Upcoming Seminars & Events
Science and Global Security Seminar Series - Wednesday, November 5, 2014
Paul Murphy will speak on "Developing and Financing Nuclear Power Projects"
The seminar will be held at 12:30 p.m., Wednesday, November 5, at 221 Nassau Street (located at J2 on the campus map) in the 2nd Floor Conference Room. You are welcome to bring your lunch. There is no need to rsvp.
Nuclear power projects are perhaps the most challenging power/infrastructure projects to develop and finance. To date, despite a large international fleet of nuclear reactors in operation, with decades of operating history, no nuclear power project has ever been developed using non-recourse or limited-recourse project financing. Nuclear power projects have certain, unique characteristics that make such financing structures difficult; however, financing of nuclear power projects does necessitate a rigorous and project-focused due diligence process, as potential lenders need to address the question, “Is this a good project?” Such an analysis involves commercial, technical, legal, and reputational considerations. Given the sensitive nature of nuclear power – largely due to the events of Three Mile Island (1979), Chernobyl (1986), and Fukushima (2011) – nuclear power plants are subject to a heightened degree of scrutiny, from both safety and reputational perspectives. Lenders need to be comfortable with the overall quality of the project, recognizing, too, that the nuclear power industry is subject to an international structure, comprised of international guidance promulgated principally by the International Atomic Energy Agency and of international obligations (held at the national level) under multiple treaty regimes. This international aspect to the sector creates additional layers of analysis which must be considered in the financing process, along with the special case of third party nuclear liability. This session is intended to be a discussion of the applicability of project finance principles and other financing and other policy-driven considerations to this unique and challenging segment of the power/infrastructure sector.
Paul Murphy is Special Counsel in the Washington, DC office of Milbank, Tweed, Hadley & McCloy LLP and a member of the firm's Global Project Finance Group.
Biosecurity Seminar Series
No Biosecurity seminars are scheduled for this semester. Lists of past seminars may be found here.