Advanced Project Finance Modelling

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Advanced Project Finance Modelling

Advanced Project Finance Modelling provides participants with the ability to understand project finance theory through creating and understanding project finance models.

Advanced elements of the course focus on sculpting with debit fees, taxes, balloon repayments and DSRA’s as well as resolving circularity using functions rather than copy and paste macros.

The general idea is that through building models in a hands-on environment, you will be better able to quantify risks of different types of projects and you will be able to use models to design the best debt, equity and contractual structure to build models.

The course is designed so that participants can build and interpret flexible models with useful summary statistics; so that model will be accurate with effective error checks that verify the model.

Attendees understand and program structured models that incorporate multiple cash flow waterfalls, alternative funding cascades, and sculpted repayment techniques; and so that models will be transparent and transparent to understand by users.

The course includes different kinds of risk analysis and presentation of summary statistics.  Additionally, attendees learn how to use advanced techniques to resolve circular references associated with the funding of a project and debt sculpting that use VBA functions rather than macros.

Extend your project finance modeling knowledge, and learn to master debt modeling, reserve accounts and advanced modeling techniques that put you in control of the transaction.

Advanced Project Finance Modelling enables you to extend your debt modeling capabilities in order to drive the transaction process.

Bankers, sponsors, and investors all benefit from the powerful techniques for debt sizing, covenant monitoring and development of financial statements.

This Masterclass in Project Finance Modelling is aimed at financial analysts seeking a best practice approach to building a project finance model.

You might be interested in other Project Management programs as a next step.

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  • View Schedule
  • COURSE TYPE Advanced
  • DURATION 3 days
  • COURSE ACCREDITED BY Local Certificate


This three-day advanced course in Project Finance Modelling enables you to extend your debt modeling capabilities to drive the transaction process.

Key benefits:

Understand project finance models in the context of finance theory related to mental issues associated with contract structuring, debt sizing, debt funding, debt repayment, debt servicing costs and credit enhancements.

Interpret models developed by other people and add master scenario pages to any model using case studies of actual models.
Create flexible models with useful summary statistics to evaluate alternative timing, operating assumptions, financial structures, re-financing and contract pricing.

Work through the challenging problems in project finance modeling including:
– Elaborate cash flow waterfalls with balloon payments and mini-perm structure
– Sizing of debt with capitalized interest and alternative drawdown schedule
– Flexible debt sculpting with income taxes
– Sizing of debt service reserves and use of DSRA in waterfall
– Re-financing of debt and mini-perm debt
– Debt service reverses that look ahead to future years

Understand the benefits of creating user-defined functions rather than copy and paste macros to resolve any circular reference problems in project finance models including funding problems and debt sculpting

Incorporate structural enhancements into models such as maintenance reserve accounts and gain insight into the costs and benefits of the alternative features such as cash flow sweeps, covenants, and debt service reserve accounts

Learn Excel techniques with some VBA to make better presentations from models and to make models more transparent and efficient


Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

Additionally, participants will receive Microsoft Certificate in Excel.



Module 1: Project Finance Modelling Fundamentals

Big Picture

Speed Networking

Project Finance – The Analytical Task

The Financier Perspective

The Sponsor Perspective

The Different Types of Financial Modelling

Model Design

Modelling Best Practice

Setting up the Model (practical work)

Module 2: Analysis & Concepts

Pre-Completion (practical work)

Financing Worksheets (useful work)


Reviewing Models

Key Takeaways

Module 3: Applying The Concepts

Particular Modelling Challenges

Walk-Through of a Project Finance Model

The Revenue Worksheet

The Operating Costs Worksheet

The Tax Worksheet

Accounting Reconciliations Worksheet

Financial Statements Worksheet

Cashflow Waterfall Worksheet

Analysis Worksheet

Module 4: The Main Principles in Best Practice Modelling Methodology

Share insights into efficient modeling of refinancing analysis for rapid and robust analysis

Discuss the mechanics of a refinancing – amount, timing, fees and repayment

Learn different ways to treat the refinance fee

Discuss the concept of sequential refinancing

Module 5: Powerful Techniques For Alternative Repayment Methods For Debt Sculpturing

Understand how to efficiently model debt sculpting

Build in switches to allow different structures to be rapidly analyzed

Develop a Debt Service Reserve Account (‘DSRA’) from first principles

Understand critical concepts and techniques in debt sizing to support debt structuring discussions

Single factor optimization via maximum gearing or minimum DSCR to vary debt size to achieve target cover ratios

Discuss dual factor optimization to achieve target cover ratios and returns

Module 6: Structured Approach to Comprehensive Depreciation Calculations

Remove the need for cumbersome tables

Incorporate switches for multiple depreciation methods

Easily replicate calculations for accounting and tax depreciation

Produce geared and ungeared tax calculations to analyze the value of interest tax shelter

Module 7: Understand How Financial Statements Are Constructed And How To Identify Common Problems

Master the structure of completed three-way financial statements

Learn how to test and debug the integrated statements continuously

Incorporate all of the debt components into integrated statements

Module 8: Advanced Excel Techniques for Rapid And Accurate Multi-Dimensional Sensitivities

Develop simple macros to avoid common circularities inherent in project finance calculations

Use VBA to control data tables so they do not adversely affect calculation speed

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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