項目融資概論（英文版）(doc 79頁)

項目融資概論（英文版）內容提要：

投資計劃資金之募集，資金的提供者主要以計劃產生之現金流量作為本息支付或投資報酬之來源對發起人或借款人無完全追索權（因此又稱有限追索權融資）複雜的融資及風險保障安排技術與經濟的評估非常重要潛在風險大但報酬亦高計劃由一個與發起人分離的獨立個體所有計劃個體的營業活動範圍有嚴格限製計劃個體需擁有獨立營運的各項權利融資人擁有計劃所有的資產與權利的第一順位求償權力融資人充分了解並接受計劃的風險或計劃風險已被適當分擔。

Local electric utility company are required to purchase all the electric output of qualified independent power producers under long-term contracts.

The purchase price for the electricity must equal the electric utility’s “avoided cost”(marginal cost) of generating electricity.

Innovations for Project financing:from natural resource projects to nufacturing facility and Infrastructure projects Manufacturing: the case of Bev-Pak Inc.Infrastructure: public-private partnership to finance Generating Stations, transportation facility, and others.

Project will be placed into service

Technical Feasibility: independent expert’s opinion Operations -->economic viable undertaking Economic Viabilitymarket demand, products’ pricecost escalation,delay, production level, operation cost...Availability of raw materials and capable mgt.

enough quantitieslong-term supply contract (longer than the term of debt) Ideal Candidates Capable of functioning as independent economic units Can be completed without undue uncertainty Worth more than the cost to completeFactors Considered

Credit requirement---expected profitability & credit supportTax implicationsImpacts on the sponsors’ existing debt obligationsLegal or regulatory requirementsAccounting treatment of liability and contractual agreement.

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