30179 - INTERNATIONAL PROJECT FINANCE

Being able to read and interpret a financial statement.

The course has the goal to analyze the reasons why some project financing have succeeded while others have failed.

The course gives detailed information on:

• The differences between corporate finance and project finance.
• The main actors involved in a project financing. 
• The financial viability of project financing and the main risk present in a project.
• The financial planning in project finance.
• How to prepare cash flow projections and use them to measure expected rates of return.
• Legislative previsions, public/private infrastructure partnerships, public/private financing structures.
• Credit requirements of lenders, and how to determine the borrowing capacity of the project.
• Tax and accounting considerations.

Understand:

• The differences between corporate finance and project finance.
• The main actors involved in a project financing.
• The financial viability of project financing and the main risk present in a project.
• The financial planning in project finance.

• To do a financial plan for a spv.
• To assess a project of a spv.
• To prepare financiail projections.
• To determine the borrowing capacity of the project.

• Face-to-face lectures
• Guest speaker's talks (in class or in distance)
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)

• Exercises: exercises aimed to understand logics and calculations skills.
• Business Cases: examples of real cases to be developed.
• External speakers: attendance of external speakers expert in the field.

Written exam, with 5/6 multiple-choice questions and one/two exercise(s) with open questions. Length: 1 hour.

Slides projected in class. The students can refer for some contents to some sections included in the books:

• J.D. FINNERTY, Project Financing, Wiley. 
• S. GATTI, Project Finance in Theory and Practice, Elsevier AP.

Being able to read and interpret a financial statement.

The course has the goal to analyze the reasons why some project financing have succeeded while others have failed.

The course gives detailed information on:

• The differences between corporate finance and project finance.
• The main actors involved in a project financing.
• The financial viability of project financing and the main risk present in a project.
• The financial planning in project finance.
• How to prepare cash flow projections and use them to measure expected rates of return.
• Legislative previsions, public/private infrastructure partnerships, public/private financing structures.
• Credit requirements of lenders, and how to determine the borrowing capacity of the project.
• Tax and accounting considerations.

Understand:

• The differences between corporate finance and project finance.
• The main actors involved in a project financing.
• The financial viability of project financing and the main risk present in a project.
• The financial planning in project finance.

• To do a financial plan for a spv.
• To assess a project of a spv.
• To prepare financiail projections.
• To determine the borrowing capacity of the project.

• Face-to-face lectures
• Guest speaker's talks (in class or in distance)
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)

• Exercises: exercises aimed to understand logics and calculations skills.
• Business Cases: examples of real cases to be developed.
• External speakers: attendance of external speakers expert in the field.

Written exam, with possibility of two partial exams.

• First partial: made up of about 6/7 multiple-choice questions and one/two exercise / open questions (maximum grade 16): length: 45 minutes.
• Second partial exam: the same as the first partial.

It is possible to sit for a general exam made up of the sum of the two intermediate exams, length: 45+45 minutes, grade is the sum of single grades (16+16 maximum) = 90 minutes.

Slides projected in class. The students can refer for some contents to some sections included in the books:

• J.D. FINNERTY, Project Financing, Wiley
• S. GATTI, Project Finance in Theory and Practice, Elsevier AP.