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Harvard Business School Case Studies and Notes

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The case studies are broken down by sector and type: 

1) Transportation

2) Mining

3) Oil & Gas

4) Power

5) Telecommunications

6) Other sectors

7) General project finance cases

8) Subject and technical notes.

 

NOTE:  Many of these cases are available in a casebook:

Esty, Benjamin C., 2004, Modern Project Finance:  A Casebook, John Wiley & Sons, Inc., (New York, NY). Now available.

 

Transportation Cases:

Airbus A3XX: Developing the World's Largest Commercial Jet (an HBS Bestseller), 2000, (A Case # 201-028; B case # 201-126); Describes the plane's $13B development program and the competitive situation between Boeing and Airbus (The A3XX is also known as the A380).

Empresas ICA and the Mexican Road Privatization Program, 1992, Case # 793-028;  analyzes one company's role in the privatization of Mexican toll roads in the early 1990s.

Poland's A2 Motorway, 2001, Case # 202-030, Assesses risk management strategies in Poland's first private toll road (e934 million).

Texas High-Speed Rail Corp., 1993, Case # 293-072.

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Mining Cases:

The An Tai Bao Coal Mining Project, 1988, Case # 288-041, Occidental decides whether to invest $400 million in a Chinese coal mine.

Bidding for Antamina, 1997, Case # 297-054.

Restructuring Bulong's Project Debt, 2002, Case # 203-027.  Describes Bulong (an Australian nickel mine) and attempts to restructure its US$185 million project bond following default in January 2000.

Busang: The River of Gold (A), 1998, Case # 798-0028.

Corporate Responsibility & Community Engagement at the Tintaya Copper Mine (A&B), 2006, Case #507-xxx and Case #507-030.  Analyzes BHP Billiton's attempts to gain local support for a Peruvian mine.

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Oil & Gas (and Pipeline) Cases:

The Kashagan Production Sharing Agreement (PSA), 2013, Case # 213-082.  After delays and cost overruns, the Kazakh government wants to renegotiate the terms of a 40-year contract governing the Kashagan oil field--set in July 2007. 

 

BP Amoco (A):  Policy Statement on the Use of Project Finance, 2001, Case # 201-054.  Describes the costs and benefits of using project finance instead of internal, corporate funds to finance new capital investments.

 

BP Amoco (B):  Financing Development of the Caspian Oil Fields, 2001, Case # 201-067.  Applying the new policy statement to the AIOC's $10B oil field development project in Azerbaijan.  See also the Note on the Caspian Oil Pipelines, 1999, Case # 299-044.

 

The Chad-Cameroon Petroleum Development and Pipeline Project (A, B, C, D & E), 2001, Cases # 202-010, # 202-012, #206-139, and #207-087.  Should the World Bank Group participate in this high risk/high return project, a $4 billion oil-field development project (known as Esso Chad)? This 5-part case study analyzes the progress of the project over seven years.

 

Journey to Sakhalin: Royal Dutch/Shell in Russia, 2004, Case # 704-040, explores the production sharing agreement (PSA) between the private sponsors (Sakhalin Energy Investment Company, SEIC) and the Russian government.

Petrolera Zuata, Petrozuata C.A., (an HBS Bestseller), 1999, Case # 299-012, Describes a $2.4B oil-field development project in Venezuela.

The All American Pipeline, 1991, Case # 292-040.

The Burma Pipeline, 2000, Case # 798-078.

Mid-Missouri Energy, 2010, Case # 711-004. Analyzes whether a farmer-owned cooperative should take advantage of their success and expand through acquisitions, whether they should sell the plant, or whether they should continue current operations.

White Nights and Polar Lights: Investing in the Russian Oil Industry, 1995, Case # 795-022.

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Power Cases:

AES Global Values, 1998, Case # 399-136, Examines how a U.S.-based company adapts its business principles and interprets its commitment to social responsibility when it is setting up operations in India. 

 

AES:  Hungarian Project (A&B), 2000, Case # 300-045 and # 300-089, Explores how AES implements its values and ethical standards in a post-Communist context.

 

Calpine Corporation:  The Evolution from Project to Corporate Finance, 2001, Case # 201-098.  Describes Calpine's high-growth strategy and its attempts to finance investment in new power plants.

 

Cape Wind, 2003, Case #504-055.  Analyzes the positioning and packaging of this controversial project proposal, a wind farm off Cape Cod, MA. 

Contractual Innovation in the UK Energy Markets: Enron Europe, The Eastern Group, and the Sutton Bridge Project, 2000, Case # 200-051; Illustrates a real option valuation of the "spark spread" for a hybrid (merchant) power plant.

Enron Development Corporation: The Dabhol Power Project (A), 1997, Case # 797-085. see also Enron Development Corporation: The Dabhol Power Project (B), 1997, Case # 797-085.

Financing PPL Corporation's Growth Strategy, 2001, Case # 202-045, Analyzes the use of leases (leveraged and synthetic) as a way to finance peaking power plants in the US.

Globalizing the Cost of Capital and Capital Budgeting at AES, 2004, Case # 204-109, Describes AES' attempt to create a new method of estimating the cost of capital it guide its global capital budgeting decisions.

Intergen and the Quezon Power Project, 1999, Case # 799-057.

International Rivers Network and the Bujagali Dam Project (A & B), 2004, A case # 204-083 and B case # 204-139, Describes IRN's objectives (it is an environmental NGO) and its campaign against the $580 million Bujagali Dam project in Uganda--the project's lead sponsor was AES Corporation.

Mobile Energy Services Co. (MESC), 2003, Case # 203-061.  Challenges students to identify and assess project risks, with an emphasis on market (contract) risk, in this US power plant.

Stakeholder Analysis: ENRON and the Dabhol Power Project in India, 1996, Case #504-062.  Examines the role of the private investor in government-sponsored economic development.

The US Export-Import Bank and the Three Gorges Dam (A), 2000, Case # 900-017.

Yangcheng:  AES in China, 2002, Case # 702-006.

 

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Telecommunications Cases:

Australia-Japan Cable:  Structuring the Project Company, 2002, (Case #203-029); Describes the decisions involved with structuring the project company for this $520 million investment.

Iridium LLC, 2000, Case # 200-039; Analyzes the demise of this $6B satellite telecommunications project.

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Other Sectors (mainly industrial projects):

Aluminium Bahrain (Alba):  The Potline 5 Expansion Project, 2005, Case # 205-027.  Set in September 2002, Aluminum Bahrain (Alba) needs to decide how to finance its proposed $1.7 billion pot line.  Management must decide how many financing sources to use, which ones, and how much to get from each one.

 

Canary Wharf, 2002, Case # 803-058.  Set in 2002, explores the history and current status of this real estate development project.

 

Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A & B), 2001, A case # 201-072 and B case # 201-086. Analyzes the syndication strategy for this HK$3.3 billion (US$423 million) project loan.

Financing the Mozal Project, 2000, Case # 200-005; Analyzes a $1.4B aluminum smelter in Mozambique.

Nghe An Tate & Lyle Sugar Company (Vietnam), 2002, Case # 202-054, Illustrates how to calculate and assess social returns.

The International Investor: Islamic Finance and The Equate Project, 2000, Case # 200-012; Analyzes a $2B petrochemical plant in Kuwait.  See also the note:  An Introduction to Islamic Finance, 2000, Case # 200-002.

The Refinancing of Shanghai General Motors (A & B), 2003, A case # 204-031 and B case # 204-025. Set in late 2000, this case explores the decision to refinance the project.

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General Cases:

Basel II:  Assessing the Default and Loss Characteristics of Project Finance Loans (A) and (B), (** RECOMMENDED **), 2002, A case # 203-035 and B case # 204-094, Four banks use their historical loan performance data to argue that the Basel Committee’s proposed capital requirements for project loans are too high.

The Equator Principles:  An Industry Approach to Managing Environmental and Social Risks, (** RECOMMENDED **), 2005, Describes a policy statement for financial institutions designed to assess and manage social and environmental risks in project finance lending

International Rivers Network and the Bujagali Dam Project (A & B), 2004, A case # 204-083 and B case # 204-139, Describes IRN's objectives (it is an environmental NGO) and its campaign against the $580 million Bujagali Dam project in Uganda--the project's lead sponsor was AES Corporation.

 

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Subject and Technical Notes:

An Overview of Project Finance and Infrastructure Finance–2009 Update, Case #210-061. The note introduces the fields of project finance and infrastructure finance, and provides a statistical overview of the project-financed investments over the last 15 years with particular emphasis on the past five years (2005-09) and the impact of the global economic crisis.  It is the fifth update in a  series that began in 2000.

An Overview of Project Finance and Infrastructure Finance–2006 Update , Case #207-107. The note introduces the fields of project finance and infrastructure finance, and provides a statistical overview of the project-financed investments over the last five years.  It is the fourth note in a series that began in 2000.

Project Finance Glossary (** RECOMMENDED **), 2004, Case #203-040 (Rev. 11/06), This glossary contains almost 1,000 definitions of project finance terms. It is a valuable reference tool for people working in project finance (law, banking, project development, etc.).

Project Finance Acronyms (** RECOMMENDED **), 2006, Case #207-086 (Rev. 11/06), This document contains more than 500 acronyms for official institutions and other project finance terms. It is a valuable reference tool for people working in project finance.

An Economic Framework for Assessing Development Impact, 2002, Case #202-052.

Arbitration Between Foreign Investors and Host Governments, Case #N9-705-019.

Bribery in Business:  A Legal Perspective, Case #306-012.

Deception in Business:  A Legal Perspective, Case #306-019.

Note on Capital Controls, 2002, Case # 702-082.

Note on Cross-Border Valuation, 1992, Case #295-100.

Note on Currency Crises, 2005, Case # 799-089.

Note on Foreign Currency Swaps, 1992, Case #292-043.

Note on Fundamental Parity Conditions, 1994, Case # 288-016.

Note on Political Risk Analysis, 1997, Case # 798-022.

Note on Political Risk Insurance, 2005, Case # 206-017.

Note on Protecting Foreign Investors, 2006, Case # 706-044.

Standard & Poor's Sovereign Credit Ratings:  Scales and Process, 2006, Case #705-027.

 

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If you have any suggestions for additional content, please contact Professor Benjamin C. Esty.
Last updated April 12, 2014.

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