Public-Private Partnerships for Infrastructure
2nd Edition
Principles of Policy and Finance
Description
Public-Private Partnerships for Infrastructure - Principles of Policy and Finance, Second Edition explains how public private partnerships are prepared, procured, financed, and managed from both the public- and private-sector perspectives. As the use of public private partnerships continues to develop world-wide, both in the area of public policy and private financing and contracting, the Second Edition of this leading textbook:
- Captures and explains the latest approaches, providing a comprehensive all-round guide for those on both the public- and private-sector sides of the table
- Emphasises a step-by-step approach within a comprehensive, cross-referenced format
- Includes clear explanations of PPP evaluation, structuring and financing concepts for the benefit of those new to the topic: no prior knowledge is assumed or required
- Provides detailed reference points for more experienced practitioners
- Draws from the authors’ experience and practice in PPP markets worldwide to provide a perspective on practical application of the key underlying principles
- Includes an extensive glossary of technical and financial terms used in the PPP sector
Key Features
- Includes more technical information and a stronger legal perspective than other books
- Emphasizes a step-by-step approach within a comprehensive, cross-referenced format
- Expands and updates the historical backgrounds and political contexts of public-private partnerships
Readership
Private sector investors and lenders who want to learn about public-private partnerships. Upper-division undergraduates and graduate students studying the financing of large projects. These students are typically interested in public policy issues and in structured finance, a portfolio of techniques usually implemented by large corporations and commercial banks.
Table of Contents
Part I: Introduction
1. Overview
2. What Are Public-Private Partnerships?
3. Cash Flow and Investment Analysis
Part II: The Public-Sector Perspective
4. Policy, Legal and Institutional Frameworks
5. The Project Cycle
6. Public-Sector Project Management
7. Assessing Needs, Project Definition and Selection
8. The PPP Decision—Value for Money
9. The PPP Decision—Affordability, Budgeting and Reporting
10. PPP Procurement
Part III: PPP Risk Analysis and Allocation
11. Risk Analysis—Theory and Methodologies
12. Risk Allocation—Construction Phase
13. Risk Allocation—Operation Phase
14. The Rôle of Insurance
Part IV: The PPP Contract
15. Service-Fee Payment Mechanism
16. Changes in Circumstances
17. Termination
18. Public-Sector Support for PPP Contracts
19. Public-Sector Contract Management
Part V: The Private-Sector Perspective
20. Sponsors and Other Investors
21. Project Finance and PPPs
22. Project-Finance Debt—Sources and Procedures
23. Financial Structuring
24. Macroeconomic Risks and Hedging
25. Lenders’ Cash-Flow Controls, Security and Enforcement
26. Debt Refinancing and Equity Sale
Part VI: Alternative Models – Summing Up
27. Alternative Models
28. PPPs—For and Against
Details
- No. of pages:
- 548
- Language:
- English
- Copyright:
- © Butterworth-Heinemann 2018
- Published:
- 28th June 2018
- Imprint:
- Butterworth-Heinemann
- Hardcover ISBN:
- 9780081007662
- eBook ISBN:
- 9780081007679
About the Author
E. R. Yescombe
E.R. Yescombe is an independent consultant on project finance and public-private partnerships (PPPs), advising investors on financing for power, infrastructure and PPP projects, as well as public-sector entities on PPP policy issues, project procurement and contracting.
Affiliations and Expertise
YCL Consulting, London UK
Edward Farquharson
Affiliations and Expertise
Principal Advisor, European PPP Expertise Centre
Reviews
"As noted in this splendid book, the "devil is in the detail" in order to achieve successful PPPs. Well, this book has that detail. Excellent, practical guidance for all those interested in designing and implementing PPPs, from two authors who’ve worked closely with policymakers, investors, financiers, operators and civil society." --Laurence Carter, Senior Director for Infrastructure, Public-Private Partnerships, and Guarantees, World Bank
"A generation of PPP experts have been bought up on this important book, the rework by Yescombe and Farquharson will ensure that it is fit for the next generation as well. Highly recommended." --Christopher Heathcote, CEO, Global Infrastructure Hub (gihub.org)
"Public-Private Partnerships (PPPs) are increasingly being utilised as a global method of procurement – yet their successful implementation relies on sufficient knowledge and delivery capacity in both the public and the private sector. Yescombe and Farquharson’s new, expanded and fully comprehensive volume covering all aspects of the PPP process from initial procurement, valuation and financing will be a crucial tool providing not only education to those newly engaged in PPPs but also as a ‘go-to’ reference source to current practitioners in respect both of policy and finance issues. This clear and well written guide incorporates both the authors’ full understanding of the basic concepts as well as exhibiting their practical knowledge of delivery issues. Certainly a book I will be recommending to others as well as dipping into myself from time to time. Well done on making a key contribution to long term investment in infrastructure, delivering value for money, whole of life costed and quality controlled assets!" --Julia Prescot, Commissioner, UK National Infrastructure Commission; Chief Strategy Officer, Meridiam Infrastructure
"Yescombe’s book has been the essential text book for my students and the go-to user manual for my practitioner advisees for the past decade. This new edition expands the scope even further by including both the private and public perspectives, while maintaining its rich breadth of financial structures and analyses." --Akash Deep, Kennedy School of Government, Harvard University
"Public-Private Partnerships are now an indispensable tool in the modern public finance practitioner's toolkit. Public-Private Partnerships for Infrastructure is the definitive treatment of the financial, legal, and governance details of this essential subject." --Justin Marlowe, Evans School of Public Policy and Governance, University of Washington
"Public-Private Partnerships for Infrastructure by Yescombe and his co-author Farquharson is a sophisticated and comprehensive treatment of public-private partnerships and their financing. Yescombe’s Principles of Project Finance has long been the best available text on project finance, and this new volume will occupy a similar position in the literature on public-private partnerships." --Robert Sheppard, Darla Moore School of Business, University of South Carolina
"The new book provides a rich and deep explanation of PPP issues. It covers the important topics of PPP policy, legal and institutional frameworks, project preparation, procurement, risk allocation and financing, and contains various special features which distinguish it from other publications on the subject….With this book, readers will feel like they have a veteran PPP expert close at hand." --Global Infrastructure Hub