Project Financing of Renewables Transactions in the current





Time and Date: Wednesday, December 06, 2017, 14:00h-17:00h

Location: Japan Bank for International Cooperation 9th Floor Auditorium

Sponsored by: Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo, Japan Institute for Overseas Investment (JOI)

Supported by: Japan Bank for International Cooperation (JBIC)


14:00-14:10 イントロダクション/Introduction

ドミニク・グレゴリー(アシャースト法律事務所・外国法共同事業 マネージング・パートナー)

Dominic Gregory, Managing Partner, Ashurst Tokyo

14:10-14:55 風力発電におけるファイナンスの最新動向

Wind Financing – The Current State of Play

◆Commercial background:

※Evolution of onshore and offshore wind markets

※Subsidy structures

※Secondary market opportunities

◆Underlying contract structures and key due diligence issues

※Construction: the evolution of the multi-contracting approach

※O&M: the relationship with the original equipment manufacturer and balance of plant O&M issues

※PPA: key aspects of the route to market

※Land, planning and grid

◆Specific aspects of wind financings, including

※Wind risk and imbalance risk

※Typical debt resizing events

デイビッド・ワドハム(アシャースト ロンドン エネルギー部門 ヘッドパートナー)

David Wadham, Partner, Head of Utilities, Ashurst London

14:55-15:40 再生可能エネルギープロジェクトにおけるリスク対応

Treatment of Particular Risks in Solar and Wind Projects

◆Use of project financing structures for financing renewable energy projects in Europe, Middle East and Asia

◆Treatment of particular risks in renewable energy projects, including:

※Revenue shortfall due to low energy yield

※Offtake is on “take and pay” rather than on “take or pay” basis

※Transmission risk

※Currency risk in FIT structures (e.g. Taiwan)

※Environmental risks

※Potential mitigants

◆Emerging trends in risk mitigation

シュリ・マスキー(アシャースト法律事務所・外国法共同事業 プロジェクトファイナンス部門 カウンセル)

Shri Maski, Counsel, Project Finance, Ashurst Tokyo

15:40-16:00 コーヒーブレイク/Coffee Break

16:00-16:45 進化し続ける再生可能エネルギー取引のファイナンス・ストラクチャー

Continuing Evolution of Financing Structures in Renewables Transactions

◆Portfolio financings – scale and bundling

◆The classic approach

◆The corporate finance / holdco approach

◆Hybrid approaches and accordion structures

◆Impact on security and other credit support

◆Impact on due diligence and covenant package

ドミニク・グレゴリー(アシャースト法律事務所・外国法共同事業 プロジェクトファイナンス パートナー)

Dominic Gregory, Partner, Project Finance, Ashurst Tokyo

16:45-17:00 質疑応答/Questions & Answers

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