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Profit from our unique insight

Project Finance

Working with us you’ll benefit from our significant experience in infrastructure and energy markets built from over 25 years of advising on projects globally. We have worked on projects throughout Europe (UK, Ireland, Continental Europe and Eastern Europe), the Americas (USA, Canada, Mexico, and South America), Australia and New Zealand from offices in the UK, US and Canada. Our clients include government authorities, developers, infrastructure funds and institutional investors, who value our tailored approach and innovative solutions to managing large and long dated financial risk exposures.

Knowing that the financial transaction cost of project hedging is important to you, we work with clients to reduce the financial cost and to suggest alternative heading strategies where possible, creating more flexibility and transparency. We negotiate with our global network of financial institutions to minimize spreads and margins payable on the execution of derivatives and to deliver a bespoke service throughout the hedging process and beyond completion. With our teams’ specialist market knowledge and daily exposure to financial markets, you receive up-to-the-minute pricing, prevailing commercial terms and an understanding of the true cost of your projects. We establish strong ongoing relationships and become a valuable partner to our clients in this sector, providing clear advice and innovative solutions that match your requirements

Public–Private Partnership

Public–Private Partnership

We have over 20 years' of experience in this sector and are now the largest capital markets advisor to PPP globally, and in every market we operate in. We work for a wide range of quasi-government and direct government clients, providing independent advice and innovative solutions to managing financial exposure. Our team of experts are committed to providing you with unmistakeable value by negotiating with banks, acting as a capital markets advisor on bond issues, minimising spreads and margins payable on the execution of derivative based structures, and delivering an individual service throughout the transaction, including after completion. 

Infrastructure Funds

Infrastructure Funds

JCRA works closely with infrastructure funds to structure and implement hedge solutions that reflect their specific risk criteria. We typically work with investors looking at hard infrastructure, renewable energy projects and infrastructure providers. Much of the interest rate risk that these funds face will involve pre-hedging or a need to be structured in a contingent way so the fund has as much flexibility and certainty as possible. These transactions also often involve a significant amount of debt, sometimes with multi-currency incomes, which we fully understand before tailoring a hedge solution. In addition to assisting with foreign exchange risk management at the investment level, we also provide a significant amount of advice at the fund level to ensure that any hedge they enter into is as effective at meeting your goals as possible. We also offer documentation advice and ongoing support and assistance with valuations and regulatory reporting.    

Project Finance Companies

Project Finance Companies

The project finance sector is diverse; ranging from infrastructure development companies to energy based companies including renewable energy (onshore and offshore wind, solar, biomass and waste), natural gas, LNG, pipelines and transmission. You can count on our team of financial markets experts to manage the interest rate, currency, inflation and commodity risks, create hedging strategies that address both short term and long term needs and deliver solutions to address unique hedge requirements.

Renewable and Infrastructure

Renewable and Infrastructure

Entities operating in the Renewable and Infrastructure sectors face significant challenges when accounting for their financial risk hedging instruments due to the nature of their risk exposures. These exposures are usually very long dated and the hedges may need to be realigned/adapted over their lives due to changes in business plans, cash flow projections, re-financings, etc.

Accounting for derivatives under IFRS (IAS39 and IFRS9), US GAAP and other local standards (i.e. new UK GAAP (FRS101 and FRS102, effective since 1 January 2015) can often be complex to understand and implement. 

We provide a specialist service to assist your accounting teams, including pretransaction support, valuations incorporating counterparty credit risk (CVA/DVA), support and expertise with hedge accounting, and the preparation of disclosure notes for your SPV’s financial statements.


We provide a range of hedging strategies and derivative solutions designed to reduce volatility and protect your profitability.

  • Accounting for derivatives and valuation services

    Entities operating in the Renewable and Infrastructure sectors face significant challenges when accounting for their financial risk hedging instruments due to the nature of their risk exposures.

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  • Accounting for derivatives and valuation services

    These exposures are usually very long dated and the hedges may need to be re-aligned/adapted over their lives due to changes in business plans, cash flow projections, re-financings, etc.
    Accounting for derivatives under IFRS (IAS39 and IFRS9), US GAAP and other local standards (i.e. new UK GAAP (FRS101 and FRS102, effective since 1 January 2015) can often be complex to understand and implement. Particularly for those entities for which hedge accounting is usually a ‘must’ in order to avoid earnings volatility, that could adversely impact distributable reserves and covenants.
    We provide a specialist service to assist your accounting teams, including pre-transaction support, valuations incorporating counterparty credit risk (CVA/DVA), support and expertise with hedge accounting, and the preparation of disclosure notes for your SPV’s financial statements.

  • Deal Contingent

    We arrange cost-effective solutions to eliminate FX and IR ‘Event Driven’ Risks  (M&A, IPO, Tender Offer, Project Finance etc)

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  • Deal Contingent

    Financial risks (relating to FX, Interest Rate (IR), Commodities/Energy and Inflation) arising from M&As (Public or Private), IPOs or Project Finance can be complex to hedge. Those so-called event-driven risks may have several levels of uncertainty:
    the exposure itself (contingent to the success/failure of the underlying deal)
    the amount (for example in a tender situation or for deferred considerations/earnouts)
    the tenor (closing date is usually unknown at signing).
    A deal contingent hedge is a cost-effective solution to cover those risks and allows the client to walk away from the hedging agreement if the deal falls through as a result of pre-defined conditions precedent (CPs) not being met. For example, Deal Contingent hedges confer the ability to lock in the cost of an acquisition in a foreign currency (FX risk), or to ensure that financing costs of the transaction are pre-hedged (IR risk).
    In both cases no cost is incurred if the deal does not complete as a result of CPs not being met.  Since deal contingents are tailor-made derivatives, pricing is by definition less transparent than for vanilla products. Hence we will in most circumstances arrange a tender process between competing banks. 
    Very often, deal contingent hedging is required at a time when management time is at a premium. Speed is therefore of the essence. From designing an optimal hedging strategy to implementation with competitive pricing, our experience and contacts with the best banks in the market mean we are able to offer a streamlined and transparent process with a quick turnaround. 
  • Interest Rate Hedging

    Often mandatory, but with the right advice you can make it work in your favour

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  • Interest Rate Hedging

    Management of a transaction’s interest rate exposure is often a condition of sanction from providing banks who directly benefit from providing ancillary services. We evaluate your interest rate risk and create a hedging strategy that satisfies any particular lending requirement and meets your business objectives. Unlike the bank, our strategy advice is impartial. As an independent firm, we have no other motive than to deliver a strategy that is best aligned to your business goals.

  • FX Hedging

    Mitigate losses and risk associated with currency fluctuations

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  • FX Hedging

    Importers, exporters and investors with overseas assets are all exposed to foreign exchange risk. Failure to analyse risk and implement a bespoke hedging strategy can lead to significant losses.

    We evaluate your business’s FX exposure: transactional and translational; short, medium or long term. Some FX exposures are easily identifiable, while others are less obvious. Optimal FX management involves the ability to work within credit constraints and around the inevitable fallibility of forecasts, while also considering natural hedges.

  • Commodity Hedging

    Your commodity exposure is connected to your commercial arrangements. We understand that

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  • Commodity Hedging

    We structure hedge solutions that match your objectives. We understand the interaction between your commodity exposure and other commercial arrangements such as debt covenants. Our pricing capabilities provide complete transparency on pricing, and our experience and contacts within this specialised area mean we can source the best hedge counterparties. 

  • Inflation Hedging

    How do you mitigate exposure to index-linked income/expenditure? We assist with this, and more

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  • Inflation Hedging

    Inflation risk can arise within a business either explicitly, through a contractual arrangement, or implicitly, through cost or revenue base. It is important when assessing inflation hedging requirements to identify any natural offsetting hedge already present in your business. We can advise you on how to mitigate exposure to index-linked income/expenditure. We offer you our expertise to assess the risk, ensure that the appropriate hedging structure has been chosen and negotiate fair and transparent pricing with the hedge provider. 

  • Valuations and Hedge Accounting

    We support your accounting teams to effectively manage your derivatives

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  • Valuations and Hedge Accounting

    Whether your accounting team requires support or additional expertise with hedge accounting under IFRS, USGAAP and new UKGAAP, or derivatives valuations for internal management or financial reporting, we tailor our services to meet your needs. Our service can ensure accuracy of the reporting of your derivative instruments. Through the full life cycle of hedge accounting, or just one part of the process, we can help ease the workload on your accounting team. We provide guidance on whether to apply hedge accounting, help you meet documentation and effectiveness assessment requirements, and deliver the analysis needed for the relevant disclosures. If you need to convert into IFRS, US GAAP - or into the new UK accounting standard, FRS 101/102 - we can complete a comprehensive analysis of the impacts and considerations and support you with your conversion project. With valuations, we understand that the introduction of CVA/DVA adjustments has deepened the complexity of traditional counterparty bank valuations. We use sophisticated technology and processes to deliver bespoke derivatives valuations.

  • Cash Management

    How do you manage surplus cash? Our independent advice ensures a strategy that’s best for you

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  • Cash Management

    The risks inherent in managing surplus cash are counterparty credit risk, concentration risk and liquidity risk. We work with you to establish the intentions for the cash holdings and consider the relative importance of security, liquidity and yield, as well as factors such as risk versus return and complete capital preservation. We advise on a wide range of short-term investment opportunities, including bank treasury deposits, call accounts and money market funds, designing and documenting bespoke cash management policies and strategies. Our independence means we refuse any introductory commissions from cash product providers, instead requesting that they divert this payment to you in the form of an improved rate of return.

  • Dispute resolution and expert witness

    Unbiased and expert opinion in hedging disputes based on forensic analysis and cross-sector experience

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  • Dispute resolution and expert witness

    If you have a hedging dispute related to hedge mis-selling, our experience and independence means we are well placed to help with the resolution of your case. We look at the core objectives of the borrower, review all correspondence and documentation pertaining to the hedge and the pricing, as well as any alternatives which may have been offered. Our systems recreate historical markets in which the instrument was traded to provide context and determine whether the hedge was suitable and appropriate at the time. A hypothetical hedging strategy and our opinion on what would have been the most suitable course of action are formulated. This is used to benchmark the hedge under dispute and provide guidance on an acceptable level of redress.

    You may need an expert witness, if you have initiated a legal claim and require independent input as part of the litigation process. We can assist under instruction from legal counsel on the case. Our service encompasses the aspects described above and delivers an in-depth appraisal of the communication between defendant and claimant pre, during and post hedge execution. In the UK, all reports comply with requirements set out in Practice Direction 35.

  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business.

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  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business. No matter how complex your organisation’s structure, we can ensure you meet AIFMD, EMIR and Dodd-Frank requirements. In a rapidly changing regulatory environment where your investors and regulators need reassurance that you are up-to-date with regulation, you can trust that our advice is clear, independent and correct.

Meet our project finance team
  • Joe Bailey

  • Samantha Bett

  • Jackie Bowie

  • Hugo Cusani

  • Matthew Kaard

  • Lionel Kruger

  • Ian MacFarlane

  • Brian Phelan

  • Hugh Sutcliffe

  • Ali Vohra

Joe Bailey

As an Associate Director on the infrastructure and project finance team, my job is to advise infrastructure clients on their inflation, interest rate and currency risk. Day to day I am involved in many advisory engagements for clients including developers of assets, funds, financial advisors, corporate financiers, lawyers and government entities. Our clients are geographically varied and we cover EMEA, Australasia and the Middle East from our London office, which I have worked out of for the past eight years.

I joined JCRA in 2009 from banking where I worked in the currency markets. I hold a degree in Philosophy, Politics and Economics from Exeter College, Oxford University.

I enjoy most sports, more as a spectator than player these days.

Email Joe: Joe.Bailey@jcrauk.com

Samantha Bett

I am a Director based in Glasgow, working with JCRA’s Scottish and North of England clients across our specialist sector teams, primarily real estate, private equity and corporates. I have particular expertise in foreign exchange and interest rate risk management, having worked in financial markets since the mid-1990s.

I joined JCRA in 2011, moving into advisory services following a varied career in treasury roles in banks in London, Singapore and Glasgow. I graduated from Strathclyde University with a first class degree in finance and joined the graduate programme at Bank of America. I had a baptism of fire in emerging markets FX trading from the Asian currency crisis in 1997 to the Russian devaluation and default the following year. I moved out to West LB in Singapore to set up the NDF trading function, before moving back to the UK and into treasury sales roles across FX and interest rates for the corporate client base at Clydesdale Bank and HBOS.

I thoroughly enjoy working in an advisory capacity. My role requires me to have a deep understanding of our clients’ requirements with the wide range of engagements and client sectors, ensuring that I am always challenged to keep my sector knowledge and treasury risk management expertise up to-date. I also act as an independent expert witness for borrowers in litigation actions in relation to derivative sales by banks and brokers.

My sons, Murray and Gregor, are extremely active and weekends are spent on tennis courts, rugby and football pitches, golf courses and on the pistes. Our family holidays are very important and my husband and boys share my love of travel.

Email Sam: Sam.Bett@jcrauk.com

Jackie Bowie

My job is to lead the JCRA team across our offices in the UK and North America. My work is extremely different day to day and I remain involved in many advisory engagements for clients across our specialist sector teams.  I also have the privilege of spending lots of face to face time with both existing and new relationships; explaining to them the value JCRA’s expertise can bring to their risk management decisions.  I am part of the Group Board which means relentlessly driving our growth agenda and of course our regulatory and compliance obligations.   I joined JCRA in 2004, initially in the Edinburgh office.  I advised many clients on hedging against FX and interest rate risk.  In 2010, after being appointed a Director and joining the Group Board, I relocated to London.  In 2012 I was part of the management team which completed the VMBO, moving on to execute the second phase of that in 2017; taking in our first tranche of external capital and allowing the founding directors of JCRA to retire.   I hold a first class degree in Economics from Strathclyde University and MSc in Investment Analysis and am a member of the CFA institute. My early career in finance focused on the US equity markets where as an equity analyst and subsequently a fund manager I had an exciting 10 years within various Scottish asset managers.  Investing in the equity markets through the tech boom and subsequent bust in the late 1990’s was a learning experience never to be forgotten!  A career shift to advisory was unplanned, but after just 6 months of working with JCRA’s clients I knew I had definitely made the right choice.   I love to be active, and when time allows enjoy running and swimming.  I am also a voracious reader and will never be without a book in my bag.   My two daughters Eva and Isla keep me busy the rest of the time, and weekends are spent supporting their pursuits with downtime usually being a family meal and a movie. Email Jackie: Jackie.Bowie@jcrauk.com

Hugo Cusani

I am an Associate Director at JCRA, based in our London office. I work on the Project Finance and Infrastructure desk, focusing primarily on the EMEA and Australasia regions. My day-to-day responsibilities include managing a number of projects, in particular the structuring and pricing of complex derivatives within interest rates, foreign exchange and inflation. I enjoy working with clients on large, multi-layered transactions to achieve the optimal hedging strategy for the project requirements.

I joined JCRA in 2014, where I initially worked on the pricing desk assisting the property, private equity and social housing teams before moving to project finance and infrastructure. During my time here, the client base and deal flow has grown substantially, giving the team a broad exposure to various project types in a number of geographies including the UK, Ireland, Continental Europe, Eastern Europe, Africa, Australia and New Zealand.

Before joining JCRA, I secured a Bachelor's degree in Business Economics from the University of Liverpool. During this time, I also completed a number of internships at various institutions including BNY Mellon, Bloomberg and City Forex.

In my spare time, I enjoy playing rugby and basketball, skiing, country walks and travelling. My weekends are spent socialising and indulging in my favourite pastime – eating.

Email Hugo: Hugo.Cusani@jcrauk.com

Matthew Kaard

I joined JCRA as a Consultant in 2017 and work across the project finance and infrastructure sectors. I advise clients on optimal interest rate, inflation and fx hedging strategies, as well as the more technical structuring and pricing of vanilla and exotic derivatives to meet specific project requirements. I hold a double Bachelor’s degree in Finance and Economics from the University of Western Australia, as well as an MSc in Banking and Finance from King’s College London, where I graduated with first-class honours. Prior to my graduate education, I worked in corporate strategy for a multinational tech company. I am studying for the Chartered Financial Analyst (CFA) designation, having completed the level one exam, and am a current candidate for the level two exam. My co-curricular activities included captaining a team in the CFA Research Challenge, where we placed third nationally. I am also a member of the Chartered Institute for Securities and Investment (CISI), having completed the Capital Markets Programme, with a focus on Securities and Derivatives. Away from the office, I am an avid traveller and runner, often combining the two. I am a member of London Midnight Runners, and have hiked through Iceland, Morocco, New Zealand, and hope to climb Mont Blanc later this year. Email: Matthew.Kaard@jcrauk.com

Lionel Kruger

I am a Director, responsible for marketing and developing JCRA’s full service offering in sub-Saharan Africa, concentrating primarily on project finance and infrastructure. I’m based in the London office and work on structuring and negotiating long-term hedging solutions in major project finance transactions in the sub-Saharan African region.

I joined JCRA in 2016 after running a successful consulting business in Johannesburg for 16 years. I have in excess of 30 years’ experience in investment and corporate banking, and have served as a director and non-executive director on a number of boards.

I hold a Bachelor of Commerce degree in Economics and Business Economics, and an Honours Bachelor of Commerce degree in Finance. I am passionate about conservation and find great satisfaction in assisting utility-scale renewable energy projects reach financial close.

I am a keen adrenaline junky and enjoy motorised sports such as water skiing and quad biking, when time allows. My wife, daughter and two sons occupy most of my spare time, and weekends are generally spent supporting the children’s various sporting activities. I enjoy good food, lots of wine, and walks in the countryside.

Email Lionel: Lionel.Kruger@jcrauk.com

Ian MacFarlane

I am a Director of JCRA and head of project finance and infrastructure for EMEA and Australasia regions, based in the London office. I currently have a team of seven who typically work on long-dated hedge solutions for the public sector (PPPs), renewable energy developers and infrastructure funds. My job is to manage the team and oversee the work we do for our clients, getting involved in the more complicated and significant transactions where required. I am also responsible, together with the team, for leading the marketing of our client base and business development. This provides me with the opportunity to meet our client base and explain the benefits of what JCRA do and the value we can bring to a transaction.

I joined JCRA in 1999 and developed our UK benchmarking business in project finance. This developed over the years and we now provide a far more strategic advisory role to clients over the wider project finance sector, focusing mainly on infrastructure. This business has grown significantly and we now advise clients in the UK, Ireland, Continental Europe, Eastern Europe, Africa, Australia and New Zealand. I joined the Group Board in 2010 and was part of the management team that completed the VMBO in 2012 and the subsequent MBO in 2017

Before joining JCRA, I was Head of Treasury at Daiwa Bank (Capital Management) for 10 years, where I was in charge of interest rate and foreign exchange risk management of the bank’s capital. Prior to Daiwa Bank, I worked for ANZ Bank in London and Melbourne for seven years in Treasury and financial engineering, after starting my career in Grindlays Bank.

In my spare time, I am an avid rugby fan, I also enjoy skiing, walking and travelling, and am a keen motorcyclist and general petrol head.

Email Ian: Ian.MacFarlane@jcrauk.com

Brian Phelan

My job is to lead the Client Services Delivery team across North American from JCRA’s New York office. This means I focus on structuring and pricing derivatives across the PPP, Project Finance, Private Equity, and Real Estate sectors. I advise clients during trade execution on both auction and negotiated trades, assist with ISDA and credit spread negotiations, KYC and Dodd Frank requirements pre-trade and, finally, assist with valuations, hedge accounting and journal entries post-trade. I mainly cover interest rate and FX trades but have also assisted on power and inflation transactions. I am also a member of the IT Strategy group at JCRA.

I joined JCRA in 2011, initially on the property desk in the London office. Along with advising property clients, I worked on several structured finance and dispute resolution mandates. Also, as a developer I created or extended several of the valuations platforms for JCRA. In 2015, I relocated with my family to New York.

I hold a BSc in Mathematical Sciences from Dublin City University, an MSc in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin, and an MPhil in Computer Science from the City University of New York, Graduate Center. After completing my MSc I joined the Volatility Arbitrage desk at Concordia Advisors in Bermuda and later New York, where I developed systems and models for trading, back-testing and risk management, including an automated hedging system for gamma scalping across several international markets.

Email Brian: Brian.Phelan@jcraus.com

Hugh Sutcliffe

I am responsible for JCRA’s advisory business in Canada, and am a member of the global management team. In this role I work with my colleagues to design and execute hedging solutions across numerous asset classes including interest rates, FX, power, and credit. Providing this expertise to Canadian clients is particularly rewarding given the long-dated nature of their risk exposures.

Having spent 25 years in banking, primarily in derivatives, I opened my own practice, Nauset Derivative Advisory, in 2012. My decision to build an advisory business in Canada was influenced by observing that only those that had worked at banks really understood the intricacies of the derivative market, and banks had an inherent conflict of interest in offering independent hedging advice. My clients felt the same way, and in Nauset’s first two years I advised on over $3bn of transactions.

While deciding how to expand my advisory practice, I was introduced to JCRA. As our discussions progressed, it became evident to me that my clients would be best served by having access to the varied backgrounds of derivative professionals in a global firm and the market transparency we could provide given the deal flow we see across jurisdictions annually. We opened JCRA’s Canadian office in September 2015.

Email Hugh: Hugh.Sutcliffe@jcraca.com

Ali Vohra

Ali joined JCRA in 2015 as a Consultant and works in Project Finance and Infrastructure sectors. Ali works with clients on structuring and pricing complex derivatives related primarily to interest rates but also inflation and currencies. Prior to joining JCRA, Ali completed internships with Deloitte within their Corporate Finance team and with the Sales & Trading team at Societe Generale.  Ali holds a Bachelor's degree in Economics (focusing on Behavioural Economics) from the London School of Economics.
Email Ali: Ali.Vohra@jcrauk.com
Meet the rest of the team

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