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Project finance is the financing of major projects. It often takes the form of a financing arrangement under which the monies raised for a project are repaid primarily from the project’s cash flow, with the project’s assets held as collateral. It enables the sponsor of a project to arrange financing with no recourse, or limited recourse, to the sponsor’s balance sheet. Project finance is complex in view of the number of parties involved, the security that is taken over the project’s cash flow and assets, the nature of the rights that are exercised by the lenders in respect of the project generally and the cross-border character of stakeholders. Project finance lawyers need to have an in-depth understanding of both the legal issues that arise as well as the commercial and operational aspects of the project.
The lecturer is a leading practitioner in this area and will introduce students to the key legal, contractual and structural issues concerning major projects and project finance, and analyse these issues in the context of a number of case studies in the mineral, energy and infrastructure sectors.
Principal topics include:
- Characteristics of suitable projects
- Characteristics of project financing in Australia
- Project financing techniques
- Identification of risk and techniques for allocation of risk
- Structuring financing requirements for a project
- Contractual arrangements
- Project financing default and remedies
- Case studies of project financing in mineral, energy and infrastructure sectors.
Intended learning outcomes
A student who has successfully completed this subject will:
- Understand the nature of project financing
- Understand critical commercial and financial objectives
- Understand key legal issues and structural arrangements
- Understand particular applications to mineral, energy and infrastructure projects.
Last updated: 11 February 2021