Renewable Energy Project Finance Modeling (Online)

Develop a best-practice financial model and optimize it for both debt and equity investors for a renewable energy project finance deal. Learn from industry leaders and ivy league professors through this online course, at a location of your choice!

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Course curriculum

Available as lessons are released (see website)

1. Lesson: Course instructions
2. Lesson: Required downloads
1. 0.1 Excel functions - Anchoring
2. 0.2 Excel functions - IF Function
3. 0.3 Excel functions - IF(OR) and IF(AND) statement
4. 0.4 Basic functions - SUMIF Function
5. 0.5 Excel functions - LOOKUP Function
6. 0.6 Best Practice - Principles
7. 0.7 Best Practice Formulas
8. 0.8 Best Practice - Flags and Conditional Formats
9. 0.9 Best Practice - Styles
10. 0.10 Best Practice - Control Accounts
11. 0.11 Data Validation
12. 0.12 Named Ranges
13. 0.13 Intro to debt and equity
14. 0.14 Benefits of Leverage
15. 0.15 Benefits of Leverage Extended
16. 0.16 Present Value Math
17. 0.17 NPV Function
18. 0.18 IRR
19. 0.19 Basic Excel Shortcuts
20. 0.20 Pre-Course Quiz
21. Precourse slides
22. Precourse assignment
23. Glossary of Terms
24. Microsoft Excel Shortcuts Key
1. 1.1 What is Project Finance
2. 1.2 Investment Structure
3. 1.3 Passthroughs and Blockers
4. 1.4 Role of Parties and Contractual Cashflow
5. 1.5 Allocation of Risk
6. 1.6 Total Cashflows
7. 1.7 Chapter 1 Quiz
8. Chapter 1 slides
1. 2.1 Model Familiarization
2. 2.2 Sensitivities and Scenarios
3. 2.3 Data Tables
4. 2.4 Date functions and Model Timeline
5. 2.5 Model walk-through (MWT) instructions
6. 2.6 MWT (S1) - Model timeline
7. 2.7 Model Checks
8. 2.8 Chapter 2 Quiz
9. Chapter 2 downloads (including MWT)
10. Chapter 2 slides
1. 3.1 Refresh on impact of leverage
2. 3.2 Effects of leverage (extended)
3. Term loans quiz: Project benefits
4. Term loans quiz: benefits of leverage
5. 3.3 Weighted average cost of capital (WACC)
6. 3.4 Lender returns and risk appetite
7. 3.5 How lenders set interest rates and DSCRs
8. 3.6 Modeling debt inputs
9. 3.7 MWT (S2) - Funding sheet timing
10. 3.8 MWT (S3) - Term loan timing flags
11. 3.9 Linear, mortgage style, and DSCR sculpted repayment types
12. 3.10 DSCR sculpting demo
13. 3.11 MWT (S4) - debt sculpting
14. 3.12 Bullet, balloon, and mini-perm repayments
15. 3.13 DSCR debt sizing (part 1) - fixed interest rate
16. 3.14 DSCR debt sizing (part 2) - variable interest rate
17. 3.15 DSCR debt sizing (part 2) - variable interest rate DEMO
18. 3.16 DSCR debt sizing (part 3) - variable interest rate and grace period
19. 3.17 DSCR debt sizing (part 3) - variable interest rate and grace period DEMO
20. 3.18 MWT (S5) - debt sizing
21. Term loan quiz: DSCR and interest rate vs debt size
22. 3.19 Drivers of debt size
23. 3.20 Interest Rate Day Count
24. 3.21 Effective vs. nominal interest
25. 3.22 MWT (S6) DSCR output calculation
26. 3.23 Loan life coverage ratio (LLCR)
27. 3.24 Loan life coverage ratio (LLCR) DEMO
28. 3.25 MWT (S7) - LLCR output calculation
29. Term loan quiz: Loan selection
30. 3.26 Sources of debt
31. 3.27 Cash sweeps
32. 3.28 Types of Credit Facilities
33. 3.29 Recitals and Definitions
34. 3.30 Representations and Warranties
35. 3.31 Conditions Precedent
36. 3.32 Covenants
37. 3.33 The Waterfall
38. 3.34 Events of Default and Remedies
39. 3.35 Amendments, Waivers, and Consents
40. 3.36 XNPV & XIRR
41. 3.37 Chapter 3 Quiz
42. Chapter 3 downloads (including MWT)
43. Chapter 3 slides
1. 4.1 Capacity vs energy
2. 4.2 Capacity factors
3. 4.3 Inflation
4. 4.4 MWT (S8) - model counters
5. 4.5 MWT (S9) - Generation
6. 4.6 Wind forecasting
7. 4.7 P-factors and Long Term vs. 1 year distribution
8. 4.8 Probabilistic Analysis and Normal Distribution Functions in Excel
9. 4.9 Random Sampling
10. 4.10 Seasonality
11. 4.11 AC/DC Generation
12. 4.12 Transmission and Distribution
13. 4.13 Inverters and Efficiency
14. 4.14 Overbuild ratios
15. 4.15 Chapter 4 Quiz
16. Chapter 4 slides
17. Chapter 4 Downloads (including MWT)
1. 5.1 PPA overview
2. 5.2 MWT (S10) Selling energy
3. 5.3 Changing the Scenario Input from Any Sheet
4. 5.4 PPA risk
5. 5.5 PPA legal
6. 5.6 Why do capacity payments exist?
7. 5.7 Chapter 5 Quiz
8. Chapter 5 slides
9. Chapter 5 Downloads (including MWT)
1. 6.1 Operating Costs
2. 6.2 O&M Agreements
3. 6.3 MWT (S11) - operating costs
4. 6.4 Reserve Accounts
5. 6.5 Chapter 6 Quiz
6. Chapter 6 slides
7. Chapter 6 Downloads
1. 7.1 MWT (S12) - Construction costs
2. 7.2 Chapter 7 Quiz
3. Chapter 7 slides
4. Chapter 7 Downloads (including MWT)
1. 8.1 Waterfall Structure
2. 8.2 MWT (S13) - Cash flow waterfall and CADS
3. 8.3 Chapter 8 Quiz
4. Chapter 8 slides
5. Chapter 8 Downloads (including MWT)
1. 9.1 MWT (S14) - Output data table
2. 9.2 Solving Debt to Multiple Covenants
3. 9.3 MWT (S15) - Solving debt to P50 and P99 covenants
4. 9.4 Chapter 9 Quiz
5. Chapter 9 slides
6. Chapter 9 Downloads (including MWT)
1. 10.1 MWT (S16) - Project distributions
2. 10.2 MWT (S17) - Pre-tax equity returns (estimate)
3. 10.3 Chapter 10 Quiz
4. Chapter 10 Downloads (including MWT)
1. 11.1 EPC Contracts 1 - General Structure
2. 11.2 EPC Contracts 2 - Risk Allocation Part 1
3. 11.3 EPC Contracts 3 - Risk Allocation Part 2
4. 11.4 EPC Contracts 4 - Damages and Remedies
5. 11.5 EPC Contracts 5 - Other Legal Provisions
6. 11.6 Construction Funding: Introduction
7. 11.7 Construction Funding: Debt
8. 11.8 MWT (S18) - Construction funding
9. 11.9 Drawdown orders (demo with different calcs)
10. 11.10 Chapter 11 Quiz
11. Chapter 11 slides
12. Chapter 11 Downloads (including MWT)
1. 12.1 Book and Tax Depreciation
2. 12.2 MWT (S19) - Book and tax depreciation
3. 12.3 Earnings before tax (Taxable Income)
4. 12.4 MWT (S20) - Earnings before tax
5. 12.5 Intro to US Tax Credits
6. 12.6 US Tax Credits (ITC)
7. 12.7 US Tax Credits (PTC)
8. 12.8 US Tax Credit Structure
9. 12.9 Prevailing wage & apprenticeship
10. 12.10 Domestic content
11. 12.11 Energy community
12. 12.12 Low-income communities
13. 12.13 MWT (S21) - Tax credits and efficient tax payer benefits
14. 12.14 Net operating losses carried forward
15. 12.15 Modeling tax credits
16. 12.16 MWT (S22) - Inefficient tax payer net operating losses and tax credits
17. 12.17 IRA Introduction
18. 12.18 Transferability
19. 12.19 Tax Credits Under the OBBBA
20. 12.20 Chapter 12 Quiz
21. Chapter 12 slides
22. Chapter 12 Downloads (including MWT)
1. 13.1 MWT (S23) - Equity returns post tax
2. 13.2 Chapter 13 Quiz
3. Chapter 13 Downloads (including MWT)
1. 14.1 Optimizing your model
2. 14.2 Optimization demo (part 1 - goal seek)
3. 14.3 Optimization demo (part 2 - construction funding)
4. 14.4 Chapter 14 Quiz
5. Chapter 14 downloads
6. Chapter 14 slides
1. 15.1 MWT (S24) - Cash waterfall
2. 15.2 Introduction to 3-way statements
3. 15.3 Building a balance sheet and income statement
4. 15.4 Retained Earnings
5. 15.5 MWT (S25) - Income statement
6. 15.6 MWT (S26) - Balance sheet & model checks
7. 15.7 Chapter 15 Quiz
8. Chapter 15 Downloads (including MWT)
9. Chapter 15 Slides
10. 3-Way Statements Intro slides
1. 16.1 Working Capital
2. 16.2 Adding working capital to balance sheet
3. 16.3 MWT (S27) - Accounts receivable and accounts payable
4. 16.4 Chapter 16 Quiz
5. Chapter 16 Downloads (including MWT)
1. 17.1 Requirements of DSRA
2. 17.2 DSRA target balance & cons funding
3. 17.3 DSRA funding from cash available
4. 17.4 Debt service releases
5. 17.5 DSRA Over funding releases
6. 17.6 DSRA Lock up and summary
7. 17.7 MWT (S28) - Debt service reserve account (DSRA)
8. 17.8 Chapter 17 Quiz
9. Chapter 17 slides
10. Chapter 17 downloads (including MWT)
1. 18.1 Intro to Graphing
2. 18.2 MWT (S29) - Annual outputs
3. 18.3 MWT (S31) - Project dashboard
4. Chapter 18 Downloads (including MWT)
1. 19.1 International model download
2. 19.2 Description of taxable entity model -International Model
1. 20.1 MWT (S32) - Tax equity overview
2. Chapter 20 Quiz
3. Chapter 20 slides
4. Chapter 20 Downloads (including MWT)
1. Survey To Complete the Course

About this course

$900.00 first payment, $100.00 / year onwards
218 lessons
25 hours of video content

Renewable Energy Project Finance Modeling (Online)

Course curriculum

Course introduction chapter

0: Pre-course work

1: Project finance introduction

2: Model familiarization, instructions, & timeline

3: Term loans

4: Generation and the grid

5: Selling energy

6: Operating costs

7: Construction costs

8: Cash waterfall and CADS

9: Output data tables & sizing debt to multiple covenants

10: Distributions & pre-tax returns

11: Construction funding

12: Tax and depreciation

13: Post-tax equity returns

14: Model optimization and macros

15: 3-way statements

16: Accounts payable and receivable

17: Debt service reserve account (DSRA)

18: Annual outputs and dashboard

19: International project finance model and structure

20: Tax equity overview

21 : Survey

About this course