structureofprojectvehicle.ppt

Chapter 2: Structure of project vehicle Alexandra Special purpose vehicle（SPV）-Project Vehicle Different structure Undivided joint interest Contractual joint venture（契约型结构） Corporate joint venture（公司型结构） corporation Partnership（合伙制结构） Limited liability company（有限责任公司） Tenant:〈律〉占用者, 占有者 Ownership interest:所有者权益 co-tenancy:共同租赁（人） first mortgage bond:优先抵押债券 Debenture:公司债券 negative pledge covenant:消极担保条款 Senior debt:高级债务 junior debt:次级债务 investment tax credit：投资赋税优惠 Depreciation deduction:折旧提成 interest deduction:利息减免 Indenture：合同；契约 equity accounting：权益会计 Preferred stock:优先股 Common stock: 普通股 board of directors ：董事会 Collectively: 全体地，共同地 Severally：分别地，各自地 Steering committee： 指导委员会 Unlimited liability：无限责任 composite credit:综合信用评价 Capitalization：股本化，股本，股本总额 1. Undivided joint interest Who owns the asset of the project and how does he own the project? Who raises fund for the project? Would you like this structure if you have quite good credit standing? Who operates the project? Who pays taxes on project revenue? Is off-balance sheet financing possible? Is liability limited or unlimited? Answers Projects are directly owned by sponsors. Sponsors severally raise their share of project’s external financing. Steering committee containing representatives of all co-owners is required for major decisions. Project operator runs the project. unlimited liability for sponsors. In-balance sheet financing. Tax consolidation. 澳大利亚波特兰电解铝厂投资结构 2. Corporation Questions A new corporation is formed to own, construct, and operate the project. The corporation raises fund through sponsors’ equity and senior debt. Operator （sponsor or ） operates the project. Tax consolidation is difficult. off-balance sheet financing is possible Limited liability Equity transfer is easier Corporation advantages 1.limited liability 2.easier financing 3.easier investment transfer 4.off balance sheet financing is possible 5.easier managment 6.clear relationship between sponsors