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

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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