Public-Private Partnerships for Infrastructure: Principles of Policy and Finance

Description

Public-Private Partnerships for Infrastructure – Principles of Policy and Finance, Second Edition explains how public private partnerships are prepared, procured, financed, and managed from both the public- and private-sector perspectives. As the use of public private partnerships continues to develop world-wide, both in the area of public policy and private financing and contracting, the Second Edition of this leading textbook:

• Captures and explains the latest approaches, providing a comprehensive all-round guide for those on both the public- and private-sector sides of the table
• Emphasises a step-by-step approach within a comprehensive, cross-referenced format
• Includes clear explanations of PPP evaluation, structuring and financing concepts for the benefit of those new to the topic: no prior knowledge is assumed or required
• Provides detailed reference points for more experienced practitioners
• Draws from the authors’ experience and practice in PPP markets worldwide to provide a perspective on practical application of the key underlying principles
• Includes an extensive glossary of technical and financial terms used in the PPP sector

Key Features

• Includes more technical information and a stronger legal perspective than other books
• Emphasizes a step-by-step approach within a comprehensive, cross-referenced format
• Expands and updates the historical backgrounds and political contexts of public-private partnerships

Readership

Private sector investors and lenders who want to learn about public-private partnerships. Upper-division undergraduates and graduate students studying the financing of large projects. These students are typically interested in public policy issues and in structured finance, a portfolio of techniques usually implemented by large corporations and commercial banks.

Table of Contents

1. Part I: Introduction
   1. Overview
   2. What Are Public-Private Partnerships?
   3. Cash Flow and Investment Analysis
2. Part II: The Public-Sector Perspective
   1. Policy, Legal and Institutional Frameworks
   2. The Project Cycle
   3. Public-Sector Project Management
   4. Assessing Needs, Project Definition and Selection
   5. The PPP Decision—Value for Money
   6. The PPP Decision—Affordability, Budgeting and Reporting
   7. PPP Procurement
3. Part III: PPP Risk Analysis and Allocation
   1. Risk Analysis—Theory and Methodologies
   2. Risk Allocation—Construction Phase
   3. Risk Allocation—Operation Phase
   4. The Role of Insurance
4. Part IV: The PPP Contract
   1. Service-Fee Payment Mechanism
   2. Changes in Circumstances
   3. Termination
   4. Public-Sector Support for PPP Contracts
   5. Public-Sector Contract Management
5. Part V: The Private-Sector Perspective
   1. Sponsors and Other Investors
   2. Project Finance and PPPs
   3. Project-Finance Debt—Sources and Procedures
   4. Financial Structuring
   5. Macroeconomic Risks and Hedging
   6. Lenders’ Cash-Flow Controls, Security and Enforcement
   7. Debt Refinancing and Equity Sale
6. Part VI: Alternative Models – Summing Up
   1. Alternative Models
   2. PPPs—For and Against

Authors Biography

E. R. Yescombe

E.R. Yescombe is an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.

Affiliations and Expertise
YCL Consulting, London UK

Edward Farquharson

Affiliations and Expertise
Principal Advisor, European PPP Expertise Centre