Shh and boots
1.BOT This is the most basic form. The project company has no ownership of the project, only the right of construction and management.
2.boo(build-own-oPerate), that is, to establish an enterprise with investors under the authorization of the government.
Concession, construction and operation of a project, but not to hand over the project to the public sector, but to continue to operate this purpose.
The main purpose is to encourage the project company to reasonably build and operate facilities from the perspective of the whole life cycle of the project and improve the project products/
Service quality, the pursuit of the whole life cycle of the total cost reduction and efficiency improvement, so that the product/service price of the project is more
low
3.BOOT (build-own-operate-transfer), that is, build-own-operate-transfer fingers.
After the completion of the project, the government allows the project company to have the ownership of the project for a certain period of time, and the project company
Operating the project and handing it over to the government for free after the franchise expires, which is mainly different from the basic BOT.
The difference is that the project company has both management rights and ownership, but the concession period is generally longer than the basic BOT 1.
The most important similarity between BOT and BOO is that they both use private investment to undertake public infrastructure projects. In these two financing modes, private investors engage in the design, financing, construction and operation of authorized projects in their own names according to the franchise agreement or license granted by the host government or government agencies. During the concession period, the project company enjoys the rights of project possession and income, investment and financing, engineering design, construction, equipment procurement, operation management and reasonable charging, and undertakes the maintenance and maintenance obligations of project facilities. In China, in order to ensure the smooth implementation of the concession project, during the concession period, if the project company suffers heavy losses due to the adjustment of China government policies, the project company is allowed to reasonably increase the operating expenses or extend the concession period of the project company; For the foreign exchange required by the project company to repay the loan principal, interest or bonus, the state guarantees foreign exchange exchange and foreign exchange leaving the country. However, the project company should also bear the risks of investment and financing, construction, equipment procurement and maintenance. The government does not provide fixed investment return guarantee, and domestic financial institutions and non-financial institutions do not provide guarantee for their financing.
2. Difference
The biggest difference between BOT and BOO is that in BOT projects, the project company must return the project facilities to the government after the concession period; In the BOO project, the project company has the right to own and operate the project facilities without any time limit. From the literal meaning of BOT, we can also infer the unique meaning of infrastructure country: as a private investor, driven by economic interests, investing in infrastructure development and construction based on the principle of high risk and high return. In order to recover the investment and get the return on investment, private investors are authorized to enjoy the right to operate the project within a certain period of time after the completion of the project, and obtain the operating income. After the expiration of the term, the right to operate the project facilities will be handed over to the government free of charge. It can be seen that the ultimate management right of the project facilities is still in the hands of the state, and private investors have no ownership of the project from beginning to end in the whole operation process of the BOT project. In the final analysis, BOT mode only means that the government uses private investors to have the right to operate project facilities within a certain period of time, but the essential attributes of infrastructure have not changed. In other words, with BOT, the project sponsor can earn real income in a certain period of time to make up for his investment, and then the project will be returned to the government. In BOO mode, the ownership of the project is no longer returned to the government. There are two differences between BOOT and BOT: one is the difference of ownership. BOT mode, after the project is completed, the private party only has the right to operate the completed project; Under the guidance mode, after the completion of the project, private individuals have both management rights and ownership rights within the prescribed time limit. The second is the difference in time. Using BOT method, the time from project completion to government handover is generally shorter than BOOT. Each form of BOT and its variants reflect the degree of privatization that the government is willing to provide for certain infrastructure. BOT means a low degree of privatization, because the ownership of the project facilities is not transferred to private individuals. BOOT stands for moderate privatization, because the ownership of facilities is transferred to private individuals in a limited time. Finally, as far as the privatization and transfer of project facilities to private individuals are concerned, there is no time limit, and BOO represents the highest level of privatization. In other words, the different infrastructure construction modes adopted by the government reflect the different degrees of privatization that the government is willing to accept. Because infrastructure projects usually have a direct impact on society and use public resources, such as land, roads, railways, pipelines, radio and television networks, etc. Therefore, the privatization of infrastructure is a particularly important issue. Traffic projects (such as toll roads, toll bridges, railways, etc.) adopt BOT mode. ), because the government is usually reluctant to transfer the private ownership of the transportation network to private individuals. In power production projects, BOT, BOOT or BOO methods are usually adopted. Some countries attach great importance to power generation, so they only talk to private companies.
Sign BOT or BOOT franchise agreement. In countries with abundant power resources (such as Argentina), their governments do not pay so much attention to power generation projects, and generally sign some BOO licenses or franchise agreements. Finally, for the distribution and transportation of electricity, natural gas and oil, it is generally considered that such industries are related to a country's national economy and people's livelihood, so BOT or BOOT methods are generally used to build such facilities. Many railway projects in Britain, such as the Eastern Harbour Crossing in Hong Kong, are built by this financing mode. Among them, the most famous BOT project is the entrance of the Anglo-French Channel Tunnel, which includes two railway tunnels with a diameter of 7.3 meters and/kloc-0 service tunnels with a diameter of 4.5 meters. The Eurotunnel Project Company with a length of 50 kilometers is composed of British Channel Tunnel Group, British banking consortium, British contractor, France-Manehe, French banking consortium and French contractor. The concession agreement was signed in 1987 and the project was completed in 1993. The government granted Eurotunnel a 55-year concession period (1987-2042, including a 7-year construction period) to build, own and operate the tunnel, which was taken back by the government after 55 years.
The total investment of the project is $654.38+0.03 billion. In the concession agreement, the government put forward three requirements for the project company:
(1) The government does not guarantee loans;
(2) This project is a private investment, and the income after the completion of the project will be used to pay the expenses and debts of the project company;
(3) The project company must hold 20% of the shares. The project is funded by shares and loans. Among them, the stock is 2 billion US dollars, including 280 million US dollars held by banks and contractors, 370 million US dollars held by private institutions and 65.438+35.0 million US dollars held by public investors. It was issued in four times between 1986- 1989. The total loan amount is 8.3 billion US dollars, which is provided by 209 international commercial banks, of which 6.8 billion US dollars is used for main loans and 65.438 billion US dollars+500 million US dollars is used for standby loans.
The government allows the project company to freely determine the toll, and half of its income is generated through the railway agreement signed with the national railway department, connecting London with the European high-speed railway network through the tunnel; Other income comes from high-speed train charges for carrying commercial vehicles through tunnels. The government promised not to allow the construction of a second cross-strait connecting passage within 30 years.
The project company bears all the risks of tunnel construction, and has set a reserve of $654.38+08 billion for cost overruns. For the onshore construction part, the engineering quantity is contracted at a fixed price. The tunnel is based on the target cost. The project company pays the contractor according to the actual cost plus a fixed fee of 65,438+02.36% of the target value, which is estimated to be 250 million US dollars. If the tunnel construction is lower than the target price, the contractor will get half of the savings; If the actual cost or progress exceeds the target value, the contractor will pay the project company a certain amount of loss expenses. In addition, due to unforeseen geological conditions or inflation, the price of the contract may be adjusted. In the decade at the end of the 20th century, the annual base price of infrastructure projects in Asia was as high as $654.38+030 billion. Many developing countries have introduced BOT model for infrastructure construction, such as the second phase expressway in Bangkok, Thailand, and the Ha River Power Plant in Pakistan. BOT has appeared in China for more than ten years. 1984, Hopewell Industrial Company and National Development and Investment Corporation, as contractors, cooperated with Guangdong provincial government to invest in the construction of Shajiao B power plant project in Shenzhen, which was the first BOT basic project in China. But it is not standardized in concrete practice. 1995 The second phase project of Guangxi Laibin Power Plant is a milestone in the introduction of BOT mode in China, which provides valuable experience for China to adopt BOT mode. In addition, BOT model has been applied in Beijing Jingtong Expressway, Shanghai Huangpu Yan 'an East Road Tunnel and other projects.
Guangxi Laibin Power Plant B is located in Laibin County, Guangxi Zhuang Autonomous Region. The installed capacity is 720,000 kilowatts, and two imported coal-fired units with 360,000 kilowatts are installed. The total investment of this project is US$ 6,654,380+0.6 million, of which the shareholder's contribution accounts for 25% of the total investment, that is, US$ 6,543,800+0.54 million, and the two sponsors contribute to the project company according to the ratio of 60:40, with the specific contribution ratio of EDF International Company accounting for 60% and General Electric Alstom Company accounting for 40%, and the contribution amount is the registered capital of the project company; The remaining 75% is raised through limited recourse project financing. Governments at all levels, financial institutions and non-financial institutions in China do not provide any form of guarantee for the financing of this project. The financing loan of this project is jointly underwritten by a consortium composed of Credit Suisse Oriental, HSBC Investment Bank and Barclays Bank, and the loan of 3,654,380,200 US dollars is provided with export credit insurance by French export credit agency-French Foreign Trade Insurance Company. The franchise period of the project is 18, in which the construction period is 2 years and 9 months and the operation period is 15 and 3 months. After the concession period expires, the project company will hand over the power plant to the government of Guangxi Zhuang Autonomous Region for free. During the construction period and operation period, the project company will submit a performance bond of US$ 30 million to the government of Guangxi Zhuang Autonomous Region respectively, and at the same time, the project company will undertake the quality assurance obligations for 65,438+02 months after the power plant is handed over to the government after the franchise expires. Guangxi Electric Power Company is responsible for purchasing the minimum output power of 3.5 billion kWh (5,000 hours) from the project company every year (only fuel electricity is paid for exceeding the generated power) and sending it to Guangxi Power Grid. At the same time, Guangxi Construction Fuel Co., Ltd. is responsible for supplying the coal needed for power generation to the project company, mainly from Panjiang mining area in Guizhou Province. Malaysia's North-South Expressway is also one of the successful cases of developing countries operating BOT mode. Malaysia's North-South Expressway is 800 kilometers long, bordering Singapore in the south and Thailand in the north, some of which are toll roads. United Engineering Company has set up a new company Plath as the project sponsor, which is responsible for the financing, design, construction and operation of the expressway. It is estimated that the total cost of the project is $65.438+0.8 billion and the franchise period is 30 years. Among the project funds, $9 million is the share capital of the project sponsor company; 1.80 million USD is the company's share capital; The remaining 90% comes from bank loans.
The expressway project has obtained a high amount of government guarantee: the aid loan provided by the government is 235 million US dollars, accounting for about 65,438+03% of the total cost of the project from financing to construction completion. The loan will be paid off within 25 years and can be extended for the first 15 years with a fixed annual interest rate of 8%; The government gives Plath a minimum operating income guarantee, that is, if the company encounters cash flow difficulties due to reduced traffic volume in the first 17 years of operation, the government will provide additional funds; The Malaysian government has also granted Plath the right to operate an existing expressway. This 309-kilometer-long expressway does not need to purchase this section, and part of its toll revenue is used to build a new expressway; In terms of foreign exchange, the guarantee provided by the Malaysian government is that if the exchange rate falls by more than 15%, the government will make up for the shortfall; Finally, the government also provides interest rate guarantee: if the loan interest rate rises by more than 20%, the government will make up the loan repayment difference.
The Malaysian government signed a fixed lump sum contract with Plath, and Plath signed a fixed lump sum contract with each subcontractor. In terms of fees, the highway toll standard is jointly determined by the government and Plath. Any future increase in interest rates will be linked to Malaysia's price index.
Expressway financing adopts traditional capital structure, including debt and equity capital. Project sponsors raised $900 million from Hong Kong, Singapore and London. The project also received an aid loan of 235 million US dollars from the government. In order to alleviate its cash shortage, the project sponsor proposed to its subcontractor that 87% of the total contract price should be paid in cash, and the remaining 65,438+03% should be used as the subcontractor's share capital, which can only be transferred after the project construction is completed, about 7 years later. This measure effectively transferred the risk of equity fund to the project subcontractor.