This is a self-contained text on the logic and institutions of project finance, supplemented by a series of project finance case studies illustrating applications in different economic environments, across different jurisdictions and at different stages of development. It will introduce an analytical framework drawing on applied institutional economics that includes and concentrates primarily on an analysis of the institutional logic behind generic project finance arrangements. The application of the institutional framework will be demonstrated with project cases from Hong Kong, Thailand, India, Europe and Azerbaijan - each at different stages of development. While each project case will have a general theme and will highlight aspects of interest to built environment professionals, it will primarily be used to illustrate one or more specific PF/PFI principle.
The Nature of Project Finance 1
2 Complex Transactions 43
3 Financial Evaluation 93
4 Managing Risk in Project Finance Transactions 150
5 Continuing Evolution: from PF to PFI, PPP and beyond 216
6 The Relevance of Sound Demand in Infrastructure Project Finance: the Sydney Cross City Tunnel 245
7 Financial Structure and Infrastructure Project Finance: the Hong Kong Western Harbour Crossing 280
8 Institutional Risks and Infrastructure Project Finance: the Dabhol Power Project 308
9 Extreme Complexity in Transacting: public private partnerships at work in the London Underground 324
References 348
Index
