June 2002
Beginner
344 pages
11h 7m
English
Content preview from Principles of Project Finance
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§12.8.4 N
ONCASH
I
NVESTMENT
Another factor that also significantly affects the IRR or NPV calculation is the
timing of actual payment to the Project Company of the equity in cash (cf. §13.3).
Furthermore, if the investors provide a standby commitment to invest equity
only if the Project Company’s cash flow is inadequate, this is not reflected in a IRR
calculation (cf. §13.3.3).
In summary, an IRR or NPV calculation reflects the return on a cash invest-
ment, not the return on any amount that the investors have at risk but which has
not yet been drawn in cash. Therefore, if the Project Company has substantial
amounts of undrawn equity, an IRR or NPV calculat ...
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