Repositorio Institucional Universidad EAFIT :: Examinando por Materia "Project finance"

Examinando por Materia "Project finance"

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Alternativas para lograr la viabilidad financiera de los Sistemas Integrados de Transporte Masivo en Colombia
(Universidad EAFIT, 2018) Múnera Estrada, Andrés Felipe; Moreno Velásquez, Santiago
The Bus Rapid Transit (BRT) has been gaining importance in the main capitals of Latin America like a solution to the mobility of large cities -- These BRT has implicit a set of social and environmental benefits that have motivated leaders to encourage these initiatives within their city proposals -- However, the organized systems in Colombia have returned to a problem due to inadequate structuring when the concession contracts were conceived and awarded -- As a consequence of this, a challenge for future projects will be related to its financing -- The objective of this paper is to recommend elements that make those initiatives fundable, improving the resources and interests of the players -- The methodology is a bibliographical reference, seeking another’s options that have been implemented in other cities -- Furthermore, it requires an analysis of the Colombian situation of massive transportation from the financial point of view, understanding those elements that should be considered in the structuring of contracts
Análisis del impacto de la estructura financiera en la rentabilidad y bancabilidad de proyectos de energía solar fotovoltaica bajo el esquema de project finance
(Universidad EAFIT, 2026-05-12) Acevedo Ochoa, Brayan Sneider; Mora Parra, John Alexander; Sánchez Ribero, Gustavo Alberto
Aplicación práctica de la metodología de Project Finance en el proyecto de infraestructura Gran Vía Yuma sector 0 y 9 en Barrancabermeja
(Universidad EAFIT, 2020) Hoyos Gutiérrez, Marcel Arbey; Mena Abadía, Gilmar Augusto; Restrepo Tobón, Diego Alexander
Historically, it has been the public sector that has financed infrastructure projects, however, due to government capital deficits and in some cases their lack of experience, there has been a reduction in public spending on infrastructure. Project finance then emerged as an option for the financial structuring of infrastructure projects that involves the creation of a separate special-purpose vehicle to assign, through technically elaborated contracts, the risks to those who are in the best capacity to manage them and, consequently, assigning the rewards based on the risks assumed. The present study intends to apply to a financial model under project finance the financial information of the road infrastructure project Gran Vía Yuma, Barrancabermeja (Colombia), and describing for this specific work what are the advantages or disadvantages of use project finance versus corporate finance.
Caso de estudio: una alternativa de sostenibilidad para Parques del Río
(Universidad EAFIT, 2016) Hoyos Correa, Alejandra; Muñoz Rueda, Jonathan Andrés; Restrepo Tobón, Diego Alexander
Parques del Río, proyecto de infraestructura pública del Municipio de Medellín cuyo propósito principal es devolverle la vida al Río Medellín mediante la creación de nuevo espacio público, es un proyecto que refleja una problemática existente en la mayoría de administraciones públicas, donde los proyectos de infraestructura se diseñan y se construyen con recursos públicos, bajo un modelo de obra pública, pero para los cuales no se tienen en cuenta la financiación de la operación, ni el mantenimiento que requerirá la obra una vez esté en funcionamiento -- El presente trabajo revisa experiencias nacionales e internacionales que pueden servir de referente en la generación de ingresos de parques públicos, y presenta un modelo de negocio que por medio del Project Finance permitiría dar solución a la situación actual de Parques del Río -- En particular, el ejercicio financiero genera un VPN igual a $1.307.793.183 en 5 años para el inversionista -- Adicionalmente, se realizan algunas pruebas de stress financiero para demostrar que aún en un escenario pesimista, el proyecto ofrece una buena tasa de retorno -- En consecuencia, la estrategia es una alternativa de inversión atractiva para los inversionistas, y ofrece una buena estrategia para suavizar la estrecha restricción financiera de la administración pública del municipio de Medellín
Efectos de la implementación de un modelo de Project Finance en el Municipio de Medellín – Caso de análisis Tranvía de Ayacucho
(Universidad EAFIT, 2017) Naranjo Aguirre, Nadya Catalina; Lina Marcela, Diosa Echeverri; Restrepo Tobón, Diego Alexander
One of the forms of financing that has acquired more relevance in recent years is the Project Finance -- Due to its characteristics, this modality has become a desirable tool for the wide possibilities of application as well as for its advantages and benefits that it has against traditional financing modalities -- This paper intends to make a comparative analysis of the Project Finance methodology versus other financing schemes -- To this end, this article takes the Ayacucho Tram project experience, executed in Medellín city, financed by the French Development Agency -- In this way, data related to costs, interest rates, risks, among other aspects, will be compared to determine if the modality of financing through Project Finance is viable to implement infrastructure projects that require a high investment, and which are of great impact for the development of Medellín city
Efectos de las normas de información financiera y fiscal en los modelos financieros para las obras de infraestructura vial de cuarta generación (4g) en Colombia
(Universidad EAFIT, 2019) Cano Pérez, Andrés Camilo; Herrera Zapata, Isbelia Margarita; Valencia Posada Nicolás
Road infrastructure works in Colombia are fundamental pillars of the economy, particularly the so-called 4G (2014-2021), which will allow the participation of private investors through the so-called "public-private partnerships" (PPP), a mechanism created by the Colombian State through Law 1508 of 2012. In 2014, Colombia adopted the convergence of Financial Reporting Standards based on international standards (IFRS) and, in 2016, with the structural tax reform (Law 1819) introduced, among others, modifications in the determination of income tax in the infrastructure concessions. These changes deserve financial attention and, therefore, the present work, previous normative analyzes, outlines and presents as conclusions the main effects in the project finance models for 4G infrastructure concessions and profitability for its investors.
Estudio de prefactibilidad para el desarrollo de un sistema férreo entre Medellín y el Urabá antioqueño
(Universidad EAFIT, 2018) Hernández Alemán, Santiago; Cardona Valencia, Alejandro; Henao Arango, María Cecilia
The prefeasibility study for the development of a rail system between Medellin and Urabá, it's a proposal that arises from the need to optimize costs, times and security risks of passengers and cargo transportation between the coast and the center of the country; which is based on the short and medium-term projection, of the re-invigoration of the port infrastructure in the Gulf of Urabá -- This work aims at providing criteria that allows making correct decisions at early stages of the project, regarding the investment of new resources in future phases -- To achieve this objective, guidelines from United Nations Industrial Development Organization (UNIDO), will be taken as a reference -- This academic exercise, will take elements of the pre-investment, investment and operation phases, in order to have an extensive point of view of what will be the execution of the project in its development cycle -- This work will be divided into five sections, where the activities that will be developed in each of them, have a common and specific purpose -- By examining the results of these activities jointly, the data will be consolidated, and therefore taking an secure investment position
Evaluación financiera del campo de producción de gas mediante Project Finance
(Universidad EAFIT, 2019) Carillo Peñaloza, Claudia Juliana; Grillo Uribe, Fernando; Restrepo Barth, Simón
The aim of this work is identifying the feasibility and most suitable financing alternatives for the expansion and drilling of new gas wells of the Petromar project in Cerro Gordo, located in Sardinata 70 km from Cúcuta, which will generate confidence in the owners of the company and investors that finance the project. Based on the above, in order to reach the goal of 12.000 Mpcd (thousand cubic feet per day). The Project Finance incorporates all the elements and variables of information that guarantee to deliver to the interested parties a financial projection with the valuation of the current project, the return on investment and the structuring of the SPV special purpose vehicle
Experiencias en financiación de pequeñas centrales hidroeléctricas en Colombia
(Universidad EAFIT, 2018) Idárraga García, Carlos Andrés; Quijano Restrepo, Alejandro; Greidinger Restrepo, Clara Catalina
This research project presents a compendium of information on financing instruments for the construction of small hydroelectric plants in Colombia, selected according to the market offer and the historical closures of some projects in the country, seen from the point of view of both, the investor and the funder, based on the compiled experience from some projects already built or in execution -- Thereby, considering the nature of small hydroelectric plants, also called PCHs, as non-conventional energy production projects, it presents the requirements of financial entities to participate in these projects, and the financial requirements of companies or investors that decide to invest in this sector -- It also presents an overview of the reality faced by these projects when seeking funding, the obstacles that exist in the Colombian environment and how today both investors and funders have managed to overcome them -- This document does not intend to emphasize one type of financing over another or to position a method as the best or most suitable; however, its intention is to give the reader sufficient guide based on the reality of the Colombian market to decide how a hydroelectric project can be financed, with an emphasis on the so-called PCHs
Gestión de riesgos financieros y sostenibilidad en concesiones viales en Colombia : un análisis aplicado a un proyecto expuesto a riesgo de tasa de interés y tasa de cambio
(Universidad EAFIT, 2026) Chiquiza Vergara, Alexandra; Villamil Villamil, Fernando Alonso
The financial sustainability of road infrastructure projects in Colombia is affected by their exposure to market risks such as interest rate and exchange rate volatility. This research analyzes the effectiveness of using financial derivatives as a hedging strategy against such risks. A 30-year financial model was developed, incorporating sensitivity scenarios based on key reference rates. Structures with and without financial hedging were compared. The data used included historical interest and exchange rates, macroeconomic variables, and real cash flows from concession contracts. Results show that a mixed debt structure (COP and USD) can offer benefits equivalent to fully dollar-denominated debt combined with exchange rate hedging. Furthermore, the use of derivatives helps stabilize key indicators even under adverse conditions. It is concluded that financial hedging improves project viability and strengthens cash flow stability.
Impacto de los casos, defunciones y recuperaciones de la epidemia de Covid-19 en el tráfico vehicular de las vías concesionadas en Colombia
(Universidad EAFIT, 2021) Vázquez Villalpando, Víctor Manuel; Hurtado Rendón, Álvaro Arturo
La incidencia del Project Finance en el sector de infraestructura vial en Colombia
(Universidad EAFIT, 2017) García Morales, Juliana; Aristizábal Velásquez, Raúl Enrique
La participación de la Financiera de Desarrollo Nacional (FDN) en el Project Finance de las concesiones 4G. Un estudio a partir del caso de la concesión Conexión Norte
(Universidad EAFIT, 2017) Cabal Jaramillo, María Valentina; Sánchez Ribero, Gustavo Alberto
¿Las asociaciones público privadas sugieren una huida del derecho administrativo en materia de contratos públicos, específicamente el contrato de concesión?
(Universidad EAFIT, 2020) Donado Llano, Álvaro Cesar; Gil Alzate, Willington
The object of this investigative work resides in the analysis of a contractual typology used by the state through the entities that comprise it and developed in Law 1508 of 2012, Public Private Associations, the foregoing in the face of the dogmatic proposal called as The "Flight from Administrative Law", as it is, is intended to show whether in this way of contracting the elements proposed by doctrinants such as Gaspar Ariño in the Spanish legal system and Professor David Suarez Tamayo in the Colombian system are present. To develop the proposed research, issues will be addressed that will seek to give scope and depth to the issues to be contrasted, on the one hand, the regulatory scope that governs the contractual typology of Public-Private Associations in Colombia will be analyzed, in order to verify whether these contracts allow the contracting public entities avoid the rules, controls and principles that would be proper to regulate their actions and verify in this way if the phenomenon of Flight of Administrative Law is present.
Medidas de rentabilidad en Project Finance de infraestructura
(Universidad EAFIT, 2018) Taborda Agudelo, Pablo Federico; Gutiérrez Batancur, Juan Carlos
This article begins with the study of different measures of return; Internal Rate of Return (IRR), Modified Internal Rate of Return (MIRR), Average Internal Rate of Return (AIRR), Shareholder Average Internal Rate of Return (SAIRR) and Average Return on Invested Capital (AROIC), to determine which it is the true profitability of a Project Finance in infrastructure -- In the first place, the characteristics of a Project Finance are defined -- Secondly, the qualities and shortcomings of the profitability measures with respect to conventional and non-conventional cash flows are identified, then a contrast is made between the perspectives that have debtors and creditors to estimate the measures of profitability, since the former do not take into account the probability of default against the debt obtained, while the latter are rigorous and pessimistic in their valuations -- Finally, when evaluating the SAIRR and the AIRR as profitability measures for the Infrastructure Project Finance, it is found that they are adequate, since they take into account the transitory information of the financing, the investment, its costs and the variability that is generated in unconventional cash flows -- Additionally, it is discovered that the values of traditional profitability measures increase when the cost of capital grows, which is contrary to common sense and financial orthodoxy -- The AIRR is the only measure of profitability that increases if the value of the project increases (when the WACC is minimized), and vice versa
Modelo estratégico financiero para un intraemprendimiento de seguros digitales Insurtech
(Universidad EAFIT, 2022) Tonguino Rosero, Carlos Fidel; Sánchez Ribero, Gustavo Alberto
Startups are high-risk businesses because it is unknown whether the value offer will be accepted by customers, therefore their evaluation requires a disruptive strategic and financial model through which to identify, measure, and reduce the risks that can lead to the failure of the Startup, the strategic model and adequate management of corporate finance are enablers of an intrapreneurship project of an insurtech that as a hypothesis can be part of a large financial group in Colombia and that aims to be a tool to ensure competition with digital attackers, Fintechs and other Startups by offering micro insurance, inclusive insurance and mass insurance.
Operaciones de crédito sindicado: experiencia internacional y evolución en el mercado financiero colombiano
(Universidad EAFIT, 2018) Daza Oyuela, Víctor Hugo; Muñoz Llanos, Édgar Marino; Castillo Hernández, José María
The megaprojects and PPPs trends in Colombia require largest capital resources for financing. This has evidenced the limited financing capacity of the local banking, forcing the National Government and the projects promoters to seek international sources of resources. This document begins with a literature review on the origin of syndicated credit operations, its definition, benefits, regulation and process, summarizes the syndicated loans in Colombia and ends with experts interviews with extensive experience, who expose their analysis on the local market. The conclusions refer to the potential of growth of the Colombian market and the weaknesses that nowadays exist comparatively with the international trend.
Pacífico III
(Universidad EAFIT, 2017) Oquendo Cano, Juli Paulina; Gutiérrez Jiménez, Melisa; Restrepo Tobón, Diego Alexander
Project Finance en infraestructura urbana: caso de Medellín Colombia Retos y Oportunidades
(Universidad EAFIT, 2017) Caicedo Esper, Gonzalo Felipe; Restrepo Tobón, Diego Alexander
Trabajo de investigación orientado a explorar cómo el costo del desarrollo urbano de Medellín, basado en infraestructura y movilidad, ha sido asumido bajo la modalidad de Contratación Pública Directa CPD, dejando de beneficiarse presupuestalmente si hubiese recurrido a mecanismos de financiación que han alcanzado gran importancia a nivel mundial, como son las asociaciones público-privadas APP y las herramientas del Project Finance PF -- La información utilizada provino de fuentes secundarias documentales y bibliográficas, las cuales dieron cuenta de los proyectos desarrollados en el periodo 2004-2015, de donde fueron tomados como ejemplo el de Carabobo y el Tranvía de Ayacucho con sus dos líneas complementarias -- Como contribución se propuso una metodología fundamentada en el PF y la constitución de un Banco de Proyectos, que se encargaría de evaluar y analizar los futuros proyectos y buscar los medios de financiación
Propuesta de implementación de la deuda tipo mezanine dentro de estructuras de financiación empresarial y Project finance
(Universidad EAFIT, 2017) Agudelo Morales, Julián Fernando; Sánchez Ribero, Gustavo Alberto
Project finance is a modality of project financing, which has recently been used in developing countries such as Colombia to finance megaprojects of road infrastructure -- However, in developed countries the Project financing mechanism has been used to finance business growth projects and private infrastructure works such as shopping centers, hotels and hospitals, among others -- One of the great difficulties in executing these types of projects is access to funding sources, mostly due to the lack of sufficient assets to support the debt -- An alternative financial instrument that is easily adjusted to the structure of project finance as well as to the business sector in general is the subordinated or mezanine debt, which presents several alternatives of financial instruments which are adjusted according to the needs of the project -- In addition, it is also an excellent source of financing for all types of companies that want to take advantage of the opportunities for growth and expansion of the market

Examinando por Materia "Project finance"

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