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Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1441
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
The financing of infrastructures is a major topic in recent energy policy debates. Project finance, as a specialized form of debt finance, thereby has become a well-established financing tool. This paper contributes a qualitative and quantitative analysis of the determinants of the debt ratio in project finance, using data on 26 liquefied natural gas (LNG) export and import projects. We argue that lenders will make their decision on how much to lend dependent on the risk profile of the project. In this vein, a project's off-take agreements serve as a security for financial contracts. We empirically show that the debt ratio of an LNG project decreases with increasing risks associated to future cash flows. Estimation results confirmthat leverage increases with higher shares of a project's capacity sold under long-term sales-and-purchase agreements, with a lower capital outlay of the project, and with a lower risk index of the country where the project is located.
Schlagwörter: 
project finance
debt ratio
long-term contracts
liquefied natural gas
JEL: 
C21
G32
L22
L95
Dokumentart: 
Working Paper

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