Africa Infrapreneurs Programme

Africa Infrapreneurs Programme

Introduction

The course is part of the Brickstone Infrastructure Acceleration Programme (“Brickstone InfraLAB”)  which was designed for the African Infrapreneur developing projects but lack the knowledge of basic limited recourse financial principles in making the deal happen.
This course is designed for Aspiring Infraprenuers seeking to join the Brickstone InfraLAB or Project Managers/Project Finance Advisors with little or limited project finance knowledge but who are incubating Large Scale projects. Brickstone believes it is also important for Project Promoters to have a solid grasp of basic project finance awareness in order to agree with other project stakeholders and appreciate project finance principles that affect the value of their large scale projects.
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Content Outline

The course provides important experience and practical examples in the following areas:

Session 01 - Introducing Africa Infraprenuers Programme

  • Course Introduction
  • Motivations for Project Finance
  • Overview of Project Finance Phases

Session 02 - Understanding Project Finance and Principles of Risk Allocation

  • Motivations for Project Finance
  • Overview of Project Finance Phases
  • Principles of Risk Allocation
  • Key Issues Contract Mechanics
  • The Importance of Guarantees
  • Preliminary Project Assessment using Financial Model

Session 03 - Project Development Stages

  • Overview of Project Finance Phases
  • Type of Project Financed Projects 
  • Project Finance “Bankability” Fundamentals

Session 04 - Early Development Stage

  • Key Issues Contract Mechanics
  • The Importance of Guarantees
  • Preliminary Project Assessment using Financial Model

Session 05 - Pre Financing Stage

  • Decision Making on Developing the Project: Negotiating and formalizing with the needed key counterparties on proceeding on the project development on an exclusive basis with the Infrastructure Developer
  • Introduction to Brickstone Infrastructure Bankability Model

Session 06 - Achieving Bankability I : Predictable Cashflow

Brickstone Infrastructure Bankability Model states that projects must be characterized by a high degree of revenues predictability under a (partial or full) Contracted Revenue Arrangement with a creditworthy counterparty but if no offtake agreement an independent market study must prove a robust revenue upside capable of neutralizing risks such as price, demand, business cycle, inflation, currency parity and other operating risks

  • Offtake & Concession Arrangements: Explain structuring options for the using Offtake Agreements Issues
  • Key Terms in Offtake Agreements & Forms of Offtake Agreements: Explain structuring options for the using Offtake Agreements Issues
  • Application of Financial Models in Negotiations: Discussing DSRC: Explain structuring options for using DSRC
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 07 - Achieving Bankability II : Fixed Construction Delivery

Brickstone Infrastructure Bankability Model states that projects must be delivered under a fixed construction price and schedule with a Building (or EPC) Contractor with appropriate penalties in the form of liquidated damages (LDs) for its failure to perform

  • The rationale for Fixed Construction: Explain structuring options for the using Fixed Price Construction approach
  • Tendering Process and the need for Cost PrecisionExplain why it’s important to have a Tender Process and Cost Precision
  • Key Terms in Construction Agreements: Explain the Key Terms in EPC Construction contracts
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far

Session 08 - Achieving Bankability III : Sustainable Operations & Environmental Compliance

Brickstone Infrastructure Bankability Model states that in order for Sustainable Operations & Management projects must (1) provide adequate operations, the project vehicle must enter into Long term Supply Agreement with the key resource supplier(s) who will supply the materials needed to generate the required output. (2) The project must enter into an Operations & Management (O&M) agreement with an Independent Operator for the operation of the project after its completion (3) The project owners ensure best practice on the identification, management and compliance of Environmental , Social and Governance Factors affecting the project throughout its life of operations

  • Sustainability in Operating Infrastructure Projects
  • Understanding Project Governance governed by the Shareholders Agreement
  • Resource Supply Arrangements
  • Operations & Management Agreement
  • Environment Social Impact Assessments: Understand the ESIA requirements in Large Scale Projects 
  • Understanding Environment Social and Governance Factors 
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 09 - Overview of Financing Stage

Projects must be characterized by a high degree of revenues predictability under a (partial or full) Contracted Revenue Arrangement with a creditworthy counterparty but if no offtake agreement the independent market study must prove a robust revenue upside capable of neutralizing risks such as price, demand, business cycle, inflation, currency parity and other operating risks

Key Concepts in Financing

  • Introduction to Financing Stage
  • Key Concepts in Financing
  • Sources of Financing

Application of Financial Models

  • Application of Financial Models in Negotiations: Discussing DSRC: Explain structuring options for using DSRC
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 10 - The Infraprenuer Approach to Communicating the Project

Projects must be well communicated by  Infrapreneurs to gain the right traction amongst stakeholders such as Lenders, Government, Equity Investors, and the Community

  • Preparing a Project Summary Documentation
  • Communicating Tools for Stakeholders
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far

Session 11 - Understanding Finance Documentation

  • Introduction to Finance Documentation & Its importance
  • Understanding Financial Closure: Key Issues around Conditions Precedent and Lenders Mindset
  • Sources of Financing: Equity, Equity bridge loans, Subordinated shareholder debt, Mezzanine debt, Bank debt, Islamic project finance, Capital markets, Public sector lenders in project financings, Export credit finance, Multilateral agencies and development, finance institutions,
  • Lenders Due-Diligence: Due Diligence mainly concerned project if the project is commercially, financially and technically feasible by analyzing all the associated factors including the Financial Model and all Project Agreements
  • Lending Process: Letters of Intent, Term Sheets, Commitment Letters, and Mandate Letters and General Overview of Common Terms Heads of Agreement
  • Finance Documents: Main Provisions in Loan Agreements (CTA and ILFA) with a slight introduction to agreements for Equity Support, Security, Accounts Structure
  • Credit Enhancement : Credit Enhancement Options available 

Session 12 - Deal Structuring & Sources of Financing

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 13 - Project Finance Lending Process

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 14 - Framework for Finance Documentation

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 15- Loan Agreements (CTA and ILFA)

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 16- Other Supporting Agreement for Financing

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 17- Credit Enhancement

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 18- Project Due-Dilligence

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 19- Project Financial Plan & Closure

  • Implementing the Financing stage: Securing lowest financing costs, Understanding how to achieve the highest risk-reward trade-off possible, Minimizing exposure to the project
  • Preparing the Project Financing Plan & Financial Model: Helping participants to Understand the General Considerations in preparing a Project Financing plan. Understanding the architecture of a typical financial model and use of the model by the sponsor(s)
  • Achieving Financial Closure: To participant Understanding the Key Requirement of a Typical Financial Closure Process
  • Case Studies Review: Case Discussion to recap Project Finance concepts learnt so far. 

Session 20- Post Financial Close Activities in Project Finance

  • Financial Close to Draw Down: Requirements by Lenders from Financial Close to Draw Down
  • EPC Contract Monitoring: Roles of the construction manager/owners representative to monitor the project at regular intervals.
  • Lenders Requirements for Project Monitoring: Roles of the Lenders Independent representatives to monitor the project at regular intervals.
  • Project Construction Closure: This step signifies the end of the project and discussions would focus on key lenders requirements 
  • Operation & Management Post Construction: Issues for Infrapreneurs, and interactions with 
Frequently Asked Questions:
Learn more about the Frequently Asked Questions 
Mode of Delivery 
100% ONLINE | FLEXIBLE SCHEDULE  | VIDEOS & READINGS MATERIALS | PRACTICE QUIZZES | APPLY YOUR SKILLS WITH HANDS-ON PROJECTS | 4 WEEKLY CASE-STUDY REVIEWS
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      Course Video

      Main Course Leader 

      Femi Awofala

      Babafemi Awofala is the Founder and Senior Partner with Brickstone Partners Limited, an integrated professional service firm providing project finance advisory and transaction structuring for the agriculture, power, energy, infrastructure and real estate industry in West Africa. Learn more

      There would be other guest facilitators who are leading specialist in Project Finance Law and Deal Structuring 

       

      Other Brickstone InfraLAB foundation Courses