Special Purpose Vehicle (SPV) of Public Private Partnership Projects in Asia and Mediterranean Middle East: Trends and Techniques

One of the main reasons for the success of public private partnership (PPP) projects is the creation of a separate commercial venture named “Special Purpose Vehicle” (SPV). SPV provides a good framework for raising funds, linking participants legally and assuring supply, production and marketing of products. SPV brings together various parties like lenders, financial institutions, public sector and export credit agencies, suppliers and off-takers. There is often a lack of precedents to identify attributes of a SPV and the process is further hampered by undeveloped financial and legal structures of a country. Thus, there is a need to establish clear attributes for a SPV to raise the funding options of PPPs. In search of these essential attributes, six PPP projects in Asia and Mediterranean Middle East are examined in this paper. Three are independent power producers (IPP), one each from India, Pakistan and China, and three are desalination Projects, one each from Israel, Singapore and Algeria. The evidence shows that not only are there common trends and techniques that are used for SPV development but also some unique features to overcome financial and legal hurdles. The evidence also gives insights for using SPV to improve financing of PPP projects.- special purpose vehicle, public-private partnership, project finance

Boost converter fed high performance BLDC drive for solar PV array powered air cooling system

This paper proposes the utilization of a DC-DC boost converter as a mediator between a Solar Photovoltaic (SPV) array and the Voltage Source Inverters (VSI) in an SPV array powered air cooling system to attain maximum efficiency. The boost converter, over the various common DC-DC converters, offers many advantages in SPV based applications. Further, two Brushless DC (BLDC) motors are employed in the proposed air cooling system: one to run the centrifugal water pump and the other to run a fan-blower. Employing a BLDC motor is found to be the best option because of its top efficiency, supreme reliability and better performance over a wide range of speeds. The air cooling system is developed and simulated using the MATLAB/Simulink environment considering the steady state variation in the solar irradiance. Further, the efficiency of BLDC drive system is compared with a conventional Permanent Magnet DC (PMDC) motor drive system and from the simulated results it is found that the proposed system performs better

Special Purpose Vehicles and Securitization

Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to avoid bankruptcy. If the firm's bankruptcy costs are high, off-balance sheet financing can be advantageous, especially for sponsoring firms that are risky. In a repeated SPV game, firms can "commit" to subsidize or "bail out" their SPVs when the SPV would otherwise not honor its debt commitments. Investors in SPVs know that, despite legal and accounting restrictions to the contrary, SPV sponsors can bail out their SPVs if there is the need. We find evidence consistent with these predictions using data on credit card securitizations.

CDM potential of SPV pumps in India

So far, the cumulative number of renewable energy systems such as Solar Photovoltaic (SPV) irrigation pumps in the agriculture sector in India is far below their theoretical potential despite government subsidy programmes. One of the major barriers are the high costs of investments in these systems. The Clean Development Mechanism (CDM) provides industrialized countries with an incentive to invest in emission reduction projects in developing countries to achieve a reduction in CO2 emissions at lowest cost that also promotes sustainable development in the host country. Solar Photovoltaic (SPV) irrigation pumps could be of interest under the CDM because they directly displace greenhouse gas emissions while contributing to sustainable rural development. However, there is only one SPV project under the CDM so far. --Clean Development Mechanism,Agriculture,Renewable Energy,CO2 Emissions,Solar Photovoltaic Pumps,India

Atorvastatin effects on serum level of hs-CRP and lung function in chemical warfare victims with chronic obstructive pulmonary disease.

Background: Anti-Infammatory properties of Statins may be beneficial in reduction of airway inflammation and improvement of lung function in patients with chronic obstructive pulmonary disease. This study designed to evaluate the effects of atorvastatin on serum level of highly sensitive C-reactive protein (hs-CRP) and pulmonary function in chemical warfare (sulfur mustard) victims with chronic obstructive pulmonary disease. Methods ana materials: In a double blind clinical trial, 50 patients with chronic obstructive pulmonary disease due to sulfur mustard and high serum level of hs-CRP entered in this study. 45 patients completed the study (n=22, placebo and n=23, atorvastatin randomly). Serum level of hs-CRP by particle enhanced turbimetric assay, pulse oximetry, spirometry and six minute walk distance (6MWD) were measured, COPD assessment test (CAT) and St George’s respiratory questionnaire (SGRQ) were completed by patients at the beginning of trial and after 9 weeks of prescription of 40 mg/day atorvastatin or placebo. After 4 weeks, pulse oximetry, spirometry and 6MWD were measured. RESULT: After 4 weeks, there was no improvement in the atorvastatin group compared to the placebo group in SPO2, FEV1 and 6MWD (p=0.79, p=0.12 and p=0.12 respectively). After 9 weeks, there was no improvement with atorvastatin in serum level of hs-CRP, SPO2, FEV1 and 6MWD compared to the placebo (p=0.35, p=0.28, p=0.94 and p=0.43 respectively) but there was an improvement with atorvastatin in health-related quality of life (with CAT score, P<0.001 and SGRQ total score, P=0.004). Conclusion: Atorvastatin does not alter serum level of hs-CRP and lung function but may improve health-related quality of life in sulfur mustard-injured patients with chronic obstructive pulmonary disease

Follow-up of vestibular function in bilateral vestibulopathy

Objective: Bilateral vestibulopathy (BV) leads to a bilateral deficit of the vestibulo-ocular reflex and has various aetiologies. The main goal of this study was to determine the frequency and degree of recovery or worsening of vestibular function over time.Methods: 82 patients (59 males, 23 females; mean age at the time of diagnosis 56.3 (SD 17.6) years) were re-examined 51 (36) months after the first examination. All patients underwent a standardised neuro-ophthalmological and neuro-otological examination. Electronystagmography with bithermal caloric irrigation was analysed by measurement of the mean peak slow phase velocity (SPV) of the induced nystagmus. Patients evaluated the course of their disease in terms of balance, gait unsteadiness and health related quality of life.Results: Statistical analysis of the mean peak SPV of caloric induced nystagmus revealed a non-significant worsening over time (initial mean peak SPV 3.0 (3.5)°/s vs 2.1 (2.8)°/s). With respect to subgroups of aetiology, only patients with BV due to meningitis exhibited an increasing, but non-significant SPV (1.0 (1.4)°/s vs 1.9 (1.6)°/s). Vestibular outcome was independent of age, gender, time course of manifestation and severity of BV. Single analysis of all patients showed that a substantial improvement ⩾5°/s occurred in two patients on both sides (idiopathic n = 1, Sjögren's syndrome n = 1) and in eight patients on one side (idiopathic n = 6, meningitis n = 1, Menière's disease n = 1). In 84% of patients there was impairment of their health related quality of life (42% slight, 24% moderate, 18% severe). Forty-three per cent of patients rated the course of their disease as stable, 28% as worsened and 29% as improved.Conclusions: Our data support the view that more than 80% of patients with BV do not improve. Thus the prognosis of BV is less favourable than assumed

STATUS PERSEROAN SPECIAL PURPOSE VEHICLE SEBAGAI PENERBIT EFEK BERAGUN ASET DALAM KEGIATAN PEMBIAYAAN SEKUNDER PERUMAHAN

ABSTRAKPembiayaan sekunder perumahan merupakan suatu fasilitas pembiayaan yang bermaksud untuk menangani persoalan kesenjangan sumber dan penggunaan dana (mismatch funding) yang dialami oleh bank dalam menyalurkan kredit pemilikan rumah di Indonesia. Hal itu dilakukan dengan sekuritisasi aset yakni suatu proses transformasi kumpulan piutang kredit yang pada mulanya bersifat tidak likuid menjadi likuid dalam bentuk Efek Beragun Aset (EBA) sehingga mudah diperdagangkan. Keberadaan Special Purpose Vehicle (SPV), merupakan salah satu entitas penerbit (issuer) dalam kegiatan sekuritisasi aset yang berperan untuk membeli kumpulan piutang dari bank dan menerbitkan EBA. Yang menjadi permasalahan dalam penulisan ini adalah menyangkut (1) bentuk badan hukum perseroan pada SPV; (2) peran dan fungsi SPV dalam kapasitasnya sebagai penerbit; dan (3) kedudukan Kontrak Investasi Kolektif Efek Beragun Aset (KIK-EBA) dalam penerbitan EBA.Tujuan penulisan skripsi ini adalah untuk menjelaskan bentuk badan hukum perseroan pada SPV, peran dan fungsi SPV dalam kapasitasnya sebagai penerbit, serta kedudukan KIK-EBA dalam penerbitan EBA.Metode penelitian yang digunakan adalah metode penelitian normatif. Pengumpulan data dilakukan dengan cara studi dokumen yang relevan dengan objek penelitian. Data yang terkumpul kemudian disusun secara sistematis dan dianalisis dengan teknik kualitatif untuk mendapatkan data yang dekriptif-analitis.Hasil penelitian menunjukkan bahwa SPV merupakan anak perusahaan dari suatu perusahaan induk (holding company), yang didirikan untuk menghindari pajak berganda sekaligus merupakan suatu perusahaan bayangan guna menjamin kepentingan para investor. Peran SPV adalah untuk menerbitkan EBA berbentuk surat utang dan berfungsi sebagai entitas hukum yang bebas pailit. Dalam kaitannya dengan KIK-EBA, diketahui kemudian bahwa kedudukannya sebagai penerbit tidaklah menerbitkan EBA berbentuk surat utang. Dengan demikian, SPV tidaklah mengambil bentuk KIK-EBA, begitupun sebaliknya dengan KIK-EBA yang tidak pula menggantikan peranan SPV dalam kegiatan sekuritisasi.Disarankan kepada pemerintah agar memuat materi tentang pihak-pihak yang dapat menjadi penerbit EBA di dalam RUU Sekuritisasi. Bilamana SPV merupakan salah satu diantaranya, demi menjamin adanya kepastian hukum juga dirasakan perlu untuk mengatur secara menyeluruh tentang kriteria dan syarat pendirian SPV melalui suatu undang-undang. Sehubungan dengan adanya entitas penerbit berupa KIK-EBA, pemerintah disarankan pula untuk dapat memberikan peluang kepada reksa dana ikut berperan sebagai penerbit

Tracking surface photovoltage dipole geometry in bi2se3 with time-resolved photoemission

Topological insulators have been shown to exhibit strong and long-lived surface photovoltages when excited by an infrared pump. The ability to generate long-lived potentials on these surfaces provides opportunities to manipulate the spin-momentum locked topological surface states. Moreover, the photo-induced nature of this effect allows for localized excitation of arbitrary geometries. Knowing precisely how these potentials form and evolve is critical in understanding how to manage the effect in applications. The uniqueness of the photoemission experimental geometry, in which the photoelectron must traverse the induced surface field in vacuum, provides an interesting probe of the electric dipole shape generated by the surface photovoltage. In this study, we are able to match the observed decay of the geometric effect on the photoelectron to an essential electrodynamics model of the light-induced dipole thereby tracking the fluence-dependent evolution of the dipole geometry. By utilizing a standard time-resolved angle-resolved photoemission experiment, we are able to determine real-space information of the dipole while simultaneously recovering time-resolved band structure