PF models-part 1

深圳沙角B电厂项目BOT融资模式
• • • • • • • • 项目的担保结构： （1）具有“供货或付款”性质的煤炭供应协议； （2）具有“提货或付款”性质的电力购买协议； （3）广东省国际信托投资公司为A方的电力购买协 议和煤炭供应协议提供担保； （4）由广东省政府为上述三项安排出具支持信； （5）由设备供应及工程承包财团提供完工担保； （6）银行为工程公司开具履约保函； （7）由中国人民保险公司安排项目保险； （8）国际银团为日本的出口信贷提供的项目风险 担保
BOT-CONTENT
• • • • • Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
BOT- Role of Host Government
Benefits:
1.Decrease the pressure on government budget 2.Not increase debt of government 3.Attract international fund and advanced technology 4.Increase the operating efficiency of the facility 5.Enhance the stability of public sector
BOT-CONTENT
• • • • • Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
BOT- Benefits and Disadvantages
深圳沙角B电厂项目BOT融资模式
合资中方（A方）:深圳特区电力开发公司 合资外方（B方）:合力电力（中国）有限公司该项目 项目阶段： 1984年签署合资协议， 1986年完成融资安排并动工兴建， 1988年建成投入使用。 总投资为42亿港币。合作期满，B方将项目的资产所 有权和控制权无偿移交给A方，并退出项目。
BOT-CONTENT
• • • • • Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
BOT-Definition
A BOT project involves a grant by the host government to private sector parties of a right to construct and operate a project for a determined th of time, often up to 30 years and sometimes more. Private parties develop, build, operate and manage the project for the duration of the agreed term, subsequent to the completion of construction, with the goal of recouping construction, operation and financing costs, and making a profit. At the end of the contract term, the project is transferred to the host government. BOT融资模式.flv
BOT-CONTENT
• • • • • Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
BOT-Variations (p32)
Build-Own-Operate (BOO) Supply-Operate-Transfer( SOT) Build-and-Transfer( BT)BT融资模式.flv Build-Lease-Transfer( BLT) Build-Transfer-Operate ( BTO) Build-Develop-Operate-Transfer( BDOT) Transfer-Operate-Transfer (TOT)ToT融资模式 .flv
ownershippurchasingcontractoperationstageprojectvehicleproductcustomersellproductfinancingvehiclefinancingvehicleproductownershipsecuritytrustrevenuerevenuelendersservicedebtrevenue开发阶段产品支付结构示意图专设公司贷款银行项目公司产品支付款产品所有权工程公司项目开发费担保信托项目资产担保项目资产担保投产阶段项目公司产品用户代表专司出售产品专设公司产品所有权担保信托销售收入销售收入贷款银行本息偿付销售收入英国北海石油项目融资产品支付模式英国石化公司英国石化贸易公司英国石化开发公司100所有权100所有权北海石化项目公司100控股石油石油贷款银行英美12家产品支付贷款协议英国国家石油公司其他发起人
4.1 Basic Principles of Designing a
PF Model
Basic Principles
• • • • • Try to achieve limited recourse Try to realize the appropriate risk allocation Minimize the cost of funding Minimize the equity from the sponsors Realize the off-balance sheet financing
1.Choose project vehicle 2.Provide a right to private parties of operating an already existing project 3.Provide private parties with the development right of land around the project 4.Clarify policy on return on investment 5.Provide off-take agreement as guarantee 6.Provide protection against competition
production payment loan-features
1. Non-recourse loan 2. A way of guarantee 3. Self-amortizing loan: once repaid, the assignment of production to the lenders terminates 4. Interest consideration production payment includes interest production payment excludes interest
Question • How to achieve the above principles?
4.4 BOT
• • • • •
特许权：franchise，Concession，licence Expiration：期满，截止 Legal title：权利证书，法定权利 Rehabilitate:修复 Refurbish：刷新； 使重新干净 perpetuity：永久，永恒，永远
偿还 债务 合和电力（中国） 国际贷款银团 日本进出口银行
⑧
项目贷款
项目风险担保 出口信贷
广东省政府
支持信
④
沙角B电厂
电 力 购 买 协 议
交钥匙承包合同
⑤ ⑥
工程设备/ 建设财团
⑦
项目保险
工程履约保函
工程担保银行
①
中国人保
②
煤 炭 供 应 协 议
③
①② 担保
电力销售收入
深圳特区 电力开发公司
广东国际信 托投资公司
作业
• • • 1、你认为该BOT项目对我国政府有利吗？ 2、该项目融资中的风险分担合理吗？ 3、研究其他采取BOT 模式的项目并准备 presentation.
4.2 Production Payment Loan
production payment loan-definition
Production payment loan is a reservebased financing technique. It is a loan typically made to the project vehicle, secured by an assignment of future production of oil, gas or a mineral commodity.
香港合和公司
50%
日本兼松商社
5%
中资公司
45%
B方
合和电力（中国）有限公司
10年经营期利润
合作协议
深圳沙角B电厂
10年后无偿转让
A方
深圳特区电力 开发公司
深圳沙角B电厂项目BOT融资模式
• 项目的合作期为10年。 • B方权责：
（ 1 ） B方负责安排提供项目全部的外汇资金；
（ 2 ）组织项目建设；
INTRODUCTION •construction and operation of specific infrastructure facilities, such as toll road, bulk supply reservoirs, water treatment plants, and waste disposal stations. •Concession •The reason for using BOT
BOT- Benefits and Disadvantages
Disadvantages
May increase opportunity costs May cause huge tax losses May cause over-exploited operation Risk allocation is inappropriate
（ 3 ）负责经营电厂10年（合作期）； （ 4 ） B方获得在扣除项目经营成本、煤炭成本和
支付给A方的管理费之后的全部项目收益。
（ 5 ）合作期满，B方将项目的资产所有权和控制
权无偿移交给A方，并退出项目。
深圳沙角B电厂项目BOT融资模式
• 合作期间，A方主要承担义务： • （1）提供项目使用的土地、工厂操作人员，以及为项 • 目安排优惠的税收政策； （2）为项目提供一个具有“供货或付款”性质的煤炭 供 • 应协议； • （3）为项目提供一个具有“提货或付款”性质的电力 购 • 买协议； • （4）为B方提供一个具有“资金缺额担保”性质的贷 款协议，同意在一定条件下，如果项目支出大于项目 收入则为B方提供一定数额的贷款。
Chapter4 Several Project Finance Models
Focus of this chapter
• Understand the basic principles of designing a PF model • The definition of the key PF models • The benefit and disadvantages of the key PF model • The procedure of the key PF model
BOT-CONTENT
• • • • • Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
Build-Operate-Transfer (BOT)
production payment loan-how it works
(1) Lenders make a loan to the project vehicle (2) As a payment guarantee, project vehicle assigns to the lenders free of costs of production should the operator fail. a specified undivided share of the commodity in the ground the right to extract the commodity (3) Project vehicle use the loan to make the construction (4) Loan principal and interests are paid upon successful extraction of the commodity