The Project Finance Handbook : Structuring, Sizing and Underwriting Infrastructure Deals - Two Deals Modeled End to End, With the Models Supplied
Language: English
Published by Amazon Digital Services LLC - Kdp Sep 2026, 2026
- Softcover
- New
Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH
AbeBooks seller since August 14, 2006
Condition: New
US$ 58.17
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Neuware - The cover test allowed 538.1 million dollars. The cost test allowed 427.3. The lender advanced the lower one, and the ratio the sponsor fought for never bound.Project finance is lending against a cash flow rather than a balance sheet: if the asset earns less than expected, the lender takes the loss. This book works through everything that follows from that fact on two transactions built in full. Northgate is a 96 megawatt data center let for fifteen years to an investment-grade tenant, costing 614.4 million dollars to build and 657.4 to fund. Aurora is a 220 megawatt solar plant with eighty megawatts of battery storage, contracted for fifteen years and merchant for ten more. One works. The other does not, and the book shows why.Who this book is for- Analysts and associates who build the cash flow and write the credit paper- Fund managers deciding whether the return pays for the risk- Developers, lawyers and asset managers who live under the covenantsWhat you will be able to do- Define CFADS and see who controls its definition- Size debt on cover and on cost, and know which test binds- Sculpt repayment and handle the balloon at maturity- Solve the funding loop without a circular reference- Turn covenants, lock-up and cash sweep into dollars of rent- Run sensitivities that stress the loan instead of re-sizing itComputed, never assertedNorthgate's real minimum cover is 1.826 times, not the 1.45 agreed. It returns 16.60 percent to equity, of which only 2.41 points come from exit yield compression. A twenty percent construction overrun costs 5.24 points; a 375 basis point rise in the swap rate costs 3.17. Aurora, unsubsidized, returns 0.13 percent to equity and needs 105.14 dollars per megawatt-hour to reach ten percent; with a thirty percent investment tax credit, 67.31.Tools includedSixteen chapters and seven appendices: both deals computed in full, an annotated term sheet, a diligence checklist, a checklist for auditing a model, twenty interview questions with answers, and a glossary. Two Excel workbooks, the files every figure came from, each with a checks sheet, unlocked and identical in Excel, LibreOffice and Google Sheets. The chapter on building a model that survives scrutiny names the eight errors the author's own files were caught making before publication. Download details are inside the book.Part of The Institutional Finance Handbooks.Educational content. Both deals are illustrative; not investment, legal or tax advice.…
Seller Inventory # 9798172721380
- Title
- The Project Finance Handbook : Structuring, Sizing and Underwriting Infrastructure Deals - Two Deals Modeled End to End, With the Models Supplied
- Author
- Julian R Sterling
- Publisher
- Amazon Digital Services LLC - Kdp Sep 2026
- Publication year
- 2026
- Condition
- Neu
- Binding
- Taschenbuch
- Language
- English
- ISBN 13
- 9798172721380
- Item weight
- 390 grams
- Dimensions
- 229x152x15 mm
- Series
- Book 11 of 25: The Institutional Finance Handbooks
Project finance is the discipline of lending against a cash flow rather than a balance sheet, and almost everything about it follows from one fact: if the asset earns less than expected, the lender takes the loss. This book works through the whole apparatus that exists because of that fact, on two deals modeled end to end.
Northgate is a 96 megawatt data center, built to suit, let for fifteen years on a triple-net lease to an investment-grade tenant. It costs 614.4 million dollars to build and 657.4 to fund. Aurora is a 220 megawatt solar plant with 320 megawatt-hours of storage, contracted for fifteen years and merchant for ten more. One works. The other does not, and the book says so with the arithmetic attached.
Four findings, each computed rather than asserted:
- The loan is the lower of two independent tests. The cover test supports 538.1 million dollars; the 65 per cent loan-to-cost test supports 427.3. The sponsor who negotiated hard on the cover ratio gained nothing, because cover was not the binding constraint — and the deal's real minimum cover is 1.826 times, not the 1.45 anyone agreed. Neither test constrains the 247.2 million dollar balloon at maturity, which is why there is a third one.
- Northgate returns 16.60 per cent to equity, of which only 2.41 points come from exit yield compression — the single variable the sponsor does not control.
- A twenty per cent construction overrun, funded by equity, costs 5.24 points of return. A 375 basis point move in the swap rate costs 3.17. Deal teams spend their anxiety on the wrong one.
- Aurora, unsubsidized, returns 0.13 per cent to equity and needs 105.14 dollars per megawatt-hour to reach ten. With a thirty per cent investment tax credit, 67.31. That credit is thirty-six per cent of the price the plant would otherwise need, which makes the return a political exposure rather than an industrial one.
Sixteen chapters, in the order a practitioner meets the discipline: what non-recourse actually means, the two questions every credit paper answers, the cash flow waterfall, CFADS and who controls its definition, the sizing tests, sculpting and the balloon, sources and uses and the circular reference, covenants converted into dollars of rent, construction risk, availability risk against market risk, the offtaker, rates and policy, building a model that survives review, sensitivities against stress against scenario, and one deal run from first look to exit.
Seven appendices: both models in full, an annotated term sheet, a diligence checklist, a model review checklist, twenty interview questions with answers a practitioner would accept, and a glossary of 121 terms.
Two spreadsheet models come with the book — the files every figure came from. Unlocked, unwatermarked, no sign-up and no email address. Neither contains a circular reference: the funding loop most project finance models bury in iterative calculation is unrolled one pass per column, with a check cell, so both behave identically in every spreadsheet application.
The chapter on model errors names eight the author's own models were caught committing, across three pre-publication reviews, each one priced. That chapter is the reason to trust the other fifteen.
Written for the person who has to produce a number and defend it.
"Synopsis" may belong to another edition of this title.
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