Financiamento estruturado em project finance e seus principais mecanismos de garantia

Abstract

Financial institutions have played an essential role in economic and social progress by contributing to wealth circulation via funding operations, thus enabling projects to be implemented. There are two structural funding possibilities in financial market busrness development - corporate finance and project finance. Corporate finance is the traditional funding structure, while project finance represents an alternative structure, which allows a new emphasis on funding, especially on pledges. lnitially, the purpose of this study is to present the features of project finance, and to discuss its concept, historical development, participants, legal formalization, corporate structure, risks and objectives. Later, this study will concentrate on the pledges under such funding structure. Building on the fact that one of the main features of project finance is the use of a project's future revenue as pledge, the focus are on the mechanisms for guaranteeing the use of such revenue as an object. This study aims to examine how such mechanlsms are structured, and to which extent they represent pledges, so as to compensate for eventual default. Conclusions demonstrafes that such mechanisms are based on lien or fiduciary deals. However, in view of legal limitations, such mechanisms cannot provide for the exact correspondence between project revenue and an only and exclusive pledge for respective funding.