in PROJECT FINANCING Konstantinos Venetsanos Director of Project Finance NBG National Bank of Greece SA 12 July 2016 Project Financ e Division Page 2 Special Purpose Vehicle ID: 632075
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Slide1
Environmental & Social Compliance in PROJECT FINANCING
Konstantinos VenetsanosDirector of Project Finance, NBGNational Bank of Greece S.A. 12 July 2016.Slide2
Project
Financ
e Division
Page
2
Special Purpose Vehicle
(SPV)
Shareholders
Share Capital/Sub debt
Public Authority
Concession
Agreement
Payments
Lenders
Loan
Capital & interest Payments
Loan
Agreement
Lenders’ Advisors
Legal
Technical
Market
Model Auditor
Insurance
Construction JV
Operator
Payments
Dividends/ Interest
Direct
Agreements
Insurers
Insurance
Policy
Payments
Guarantees
Construction
Agreement
Operation
Agreement
PROJECT FINANCING
: A COMPLEX STRUCTURE…..Slide3
Stages in structuring Project Financing
…….
…….
Tender
Documentation
…….
Risk
Assessment
Cash Flow
Analysis
Loan
documentation
Risk Analysis & Allocation
Construction
Operation
Market / DemandPolitical
FXInterestEnvironmental risksForce Majeure
Feasibility Study
Debt Service Ratios – social security
payments in
Opex
Sensitivity Analysis – Cost overruns
Time Schedule - Permits
Environmental
Impact
Study
Compliance with
Environmental laws
& regulation
Environmental
ManagementPlan
….BUT WITH KEY EVALUATION PARAMETRES
Project
Financ
e Division
3Slide4
Project
Financ
e Division
Page 4
ENVIRONMENTAL & SOCIAL COMPLIANCESlide5
Project
Financ
e Division
Page 5
TENDER DOCUMENTATION
In motorway concession projects, the Concessionaire has organized a Quality Assurance and Quality Control System ISO 9001Slide6
Project
Financ
e Division
Page 6
ASSESSMENT OF DESIGN & CONSTRUCTION RISK
In motorways projects, LTA has carried out independent review of compliance with Equator PrinciplesSlide7
Project
Financ
e Division
Page 7
INTERNAL RATING MODELSlide8
Project
Financ
e Division
Page 8
LENDERS’ ADVISORS REPORTSSlide9
Project
Financ
e Division
Page 9
LOAN DOCUMENTATIONSlide10
Project
Financ
e Division
Page 10
CASE STUDY MALIAKOS KLEIDI MOTORWAYSlide11
Project
Financ
e Division
Page 11
CASE STUDY MALIAKOS
Korinthos Power CCGTSlide12
Project
Financ
e Division
Page 12
PROJECT FINANCING
Thank you
Konstantinos
Venetsanos