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Raj Jatin Chandan

Project Finance plays a pivotal role in enabling the development of large-scale infrastructure projects such as roads, airports, power plants, and renewable energy installations. Unlike traditional corporate finance, project finance relies on the cash flows generated by the project itself, making the structure, risk allocation, and financial viability critically important.

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Project Finance plays a pivotal role in enabling the development of large-scale infrastructure projects such as roads, airports, power plants, and renewable energy installations. Unlike traditional corporate finance, project finance relies on the cash flows generated by the project itself, making the structure, risk allocation, and financial viability critically important.

Inside Project Finance is a concept-driven course that introduces learners to the essential building blocks of project finance. Whether you're a student, early-career professional, or simply curious about how complex infrastructure deals are structured and financed, this course offers clear, practical insights without requiring prior experience in the field.

Participants will explore the lifecycle of a project—from conceptualization and feasibility studies to financial structuring, execution, and operations. You’ll learn about Special Purpose Vehicles (SPVs), debt-equity structuring, concession agreements, key financial metrics like DSCR and IRR, and the importance of security mechanisms such as escrow accounts and debt reserve buffers.

Risk identification and mitigation is another key focus, covering everything from construction and land acquisition to operational and market risks.

Designed in a clear, example-led format, this course builds your understanding step by step, using real-world illustrations to make each concept memorable. By the end, you'll have a solid grasp of how infrastructure projects are evaluated, financed, and made bankable.

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What's inside

Learning objectives

  • Gain a clear understanding of project finance fundamentals
  • Explore the structure and key participants in a project finance transaction
  • Understand the concept and role of financial modelling and risk assessment
  • Familiarize yourself with the lifecycle of infrastructure projects
  • Learn how risks are identified, allocated, and mitigated in project finance

Syllabus

Introduction
Understanding the basics of Project Finance
What is Project ?
Definition of Project Finance
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Learners who complete Inside Project Finance will develop knowledge and skills that may be useful to these careers:

Reading list

We've selected 50 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 Inside Project Finance.
Universally regarded as the practitioner's bible of non-recourse infrastructure financing, E. R. Yescombe's second edition explains special purpose vehicles (SPVs), off-take power purchase agreements, EPC turnkey contracts, debt service coverage ratios, and political risk guarantees.
Co-authored by M&A veterans William M. Crilly and Andrew J. Sherman, this comprehensive American Management Association handbook provides exhaustive checklists and investigative frameworks across financial, legal, intellectual property, human resources, and operational due diligence.
Integrating financial, legal, commercial, environmental, and cultural due diligence into a unified deal-making methodology, Peter Howson shows acquirers how to uncover hidden liabilities, validate synergy assumptions, and structure warranties and indemnities.
Bocconi University professor Stefano Gatti bridges academic corporate finance with syndicate banking practice—detailing syndicated loan structuring, project bonds, credit enhancement, Basel capital requirements, and cash-flow waterfall modeling.
This foundational and widely acclaimed book on principled negotiation, emphasizing collaborative approaches to reaching mutually beneficial agreements. It's essential for gaining a broad understanding of negotiation principles and is often used as a core text in academic settings. It provides a solid framework applicable to various negotiation contexts, including contracts.
Addressing the notorious circularity problems in project finance spreadsheets—such as interest during construction (IDC), debt sculpting, and debt service reserve accounts (DSRA)—Edward Bodmer teaches advanced VBA and financial modeling techniques.
Is widely considered a foundational text in financial modeling, often used in university settings. It provides a comprehensive overview of financial modeling principles and applications using Excel. It is highly valuable for building a solid understanding of core concepts and is an excellent reference tool.
Rather than treating due diligence as a passive compliance audit, William Gole and Paul Hilger link investigative workflows directly to strategic thesis validation, quality-of-earnings adjustments, valuation modeling, and post-merger integration planning.
Drawing on global banking and multilateral agency transactions, Paul Clifford walks practitioners through bankability assessments, export credit agency (ECA) tranches, green bonds, and ESG Equator Principles compliance.
Since non-recourse lenders rely entirely on a web of interlocking contracts for security, Graham Vinter provides the definitive legal analysis of concession agreements, step-in rights, intercreditor deeds, and force majeure allocation.
Leading legal and corporate practitioner reference by Gary Lawrence details document request lists, data room protocols, material contract review, environmental liability screening, and statutory disclosure obligations in corporate acquisitions and securities offerings.
A definitive guide to financial risk management, this handbook provides in-depth analysis of methods for measuring and managing risk in financial institutions. It covers various types of financial risk and crucial reference for professionals and advanced students in finance.
Focusing on market sizing, competitive moats, customer cohort retention, and pricing power, Henry Leon Blackmann walks private equity associates and strategy consultants through executing rigorous commercial due diligence (CDD) engagements.
Harvard Business School professor Benjamin Esty compiles landmark case studies—from the Chad-Cameroon pipeline and Calpine power plants to Euro Disneyland and Iridium—showing why sponsors choose non-recourse project debt over corporate balance-sheet financing.
Aswath Damodaran renowned expert in valuation, and this book comprehensive guide to various valuation models and techniques. It's an invaluable resource for anyone building financial models for valuation purposes, providing deep insights into the drivers of value.
This influential book challenges conventional notions of risk and probability by focusing on the impact of rare and unpredictable events ("black swans"). It argues that these events have a disproportionate impact on the world and that we are often ill-equipped to deal with them. It's a provocative read that encourages a different way of thinking about risk and uncertainty.
This McKinsey & Company classic focuses on valuation principles, which are integral to financial modeling. It provides a rigorous framework for valuing companies and understanding the drivers of value. It key resource for anyone involved in corporate finance and valuation.
Co-authored by E. R. Yescombe and Edward Farquharson, this reference examines how governments procure hospitals, toll roads, and transit networks through availability-payment and user-fee PPP concessions backed by project finance debt.
Provides a foundational understanding of risk management and insurance principles, making it ideal for those new to the topic or seeking a broad overview. It covers basic concepts, traditional insurance, and introductory enterprise risk management, serving as a valuable textbook for undergraduate programs and a solid starting point for professionals.
Provides a comprehensive guide to valuation techniques, including how to use financial metrics to determine the value of a company.
Provides a comprehensive guide to factor investing, including how to use financial metrics to identify factors that drive investment returns.
Provides a comprehensive guide to risk management, including how to use financial metrics to measure and manage risk.
Provides a comprehensive guide to corporate finance, including how to use financial metrics to make corporate financial decisions.
Provides a comprehensive guide to real estate investment, including how to use financial metrics to evaluate real estate investments.
Robert Bruner and Joseph Perella deliver an exhaustive practitioner reference on M&A valuation, deal structuring, and buyer-side due diligence across complex corporate transactions.
Structuring multi-billion-dollar upstream oil and gas fields, LNG liquefaction terminals, and petrochemical refineries requires specialized reserve-based lending and completion guarantees detailed thoroughly by Robert Clews.
Focused specifically on operational risk in the financial services industry, this book provides a detailed guide to managing this critical area. It covers frameworks, techniques, and best practices for identifying, assessing, and mitigating operational risks. It's essential for professionals working in risk management within banks and financial institutions.
Authored by Harvard Business School professors, this book provides skills and strategies for excelling in negotiation, including navigating challenging circumstances and negotiating from a weak position. It's a valuable resource for deepening understanding and tackling more complex contract negotiation scenarios.
Aligned with international standards like ISO 31000 and the COSO ERM Framework, this book offers a comprehensive introduction to enterprise risk management. It covers identification, analysis, and treatment of various risks, including emerging trends. It's suitable for students and risk professionals seeking a thorough grounding in ERM principles and practices.
Institutional allocators and limited partners rely on operational due diligence (ODD) to detect fund fraud, valuation manipulation, and weak internal controls. Jason Scharfman provides actionable audit procedures for reviewing private equity and hedge fund managers.
Offers a comprehensive and practical guide to negotiation strategies, blending research with real-world tactics. It helps readers understand their own negotiation style and apply effective approaches in various situations. It's excellent for gaining a broad understanding and deepening one's skills in contract negotiation.
This textbook provides a comprehensive treatment of financial risk management, covering market, credit, and operational risks within financial institutions. It's widely used in undergraduate and graduate finance programs and solid resource for understanding the principles and practices of financial risk management.
Provides a comprehensive guide to financial modeling in both corporate and project finance contexts. It includes case studies and practical exercises, making it valuable for those focusing on project finance modeling. It covers complex topics with a clear approach.
Focusing on transport, water, and urban infrastructure BOT (Build-Operate-Transfer) concessions, Frederik Pretorius and co-authors analyze traffic demand risk, construction cost overruns, and sovereign off-taker creditworthiness.
This concise textbook provides a solid foundation in key negotiation concepts and techniques, including distributive and integrative bargaining. It's often used in academic settings and is excellent for gaining a broad understanding of negotiation principles applicable to contracts.
Wind farms, utility-scale solar, and battery storage dominate contemporary project finance deal flow. Farid Mohamadi explains P50/P90 resource yield modeling, merchant tail risk, tax equity flip structures, and synthetic corporate PPAs.
Offers a critical look at common risk management practices and argues for more quantitative approaches. It challenges conventional wisdom and provides insights into improving risk assessment and decision-making. It's valuable for both students and professionals looking to refine their risk management methodologies.
A practical guide specifically focused on financial modeling for project finance. It covers the unique aspects of modeling for large-scale projects and funding strategies. It valuable resource for those working in project finance.
Focuses on mastering financial modeling specifically within the Excel environment. It covers various techniques and best practices for building effective models. It valuable resource for those who rely heavily on Excel for their financial analysis.
Walking through buy-side and sell-side deal execution from target screening and letter of intent to virtual data room due diligence and purchase price adjustments, David Emott offers practical templates for corporate development teams.
Provides real-world examples and case studies of how organizations have implemented enterprise risk management. It offers practical insights into the challenges and successes of ERM implementation, making it valuable for those involved in establishing or improving an ERM program.
Combines financial analysis and modeling with the use of Excel and VBA. It's suitable for those who want to leverage the power of VBA for more advanced modeling and automation. It bridges the gap between theoretical concepts and practical implementation in Excel.

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