Financing and Investing in Infrastructure

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Università Bocconi

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Module 2 analyzes the relationship between the SPV and its lenders. We will start from the introduction of what a syndicate is looking at the different roles performed by banks in a syndicate and the options available to organize such a syndicate. We will also look at the cost paid by the SPV for the organization of the financing and reflect on how the recent financial crisis has reshaped the syndicated loans market.

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Learn how debt and equity can be used to finance infrastructure investments and how investors approach infrastructure investments! According to the OECD, the global infrastructure investment requirement by 2030 for transport, electricity generation, transmission & distribution, and water & telecommunications totals to 71 trillion dollars. This figure represents about 3.5% of the annual World GDP from 2007 to 2030. The European Commission estimated, that by 2020, Europe will need between 1.5 - 2 trillion Euros in infrastructure investments. Between 2011 and 2020, about 500 billion Euros will be required for the implementation of the Trans-European Transport Network (TEN-T) program, 400 billion Euros for Energy distribution networks and smart grids, 200 billion Euros on Energy transmission networks and storage, and 500 billion Euros for the upgrade and construction of new power plants. An additional 38 - 58 billion Euros and 181 - 268 billion Euros in capital investment will be needed to achieve the targets set by the European Commission for broadband diffusion. Traditionally investments in infrastructure were financed using public sources. However, severe budget constraints and inefficient management of infrastructure by public entities have led to an increased involvement of private investors in the business. The course focuses on how private investors approach infrastructure projects from the standpoint of equity, debt, and hybrid instruments. The course concentrates on the practical aspects of project finance: the most frequently used financial techniques for infrastructure investments. The repeated use of real life examples and case studies will allow students to link the theoretical background to actual business practices. In the end of the course, students will be capable of analyzing a complex transaction, identifying the key elements of a deal, and suggesting proper solutions for deal structuring from a financial advisor's perspective. Course Format The course will consist of lecture videos, readings, and talks given by guest speakers. Although we do hope you will attend the entire course, it is possible to just focus on single topics. Suggested Readings The course is designed to be self-contained, there are no obligatory readings that must be acquired outside of the course. For students interested in additional study material, you may refer to: • Gatti Stefano, "Project Finance in theory and practice", Academic Press, 2nd edition, 2012.

基础设施的融资和投资:了解如何将债务和股权用于基础设施投资以及投资者如何进行基础设施投资! 根据OECD,到2030年,全球基础设施投资要求包括运输,发电,输电和交通运输。分布,水和电信总额达到71万亿美元。该数字约占2007年至2030年世界年度GDP的3.5%。 欧盟委员会估计,到2020年,欧洲将需要1.5-2万亿欧元的基础设施投资。在2011年至2020年之间,实施跨欧洲运输网络(TEN-T)计划将需要约5000亿欧元,能源分配网络和智能电网的投资将需要4000亿欧元,能源传输网络和存储的需求将达到2000亿欧元, 5000亿欧元用于新电厂的升级和建设。为了实现欧洲委员会设定的宽带扩散目标,还需要追加38-580亿欧元和181-2680亿欧元的资本投资。 传统上,对基础设施的投资是使用公共资源筹集的。但是,严峻的预算约束和公共实体对基础设施的低效率管理导致私人投资者越来越多地参与该业务。 本课程着眼于从股本,债务和混合工具的角度来看私人投资者如何处理基础设施项目。 该课程集中于项目融资的实践方面:基础设施投资最常用的财务技术。重复使用现实生活中的案例和案例研究将使学生将理论背景与实际商业实践联系起来。 在课程的最后,学生将能够分析复杂的交易,确定交易的关键要素,并从财务顾问的角度为交易结构提出适当的解决方案。 课程形式 该课程将包括演讲视频,阅读和演讲嘉宾的演讲。尽管我们确实希望您能参加整个课程,但也可以只关注单个主题。 建议阅读 本课程设计为自学式的,没有必修课以外的必修课。 对于对其他学习材料感兴趣的学生,您可以参考: •加蒂·斯特凡诺(Gatti Stefano),“理论和实践中的项目融资”,学术出版社,第二版,2012年。

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