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Greg Ahuy

Project Finance Modeling for Renewable Energy course will give you the skills to develop and analyze financial models for wind and solar projects. The course covers essential topics including debt sizing and funding, wind and solar project operations, and investment returns, and will provide you with a robust financial modeling skillset for analysis of renewable projects in the most sophisticated environments.

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Project Finance Modeling for Renewable Energy course will give you the skills to develop and analyze financial models for wind and solar projects. The course covers essential topics including debt sizing and funding, wind and solar project operations, and investment returns, and will provide you with a robust financial modeling skillset for analysis of renewable projects in the most sophisticated environments.

In an online environment you will go from a blank Excel workbook to a financial model suitable for investment analysis, debt structuring and operational scenario evaluation. This course will provide step-by-step instructions on how to build financial model suitable for analyzing wind and solar projects.

What this course is about?

Project finance models for renewable energy are used to assess the risk-reward of lending to and investing in renewable project (wind and solar). The project's debt capacity, investment returns and financial feasibility depend on expected future cash flows generated by the renewable energy project itself and a financial model is built to analyze this.

In the Project Finance Modeling for Renewable Energy course we will model complex wind and solar project finance transactions from scratch in excel.

You will learn about:

- How to build a project finance model from scratch in excel for wind and solar projects;

- Learn how renewable energy projects get developed and financed;

- How to create best practice macro’s and Excel VBA codes to break circularities;

- Learn how to size debt based on multiple covenants for wind and solar projects;

- How to model Debt Service Reserve Account;

- How to model unlevered project returns and blended equity returns;

- Learn to integrate multiple probability exceedance generation profiles (P50, P99) into the financial model;

- Learn basics of GP/LP flip structures and tax equity for project financing;

- Gain insights into financial model development process, step-by-step – for a renewable energy model;

- Optimize the model to achieve the requirements of lenders and investors.

Why you should enroll in the Project Finance Modeling for Renewable Energy course?

Realistic project finance training - The Project Finance Modeling for Renewable Energy course includes over 10 hours of instructor-led video content to learn at your own pace. After completing this course you will be able to build complex, real-life project finance model for wind and solar projects.

Affordability - a similar course, which provides realistic project finance modeling training will cost you anywhere from US$1000 to US$3,000 per course.

Learn anytime and anywhere - The Project Finance Modeling course is 100% online so you can learn the modeling when it is convenient for you.

How does it work?

The course length is over 10 hours.

First, we will review the basics of wind and solar projects development, so we understand all essential components of project finance transactions in the context of renewable energy.

Then, in the second part, we will review financial modeling methods and excel functions that we will use often in this course, to improve our productivity in excel.

We will begin financial modeling in the third part, where we will build a financial model for wind and solar projects for the case when SPV pays taxes.

And, finally, In the fourth part, we will review the peculiarities of the US renewable projects and build a financial model that takes into account the tax credits available in the US, and introduce to the new source of financing called tax equity.

Is this course for you?

Yes, if you need to build, review or analyse project finance models within the renewable energy sectors. Typical students include analysts, managers, senior managers, associate directors, financial advisors, financiers and CFOs from project companies, investment banks, private equity and infrastructure funds.

This course prerequisites:

You will need previous exposure to Excel in a financial modelling context and basic knowledge of investment concepts such as NPV and cash flows.

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What's inside

Learning objectives

  • How to build project finance model from scratch in excel for wind and solar projects;
  • Learn how renewable energy projects get developed and financed;
  • How to create best practice macro’s and excel vba codes to break circularities;
  • Learn how to size debt based on multiple covenants for wind and solar projects;
  • How to model debt service reserve account;
  • How to model unlevered project returns and blended equity returns;
  • Learn to integrate multiple probability exceedance generation profiles (p50, p99) into the financial model;
  • Learn basics of gp/lp flip structures and tax equity for project financing;
  • Gain insights into financial model development process, step-by-step – for a renewable energy model.

Syllabus

Introduction to the Course
Intro to the Course
Part 1 - Basics of Wind and Solar Projects Development
Renewable Energy Overview
Read more
Wind and Solar Equipment
Energy Generation
Wind and Solar Resources
P-Value, Probability and Excel
Quiz 1 - Equipment, Energy Generation and Resources
Selling Energy under the PPA
Risk Allocation under the PPA
PPA terms
Quiz 2 - PPA terms
Construction Contracts in Renewable Energy Development
Construction Risks
Operating costs
Quiz 3 - Renewables Construction and Operations
Financing of Renewable Energy Project
Role of the SPV in Financing
Sources of Financing for Renewable Energy Projects
Loan Agreement
Debt Sizing
Debt Sizing Example
Control Accounts & Cash Flow Waterfall
Covenants in Project Finance
Quiz 4 - Financing
Part 2 - Excel Refresher
Calculations In Blocks
Paste Forward Link
Daisy Chains and Link Formatting
Using Placeholders
Excel Shortcut Keys
Understanding Anchoring
Understanding Dates
Understanding IF Statements
Understanding SUMIF function
Understanding LOOKUP function
Understanding MIN MAX functions
Part 3 - Financial Modeling For Wind and Solar Projects (SPV pays taxes)
Introduction to the Financial Model and Case Study
Timing and Flags
Modeling Dates
Modeling Flags 1
Modeling Flags 2
Modeling Flags 3
Modeling Energy Generation
Energy Generation Recap
Modeling Energy Generation with Seasonality Factor
Selling Energy
Selling Energy Recap
Modelling Revenue
Operating Costs
Operating Costs Recap
Modeling Operating Costs
Working Capital
Understanding Working Capital
Modeling Working Capital
PP&E and Depreciation
Understanding PP&E and Depreciation
Modeling PP& and Depreciation
Tax Expense and Tax Paid
Understanding Taxes
Net Operating Losses
Modeling Taxes 1
Modeling Taxes 2
Equity, Dividends and Cash
Understanding Equity
Modeling Equity, Dividends and Cash - 1
Modeling Equity, Dividends and Cash - 2
Sizing the Debt for Wind and Solar Projects
Debt Sizing for Renewable Projects
Sizing the Debt -1
Sizing the Debt - 2
Modeling Construction Phase
Construction Timing
Modeling Construction Costs
Understanding Construction Funding
Construction Funding Overview
Modeling Construction Funding 1
Modeling Construction Funding 2
Financing costs 1
Financing costs 2
Linking Funding Sheet to Operations 1
Linking Funding Sheet to Operations 2
Term Loan
Modeling Term Loan
Project Finance Debt Ratios
Understanding DSCR
Modeling DSCR
Understanding LLCR & PLCR
Modeling LLCR
Modeling LLCR based on effective interest rate
Debt Service Reserve Account ("DSRA")
Understanding DRSA - 1
Understanding DSRA - 2
Modeling DSRA 1
Modeling DSRA 2
Modeling DSRA 3
Modeling DSRA 4

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Provides an in-depth exploration of project finance models for renewable energy projects, aligning with industry practices
Taught by Greg Ahuy, an experienced instructor recognized for his expertise in renewable energy finance
Develops essential financial modeling skills through practical, step-by-step instructions
Emphasizes best practices in financial modeling, ensuring credibility and reliability of the models developed
Provides a comprehensive understanding of project finance transactions for renewable energy projects
Requires a solid foundation in financial modeling and investment concepts

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Project Finance Modeling for Renewable Energy with these activities:
Review Intermediate and Advanced Excel functions
Begin this course with a solid understanding of Excel functions.
Browse courses on Advanced Excel
Show steps
  • Review the Excel documentation for VLOOKUP, HLOOKUP, OFFSET, and SUMIF.
  • Create a spreadsheet to practice using these functions and test your knowledge.
Join a study group to discuss and review course material
Connect with other students and engage in collaborative learning.
Show steps
  • Find or create a study group with fellow course participants.
  • Meet regularly to discuss course material, share insights, and work through problems together.
Solve practice problems for debt sizing
Practice and improve your debt sizing skills before attempting project-based assignments.
Show steps
  • Find 10-20 practice problems related to debt sizing.
  • Solve these problems on paper or in spreadsheet form.
  • Review the solutions and check your answers.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Watch tutorials on financial modeling for wind and solar projects
Gain additional exposure to financial modeling concepts specific to the renewable energy industry.
Browse courses on Financial Modeling
Show steps
  • Search for tutorials on financial modeling for wind and solar projects.
  • Watch several tutorials to learn from different experts.
  • Take notes or create a summary to consolidate your learning.
Attend a workshop on project finance modeling
Gain in-depth knowledge and practical experience in project finance modeling.
Browse courses on Financial Modeling
Show steps
  • Find and register for a workshop on project finance modeling.
  • Attend the workshop and actively participate in the exercises and discussions.
Build a financial model for a wind or solar project
Apply the concepts learned in the course to a hands-on project.
Browse courses on Financial Modeling
Show steps
  • Choose a project (wind or solar) and gather data on its costs, revenues, and operating expenses.
  • Build a financial model in Excel to assess the project's financial feasibility.
  • Analyze the results and write a report summarizing your findings.
Write a blog post or article on a topic related to renewable energy project finance
Reinforce your understanding of the concepts and share your knowledge with others.
Browse courses on Renewable Energy
Show steps
  • Choose a specific topic related to renewable energy project finance.
  • Research and gather information on the topic.
  • Write a well-structured and informative blog post or article.

Career center

Learners who complete Project Finance Modeling for Renewable Energy will develop knowledge and skills that may be useful to these careers:
Renewable Energy Developer
Renewable Energy Developers develop and manage renewable energy projects. This course may be particularly helpful if you are interested in working in the renewable energy sector, as it will give you the skills you need to develop and finance renewable energy projects.
Financial Analyst
As a Financial Analyst, you would use your financial modeling skills to evaluate investment opportunities and make recommendations to clients. This course may be particularly helpful if you are interested in working in the renewable energy sector, as it will give you the specialized knowledge and skills you need to succeed in this field.
Project Manager
Project Managers plan, execute, and close projects. This course may be helpful if you are interested in working in the renewable energy sector, as it will give you the skills you need to manage renewable energy projects from start to finish.
Energy Analyst
Energy Analysts analyze energy markets and trends. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to understand the renewable energy market and make informed investment decisions.
Sustainability Consultant
Sustainability Consultants help organizations reduce their environmental impact and improve their sustainability performance. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to analyze and advise clients on renewable energy projects.
Investment Banker
Investment Bankers help companies raise capital and provide financial advice. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to analyze and value renewable energy projects.
Venture Capitalist
Venture Capitalists invest in early-stage companies with high growth potential. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to evaluate and invest in renewable energy companies.
Environmental Engineer
Environmental Engineers design and implement solutions to environmental problems. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to understand the environmental impact of renewable energy projects and develop mitigation strategies.
Construction Manager
Construction Managers oversee the construction of buildings and infrastructure. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to manage the construction of renewable energy projects.
Mechanical Engineer
Mechanical Engineers design and build machines and systems. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to design and build renewable energy systems.
Electrical Engineer
Electrical Engineers design and build electrical systems. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to design and build renewable energy systems.
Data Scientist
Data Scientists use data to solve business problems. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to analyze data and make recommendations on renewable energy projects.
Civil Engineer
Civil Engineers design and build infrastructure. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to design and build renewable energy infrastructure.
Operations Manager
Operations Managers oversee the day-to-day operations of a business. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to manage the operations of a renewable energy company.
Sales Manager
Sales Managers oversee the sales and marketing of a company's products and services. This course may be useful if you are interested in working in the renewable energy sector, as it will give you the skills you need to sell and market renewable energy products and services.

Reading list

We've selected six books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Project Finance Modeling for Renewable Energy.
Provides an overview of project finance for infrastructure projects. It covers topics such as project development, financing, and risk management. It valuable resource for anyone who wants to learn more about project finance for infrastructure projects.
Analyzes the economic and policy aspects of renewable energy development, covering topics such as market design, incentives, and environmental externalities.
Provides a concise introduction to the economics of renewable energy, focusing on market dynamics, investment decisions, and policy frameworks.
Offers a practical approach to financial analysis for renewable energy projects, covering topics such as project valuation, risk assessment, and due diligence.
Provides a comprehensive overview of the economics of climate change. It covers topics such as the costs and benefits of climate change, and the policies that can support climate change mitigation and adaptation.
Provides a provocative and accessible overview of the economics of climate change. It covers topics such as the costs and benefits of climate change, and the policies that can support climate change mitigation and adaptation.

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