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Day One Monday 17 November 2008 - Morning Plenary
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8am | Registration and refreshments
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8.45am | Chairman’s Opening Address
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| THE INFRASTRUCTURE CYCLE: WHO, WHY AND WHAT NEXT? |
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9am | Keynote Address: UK infrastructure – why the lack of funds and what are the solutions?
- Why do other European governments support this sector more than the UK?
- Bond issues vs. PPP
- Why are civil servants incapable of managing big projects?
- What developments should we expect over the next few years?
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9.40am | Cash rich and options short: the new reality for infrastructure funds
- How much potential is there in infrastructure and where can these opportunities be found?
- Will managers overextend themselves in search of assets outside their area of expertise?
- How will this affect returns for investors?
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| | Mr Simon Gray, Head of European Infrastructure M&A, Babcock & Brown
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10.10am | Lessons learned from investing in critical infrastructure: the corporate perspective
- Assessing the rationale behind working with private investors
- What were the key hurdles faced in the transition period?
- Extracting additional value: how can leading corporate companies and private investors work together successfully?
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10.40am | Morning refreshments and networking
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11am | Emerging markets: opportunities and risks for today’s infrastructure equity investor to consider
- Identifying where success has been seen in Latin American, Indian and Chinese privatisations
- Examining the headline risks: transactional, legal, environmental, regulatory, economic and social
- Case study on ADWEA transaction: what is the reality?
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| MARKET FORCES AND THEIR IMPACT ON INFRASTRUCTURE |
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11.30am | Panel discussion: how does infrastructure fit with other alternative investments?
- Comparing infrastructure with private equity, hedge funds, real estate and commodities
- How interconnected are these different investments?
- Is the infrastructure market affected by downturns in the other asset classes?
- What are the advantages and disadvantages to investing in infrastructure separately?
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| | Young Kyung Kim, Infrastructure Sector Head, Samsung Life Insurance (Korea)
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12.10pm | Panel session: credit markets in turmoil and the liquidity crisis- examining the impact on the infrastructure sector
- Will the borrower’s market revive?
- Is leverage dead?
- How important was leverage to infrastructure funds?
- Has the role of rating’s agencies diminished?
- Will infrastructure funds still be able to raise the current capital they need and how will this impact on investors?
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| | Mr Macky Tall, Vice-President, Investments - Infrastructure, Caisse de dépôt et placement du Québec
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12.50pm | Networking lunch hosted by
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Day One Monday 17 November 2008 - STREAM A: INVESTMENT STREAM
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| INVESTOR CHOICES: DOES THE INFRASTRUCTURE MANAGER STILL ADD VALUE? |
Designed purely to guide institutional investors through investing in this exciting asset class, this INVESTMENT STREAM is the must attend session for any potential infrastructure investor.
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2pm | Have new investors missed the infrastructure boat?
- How can new investors gain access to funds with high potential?
- Will later funds be able to get the same returns for comparable fees as the first funds?
- Are the considerations that investors need to make different now?
- Should investors wait for the next wave of deal flow?
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2.30pm | Panel debate: justifying infrastructure fees
- What will the impact of the credit crunch be on the fees that infrastructure funds charge?
- Will they still be cost-effective?
- How will the increased number of infrastructure funds affect fee structures?
- Is there enough price disclosure on fund fees?
- What fees can pension funds avoid by co-investing?
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3.10pm | Panel discussion: selecting a manager – distinguishing between appearance and substance
- Ascertaining the ways in which the manager’s background can affect the fund’s deal flow
- Mitigating risk and enhancing returns: what operational experience is required?
- Monitoring managers’ performance and gaining clarity on their projects
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| | Nita Tinn, Chair of Trustees, Anglian Water Group Robert Gregor, Head of European Infrastructure , AMP Capital Investors
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Day One Monday 17 November 2008 - STREAM B: FINANCE AND PROJECT MANAGEMENT STREAM
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| PROJECT FINANCE: A BRAVE NEW WORLD? |
This is your opportunity to hear from the infrastructure funds on the issues they face in leveraging projects and overcoming the risks that may face them in 2008. These sessions will tackle the topics that the broader infrastructure community needs answering as it adapts to a market after the credit crunch.
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2pm | Overview of the infrastructure market
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2.10pm | Has the 2008 financing environment changed the way we look at deals?
- How has the credit crunch changed financing so far?
- What will be the impact for the future?
- Marginal differences: why some debt margins have blown out while others remain competitive
- Examining potential new financing structures
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2.50pm | Have we seen the end of the monoline insurer?
- What is the value-added proposition of the monolines today?
- What will be the impact upon the levels of liquidity?
- What is the current level of capital security post the credit squeeze?
- How will new premiums affect returns?
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3.20pm | Dealing with equity risk: how to identify, price and manage the following risks
- Regulatory / political
- Operational / technical
- Environmental
- Counter party credit
- How to properly manage these to maximise investments
- Dealing with State Regulators and time constraints
- Conservative use of leverage in times of economic downturn
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Day One Monday 17 November 2008 - Afternoon Plenary
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3.50pm | SPEED NETWORKING
 The revolutionary, exciting, quick and non-pressured way to meet fellow conference delegates and industry peers in a fifty-minute session. These brief meetings are the starting point for conversation and networking throughout the conference. This is where long lasting and fruitful relationships begin.
- The best 50 minute networking session you will ever experience
- Meet…move on…meet…move on…meet!
- Exchange business cards with fellow delegates, speakers and moderators
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4.40pm | Afternoon refreshments and networking
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| RISKY BUSINESS: WHAT DO INVESTORS NEED TO LOOK OUT FOR? |
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5pm | Clarifying your risk/return profile: what benchmarks need to be established?
- Measuring success: how educated do the board of trustees need to be to monitor funds?
- Short term private equity vs. long term infrastructure investing
- How will the timeline for the fund ending affect your investment?
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5.30pm | Panel debate: risk/reward – is PFI more attractive than other infrastructure investments?
- Has the current market made PFI more attractive in comparison with non-PFI infrastructure funds?
- Are PFI deals too small for funds to make enough returns?
- Examining the experiences of experienced end investors
- What are the options beyond PFI?
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| | Richard Moon, Investment Analyst - Private Equity and Infrastructure, Railpen Kayte Alexander, Head of Alternative Investments, British Airways Pension Investment Management Simon Leyton, Chair of Pensions Committee, Cumbria County Council
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6.10pm | End of sessions
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6.15pm | Networking Drinks Reception hosted by
 Don’t go too far! Live entertainment and complimentary drinks provide the perfect backdrop as you’re invited to continue networking in a fun and casual environment.
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Day Two Tuesday 18 November - Morning Plenary
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8am | Registration and refreshments
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8.50am | Chairman’s Opening Address
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| EAST IS EAST BUT WEST IS BEST? |
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9am | Growth infrastructure and the world economy
- How resistant are core-infrastructure projects to recession?
- To what degree will their quasi-monopoly status help them in recession?
- Is growth in assets being factored into assets?
- How will the dollar crisis affect infrastructure markets across the globe?
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| | Geoff Haley, Chairman, International Project Finance Association
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9.40am | Keynote Address: globalisation of infrastructure investment - why are investors searching beyond their borders?
- What are the opportunities in Asia for infrastructure development?
- Examining the shift of wealth coming from the east to the west
- Uncovering the opportunities for developing projects in the emerging markets: what is the effect of increased cross border investment?
- Assessing new markets
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| | Phil Garling, Global Head of Infrastructure, AMP Capital Investors
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10.10am | Bridging Nigeria’s infrastructure gap and examining infrastructure opportunities in the west
- How can European investors learn from PenCom’s investments in infrastructure?
- Examining how successful Nigerian pension schemes have been over the past year
- How attractive are European opportunities to African investors?
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10.30am | Morning refreshments and networking
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Day Two Tuesday 18 November - STREAM A: INVESTMENT STREAM
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| INFRASTRUCTURE: THE SAME IN ALL INVESTOR’S EYES? |
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11am | The German investors perspective on infrastructure investing
- Examining the German LP landscape
- Outlining the role of infrastructure and private equity
- How do German investors approach infrastructure?
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11.40am | Accessing infrastructure: direct, co-investments, dedicated infrastructure funds, fund of funds?
- Listed vs. unlisted vehicles
- Do fund of funds offer any value in infrastructure?
- What can we learn from direct investors and co-investors?
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| | Jeppe Starup, Head of Alternative Investments, Pensions Danmark Chris Koski, Global Head of Infrastructure, Abu Dhabi Investment Authority Nick Ashmore, Head of Private Equity, Irish National Pensions Reserve Fund
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12.20pm | What opportunities exist for investors beyond brownfield?
- Does the anticipated higher return of greenfield investments outweigh the additional risk?
- What are the additional risks to be considered and how can they be mitigated?
- Which sectors are ‘less risky’ to develop?
- Why do greenfield projects not always imply less predictable cash flows than brownfield?
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Day Two Tuesday 18 November - STREAM B: FINANCE AND PROJECT MANAGEMENT
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| EYES WIDE SHUT? THE ESSENTIAL FACTORS THAT FUNDS NEED TO BE AWARE OF |
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11am | Panel discussion: project risk - what are the risks that need to be considered?
- What is the most effective risk framework?
- How realistic are assumptions made in this area?
- What is the effect of their level of accuracy?
- Calculating sovereign and sub-sovereign risk
- Examining the engineering risk
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11.40am | Case study: re-financing BAA
- How was this project distributed?
- What choices were made when structuring and financing the deal?
- What was the impact of the credit crunch?
- What has been decided since and how will this impact the invested parties?
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| | Mr Macky Tall, Vice-President, Investments - Infrastructure, Caisse de dépôt et placement du Québec
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12.20pm | Financing infrastructure in the middle east: using Shariah structures
- How much investment will come out of the Middle East into western infrastructure?
- What constrictions will Shariah law place upon potential investment?
- How have deals like P&O been constructed?
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Day Two Tuesday 18 November - Afternoon Plenary
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12.50pm | Networking lunch hosted by
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2pm | Delegate rapid fire showcase
In a fun and informal setting seven funds each have two minutes to impress before a panel of friendly end-investors pass judgement.
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2.40pm | Afternoon refreshments and networking
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| PROTECTING OUR INFRASTRUCTURE INTERESTS |
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3pm | Panel debate: investing in energy – how can the west become less reliant on Russian Gas and Middle Eastern oil?
- Developing nuclear energy: is this the only way forward for Europe and North America?
- What can we learn from other energy investments?
- What are the other new infrastructure assets that may evolve as critical infrastructure over the next ten years?
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3.40pm | Wasting our waste potential?
- Examining the opportunities waste has to offer
- New developments brought about by the energy sector
- How difficult are renewable to convert: plant, roads, generating stations
- Impact of new regulation
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4.10pm | Terrorism, global warming and disasters: the need to protect your assets
- Sign of the times: assessing why protection is becoming increasingly important
- Identifying the assets most at risk
- What options are available for protecting critical assets from terrorism and natural disasters?
- Case study assessment: Glasgow Airport
- Examining how governments and private investors can work together to reduce risks
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4.40pm | End of conference day two
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Day Three Wednesday 19 November 2008
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| BRIC BOOM: URBANISATION AND THE POTENTIAL FOR WESTERN INVESTORS |
Chaired by James Simpson, Partner, Dewey & LeBoeuf
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9am | Emerging markets: does the risk justify the reward yet?
- Are listed vehicles a better way of accessing emerging markets?
- Are there any issues under foreign ownership?
- What demand is there for cross-border infrastructure transactions?
- The urbanisation boom: how much potential will this open up for western investors?
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9.30am | Is Brazil leading the infrastructure conga line in Latin America?
- How much liquidity is there in the Latin-American market?
- Has Latin America enjoyed more success by economically decoupling itself from the US?
- What are the most lucrative options for foreign investors: roads, power plants or ports?
- Examining the irrigation projects in the semi-arid region of Brazil
- Examining how deals can be structured effectively: will they use securitisation?
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10am | Russia and CIS: do they have the gas to fuel an infrastructure boom?
- How much of Russia’s oil revenues are being channeled into its infrastructure?
- What infrastructure is required to support Russia’s gas networks?
- Ukraine and Euro 2012: how will this impact upon core-infrastructure projects?
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10.30am | Morning refreshments and networking
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11.10am | India and the five year plan: how can investors contribute to the $500 billion government project?
- Will booming infrastructure projects work under PPP initiatives?
- Power, utilities, telecoms: how much potential for development is there?
- Opening up the Indian market to foreign partners: how effective are partnerships with local firms?
- How are infrastructure funds currently raising finance for Indian projects?
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| | Michael Clarke, Director International and Business Strategy, AMP Capital Investors
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11.40am | Supporting the Asian Giant: how high will the Chinese Dragon fly?
- What urban projects are in need of infrastructure developments: water supply, electricity, steel and distribution?
- How receptive is the Chinese government to foreign investment?
- What is the status of PPP opportunities in 2008?
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| INVESTING IN THE AMERICAN DREAM |
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12.10pm | United States: is this the biggest ‘emerging market’ for infrastructure investment?
- Can we call the Untied States an ‘emerging market’ for infrastructure?
- Why has the US infrastructure market been so slow?
- Will the US political system undermine infrastructure development using private investment?
- What P3 projects are in the pipeline and in what sectors?
- Examining the smaller projects: has there been a wave of smaller infrastructure deals under the media radar?
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12.40pm | Networking lunch
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| INVESTING IN THE ENERGY BOOM |
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2pm | How is today’s infrastructure boom fuelling the commodities boom?
- Opportunities to invest in infrastructure supporting commodity projects: what, where and how?
- How will infrastructure projects cope with increased commodity prices stemming from increased demand, tighter inventories and decreasing supplies?
- What will be the expected levels of supply and demand?
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2.30pm | Case study: gas and LNG pipeline
- Why is Gas and LNG such a good investment?
- What supply and demand is there for global projects?
- Examining the need for pipelines and terminals
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3pm | Examining the renewable energy opportunity
- Solar ski slope: how changing prices and tariffs create opportunity
- European renewable projects markets
- Outlining the Impax strategy
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3.30pm | End of conference
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Post-conference workshop - Thursday 20th November 2008
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| Morning Workshop:
Structuring funds and co-investment transactions: a practical guide to legal, tax and regulatory issues for global infrastructure funds |
This workshop offers you the most comprehensive and enlightening guide to the legal, tax and regulatory issues relating to structuring infrastructure funds and co-investment transactions. The session will explore effective ways to structure infrastructure funds in order to optimise tax treatment, provide insight into the terms and conditions for infrastructure funds and related co-investment arrangements, and examine the effect of these structures on infrastructure transactions.
Who will benefit from attending?
This is an ideal introduction for investment providers – a must-attend for investment banks, fund managers, private equity firms, real estate investors and hedge funds evaluating the prospect for new business through infrastructure investments.
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9am | Workshop leaders’ welcome and opening remarks
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9.10am | Effectively structuring infrastructure funds to optimise tax treatment
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9.40am | Tax consequences
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10.10am | Providing valuable insight into the terms and conditions of infrastructure funds
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11am | Morning refreshments and networking
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11.30am | Structure and terms of co: investment transactions and regulatory implications
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12.30pm | End of workshop session and networking lunch
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| Afternoon Workshop:
Smart Mitigation: how to Manage Risk Volatility throughout Asset Lifecycle – mitigating risk beyond acquisition DD |
This highly interactive workshop will enable participants to break out into small working groups to collectively identify, examine and discuss risk issues around a case study. Over an investment lifecycle that spans the build, operation and sale of an asset, this case study aims to enhance the competency of both new and experienced infrastructure investors across a variety of investment scenarios.
Who will benefit from attending?
This workshop is aimed at investors who wish to gain an insight into the infrastructure related risks and the strategies and approaches that can mitigate risk and enhance your investment position.
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2pm | Managing risk and minimising volatility – an overview of infrastructure risks
- Compare/contrast risks in infrastructure vs. PPP vs. private equity investments
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2.20pm | Introduction to case study Part 1: Greenfield projects
- What risks are most prevalent in Greenfield projects?
- How does the risk profile of an investment change over the life-cycle of a project, from build to operation?
- How are risk issues treated in negotiations and reflected within transaction documentation?
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3pm | Part 2: Secondary Purchase of Operational Assets
- How does the risk profile of an operational asset differ from a Greenfield project?
- Potential for poor management of risk to prejudice debt financing – both leveraged and PPP structured deals
- Using risk management to maximise medium-term operational efficiency of an asset
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3.40pm | Afternoon refreshments and networking
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4.10pm | Part 3 – PPP concession agreements
- Understanding the underlying obligations and risks of a PPP concession
- Negotiating and transferring risk in a multi-party / interest environment
- Mitigating exposures and risks to a breach of contract
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4.50pm | Summary of key learning points
- Key issues around infrastructure risks
- Strategies and solutions to mitigate risk and protect your investment
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5pm | End of workshop session
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