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Mobilizing private capital for the power sector : experience in Asia and Latin America (Inglês)

This study examines private power projects (often referred to as independent power projects or IPPs) in a range of countries with varying degrees of country risk, of access to international capital markets, and regulatory environments. To assess private power initiatives under varying circumstances, three groups of low- to middle-countries were considered: countries with high country profiles and little or no access to capital markets (Pakistan, Jamaica, Belize, Guatemala); countries with moderate country risk profiles and some access to capital markets (Philippines, Colombia); and countries with good country risk profiles and access to capital markets, but which may be constrained by amounts and/or terms (Chile, China). Eight project finance transactions were analyzed and compared to identify the similarities in risk sharing and the extent to which the country and sector environments required particular levels of government support. The study also looks at power pricing issues, the role of multilateral and bilateral guarantees, financing sources and structures, levels of private risk capital mobilized, and competitive bidding, least-cost planning and environmental compliance issues. The results suggest that while private power projects alone are not likely to fill the large gap in financing the power sectors in developing countries, they will have an important role in many countries and offer substantial amounts of private capital.


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    Baughman, David Buresch, Matthew

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  • País


    América Latina,


  • Região

    Sul da Ásia, Leste Asiático e Pacífico, América Latina e Caribe,

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  • Nome do documento

    Mobilizing private capital for the power sector : experience in Asia and Latin America

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    private power;access to international capital markets;import bank;access to capital market;short period of time;political risk;power sector investment;Independent Power Projects;country risk;risk share arrangement;power sector reform;private sector financing;order of payment;level of private;demand for capital;Power Sector Policy;domestic capital market;good business practice;competitive bidding process;project finance transaction;construction and operation;level of creditworthiness;public sector provision;power purchase agreement;economies of scale;private sector ownership;foreign exchange convertibility;private sector risk;debt service obligation;change of ownership;local governmental entity;pension fund reform;form of credit;public sector entity;source of funding;power sector regulation;transmission and distribution;combination of factor;average retail tariff;private sector purchaser;call for bids;law and regulation;amount of debt;access to transmission;cost to consumer;letter of intent;financing structure;development time;financial closure;project sponsor;risk sharing;private capital;equity return;regulatory system;project size;government support;private investor;Power Market;regulatory environment;plant size;financing need;Cash flow;capacity requirements;private investment;financing cost;risk capital;oil import;sovereign credit;Power Policy;public entity;private debt;equity financing;regulatory arrangement;private lender;government risk;generation business;institutional framework;project agreements;scale economy;generation capacity;financing package;private finance;investment requirement;government guarantee;country ranking;financing source;regulatory development;fuel supply;monopolistic practice;Public Utilities;privatization process;macro framework;institutional investor;privatization effort;multilateral institution;sovereign rating;international energy;government financing;environmental standard;local condition;internal cost;power business;legal requirement;financing plan;development periods;utility purchase;parent company;Financing plans;financial cost;operational performance;demand-side management;commercial transaction;reference point;government involvement;resource planning;monopoly power;political difficulty;expansion plan;transactions cost;Economic Policy;economic sector;system requirement;macroeconomic environment;thermal plant;variable cost;capacity payment;Performance Standards;electricity service;financing institution;infrastructure service;Natural Event;investment grade;international environmental;generation market;financial commitment;power tariff;critical electricity;government source;journal articles;electrical utility;power system;power company;environmental compliance;infrastructure sector;basic structure;bilateral agency;hydro resources;regulatory regime;industry structure;electricity sector;efficient operation;contractual arrangement;qualified personnel;energy payment;efficiency standard;comparative analysis;power pricing;coal import;financing arrangement;legal challenge;future need;large population;fiscal constraint;regulatory capacity;transmission function;regulatory oversight;market development;legal framework;bilateral aid;contractual provision;utility performance;distribution company;collaborative effort;take time;government issue;electric utilities;tariff adjustment;peak demand;export credit;insurance agencies;civil unrest;grace period;political events;tariff data;dollar term;investor risk;multilateral lender;generation investment;open market;macroeconomic condition;utility service;secure financing;case studied;high probability;financial strength;risk profile;small country;debt finance;inadequate regulation;independent generator;plant closing;



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