Security in Project Finance - ebrd.com
1Security in Project FinanceJan Hendrik R verSECURED LENDING IN COMMERCIAL TRANSACTIONS TRENDS AND PERSPECTIVES 2Overview What is Project Finance ? Project Finance after the financial crisis Functions of Security in Project Finance What is Security in Project Finance ? Security structures in Project Finance How secure is Security in Project Finance ?3What is Project Finance ? A general definitionProject financing is characterised by five criteria and thus clearly differentiated from traditional corporate lending:BorrowerLegally and economically independent Project companyService of Project loan (repayment and interest)from future cash flows of Project companyPurpose of financingFinancing of a clearly defined(green or brown field) projectLiability of sponsorsNo or only limited recourse to sponsors Security interests of Project company (limited) Security interests of sponsorsRisk structuring123454What is Project Finance ?
7 Project finance after the financial crisis (i) • Banking world in turmoil since insolvency of Lehman Brothers (2008) • Changes in the general framework Accounting changes (IFRS 10*) If sponsor holds majority of shares in project company he must
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