US PPP and Project Finance Conference
Thursday, December 5, 2019
December
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High investor demand for US public-private partnerships (PPP) and project financed debt has resulted in a weakening of debt terms and lender security. Simultaneously, a tight construction market has resulted in project delays and cost overruns, leading to construction companies announcing their exit from the market.

While the project pipeline is growing, it remains relatively small compared to the amount of capital available. As broader market conditions change, will the US PPP market shrink again as construction companies avoid bidding on fixed price contracts? Is the market right-sizing itself and strengthening its foundation for future projects?

Discussion Highlights

      » Economic outlook amid rising trade tensions, shifting monetary policy and the upcoming election year

      » State of the US PPP market:  key credit, market, and structuring trends with lessons learned

      » District energy and renewable projects’ credit

      » New ESG developments and case studies

Explore these credit and market trends in an interactive format with Moody’s senior analysts, PPP and project finance market makers, and a diverse range of other industry experts.  

Who should attend?

The conference is for senior-level Investors and Sponsors in the US PPP and Project Finance market

Registration is required for attendance.

Agenda

8:00 AM Registration and Breakfast

8:00 AMPre-conference Workshop: Enhancing your fundamental credit analysis with Moody's CreditView

Join us for an interactive session where you will gain practical knowledge on leveraging Moody’s CreditView while conducting fundamental credit analysis. Discover how to utilize the wealth of Moody’s research, data, and service to improve the quality and efficiency of your analysis. 

» Presented by Moody’s Analytics                                                                                                                                               

9:00 AM Opening Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

9:10 AM Economic Address

» Mark Zandi, Chief Economist, Moody’s Analytics

9:50 AM State of the US PPP Market and Outlook for 2020

» John Medina, VP – Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

10:05 AM   PPP Credit Trends: Market in flux with delays, cost overruns, exits and terminations

·      Rising materials costs and labor shortages lead to cost overruns and delays on fixed price contracts that have weakened construction company credit quality

·      Project losses and view of unfair risk allocation lead to avoidance of fixed-price work

·      Several of US PPP projects in construction are delayed and many are over budget

·      Financing trends continue to weaken security packages

·      Riskier and larger projects like demand risk passenger rail

Moderator

» John Medina, VP – Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

Speakers

» Catherine Deluz, Senior Vice President, Project & Infrastructure Finance, Moody’s Investors Service

» Michael Corelli,VP – Senior Credit Officer, Corporate Finance, Moody’s Investors Service

» Jennifer Chang,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

11:00 AM Networking Break

11:30 AM Environmental, Social and Governance Risks Impact Credit: Case Studies

·      How Moody’s applies its ESG taxonomy in our credit analysis

·      Social Risk Heat Map results and infrastructure sectors exposure to social risks

·      Carbon Transition Assessment framework implications for power sector

·      Physical Risks incorporated into credit analysis

Speakers

» Khalid Husain, Vice President, Global ESG, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

12:00 PM District Energy, Resiliency and Renewable Power Projects: Developer views and market trends

·      Project pipeline growing but off-takers have different incentives and needs

·      Unique aspects of working with university vs. government vs. utility off-takers

·      District energy and renewable power project credit quality linked to contractual structure, asset location and degree of merchant market risk, if any

·      Offshore wind power’s increased risks offset by robust contractual protections and strategic owners

·      Rising merchant exposure in renewable power projects

·      Battery storage becoming a reality

Moderator

» AJ Sabatelle, Associate Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

Speakers

» Jennifer Chang, VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Paul Cutler, Treasurer, NextEra Energy Partners

» Clifford Kim, VP– Senior Credit Officer, Project & Infrastructure Finance Moody’s Investors Service

» Joe Oliver, Managing Director, Infrastructure & Capital Projects, Government & Public Services, Deloitte Risk and Financial Advisory

» Sameer Qureshi, Director of Acquisitions & Structuring, Clearway Energy

1:00 PM   Closing Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

1:10 PM   Conclusion / Networking Lunch

Agenda

8:00 AM Registration and Breakfast

8:00 AMPre-conference Workshop: Enhancing your fundamental credit analysis with Moody's CreditView

Join us for an interactive session where you will gain practical knowledge on leveraging Moody’s CreditView while conducting fundamental credit analysis. Discover how to utilize the wealth of Moody’s research, data, and service to improve the quality and efficiency of your analysis. 

» Presented by Moody’s Analytics                                                                                                                                               

9:00 AM Opening Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

9:10 AM Economic Address

» Mark Zandi, Chief Economist, Moody’s Analytics

9:50 AM State of the US PPP Market and Outlook for 2020

» John Medina, VP – Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

10:05 AM   PPP Credit Trends: Market in flux with delays, cost overruns, exits and terminations

·      Rising materials costs and labor shortages lead to cost overruns and delays on fixed price contracts that have weakened construction company credit quality

·      Project losses and view of unfair risk allocation lead to avoidance of fixed-price work

·      Several of US PPP projects in construction are delayed and many are over budget

·      Financing trends continue to weaken security packages

·      Riskier and larger projects like demand risk passenger rail

Moderator

» John Medina, VP – Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

Speakers

» Catherine Deluz, Senior Vice President, Project & Infrastructure Finance, Moody’s Investors Service

» Michael Corelli,VP – Senior Credit Officer, Corporate Finance, Moody’s Investors Service

» Jennifer Chang,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

11:00 AM Networking Break

11:30 AM Environmental, Social and Governance Risks Impact Credit: Case Studies

·      How Moody’s applies its ESG taxonomy in our credit analysis

·      Social Risk Heat Map results and infrastructure sectors exposure to social risks

·      Carbon Transition Assessment framework implications for power sector

·      Physical Risks incorporated into credit analysis

Speakers

» Khalid Husain, Vice President, Global ESG, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

12:00 PM District Energy, Resiliency and Renewable Power Projects: Developer views and market trends

·      Project pipeline growing but off-takers have different incentives and needs

·      Unique aspects of working with university vs. government vs. utility off-takers

·      District energy and renewable power project credit quality linked to contractual structure, asset location and degree of merchant market risk, if any

·      Offshore wind power’s increased risks offset by robust contractual protections and strategic owners

·      Rising merchant exposure in renewable power projects

·      Battery storage becoming a reality

Moderator

» AJ Sabatelle, Associate Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

Speakers

» Jennifer Chang, VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Paul Cutler, Treasurer, NextEra Energy Partners

» Clifford Kim, VP– Senior Credit Officer, Project & Infrastructure Finance Moody’s Investors Service

» Joe Oliver, Managing Director, Infrastructure & Capital Projects, Government & Public Services, Deloitte Risk and Financial Advisory

» Sameer Qureshi, Director of Acquisitions & Structuring, Clearway Energy

1:00 PM   Closing Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

1:10 PM   Conclusion / Networking Lunch

Speakers

Guest Speakers

Paul Cutler
Treasurer and Assistant Secretary

Guest Speaker

NextEra Energy Partners

Guest Speaker

NextEra Energy Partners

Treasurer and Assistant Secretary
Paul Cutler
Joe Oliver
Managing Director, Infrastructure & Capital Projects, Government & Public Services

Guest Speaker

Deloitte Risk & Financial Advisory

Guest Speaker

Deloitte Risk & Financial Advisory

Managing Director, Infrastructure & Capital Projects, Government & Public Services
Joe Oliver
Sameer Qureshi
Director of Acquisitions & Structuring

Guest Speaker

Clearway Energy

Guest Speaker

Clearway Energy

Director of Acquisitions & Structuring
Sameer Qureshi

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Contact 

Sandra Fung, Manager
MIS Events and Outreach

+1 (212) 553-5913
sandra.fung@moodys.com