인프라의 특징에 관한 인용문들

 

Federik Pretorius, Paul Lejot, Artheur Mcnnis, Douglas Arner and Berry Fong-Chung Hsu, 2008, Project Finance for Construction & infrastructure, Blackwell Publishing. 

 

Infrastructure PF 특징

 

The essential feature of public private sector ventures is that while capital investment in the asset is made solely by a private sector project company, the asset is ultimately intended for public use, so the project company will not own it forever. Depending on the stage of the project life cycle, private sector participation in financing public secor infrastructure assets is usually facilitated by transferring rights to a prvate sector project company to build the asset or operate the asset for an agreed term, and then return custody to the public sector. This is the well-known build-operate-transfer model, used widely in the development of roads, tunnels, power station, rail projects, pipelines and other landmark projects all over the world(19). 

 

The relavance of sound demand in infrastructure project finance: the Sydney CrossCity tunnel

The Sydney CrossCity Tunnel case is a good example of an infrastructure project finance development where all indications were for a successful public-private sector partnership with efficient risk distribution, sound financial partner, and promoters such as Cheung Kong Infrastructure and Vilfinger Berger BOT GmbH - with support of a number of first-division international bank New South Wales (NSW) provides an institutional and legal environment as stable as anywhere in the world, although state politics in Austrailia can on occation be spectacularly populist. What is not stated in the case narrative is that the Project Comeny went into liquidation at the time the case narrative ends. What went wrong?  

 

6.1. Infrastructure finance the Sydney CrossCity Tunnel

In September 2000, the directors of Cheung Kong Infrastructure Holdings Limited CKI) was excited about an unprecedented opportunity to invest in a transportation project in Australia. CKI has a vision to become an international infrastrurue enterprise and was keen to extend its footprint beyond mainland China and Hong Kong. The group found that Australia, with its stable regulatory environment and sound economic prospecs, provided an excellent environment for infrastucture investment. In 1999, CKI made its first foray into energy assets in Australia with the acquisition of a 19.97% stake in Envestra Limited, the largest natural gas company in the country. Envestra proved to be a prime asset and generated robust financial returns to CKI. 

 

In 2000, CKI was vying for further opportunities to invest in transportation projects in australia when the Roads and Traffic Authority (RTA) in New South Wales invited tenders for the Sydney Cross City Tunnel (CCT) Project. CKI was particularlyy interested in tolled transportation investments because they were usually regulated under a finite life concession period and carried relatively low political and regulatory risks. The nature of thee investment usually determinded that competition for the services generated by the asset was also limited, which meant investing in such projects could possibly provide stablea and predictable returns to the group. Although transportation investment could entail sigificant construction and patronage risks, CKI believed that these riskds were manageable and could be mitigated through careful planning and negotiation with the relevant government authrities. If CKI won the tender for the CCT project, it would be no small accomplishment, as the group's existing trqnwportation asset all located in greater China. Given CKI's strativgy of globalization, was the project too good to miss?

 

History of CCT Project

As in most big cities, road traffic congestion had long been a significant problem in central Sydney. In 1998, the Minister for Transport of NSW produced a manifesto entitled Action for Transport 2010, which aimed to expand the road infrastructure and thus imporve traffic flows in central Sydney. The manifesto was followed by a public consultation report prepared by the RTA in October 1998. The report proposed the construction of an east-west road tunnel that would cross under the heart of the Sydney Central Business District (CBD). The primary  Objectives of the CCT project were to relieve traffic congestion in central Sydney, improve the reliability of public transport and provide a safer enrionment and improved amenities to vehicles, cyclists and pedestrians. By removing east-west through-traffic on surface and reallocation road space for public transport and pedestrian use, the CCT was expected to provide a number of benefits to the Sydney community, including 

 

- reduced congestion, as drivers could bypass 18 sets of east bound traffic lights or 16 sets of westbound traffic lights on the old routes

- improved travel times, with estimated savings of up to 20 minutes during peak hours

- safer and more pleasant environmentals with better urban designs, wider pootpaths nd the removal of intructive through-traffic

- better air quality and reduce traffic noise levels. 

 

In August 2000, following extensive environmental investigation and consultation, RTA issued an Environmental Impact Statement detailing the potential environmental impacts. After Considering response from the community, the RTA made some amendment to the original design concepts. These modifications were approved by the Minister for Planning in Octover 2001. 

 

According to the construction plan...

 

Public or private financing? 

 

The NSW government considered a number of option for financing the CCT project. These included the utilization of public funds or government could limit the commitment of public capital and finance the project through a public private partnership arrangement. A privately finnace project(PFP) was a specified form of PPP that involved not only private sector financing but also controlling ownership. Hence, PFPs differs from