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Organising Project Finance

Coffman, D; Kelsey, J; (2023) Organising Project Finance. In: Addyman, S and Smyth, H, (eds.) Construction Project Organising. (pp. 51-67). John Wiley & Sons Green open access

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Abstract

Modern project finance is understood as a method of finance, whereby the borrower is generally a standalone corporate entity, often a special purpose vehicle and, therefore, a single-project enterprise. The advent of large-scale securitisation of project finance debt instruments helped to attract significant institutional capital, which had shied away from infrastructure debt because of the risk/return profile. This chapter argues that despite what some economic theory might predict, the manner in which a project is financed imposes formal ‘constraining and enabling’ conditions at all phases of the built-asset lifecycle. Successful project organisation and delivery depends upon an adequate understanding of these dynamics. Project governance should also ensure that there is a system of a detailed post-project evaluation of costs and benefits. The need for new public infrastructure in the twenty-first century is growing at a time when public finances are constrained.

Type: Book chapter
Title: Organising Project Finance
ISBN: 1119807174
ISBN-13: 9781119807179
Open access status: An open access version is available from UCL Discovery
DOI: 10.1002/9781119813798.ch4
Publisher version: https://doi.org/10.1002/9781119813798.ch4
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: economic theory, institutional capital, large-scale securitization, project finance debt instruments, project governance, public finances, special purpose vehicle
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
URI: https://discovery.ucl.ac.uk/id/eprint/10163461
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