Learn how to build a complete project finance model in Excel from absolute scratch!
What you will learn
Build a complete financial model in Excel from absolute scratch.
Learn the fundamentals of Infrastructure Project Finance and Public-Private Partnerships.
Acquire the essential knowledge needed to succeed in the project finance industry.
Ace your upcoming project finance interview at commercial and development banks, investment funds, industrial sponsors and advisors.
Description
Whatever your educational or professional backgroundβengineering, finance, or lawβit can be difficult to break into the competitive field of infrastructure project finance and public-private partnerships (PPPs). A lack of technical knowledge and basic abilities may hinder your chances of getting your ideal career and breaking into the industry, and it all starts with the interview.
We can relate to your anguish since we have experienced it firsthand. Motivated by a desire to see young professionals succeed, we developed this curriculum to help them navigate this challenge. The focus of this course is more specifically towards financial modeling in Excel for project finance.
This is not your typical course; instead, it is the result of thousands of hours of research, teaching, and practice in the classroom, workplace, and interview rooms. We have extensive experience in the project financing industry, gained while working for a variety of companies, and would be pleased to share it with you.
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All the insider knowledge you’d normally have to pay thousands of dollars for in a company training session is included in this course.
The project finance sector is cumbersome & complicated from a distance; however, this course will draw you closer to understanding how you can make the sector a haven for you.
English
language
Content
A Quick Refresher on the Basics
Project finance in one sentence
Transactions eligible for project finance
Building a Project Finance Model from Absolute Scratch
Introduction to the Case Study
Laying Down the Foundations
Anatomy of a multi-scenario Input sheet
Building the Input Assumptions sheet
Project Timeline & Time-based Assumptions
The Mechanics behind Timing Flags
Visualizing the Construction Phase
Sources & Uses of Funds during Construction
Debt Sizing & Circularity Breakdown
Modeling the Operational Phase: Total Revenues & Costs
Building the Operations sheet
Building the three key financial statements
Setting up the template for the P&L statement
Building the amortization table
EBIT calculation in the P&L statement
Laying out the Debt Repayment Schedule
Completing the P&L statement
Cash Flow Waterfall & CFADS computation
Building the Balance Sheet
Cash Flows, Returns & Target IRR
Return Metrics & Conclusion
Add-On Information:
- Course Overview
- Navigate the transition from traditional corporate finance to the specialized world of non-recourse project financing, focusing on how specific assets are ring-fenced within a Special Purpose Vehicle (SPV) to secure long-term investment.
- Explore the chronological lifecycle of a multi-million dollar project, starting from the Development Phase through to the Construction and the long-term Operations and Maintenance (O&M) periods.
- Understand the critical role of contractual frameworks, including how Power Purchase Agreements (PPAs), EPC (Engineering, Procurement, and Construction) contracts, and Offtake Agreements serve as the bedrock for financial projections.
- Analyze the interplay between different capital providers, examining the distinct motivations of senior lenders, mezzanine debt providers, and equity sponsors in high-stakes infrastructure deals.
- Delve into the logic of limited-recourse structures where the project’s cash flowsβrather than the balance sheet of the sponsorβserve as the primary source of debt repayment and collateral.
- Learn the professional standards of financial model integrity, emphasizing the importance of transparency, logical flow, and audit-ready structures that are used by top-tier global advisory firms.
- Requirements / Prerequisites
- A foundational understanding of basic accounting principles, specifically how the Balance Sheet, Income Statement, and Cash Flow Statement interact in a standard business environment.
- Functional proficiency in Microsoft Excel, including comfort with basic formulas (SUM, IF, VLOOKUP) and general spreadsheet navigation, preferably using a Windows-based operating system.
- A preliminary grasp of Time Value of Money (TVM) concepts, such as Discounted Cash Flow (DCF), Net Present Value (NPV), and Internal Rate of Return (IRR).
- Access to a desktop version of Excel (2016 or later) to ensure compatibility with VBA macros and advanced iterative calculation settings required for complex modeling.
- A high degree of attention to detail and a commitment to methodical learning, as project finance models are highly sensitive to minor structural or formulaic errors.
- Skills Covered / Tools Used
- Master the art of Debt Sculpting, learning how to tailor principal repayments to match the specific seasonality and fluctuations of the projectβs available cash flow (CFADS).
- Develop sophisticated Circularity Switches and automated macros in VBA to resolve the “circular reference” issues inherent in calculating Interest During Construction (IDC) and debt sizing.
- Build robust Tax Logic Modules that account for Modified Accelerated Cost Recovery System (MACRS) depreciation, tax losses carried forward, and regional corporate tax obligations.
- Implement Reserve Account Mechanics, including the funding and release of Debt Service Reserve Accounts (DSRA) and Maintenance Reserve Accounts (MRA) to protect lenders.
- Utilize Scenario Managers and Sensitivity Analysis tools to stress-test the model against fluctuating variables such as inflation rates, interest rate swaps, and operational expenditures (OPEX).
- Calculate advanced Coverage Ratios such as the Debt Service Coverage Ratio (DSCR), Loan Life Coverage Ratio (LLCR), and Project Life Coverage Ratio (PLCR) to assess creditworthiness.
- Apply Best-Practice Formatting techniques to differentiate between hard-coded inputs, calculation blocks, and output sheets, ensuring the model is user-friendly for external auditors.
- Benefits / Outcomes
- Gain the technical authority to advise stakeholders on the financial viability of large-scale renewable energy, transport, or social infrastructure projects.
- Enhance your decision-making capabilities by learning how to interpret complex financial outputs to negotiate better terms with lenders or equity partners.
- Transform from a generalist into a specialized financial modeler, capable of handling the unique rigors and complexities of the global infrastructure and energy markets.
- Acquire a portable skill set that is applicable across various sectors, including wind and solar farms, toll roads, pipelines, and public hospitals.
- Increase your professional credibility by adopting a disciplined, institutional-grade modeling style that mirrors the workflows of “Big Four” accounting firms and elite investment banks.
- Develop the ability to de-risk investments by identifying “red flag” scenarios through rigorous quantitative analysis before any capital is committed to a project.
- PROS
- Provides a holistic perspective that bridges the gap between theoretical finance and real-world engineering and construction constraints.
- The curriculum follows a linear, pedagogical progression, ensuring that even complex topics like “sculpting” are digestible through hands-on application.
- Equips learners with reusable templates and logic blocks that can be customized for future professional project finance assignments.
- Focuses on industry-agnostic methodologies, making the knowledge valuable whether you are working in emerging markets or developed economies.
- CONS
- The intensive technical nature of this course requires a significant time investment and a high level of mental focus, which may be challenging for casual learners or those without any prior exposure to financial concepts.