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KAFP 3720 - Project Finance Management in Energy & Resources

Type d'enseignement : Elective

Semester : Autumn 2018-2019

Number of hours : 24

Language of tuition : English

Pre-requisite

Basics in understanding financing and accounting concepts are highly recommended

Course Description

► During the 12 sessions, students will be provided with the fundamentals they need to fully understand what they read or hear regarding the financing the energy and commodity sectors. The lecturers will help them put these elements into perspective. On that basis, students will be able to draw their own properly balanced conclusions. Lessons will focus on: - Understanding the financing needs of the various players in the energy and commodity sectors as well as their need of protection against commodity price fluctuations; - Understanding project finance structuring; - Providing an overview of the banking sector and the various products and financing schemes proposed by banks to these players to meet their needs.

Teachers

  • DETHAN, Aurélie (Director)
  • LACAZE, Matthieu (Global Head of Credit Risk for Global Markets)

Pedagogical format

The program will be a combination of lectures sessions and interaction sessions: - the lecture sessions will be dedicated to providing the students with the academic fundamentals and market illustrations related to each topic; - the interaction sessions: case studies and debates will be debated in front the off the whole class. The other students will be invited to ask questions. Feedback questions and comments from the lecturers will contribute to draw the key takeaways of the sessions. Classes shall be as interactive as possible. Students usually have diverse backgrounds that can adequately complement each other. Active participation and collaboration between the students are therefore highly recommended for the benefit of the class.

Course validation

Active participation: 10% Oral case study: 90% Oral case study: students will be split in groups of max 10 persons each. Each group will work on one of the suggested case studies. Groups will be organised in September to leave enough time to each of them to work on their respective case. Students will be assessed on the quality of the project they have built, relevance of their intervention during the presentation, risk analysis and rational for the ultimate decision. Form and substance will both play a role.

Workload

Students are free to read the mandatory readings before the class to get familiar with the topic that will be discussed. In any case, the mandatory readings shall be studied after the relevant class for knowledge consolidation purposes. The concepts developed in this course are usually quite new to most students and therefore invite to further readings and discussions. The case study is the only deliverable of this class and is expected to be prepared all along the semester to ensure quality and fluidity of the presentation.

Required reading

OECD (2017), Green financing: Challenges and opportunities in the transition to a clean and climate-resilient economy - 2017, OECD Journal: Financial Market Trends, published online first

Additional required reading

Quiry (Pascal), Le Fur (Yann), Salvi (Antonio), Dallocchio (Maurizio), Vernimmen (Pierre), Corporate Finance: Theory and Practice – 4th Edition, John Wiley & Sons Inc – 2014