46306 - Project Financing

Learning outcomes

At the end of the course the student will have a good knowledge of project finance, namely the economic and financial operation aimed at a specific investment for the realization of public works and/or the management of services promoted by private or public sector.

Course contents

The course of Project Finance aims to develop the main framework into which public works and investments are developed by using public-private partnership. At the end of the course the student is able to understand the operating procedures for an initiative to be realized in project financing, to grasp the financial mathematical techniques to assess the economic and financial viability of an investment, to independently analyze a quantitative model according the guidelines of business planning, to learn about the legal administrative procedures for a PPP initiative.

The course aims to provide students with the main elements of project finance in particular PPP. The realization of important and complex infrastructure projects can be developed through project finance framework through an accurate assessment of the technical, economic, financial and legal issues, as well as through the proper allocation of the risks associated with the PPP initiative.

Readings/Bibliography

1. R. A. Braley, S. C. Myers, S. Sandri, Principi di finanza aziendale III ed., Milano, McGraw ‑ Hill, 1999. 

2. M. Florio, La valutazione degli investimenti pubblici, Bologna, Il Mulino, 1991;

3. C. F. Fava, Project financing – dal progetto alla realizzazione, Milano, Il Sole 24 ore, 2002;

4. E.R. Yescombe, Principles of project finance, San Diego, Academic Press, 2002;

5. R. Baccolini, D. Baldini, Il project finance in Italia, Bologna, Il Mulino, 2006.

Teaching methods

During the course real-life case studies will be presented. Representatives of the main actors involved in a project finance operation (i.e. designers, EPC contractors, financial analysts, banks, private equity funds) will be invited to deliver a speech.

Assessment methods

Oral exam

Office hours

See the website of Renzo Baccolini