Project Finance
"What secures project finance?"
Quick Answer
The long-term financing of infrastructure or industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors.
Scope and Legal Distinctions
Project finance depends on the project's revenue, contracts and risk allocation as well as lending terms. A financing commitment is not proof that permits or security are complete.
What to Check in Practice
Map sponsor support, cash flows, offtake, construction risk, security and direct agreements; identify conditions precedent to each drawdown.
Sources & Authorities
Statutory framework and official guidance for this definition.
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