Mastering Advanced Project Finance Modeling for High-Stakes Energy Investments
You're under pressure. The energy transition is accelerating, capital is tight, and your models are being scrutinized like never before. A single flawed assumption, an overlooked risk factor, or a weak sensitivity scenario could derail a billion-dollar investment. You need more than templates - you need precision, credibility, and the confidence to defend every cell in your model. Right now, you might be relying on outdated methodologies, struggling to incorporate evolving regulatory regimes, or unsure how to properly structure bankable debt for offshore wind or next-gen hydrogen projects. You're not just building spreadsheets - you're building cases that determine whether power plants get funded, pipelines move forward, or clean tech startups secure their Series B. Mastering Advanced Project Finance Modeling for High-Stakes Energy Investments is not another theoretical guide. This is a battle-tested, industry-grade framework that transforms how you design, test, and present financial models for complex energy projects. Within 30 days, you'll go from uncertain analyst to trusted lead modeler, capable of delivering a board-ready, investor-grade financial proposal for any large-scale energy initiative. One senior financial advisor at a major European utility used this program to restructure the debt assumptions in a floating offshore wind bid. His revised model identified an additional €42 million in tax equity carryforward - a finding that directly contributed to winning the concession. He wasn't promoted. He was fast-tracked into the C-suite. This is not about learning in isolation. It's about mastering a system used by top-tier project sponsors, IPPs, and M&A advisors to de-risk capital deployment in volatile markets. You’ll gain fluency in structuring non-recourse debt, stress-testing P50/P90 production curves, and embedding ESG-linked covenants that satisfy both lenders and regulators. Your competitors are using the same templates you are. The edge lies in mastery - in knowing how to adapt quickly, model with integrity, and anticipate what investors will ask before they ask it. Here’s how this course is structured to help you get there.Course Format & Delivery Details This is a self-paced, high-intensity program offering immediate online access upon enrollment. You control the pace, the schedule, and the depth of your study - designed for working professionals navigating complex energy transactions in real time. Key Features
- Self-Paced Learning: Begin anytime, progress at your own speed, and revisit modules as needed - fully compatible with demanding project cycles.
- On-Demand Access: No fixed start dates, no live sessions, no time zones to match. Study when you have 15 minutes between board meetings or during transit between sites.
- Lifetime Access: Once enrolled, you retain permanent access to all materials, including future updates at no additional cost. As regulations evolve and new technologies emerge, your knowledge stays current.
- Mobile-Friendly Platform: Access all content seamlessly across devices - whether you're finalizing a debt sculpting exercise on your tablet at site or reviewing cash flow waterfalls on your phone during a commute.
- 24/7 Global Access: Wherever you are - Houston, Abu Dhabi, Singapore, or Oslo - your learning environment is always available, secure, and performant.
- Instructor Support: Direct guidance from lead course architects with 20+ years in energy project finance, available via structured support channels to clarify modeling challenges and review complex structures.
- Certificate of Completion: Earn a globally recognized Certificate of Completion issued by The Art of Service, a trusted name in professional financial training used by institutions across Europe, North America, and Asia.
Transparent, Risk-Free Enrollment
Pricing is straightforward with no hidden fees. What you see is exactly what you pay - no surprise charges, no recurring subscriptions. Payments are securely processed via Visa, Mastercard, and PayPal, ensuring fast, encrypted transactions. After enrollment, you will receive a confirmation email. Your access credentials and learning path details will be delivered separately once your account is activated and course materials are released - allowing for secure provisioning and quality assurance. We understand you’re not just investing money - you’re investing trust and time. That’s why we offer a full money-back guarantee. If you complete the first three modules and do not feel you’ve gained actionable, career-advancing insight, you will be refunded - no questions asked. Your risk is zero. This Works Even If…
- You've used project finance models before but have never built one from scratch for a merchant power plant.
- You're transitioning from corporate finance into renewable energy development.
- You're confident in Excel but lack experience modeling complex debt service reserve accounts (DSRAs) or tax equity flip structures.
- You work in legal or technical due diligence and need deeper financial literacy to challenge assumptions in equity committee meetings.
Senior Project Finance Analysts at Ørsted, Enel Green Power, and NextEra have used this exact methodology to accelerate project approvals. Junior associates have leveraged the certification to position themselves for advancement. Even seasoned CFOs have refined their approach to LCOE benchmarking using the frameworks taught here. You’re not just learning modeling - you're gaining a decision architecture that instills investor confidence. With full transparency, lifetime updates, and zero financial risk, your next career leap starts the moment you enroll.
Module 1: Foundations of Energy Project Finance - Core principles of non-recourse and limited-recourse financing
- Differentiating project finance from corporate finance in energy
- Key stakeholders: sponsors, lenders, off-takers, regulators, and insurers
- Project lifecycle stages and capital deployment phases
- Understanding the Project Company (SPV) legal structure
- Overview of debt vs. equity in energy projects
- Equity IRR vs. Project IRR: definitions and implications
- Debt sizing fundamentals: DSCR, LLCR, PLCR
- Introduction to cash flow waterfall mechanics
- Role of EPC contracts, O&M agreements, and off-take arrangements
- Basics of bankability and lender due diligence
- Common risks in energy infrastructure: construction, technology, market, policy
- Overview of sovereign risk in emerging market energy projects
- Fundamentals of tariff structures: take-or-pay, merchant, hybrid
- Understanding availability payments and capacity payments
Module 2: Energy Market Dynamics & Regulatory Frameworks - Global energy transition trends impacting financing
- Impact of decarbonization mandates on project viability
- Renewables vs. fossil fuel project financing: key differences
- Role of carbon pricing mechanisms (ETS, carbon taxes)
- Subsidy regimes: FITs, PTCs, ITCs, Contracts for Difference
- Regulatory risk modeling: tariff changes, license revocation
- Transmission access and grid connection constraints
- Impact of FERC, ERCOT, CAISO, and other grid regulators
- Country-specific permitting risk matrices
- Role of multilateral development banks (MDBs) in project support
- Political risk insurance and MIGA coverage
- Local content requirements and their cost impacts
- Community impact agreements and financing implications
- Water rights and environmental permitting risks
- Supply chain security and critical mineral dependencies
Module 3: Advanced Financial Modeling Principles - Best practices in model structure and design
- Four-tier model architecture: inputs, assumptions, workings, outputs
- Color coding and worksheet naming conventions
- Dynamic date rolling and fiscal year alignment
- Time-step resolution: monthly vs. quarterly vs. annual
- Circularity management and iterative calculation settings
- Error trapping and model integrity checks
- Use of named ranges, INDEX-MATCH, and structured references
- Scenario manager setup for rapid sensitivity testing
- Data validation and input protection strategies
- Version control and audit trail implementation
- Model scalability for multi-phase projects
- Documentation standards and assumption registers
- Using model checklists for lender compliance
- Integrating model governance into corporate processes
Module 4: Construction, Commissioning & Operations Modeling - Construction period modeling: time-phased CAPEX
- Engineering cost escalation curves and indexing
- Construction interest and capitalized financing costs
- Modeling milestone payments and progress billing
- Delay cost modeling: liquidated damages and penalties
- Performance testing and commercial operation date (COD) triggers
- Commissioning cost assumptions and temporary power
- Operations and maintenance (O&M) cost escalation profiles
- Fixed vs. variable O&M cost separation
- Spare parts inventory financing
- Major replacement reserve modeling
- Insurance costs: builder’s risk, property, business interruption
- Decommissioning reserve and trust fund modeling
- End-of-life liability provisioning
- Asset life extension scenarios
Module 5: Revenue & Power Sales Modeling - Energy offtake agreement structures: PPA, tolling, hybrid
- Take-or-pay vs. take-and-pay contract dynamics
- Merchant price exposure and volume risk modeling
- Power price forecasting: mean reversion, volatility, seasonality
- Modeling P50, P75, P90, and P99 energy yield profiles
- Resource uncertainty and yield degradation curves
- Capacity market revenue modeling (e.g., UK CM, PJM RPM)
- REC and green certificate revenue streams
- Hybrid plant revenue: solar + storage, hybrid PPAs
- Imbalance charges and grid ancillary service income
- Revenue recognition timing and billing cycles
- VAT and local tax treatment of power sales
- Curtailment risk and forced outage compensation
- Grid congestion and locational marginal pricing (LMP)
- Storage dispatch optimization and arbitrage revenue
Module 6: Fuel Supply & Cost Modeling (Thermal & Hybrid) - Fuel supply contract structures: take-or-pay, index-linked
- Fuel price hedges and swap modeling
- Long-term LNG supply and regasification costs
- Biomass feedstock supply chain risk
- Coal sourcing and transportation cost modeling
- Hydrogen availability and cost assumptions
- Blending ratios and co-firing economics
- Fuel storage and inventory costs
- Fuel conversion efficiency and heat rate modeling
- Carbon allowance cost pass-through mechanisms
- Fuel supply disruption modeling and backup fuels
- Indexation formulas: CPI, Brent, JKM, TTF
- Force majeure provisions and cost recovery
- Fuel transportation and pipeline tariffs
- Fuel handling and preparation CAPEX and OPEX
Module 7: Debt Structuring & Term Sheet Implementation - Senior vs. mezzanine vs. sponsor debt layers
- Debt sizing using DSCR, LLCR, and PLCR benchmarks
- Debt tenor alignment with project cash flows
- Interest rate assumptions: fixed, floating, swaps
- Debt service reserve account (DSRA) modeling
- DSRA funding: debt service look-ahead period
- DSRA sweep triggers and replenishment logic
- Debt sculpting: annuity, linear, forward DSCR targeting
- Debt repayment waterfalls and priority of payments
- Amortization profiles and bullet maturity structures
- Fees: arrangement, commitment, agency, upfront
- Interest during construction (IDC) and capitalized interest
- Debt covenant monitoring: financial and non-financial
- Debt rescheduling and grace period modeling
- Refinancing risk and prepayment penalties
Module 8: Equity Returns & Investor Waterfalls - Calculating project-level and equity-level IRR
- Pre-tax vs. after-tax equity return analysis
- Equity contribution timing and drawdown profiles
- Investor waterfall mechanics: tiered returns, hurdles
- Preferred return structures and catch-up clauses
- Sponsor vs. financial investor waterfall splits
- Equity flip models in tax equity partnerships
- Tax credits monetization: sale vs. leaseback structures
- Distribution waterfalls with multiple investor classes
- Equity return sensitivity to debt sizing
- Reinvestment assumptions and equity recycling
- Exit value modeling: sale, IPO, refinancing
- Equity multiple calculations: MOIC, DPI, TVPI
- Investor return reporting formats
- Impact of sponsor support and keepwell agreements
Module 9: Sensitivity & Risk Analysis Frameworks - One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Core principles of non-recourse and limited-recourse financing
- Differentiating project finance from corporate finance in energy
- Key stakeholders: sponsors, lenders, off-takers, regulators, and insurers
- Project lifecycle stages and capital deployment phases
- Understanding the Project Company (SPV) legal structure
- Overview of debt vs. equity in energy projects
- Equity IRR vs. Project IRR: definitions and implications
- Debt sizing fundamentals: DSCR, LLCR, PLCR
- Introduction to cash flow waterfall mechanics
- Role of EPC contracts, O&M agreements, and off-take arrangements
- Basics of bankability and lender due diligence
- Common risks in energy infrastructure: construction, technology, market, policy
- Overview of sovereign risk in emerging market energy projects
- Fundamentals of tariff structures: take-or-pay, merchant, hybrid
- Understanding availability payments and capacity payments
Module 2: Energy Market Dynamics & Regulatory Frameworks - Global energy transition trends impacting financing
- Impact of decarbonization mandates on project viability
- Renewables vs. fossil fuel project financing: key differences
- Role of carbon pricing mechanisms (ETS, carbon taxes)
- Subsidy regimes: FITs, PTCs, ITCs, Contracts for Difference
- Regulatory risk modeling: tariff changes, license revocation
- Transmission access and grid connection constraints
- Impact of FERC, ERCOT, CAISO, and other grid regulators
- Country-specific permitting risk matrices
- Role of multilateral development banks (MDBs) in project support
- Political risk insurance and MIGA coverage
- Local content requirements and their cost impacts
- Community impact agreements and financing implications
- Water rights and environmental permitting risks
- Supply chain security and critical mineral dependencies
Module 3: Advanced Financial Modeling Principles - Best practices in model structure and design
- Four-tier model architecture: inputs, assumptions, workings, outputs
- Color coding and worksheet naming conventions
- Dynamic date rolling and fiscal year alignment
- Time-step resolution: monthly vs. quarterly vs. annual
- Circularity management and iterative calculation settings
- Error trapping and model integrity checks
- Use of named ranges, INDEX-MATCH, and structured references
- Scenario manager setup for rapid sensitivity testing
- Data validation and input protection strategies
- Version control and audit trail implementation
- Model scalability for multi-phase projects
- Documentation standards and assumption registers
- Using model checklists for lender compliance
- Integrating model governance into corporate processes
Module 4: Construction, Commissioning & Operations Modeling - Construction period modeling: time-phased CAPEX
- Engineering cost escalation curves and indexing
- Construction interest and capitalized financing costs
- Modeling milestone payments and progress billing
- Delay cost modeling: liquidated damages and penalties
- Performance testing and commercial operation date (COD) triggers
- Commissioning cost assumptions and temporary power
- Operations and maintenance (O&M) cost escalation profiles
- Fixed vs. variable O&M cost separation
- Spare parts inventory financing
- Major replacement reserve modeling
- Insurance costs: builder’s risk, property, business interruption
- Decommissioning reserve and trust fund modeling
- End-of-life liability provisioning
- Asset life extension scenarios
Module 5: Revenue & Power Sales Modeling - Energy offtake agreement structures: PPA, tolling, hybrid
- Take-or-pay vs. take-and-pay contract dynamics
- Merchant price exposure and volume risk modeling
- Power price forecasting: mean reversion, volatility, seasonality
- Modeling P50, P75, P90, and P99 energy yield profiles
- Resource uncertainty and yield degradation curves
- Capacity market revenue modeling (e.g., UK CM, PJM RPM)
- REC and green certificate revenue streams
- Hybrid plant revenue: solar + storage, hybrid PPAs
- Imbalance charges and grid ancillary service income
- Revenue recognition timing and billing cycles
- VAT and local tax treatment of power sales
- Curtailment risk and forced outage compensation
- Grid congestion and locational marginal pricing (LMP)
- Storage dispatch optimization and arbitrage revenue
Module 6: Fuel Supply & Cost Modeling (Thermal & Hybrid) - Fuel supply contract structures: take-or-pay, index-linked
- Fuel price hedges and swap modeling
- Long-term LNG supply and regasification costs
- Biomass feedstock supply chain risk
- Coal sourcing and transportation cost modeling
- Hydrogen availability and cost assumptions
- Blending ratios and co-firing economics
- Fuel storage and inventory costs
- Fuel conversion efficiency and heat rate modeling
- Carbon allowance cost pass-through mechanisms
- Fuel supply disruption modeling and backup fuels
- Indexation formulas: CPI, Brent, JKM, TTF
- Force majeure provisions and cost recovery
- Fuel transportation and pipeline tariffs
- Fuel handling and preparation CAPEX and OPEX
Module 7: Debt Structuring & Term Sheet Implementation - Senior vs. mezzanine vs. sponsor debt layers
- Debt sizing using DSCR, LLCR, and PLCR benchmarks
- Debt tenor alignment with project cash flows
- Interest rate assumptions: fixed, floating, swaps
- Debt service reserve account (DSRA) modeling
- DSRA funding: debt service look-ahead period
- DSRA sweep triggers and replenishment logic
- Debt sculpting: annuity, linear, forward DSCR targeting
- Debt repayment waterfalls and priority of payments
- Amortization profiles and bullet maturity structures
- Fees: arrangement, commitment, agency, upfront
- Interest during construction (IDC) and capitalized interest
- Debt covenant monitoring: financial and non-financial
- Debt rescheduling and grace period modeling
- Refinancing risk and prepayment penalties
Module 8: Equity Returns & Investor Waterfalls - Calculating project-level and equity-level IRR
- Pre-tax vs. after-tax equity return analysis
- Equity contribution timing and drawdown profiles
- Investor waterfall mechanics: tiered returns, hurdles
- Preferred return structures and catch-up clauses
- Sponsor vs. financial investor waterfall splits
- Equity flip models in tax equity partnerships
- Tax credits monetization: sale vs. leaseback structures
- Distribution waterfalls with multiple investor classes
- Equity return sensitivity to debt sizing
- Reinvestment assumptions and equity recycling
- Exit value modeling: sale, IPO, refinancing
- Equity multiple calculations: MOIC, DPI, TVPI
- Investor return reporting formats
- Impact of sponsor support and keepwell agreements
Module 9: Sensitivity & Risk Analysis Frameworks - One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Best practices in model structure and design
- Four-tier model architecture: inputs, assumptions, workings, outputs
- Color coding and worksheet naming conventions
- Dynamic date rolling and fiscal year alignment
- Time-step resolution: monthly vs. quarterly vs. annual
- Circularity management and iterative calculation settings
- Error trapping and model integrity checks
- Use of named ranges, INDEX-MATCH, and structured references
- Scenario manager setup for rapid sensitivity testing
- Data validation and input protection strategies
- Version control and audit trail implementation
- Model scalability for multi-phase projects
- Documentation standards and assumption registers
- Using model checklists for lender compliance
- Integrating model governance into corporate processes
Module 4: Construction, Commissioning & Operations Modeling - Construction period modeling: time-phased CAPEX
- Engineering cost escalation curves and indexing
- Construction interest and capitalized financing costs
- Modeling milestone payments and progress billing
- Delay cost modeling: liquidated damages and penalties
- Performance testing and commercial operation date (COD) triggers
- Commissioning cost assumptions and temporary power
- Operations and maintenance (O&M) cost escalation profiles
- Fixed vs. variable O&M cost separation
- Spare parts inventory financing
- Major replacement reserve modeling
- Insurance costs: builder’s risk, property, business interruption
- Decommissioning reserve and trust fund modeling
- End-of-life liability provisioning
- Asset life extension scenarios
Module 5: Revenue & Power Sales Modeling - Energy offtake agreement structures: PPA, tolling, hybrid
- Take-or-pay vs. take-and-pay contract dynamics
- Merchant price exposure and volume risk modeling
- Power price forecasting: mean reversion, volatility, seasonality
- Modeling P50, P75, P90, and P99 energy yield profiles
- Resource uncertainty and yield degradation curves
- Capacity market revenue modeling (e.g., UK CM, PJM RPM)
- REC and green certificate revenue streams
- Hybrid plant revenue: solar + storage, hybrid PPAs
- Imbalance charges and grid ancillary service income
- Revenue recognition timing and billing cycles
- VAT and local tax treatment of power sales
- Curtailment risk and forced outage compensation
- Grid congestion and locational marginal pricing (LMP)
- Storage dispatch optimization and arbitrage revenue
Module 6: Fuel Supply & Cost Modeling (Thermal & Hybrid) - Fuel supply contract structures: take-or-pay, index-linked
- Fuel price hedges and swap modeling
- Long-term LNG supply and regasification costs
- Biomass feedstock supply chain risk
- Coal sourcing and transportation cost modeling
- Hydrogen availability and cost assumptions
- Blending ratios and co-firing economics
- Fuel storage and inventory costs
- Fuel conversion efficiency and heat rate modeling
- Carbon allowance cost pass-through mechanisms
- Fuel supply disruption modeling and backup fuels
- Indexation formulas: CPI, Brent, JKM, TTF
- Force majeure provisions and cost recovery
- Fuel transportation and pipeline tariffs
- Fuel handling and preparation CAPEX and OPEX
Module 7: Debt Structuring & Term Sheet Implementation - Senior vs. mezzanine vs. sponsor debt layers
- Debt sizing using DSCR, LLCR, and PLCR benchmarks
- Debt tenor alignment with project cash flows
- Interest rate assumptions: fixed, floating, swaps
- Debt service reserve account (DSRA) modeling
- DSRA funding: debt service look-ahead period
- DSRA sweep triggers and replenishment logic
- Debt sculpting: annuity, linear, forward DSCR targeting
- Debt repayment waterfalls and priority of payments
- Amortization profiles and bullet maturity structures
- Fees: arrangement, commitment, agency, upfront
- Interest during construction (IDC) and capitalized interest
- Debt covenant monitoring: financial and non-financial
- Debt rescheduling and grace period modeling
- Refinancing risk and prepayment penalties
Module 8: Equity Returns & Investor Waterfalls - Calculating project-level and equity-level IRR
- Pre-tax vs. after-tax equity return analysis
- Equity contribution timing and drawdown profiles
- Investor waterfall mechanics: tiered returns, hurdles
- Preferred return structures and catch-up clauses
- Sponsor vs. financial investor waterfall splits
- Equity flip models in tax equity partnerships
- Tax credits monetization: sale vs. leaseback structures
- Distribution waterfalls with multiple investor classes
- Equity return sensitivity to debt sizing
- Reinvestment assumptions and equity recycling
- Exit value modeling: sale, IPO, refinancing
- Equity multiple calculations: MOIC, DPI, TVPI
- Investor return reporting formats
- Impact of sponsor support and keepwell agreements
Module 9: Sensitivity & Risk Analysis Frameworks - One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Energy offtake agreement structures: PPA, tolling, hybrid
- Take-or-pay vs. take-and-pay contract dynamics
- Merchant price exposure and volume risk modeling
- Power price forecasting: mean reversion, volatility, seasonality
- Modeling P50, P75, P90, and P99 energy yield profiles
- Resource uncertainty and yield degradation curves
- Capacity market revenue modeling (e.g., UK CM, PJM RPM)
- REC and green certificate revenue streams
- Hybrid plant revenue: solar + storage, hybrid PPAs
- Imbalance charges and grid ancillary service income
- Revenue recognition timing and billing cycles
- VAT and local tax treatment of power sales
- Curtailment risk and forced outage compensation
- Grid congestion and locational marginal pricing (LMP)
- Storage dispatch optimization and arbitrage revenue
Module 6: Fuel Supply & Cost Modeling (Thermal & Hybrid) - Fuel supply contract structures: take-or-pay, index-linked
- Fuel price hedges and swap modeling
- Long-term LNG supply and regasification costs
- Biomass feedstock supply chain risk
- Coal sourcing and transportation cost modeling
- Hydrogen availability and cost assumptions
- Blending ratios and co-firing economics
- Fuel storage and inventory costs
- Fuel conversion efficiency and heat rate modeling
- Carbon allowance cost pass-through mechanisms
- Fuel supply disruption modeling and backup fuels
- Indexation formulas: CPI, Brent, JKM, TTF
- Force majeure provisions and cost recovery
- Fuel transportation and pipeline tariffs
- Fuel handling and preparation CAPEX and OPEX
Module 7: Debt Structuring & Term Sheet Implementation - Senior vs. mezzanine vs. sponsor debt layers
- Debt sizing using DSCR, LLCR, and PLCR benchmarks
- Debt tenor alignment with project cash flows
- Interest rate assumptions: fixed, floating, swaps
- Debt service reserve account (DSRA) modeling
- DSRA funding: debt service look-ahead period
- DSRA sweep triggers and replenishment logic
- Debt sculpting: annuity, linear, forward DSCR targeting
- Debt repayment waterfalls and priority of payments
- Amortization profiles and bullet maturity structures
- Fees: arrangement, commitment, agency, upfront
- Interest during construction (IDC) and capitalized interest
- Debt covenant monitoring: financial and non-financial
- Debt rescheduling and grace period modeling
- Refinancing risk and prepayment penalties
Module 8: Equity Returns & Investor Waterfalls - Calculating project-level and equity-level IRR
- Pre-tax vs. after-tax equity return analysis
- Equity contribution timing and drawdown profiles
- Investor waterfall mechanics: tiered returns, hurdles
- Preferred return structures and catch-up clauses
- Sponsor vs. financial investor waterfall splits
- Equity flip models in tax equity partnerships
- Tax credits monetization: sale vs. leaseback structures
- Distribution waterfalls with multiple investor classes
- Equity return sensitivity to debt sizing
- Reinvestment assumptions and equity recycling
- Exit value modeling: sale, IPO, refinancing
- Equity multiple calculations: MOIC, DPI, TVPI
- Investor return reporting formats
- Impact of sponsor support and keepwell agreements
Module 9: Sensitivity & Risk Analysis Frameworks - One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Senior vs. mezzanine vs. sponsor debt layers
- Debt sizing using DSCR, LLCR, and PLCR benchmarks
- Debt tenor alignment with project cash flows
- Interest rate assumptions: fixed, floating, swaps
- Debt service reserve account (DSRA) modeling
- DSRA funding: debt service look-ahead period
- DSRA sweep triggers and replenishment logic
- Debt sculpting: annuity, linear, forward DSCR targeting
- Debt repayment waterfalls and priority of payments
- Amortization profiles and bullet maturity structures
- Fees: arrangement, commitment, agency, upfront
- Interest during construction (IDC) and capitalized interest
- Debt covenant monitoring: financial and non-financial
- Debt rescheduling and grace period modeling
- Refinancing risk and prepayment penalties
Module 8: Equity Returns & Investor Waterfalls - Calculating project-level and equity-level IRR
- Pre-tax vs. after-tax equity return analysis
- Equity contribution timing and drawdown profiles
- Investor waterfall mechanics: tiered returns, hurdles
- Preferred return structures and catch-up clauses
- Sponsor vs. financial investor waterfall splits
- Equity flip models in tax equity partnerships
- Tax credits monetization: sale vs. leaseback structures
- Distribution waterfalls with multiple investor classes
- Equity return sensitivity to debt sizing
- Reinvestment assumptions and equity recycling
- Exit value modeling: sale, IPO, refinancing
- Equity multiple calculations: MOIC, DPI, TVPI
- Investor return reporting formats
- Impact of sponsor support and keepwell agreements
Module 9: Sensitivity & Risk Analysis Frameworks - One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- One-way sensitivity analysis best practices
- Two-way and tornado sensitivity charts
- Monte Carlo simulation setup for energy yield uncertainty
- Probability-weighted IRR and NPV outcomes
- Scenario analysis: base, downside, upside cases
- Stress testing for construction delays, cost overruns
- Power price collapse scenarios (e.g., negative pricing)
- Fuel price spikes and supply disruption testing
- Interest rate shock modeling (200–500 bps increases)
- Off-taker credit downgrade or default scenarios
- Regulatory change impact: subsidy removal, carbon tax hikes
- Force majeure and extended outages
- FX risk modeling for foreign-denominated debt
- Counterparty risk assessment and mitigation
- Modeling of extended downtime and lost revenue
Module 10: Advanced Excel Modeling Tools for Energy - Dynamic lookup tables for variable inputs
- OFFSET and INDIRECT functions for flexible modeling
- Array formulas for time-series calculations
- XLOOKUP for cross-module data retrieval
- Conditional formatting for risk flagging
- Macro-enabled checks for data integrity (non-VBA)
- Using tables for scalable input ranges
- Scenario comparison dashboards
- Monthly-annual reconciliation tools
- Commodity price index tracking and updates
- Automated DSCR and LLCR calculation engines
- Dynamic charting of cash flow profiles
- Break-even analysis calculation frameworks
- IRR target solver tools
- Model navigation and user interface design
Module 11: Country & Currency Risk Modeling - FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- FX exposure in debt and revenue streams
- Hard currency vs. local currency debt
- FX hedging strategies: forwards, swaps, NDFs
- Inflation-linked debt and local currency indexing
- FX devaluation scenarios and impact on DSCR
- Repatriation restrictions and dividend blocking
- Economic stabilisation clauses in contracts
- Local inflation and OPEX escalation modeling
- Country risk premiums in discount rates
- Transfer pricing implications
- Double taxation treaties and relief mechanisms
- Remittance taxes and withholding obligations
- Macroeconomic scenario integration
- Central bank intervention modeling
- FX reserve adequacy and convertibility risk
Module 12: Specialized Energy Project Applications - Solar PV: single axis tracking, bifacial gain modeling
- Onshore wind: wake loss, cut-in/cut-out speeds
- Offshore wind: foundation types, O&M accessibility
- Hydroelectric: inflow variability, spillage modeling
- Geothermal: resource decline curves
- Biomass: fuel cost escalation and emissions compliance
- Hydrogen production: electrolyser CAPEX, efficiency decay
- Ammonia as fuel: storage and combustion economics
- Carbon capture and storage (CCS) integration
- Nuclear: long construction periods, decommissioning
- Gas-to-power: pipeline tariffs, swing capacity
- LNG regasification terminals: tolling models
- Battery storage: cycle life, degradation, round-trip efficiency
- Distributed energy resources (DERs) aggregation models
- Microgrids and hybrid systems in remote areas
Module 13: ESG & Sustainability-Linked Finance - Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Integrating ESG metrics into financial models
- Sustainability-linked loans (SLLs) and KPIs
- Green bond frameworks and reporting requirements
- Carbon footprint tracking and reduction targets
- Scope 1, 2, 3 emissions modeling
- Just Transition and community investment metrics
- Gender diversity benchmarks in procurement
- Biodiversity impact assessments and offsets
- Water usage efficiency and reduction targets
- Materiality assessments in project design
- ESG risk scoring and impact on WACC
- Linking covenants to ESG performance
- Reporting dashboards for ESG-linked financing
- Third-party verification and assurance costs
- Climate resilience and adaptation CAPEX
Module 14: Tax Equity & Hybrid Structures - US tax equity flip structures (cash vs. tax)
- HoldCo-OpCo structure modeling
- Allocation of tax attributes: MACRS, bonus depreciation
- Partnership accounting in Excel
- Cash distribution priorities in flips
- Recapture risk and safe harbor testing
- Impact of Inflation Reduction Act (IRA) credits
- Transferability of tax credits
- Direct pay election modeling
- European public-private partnership (PPP) models
- YieldCos: dividend sustainability and growth
- Real Estate Investment Trust (REIT) structures for renewables
- Infrastructure funds: distribution waterfalls
- Master Limited Partnerships (MLP) for midstream
- Debt-service coverage in pass-through entities
Module 15: Lender Reporting & Covenant Compliance - Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Debt service reserve account (DSRA) monthly reporting
- Debt service coverage ratio (DSCR) monitoring
- Loan life coverage ratio (LLCR) calculation
- Project life coverage ratio (PLCR) tracking
- Interest cover ratio (ICR) thresholds
- Debt-to-equity ratio compliance
- Minimum liquidity requirements
- Dividend stoppage triggers
- Reporting dashboards for agent banks
- Quarterly debt compliance certificates
- Amortization variance analysis
- Capital expenditure overruns reporting
- O&M budget variance tracking
- Cash flow sweep conditions
- Remedial action planning for covenant breaches
Module 16: Model Auditing & Lender Review Process - Understanding the Independent Engineer’s role
- Independent Financial Advisor (IFA) review scope
- Lender model review checklist
- Model validation: assumption reconciliation
- Third-party data sources for yield validation
- Stress test alignment with bank standards
- Debt sizing logic verification
- Interest calculation accuracy checks
- DSRA adequacy testing
- Cash flow waterfall logic review
- Tax model and credit pass-through testing
- FX and inflation indexation validation
- Scenario consistency and documentation
- Version change log audit
- Final model sign-off process
Module 17: Certification, Next Steps & Career Application - Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies
- Final model submission for certification review
- Grading rubric: accuracy, structure, clarity, completeness
- Feedback process from lead instructors
- Issuance of Certificate of Completion by The Art of Service
- How to showcase certification on LinkedIn and CVs
- Using the model portfolio in job interviews
- Presenting models to executives and boards
- Networking with alumni in global energy firms
- Continuing education pathways in infrastructure finance
- Advanced certifications and CFA, CAIA alignment
- Transitioning into project development or M&A
- Negotiating higher compensation with new skills
- Leading multidisciplinary due diligence teams
- Contributing to equity committee decisions
- Lifetime access to updated templates and case studies