TXF France 2019
TXF France 2019 will take a focused look at the French export finance market, concentrating on the issues that matter. Hear from high-level speakers and get the chance to have your say in interactive sessions.
Project finance is a non-recourse loan structure used to fund infrastructure projects. Project finance keeps the debt off the project sponsor’s balance sheet – if the project defaults, the lenders take over ownership of the project asset and have no recourse to the original project sponsor. This enables developers to borrow money for major projects without the risk of corporate bankruptcy should the project fail. The structure is widely used in the financing of major projects in the oil and gas, power, renewables, mining, transport (fixed and moveable assets) and public-private-partnership (P3) sectors. In addition to non-recourse debt, project financing can take the form of limited recourse debt, ECA-backed debt, DFI-backed debt, project bonds and even securitisations.
Balance sheet capacity and strong banking relationships are the best chance the US has of making progress in offshore wind development. While both developers and lenders are accepting compressed returns, there’s still little concrete evidence of the emergence of a creditworthy US supply chain.
While the ripple effect of sanctions is still creating uncertainty around new Russian business, German exporter and lender confidence is returning to the region. TXF spoke with Thomas Baum, head of underwriting at Euler Hermes, to discuss the German ECA’s busy petchem project pipeline in Russia, its increased risk appetite in Africa, and how its new digitalised ‘click and cover’ platform is streamlining access to export finance for SMEs.