Herman Park
Herman Park works on a range of general finance transactions including debt restructurings for emerging as well as established corporate borrowers, lenders and investors. He speaks Korean and is interested in rapidly developing markets.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2016
Qualification
- Solicitor, England and Wales (2016)
Education
- King’s College, London (L.L.B., first class honours) (2013)
1 Contributions by Herman Park
PRACTICE NOTES
Structuring Project Finance for Energy and Infrastructure: Risk Allocation, Political Risk Mitigation and Credit Enhancements, illustrated by the Azura Edo independent power project (PCOA and World Bank Guarantees)
Introduction to project finance structures
This Practice Note explores what ‘structure’ signifies within a project finance deal and flags the principal considerations that shape how such transactions are put together. It examines the Azura Edo independent power project in Nigeria (Azura Edo IPP) as a detailed case study, using it to highlight and clarify several recent, inventive structuring approaches in project finance that have been deployed successfully to address specific risks and hurdles. It is not a primer on project finance and therefore presumes readers have a basic grounding in the subject. For a starting point on project finance, see Practice Note: Introduction to project finance. The emphasis here is on construction financings—that is, brand‑new schemes built from the ground up (often called ‘greenfield projects’)—rather than the disposal or acquisition of already operating assets (commonly known as secondary market transactions), which account for a significant share of overall market activity. Broadly, the guidance applies to the asset class typically described as ‘energy and infrastructure’ projects, covering endeavours as varied as power plants and oil, with examples showing how defined risks and challenges have been addressed to enable successful implementation in the structuring of project finance transactions described in this Note and referenced for further reading...
Banking & Finance
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