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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

  • William Kloehn

  • Lionel Kruger

  • Ian MacFarlane

  • Brian Phelan

  • Szymon Piecuch

  • Sachin Shah

  • Hugh Sutcliffe

  • Ali Vohra

Joe Bailey

Joe is an Associate Director in our PFI/PPP sector, structuring and pricing hedging solutions within interest rate and foreign exchange derivatives.   Prior to joining JCRA in 2009 he worked in foreign exchange for Barclays Capital and gained experience in fund management. Joe is an enthusiastic cyclist and recently competed in the Marathon des Sable. Joe has an Master's degree (Hons) in PPE from Exeter College, Oxford.
Email Joe: Joe.Bailey@jcrauk.com

Samantha Bett

Samantha joined JCRA in 2011 and is a Director based in our Edinburgh office. Sam has 20 years’ experience in Treasury markets having worked in foreign exchange (FX) trading at Bank of America in London and WestLB in Singapore. Latterly, she held senior positions at Clydesdale Bank and HBOS, undertaking client advisory mandates as well as leading the FX Sales team in Scotland at HBOS. Sam has two very sporty sons who keep her extremely busy with tennis, football, rugby, golf and skiing. Sam has a Bachelor's degree (First class Hons) in Finance from the University of Strathclyde. Sam also sits on the Capital and Finance committee at Social Investment Scotland, a charity and social enterprise that provides loans to other charities, social enterprises and community groups across Scotland.
Email Sam: Sam.Bett@jcrauk.com

Jackie Bowie

Jackie is the CEO of JCRA and a member of the JCRA Group Board. She has been with JCRA for over 12 years and in that time has worked across all of JCRA’s client sectors, advising on interest rate, FX and wider treasury management mandates. Jackie has 22 years of capital markets experience. She spent 10 years as a US Equity fund manager in various roles at Murray Johnstone and Aegon (now Kames) Asset Management. Jackie has a Bachelor's degree (Hons) in Economics, a Master's degree in Investment Analysis and is a member of the CFA Institute. Jackie is married with two daughters and is most frequently asked the question ‘Are you related to David?’
Email Joe: Jackie.Bowie@jcrauk.com

Hugo Cusani

Hugo is an Associate specialising in the Project Finance and Infrastructure sectors, structuring and pricing complex derivatives within interest rates, foreign exchange and inflation. Since joining JCRA in 2014, Hugo has worked on diverse projects across numerous sectors and regions. Prior to joining JCRA, Hugo began his career as an intern at BNY Mellon and Bloomberg. Hugo has a Bachelor's degree in Business Economics from the University of Liverpool.
Email Hugo: Hugo.Cusani@jcrauk.com

William Kloehn

William is the CEO of JCRA North America, based in New York, and is responsible for expanding JCRA’s business in the US and Canada. Prior to joining JCRA in 2008, William was Managing Director at Citigroup, where he was responsible for the origination and structuring of derivatives in both the US and Europe. He has over 17 years’ experience in structuring and executing derivatives and debt raising transactions in structured finance and asset-backed arenas. William is a devoted father and a keen tennis player. William has a Master's in Business Administration from Columbia Graduate School of Business and a Bachelor's degree in Economics from St. Olaf College.
Email William: William.Kloehn@jcraus.com

Lionel Kruger

Lionel is a Director and responsible for Project Finance/Infrastructure in sub-Saharan Africa. Lionel is based in the London office where he works on structuring and negotiating long term hedging solutions in major project finance transactions. Prior to joining JCRA in 2016 he ran a successful consulting business in Johannesburg and has thirty years of experience in Investment and Corporate Banking. He has a Bachelor's degree in Commerce and a Bachelor's degree in Commerce (Hons) from the University of South Africa.
Email Lionel: Lionel.Kruger@jcrauk.com

Ian MacFarlane

Ian is a member of the JCRA Group Board and Director of JCRA, and is responsible for JCRA's activities in Project Finance and Infrastructure globally (with the exception of North America). Ian is based in the London office where he works with clients on advising, structuring and negotiating long term hedging solutions for major project finance transactions. Much of this work is with the public sector where Ian has built up significant relationships advising on PFI and PPP transactions. Before joining JCRA in 1999 Ian was Head of Treasury at Daiwa Bank (Capital Management) Ltd for 10 years and was in charge of the interest rate and foreign exchange risk management of the bank's capital. Prior to Daiwa Bank, Ian worked for ANZ Bank in London and Australia working in treasury and financial engineering.
Email Ian: Ian.MacFarlane@jcrauk.com

Brian Phelan

Brian is a Director at JCRA based in New York. Prior to joining JCRA in 2011, Brian worked on the Convertible Bond and Volatility Arbitrage desk at Concordia Advisors in New York and Bermuda, where he developed models for trading and valuation, including an automated hedging system that traded equities in international markets. Brian interests are varied, ranging from football to Physics – he represented Ireland at the International Physics Olympiad. Brian holds a Master’s degree in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin and an Master's in Computer Science from The City University of New York, Graduate Center. He also has a Bachelor's degree in Mathematical Sciences from Dublin City University.
Email Brian: Brian.Phelan@jcraus.com

Szymon Piecuch

Szymon is an Associate based in our New York office, focusing on client service delivery across all our sectors. Prior to joining JCRA, Szymon worked at HSBC Global Banking and Markets where he was Senior Analyst, Interest Rate Derivative Valuation; and before HSBC he was as an Analyst at RBC Capital Markets. Szymon holds a Bachelor's degree in Economics and a Master's degree in Finance from St John's University, New York, as well as being a CFA charterholder.
Email Szymon: Szymon.Piecuch@jcraus.com

Sachin Shah

Sachin joined JCRA in 2016 as a Graduate Trainee, after interning in 2015, and works in the Project Finance and Infrastructure sectors. Sachin works with clients on structuring and pricing complex derivatives related mainly to interest rates, inflation and foreign exchange. Prior to joining JCRA, Sachin completed internships with Goldman Sachs and BNY Mellon. Sachin holds a Bachelor’s Degree in Mathematics, Operational Research, Statistics and Economics (First Class Hons) from the University of Warwick.
Email Sachin: Sachin.Shah@jcrauk.com

Hugh Sutcliffe

Hugh has been a Director and head of JCRA’s Canadian office since September 2015. He has over 25 years of capital markets experience, predominantly in the derivatives area and he currently sits on the board of JCRA Canada. Hugh founded Nauset Derivative Advisory, a practice providing cross-asset class derivative and hedging advice to corporations and financial sponsors in a variety of sectors including renewable power and infrastructure. Prior to founding Nauset, Hugh worked in the derivative teams in a variety of roles at RBC Capital Markets, General Re Financial Products, and CIBC World Markets. He is a CFA charterholder and graduated from Carleton University with a Bachelor's degree (Hons) in Economics. When not negotiating on behalf of JCRA’s clients, Hugh enjoys skiing and travel with his family.
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

How can we help you

Have you got a question about how you hedge your financial risks, or structure and arrange your debt?

Find out how we can help you by contacting us today.


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