagesofProjectFinance3.MajorparticipantsTermsEPC设计、采购、施工总承包合同Engineering,ProcurementandConstructionLiquidateddamage损害赔偿金，违约赔偿金Breach违约off-taker承购者Retentionbond留置金担保Multilateralagency多边机构Bilateralagency双边机构Exportcreditagency（ECA）出口信贷机构Creditenhancement信用升级Mezzaninefinance夹层融资Convertibledebt可转换债Privateplacement:私募发行Publicoffering:公募发行Cedingauthority：授权机构JointVenture：合资3.1participantsinallProjectFinancingdeals3.1.1Sponsors3.1.2SomethingaboutprojectvehicleSpecialPurposeVehicle(SPV)ownedbytheSponsorsLenderswillbelendingtoSPVComprehensivesecurityovercompany’spresentandfutureassetsSponsorsprovideshareoffinancebysubscribingforsharesandequitylikeinstruments(deeplysubordinateddebt)SPVdoesnothingelseNoriskshouldremaininSPV(riskpass-throughtootherparties)3.1.4TheEPCcontractor3.1.5TypesoflendersLenders3.1.6Theinsurer3.2participantsinmany,butnotall,ProjectFinancedealsThird-partyoperatorwhoshouldoperateandmaintaintheproject-projectmanageroneofthesponsorsThethird-partyoperatorResourcesupplierGovernmentCentralgovernmentCedingauthorityRolesbycentralgovernmentanditsagenciesPurchasingproductsorservi