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