The Law and Business of International Project Finance: A Resource for Governments, Sponsors, Lawyers, and Project Participants (3rd Edition)
Scott L. Hoffman
Format: PDF / Kindle (mobi) / ePub
Project finance requires careful analysis and structuring of a wide variety of risks. This completely updated third edition addresses these risks and their resolution, and details the necessary elements of a successful project financing. Mirroring the structure of an actual project finance deal, this all-in-one handbook examines each step of the process.
About the Author
Scott L. Hoffman is an internationally recognized legal authority in project finance. His active involvement in the project finance industry in the last 22-plus years includes representation of Fortune 500 countries, utilities, banks, and testimony before the US Congress on energy policy-making. As a partner at Evans, Evans & Hoffman LLP, he practices energy and environmental project finance, international banking and commercial law, and represents energy development companies in the development, acquisition, and financing of energy projects throughout the world. He received his Juris Doctor degree from Syracuse University College of Law; while at the College of Law he was on the Managing Editorial Board of the Syracuse Law Review and served as Editor of its Annual Survey of New York Law. Scott L. Hoffman has published numerous editions of his books, as well as many international project finance articles for professional and trade journals. Mr Hoffman is a member of the US Supreme Court, New York State, District of Columbia, and Ohio bars.
accepted as standard accounting principles in the applicable country. In the United States, these are commonly referred to as generally accepted accounting principles, or GAAP). Often, these principles permit the use of different standards, so they must be consistently applied. Fair Presentation of Financial ConditionThe borrower is also required to represent that the financial statements fairly present its financial condition. Merely representing that the financial statements were prepared in
documents to which it is a party. No release, emission, or discharge into the environment of hazardous substances, or hazardous waste, or air pollutants, or toxic pollutants, as defined under any environmental laws, has occurred or is presently occurring or will occur in operating the project in its intended form in excess of permitted levels or reportable quantities, or other permitted concentrations, standards, or limitations under the foregoing laws or under any other federal, national,
may materially impair its ability to perform the [Services]; or a Party is generally not paying its debts as such debts become due; or a Party makes an assignment for the benefit of creditors, commences (as the debtor) a voluntary case in bankruptcy under the [describe applicable bankruptcy statute] (as now or hereafter in effect) or commences (as the debtor) any proceeding under any other insolvency law; or a case in bankruptcy or any proceeding under any other insolvency law is commenced
International Finance Corporation or regional development banks that can mobilize commercial funds; specialized funds; institutional lenders and equity investors; and commercial banks, both domestic and international. Involvement of any of these sources might affect the ownership structure. � 7.15 Fragmentation: The More the Merrier The complex nature of project-financed transactions, coupled with conflicting tax laws and accounting rules among countries, sometimes combines to make multiple
government in a particular sector are sold to the private sector. In a partial unbundling, such as in Trinidad, only parts of the assets are sold by the government, which retains some ownership interests for sale at a later date or to fund social programs. Finally, in the most cautious approach, as in Colombia, infrastructure assets are retained by the government, but new infrastructure needs are provided by the private sector on a greenfield basis.  BenefitsThe benefits of privatization to a