Non-recourse project finance plays a major role in financing new infrastructure investment in many sectors, ranging from conventional and renewable energy to transportation, water, housing and other essential services. The seminar will explore the essentials of project and structured finance, how it differs from conventional corporate finance, and the basic elements of a project finance transaction. The seminar will also examine the regulatory and policy context of the investment and how regulatory change may impact project investments.The seminar will begin with a brief qualitative overview of conventional corporate finance for students not focusing on financial economics. We will then explore the basic structures of cash flow-based finance and how the parts fit together to share risks between transaction participants. The theory and practice of why project finance may be used over other traditional forms of balance sheet finance will be explored. The second half of the seminar will focus on practical real-life examples of project financing from various infrastructure sectors and how these are shaped by the policy and regulatory environment of the sector.