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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Plans & Membership

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Expert led content

+1,000 expert presented, on-demand video modules

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Engage with our video hotspots and knowledge check-ins

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Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Introduction to Renewable Energy Project Finance

Introduction to Renewable Energy Project Finance

Lachlan Tait

15 years: Renewable energy & project finance lawyer

This video explains what project finance actually is, with a few examples of how it differs from corporate finance. It further highlights the non-recourse nature of this type of financing and explores the role of SPVs and how they turn renewable energy and other large-scale projects from high-risk, high-cost, inaccessible undertakings into more manageable endeavours.

This video explains what project finance actually is, with a few examples of how it differs from corporate finance. It further highlights the non-recourse nature of this type of financing and explores the role of SPVs and how they turn renewable energy and other large-scale projects from high-risk, high-cost, inaccessible undertakings into more manageable endeavours.

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Introduction to Renewable Energy Project Finance

6 mins 54 secs

Overview

Project financing generally targets projects which are not yet built and only exist in the form of legal documents such as contracts and regulatory permits. As such, this area is in many ways an overwhelmingly legal exercise. This video delves into the concept of project finance, with a few examples of how it differs from corporate finance.

Key learning objectives:

  • What is Project finance?

  • What are the key features of project finance?

  • Understand the role of SPVs in turning renewable energy into more manageable endeavours

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Summary

What is Project finance?

Project financing generally targets projects which are not yet built and only exist in the form of legal documents such as contracts and regulatory permits. In project financings, the borrower is often a weak credit, and its revenue streams are often highly risk-exposed and unpredictable. This unpredictability stems from the type of underlying assets being financed; whereas such assets can be integral to the functioning of an economy, the revenue derived therefrom can be dependent on factors which are not easily predictable.

What are the key features of project finance?

A key feature of project finance is that it involves no, or at least limited, recourse against the sponsors, the ultimate owners of the project being financed. Project finance focuses more or less entirely on the underlying assets of a project, often in the form of a term facility to fund the construction of the project.

What is SPV?

This is a company often referred to as a project company or a special-purpose vehicle (SPV), which is generally the bottom subsidiary in a broader corporate structure. Its only assets will be those required for the project. These assets will initially consist of just a set of contracts and permits; for example, a permit to supply power.

 

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Lachlan Tait

Lachlan Tait

Lachlan Tait is a lawyer specialising in renewable energy and project finance, and has been for 15 years. For the last 5 years he has worked in-house with renewable energy developers active across a range of jurisdictions, including both developed and emerging markets. He has participated in the negotiation, documentation and closing of numerous renewables project financings, involving a wide range of lenders including smaller national banks and international commercial banks.

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