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O project finance tem-se afirmado nas últimas décadas como um método preferencial de financiamento de grandes projetos infraestruturais. A repartição e mitigação dos riscos, resultante do isolamento do projeto num ente jurídico especificamente criado e da sua estrutura contratual complexa, é a grande vantagem com que se apresenta este método de engenharia jurídico-financeira. Por conseguinte, aos financiadores interessa não a credibilidade dos promotores do projeto, mas o projeto em si e a sua capacidade de gerar fluxos de caixa e lucros, o que exige um grande envolvimento das entidades financiadoras. Fruto deste envolvimento, os financiadores tenderão a exigir um elevado número de mecanismos de garantia que tutelem o seu crédito, incluindo um mecanismo que lhes permita o resgate do projeto, através da tomada de controlo da gestão da sociedade de projeto, em caso de um incumprimento contratualmente previsto que possa pôr em causa o sucesso da operação financiada. Este mecanismo tem como objetivo a recuperação do projeto e tem o nome de direito de step-in. É sobre este direito que versaremos maioritariamente no presente trabalho, mais concretamente sobre os mecanismos jurídicos mais adequados ao seu exercício.
Over the past few decades, project finance has established itself as a preferred technique of funding massive infrastructure projects. The main advantage presented by this financial and legal engineering structure is its risk sharing and mitigation resulting from the isolation of the project in a special purpose vehicle and from its complex contractual framework. Therefore, the sponsors’ creditworthiness is not as important to lenders as the project itself and its capacity to generate cash flow and profit, which requires significant involvement from the lenders. Consequently, lenders tend to demand a wide security package to safeguard its credit, including a mechanism which entitles them to rescue the project, through the takeover of the project company’s management, in case of the occurrence of a pre-specified event of default likely to jeopardize the financed operation. This mechanism has its purpose on the recovery of the project and it is named step-in right. I will mainly focus on the analysis of this right throughout my thesis, specifically regarding the adequate legal mechanisms to exercise it.
Over the past few decades, project finance has established itself as a preferred technique of funding massive infrastructure projects. The main advantage presented by this financial and legal engineering structure is its risk sharing and mitigation resulting from the isolation of the project in a special purpose vehicle and from its complex contractual framework. Therefore, the sponsors’ creditworthiness is not as important to lenders as the project itself and its capacity to generate cash flow and profit, which requires significant involvement from the lenders. Consequently, lenders tend to demand a wide security package to safeguard its credit, including a mechanism which entitles them to rescue the project, through the takeover of the project company’s management, in case of the occurrence of a pre-specified event of default likely to jeopardize the financed operation. This mechanism has its purpose on the recovery of the project and it is named step-in right. I will mainly focus on the analysis of this right throughout my thesis, specifically regarding the adequate legal mechanisms to exercise it.
Descrição
Palavras-chave
Project finance Direito de step-in Mecanismos de exercício do step-in Step-in right Step-in right’s exercise mechanisms