WHY IT’S IMPORTANT: This training gets you up to speed quickly with cash flow projections and debt modeling for assets like toll roads and power plants, which are the bread-and-butter of infrastructure.

This training is based on 2 case studies – one for a toll road in Spain and one for a natural gas power plant in the U.S.

You’ll learn how to project revenue, expenses, and cash flow for each one, including nuances around downtime for maintenance and repairs and possible net operating losses (NOLs).

You’ll also learn how to sculpt and size the Debt using simple Goal Seek functions as well as a macro written in VBA – and how to handle an acquisition scenario with two tranches of Debt and a “merchant tail” on one.

Finally, you’ll use the IRR and credit metric output to make an investment recommendation in each case and determine whether the asking prices are appropriate.

WHY IT’S IMPORTANT: These lessons walk you through the construction and operations of renewable assets (solar and wind farms) and explain how to evaluate deals and make investment recommendations.

In these lessons, you’ll complete a solar plant development model and an offshore wind farm model.

You’ll start by learning how to model the construction period for renewable assets, including the debt and equity draws, the interest during construction (IDC), the loan commitment fees, and more.

Then, you’ll learn how to refinance the construction loan into permanent loans, and you’ll forecast the revenue and expenses based on the asset’s energy production, degradation, seasonality, and “uncertainty” (e.g., P50 vs. P70 vs. P90).

Each model treats the Debt a bit differently, so you’ll learn how to size and sculpt it to match the asset’s cash flows based on targets such as a minimum DSCR or LLCR – and you’ll learn how to model multiple Debt tranches in a single deal based on these overall constraints.

Finally, you’ll answer case study questions, set up sensitivities, and recommend investing based on the potential returns and risk factors.

WHY IT’S IMPORTANT: This mini-course is perfect if you want to learn the concepts in Project Finance without completing the detailed case studies. Think of it as your “interview crash course.”

This set of lessons walks you through the fundamental concepts using simplified models: The Debt Service Coverage Ratio (DSCR), the Loan Life Coverage Ratio (LLCR), and how to size and sculpt Debt based on both of them, including VBA and Goal Seek to remove circular references.

The training also covers cash flow sweeps, Debt sizing/sculpting with variable dates and maturities, quarterly models, and how to size and sculpt two Debt tranches with different terms.

The final lessons explain the link between the Construction Loan and Permanent Loans in a Project Finance model and how to avoid circular references in the development period using simple VBA code.

WHY IT’S IMPORTANT: These lessons walk you through a more complex “on the job” case study for a solar plant development in Australia, with a full quarterly model and support for reserve accounts.

In these lessons, you’ll complete a quarterly model for a real solar plant in Queensland, Australia, and make an investment recommendation for the equity investors and the lenders.

You’ll start by setting up the upfront and pro-rata equity and debt draws to cover the construction costs, and you’ll forecast the revenue and operating expenses based on annual vs. quarterly payments and production incentive payments.

Then, you’ll sculpt and size the Senior Debt based on a minimum targeted LLCR in each operating case, with full support for downside scenarios such as availability reductions, construction contingencies, and operating expense overruns.

You’ll also learn how the reserve accounts, such as the Debt Service Reserve Account (DSRA), Major Maintenance Reserve Account (MMRA), and Decommissioning Reserve, work in an infrastructure model, and how they affect the cash flow to equity and dividends (including a “Cash Trap” setup based on a minimum DSCR and Funded Reserves).

The final lessons walk you through the Levelized Cost of Energy (LCOE) calculation, sensitivity tables, and a full investment recommendation in both Word and PowerPoint format.

WHY IT’S IMPORTANT: These lessons walk you through an “on the job” case study for the acquisition and expansion of the Singapore Changi International Airport, including support for a full 3-statement model.

In this case study, you’ll build a full 3-statement buyout model for the Singapore International Airport and evaluate the initial deal and its S$10 billion Terminal 5 construction project.

This model blends elements of traditional leveraged buyout models, such as scheduled debt repayments and cash flow sweeps, with infrastructure-specific features, such as Construction Loans and Equity Draws, DSCR-constrained Dividends, and growth rates that depend directly on GDP and inflation numbers.

It also includes some more advanced debt features, such as “grace periods” and variable repayment schedules that change based on the year number.

The final lessons walk you through the IRR and cash-on-cash multiple calculations and how to evaluate the credit risk to the lenders in the deal; you’ll also get the full case answers and a presentation with our recommended changes to the deal.

WHY IT’S IMPORTANT: This training delves into the nuances around assets with extremely long construction timelines and operating lives and explains how the financing methods and investment analysis differ.

You’ll build a detailed development and operational model based on the Shin Hanul nuclear power plant in South Korea in this module (estimated construction cost of nearly $9 billion USD), and you’ll use this model to recommend the electricity rates used in the power purchase agreement (PPA).

This model includes additional complexities around the development process, such as multiple phases and Preferred Stock that is not refinanced; the operational period also includes a cash flow sweep, DSCR-limited Dividends, and a reserve account for multi-year decommissioning.

It also includes support for a cash flow sweep, interest income from the reserve accounts, and hybrid financing that behaves more like debt or equity, depending on the period.

The final lessons walk you through the returns calculations, the Levelized Cost of Energy (LCOE), and the VBA code to automate the process of back-solving for the recommended PPA rates. Finally, you’ll get the case study answers and a full investment recommendation presentation.

WHY IT’S IMPORTANT: This training gives you a crash course on models for natural-resource assets and goes into far more depth on how to use VBA and macros to drive models.

You’ll build a detailed development and operational model for the Thacker Pass project in Nevada in this module (estimated $5 billion USD construction cost), and you’ll use this model to recommend for or against investing in the deal.

The case study goes into mining-specific nuances around the revenue, expenses, and cash flow, including offtake vs. spot prices, mineral grades, strip ratios, price hedging, and accelerated depreciation.

It also features the most advanced Debt Schedule in the entire course, with sizing and sculpting driven by a set of VBA macros and support for features like the DSRA, Cash Trap, and Cash Flow Sweep.

The final lessons walk you through the returns calculations and how to create sensitivity tables using custom VBA code that is fully integrated with the other macros. You’ll also get the full case study answers and an investment recommendation presentation, including proposed changes to the deal structure.

WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.

This quiz consists of 25 challenging questions that are based on the case studies in the course.

If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in Project Finance Modeling, which you can add to your LinkedIn profile and present in interviews.