Deal Lab: Battery (BESS) Project Finance Modeling

5.0 /5

(3)

Start Here – Project Pulse Downloads & How This Deal Lab Works

Energy vs. Power: What’s the Difference?

Energy vs Power: Test Your Understanding

What is an Energy System?

Knowledge Check: What Is an Energy System?

Keeping the Lights On: Why Grid Balance Is Essential

Why Balance Matters: Frequency and the Real-Time Grid Challenge

Grid Frequency and Balance – Check Your Understanding.

AC vs. DC: How Electricity Actually Moves Through the Grid

AC vs. DC & Grid Pathways – Check Your Understanding

Download: Classic Merit-Order Dispatch Console (Excel Model)

The Merit Order — How Power Prices Emerge (Pre-Renewables Grid)

Knowledge Check: Merit Order, Power Plant Roles & Price Formation

Download: Duck Curve (Net Load) Simulator — Excel File

The Duck Curve — How Solar & Wind Reshape Net Load and Prices

Understanding the Duck Curve and Net Load Dynamics

Download: Duck Curve + BESS (Battery Storage) Simulator — Excel File

Flattening the Duck Curve — BESS Charging/Discharging & Price Effects

Knowledge Check: Flattening the Duck Curve with BESS

BESS Power & Energy Capacity: Availability, Losses, and Degradation Modeling

Download: Model Checkpoint 1

AC–DC Conversion & Deliverable Duration: From Usable DC Energy to AC-Deliverable MWh

Download: Model Checkpoint 2

BESS Capacity Augmentation: Trigger Test, Headroom Breach & Augmentation Sizing

Download: Model Checkpoint 3

Modeling Capacity Tolling Agreement (CTA) Revenue: Contracted Capacity & Adjustments

Download: Model Checkpoint 4

Modeling Resource Adequacy (RA) Revenue: ELCC, Net Qualifying Capacity (NQC) & RA Cash Flows

Download: Model Checkpoint 5

Modeling Merchant Energy Arbitrage: Price Spreads, Cycles & Annual BESS Profit

Download: Model Checkpoint 6

Modeling Ancillary Services Contract (ASC) Capacity Revenue

Download: Model Checkpoint 7

Modeling Merchant Ancillary Services (AS) Revenue: Prices, Cleared Hours & Reserved Capacity

Download: Model Checkpoint 8

Modeling Revenue Put Option (RPO): Hedged Capacity, Strike Price & Annual Settlement

Download: Model Checkpoint 9

Total BESS Revenue: Stack Overview, Average Unit Revenue & Contracted vs. Merchant Split

Download: Model Checkpoint 10

Modeling BESS Operating Expenditures (OpEx)

Download: Model Checkpoint 11

BESS Project CapEx: EPC Costs, Development Costs & Acquisition Premium

Download: Model Checkpoint 12

BESS Augmentation CapEx & Major Maintenance Reserve Account (MMRA)

Download: Model Checkpoint 13

Pre-Tax Free Cash Flow & Unlevered Project IRR for BESS

Download: Model Checkpoint 14

Depreciation & Amortization for BESS: MACRS Schedules on Initial & Augmentation CapEx

Download: Model Checkpoint 15

Unlevered Taxes & After-Tax IRR: PP&E Account, Deferred Fees & Tax Loss Carryforwards

Download: Model Checkpoint 16

CFADS for Senior Debt: Cash Flow Available for Debt Service & Contracted vs Merchant Split

Download: Model Checkpoint 17

Levered Taxes for BESS: Interest Tax Shield & Levered Tax Loss Carryforward Modeling

Download: Model Checkpoint 18

Term Loan Sizing: DSCR-Based Target Debt Service & Sculpting Setup

Download: Model Checkpoint 19

Interest Rate Assumptions & Loan Sizing: Swaps, Hedging Ratio, PV of Debt Service & Final Term Loan Size

Download: Model Checkpoint 20

Term Loan Account & Debt Schedule: Drawdowns, Amortization & Interest

Download: Model Checkpoint 21

Debt Service Coverage Ratio (DSCR): Calculating DSCR, Lock-Up DSCR & Cash Sweep Impact

Download: Model Checkpoint 22

Cash Sweep Modeling: Cash Available for Sweep, Timing Flags & Sweep Macro Application

Download: Model Checkpoint 23

Loan Life Coverage Ratio (LLCR): NPV of CFADS and LLCR Calculation

Download: Model Checkpoint 24

Debt Service Reserve Letter of Credit (DSR LC): Sizing, Draws, Repayments & Fees

Download: Model Checkpoint 25

Equity Cash Flows & Dividends: Free Cash Flow to Equity (FCFE) & Share Capital Account

Download: Model Checkpoint 26

Return KPIs: Equity IRR, NPV, Cash-on-Cash Yield & Payback Period

Download: Model Checkpoint 27

Download: Final Model File – Dashboard & Scenario Analysis

Full Toll Scenarios – Debt & Equity Base Cases, Interest Rate Shock and Faster Degradation

Download: Model Checkpoint 28

Resource Adequacy + Merchant Energy Arbitrage (Merchant Haircut & ELCC Stress Test)

Download: Model Checkpoint 29

Ancillary Services Contract + Merchant Energy Arbitrage

Download: Model Checkpoint 30

Pure Merchant Price Scenarios – 1-Hour vs 2-Hour BESS, Merchant Haircut & Breakeven Analysis

Download: Model Checkpoint 31

Merchant Price Floor Strategies – Revenue Put Option & Cash Sweep

Download: Model Checkpoint 32

Capacity Tolling + Merchant Revenue Scenario – OpEx Sensitivity & Cash Sweep

Download: Final Monthly Model + User Guide (Construction + Operations)

5.0 /5
(3)

David

(5)

Well worth it

Hi, I work in the Solar and BESS space as an Investment Associate and I would highly recommend the RVI courses. - Great best practice content in terms of layouts - Great styles that are downloadable - Easy to follow videos (definitely use 2 screens) and a very well structured course - More complex concepts are well explained and structured (debt sizing and circularity) - Good value for money (I bought the lifetime access).
Ben

(5)

Expert analysis, with detailed content

Explained well, especially with the Secret Sauce handout!
Chijioke

(5)

Highly recommended

The course was very detailed, structured, and easy to understand. I highly recommend

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Our students have enhanced their careers by mastering financial modeling for renewable energy & storage projects. Here are just a few of their success stories.

Absolutely superb

Fantastic walkthrough of model fundamentals and best practice. Extremely well-paced. An essential course for anyone looking to improve their project finance and modeling skills in the renewables space.

by Jeffrey D.

Excel DNA for Project Finance Modeling

Highly recommended!

I can highly encourage everyone interested or working in Renewable Energy Finance to sign up for this course. Lukas provides all the knowledge and skills necessary to build integrated and flexible financial models that live up to the highest industry standards. All in all, the perfect course!

by Nicklas M.

Advanced Renewable Energy Financial Modeling

Good starting point for understanding the larger grid system

Great course to understand how our grid systems work, what inputs change prices and demand, and the merit based energy system at large.

by Bryce B.

Energy System Fundamentals

Excellent and Practical Learning Experience

Enjoyed solving the quizzes and applying real project finance concepts. The course was well-structured, professional, and gave me practical tools to approach financial modeling tests with confidence. Highly recommend to anyone preparing for project finance or investment roles.

by Kristof P.

How to Pass a Project Finance Modeling Test

A must for renewable energy professionals

Lukas has assembled a very thorough course that enables real-world financial modeling experience, along with background literature to understand both theory and practice. This course is invaluable for anyone looking to implement best practice financial models.

by Simon C.

Advanced Renewable Energy Financial Modeling

An excellent learning experience

The course support material was simple but easy to understand. The tutor has an excellent capacity to explain and guide you through the modeling tasks.

by Heráclito S.

Excel DNA for Project Finance Modeling

Great course

Professional and well arranged, thank you Lukas.

by Faisal I.

Excel DNA for Project Finance Modeling

Building a strong foundation

Excel DNA for Project Finance Modeling by Lukas Duldinger, CFA, is an exceptional course. Despite starting with a higher-level course, I found immense value in revisiting the fundamentals. Lukas presents key concepts clearly, ensuring a solid understanding of both basic and advanced points. Highly recommend it!

by Ioannis T.

Excel DNA for Project Finance Modeling

Project Finance Modeling

I can confidently affirm that my experience with Excel DNA for Project Finance Modeling has been truly exceptional. Whether you're a novice or someone looking to enhance existing skills, this course provides all the 'nuts' and 'bolts' for building robust and dynamic project finance models.

by Gabriel N.

Excel DNA for Project Finance Modeling

Excellent walkthrough on project finance essentials

Having worked in Utility Solar & BESS development, Lukas covers the absolute essentials. If you find yourself wading into unfamiliar financial and commercial analysis, this course will help you!

by Etosha M.

Excel DNA for Project Finance Modeling

Exceptional course

The course is robust and well-structured, thoroughly covering the essentials of project finance modeling. What sets this course apart is Lukas' dedication to teaching, making complex concepts accessible and engaging.

by Ioannis T.

Advanced Renewable Energy Financial Modeling

Excellent course

This is an excellent course. Detailed, easy to follow, and very interesting. These types of courses are worth many times more than the price charged in my opinion. It would take several deals and many months of experience to reach this level.

by Vishal P.

Advanced Renewable Energy Financial Modeling

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As someone with over a decade of experience in the renewable energy sector, I highly recommend the Renewables Valuation Analyst Certification Program by RVI. This program provides a comprehensive and practical approach to mastering financial modeling, specifically designed for renewable energy projects. It's an invaluable resource for professionals aiming to excel in this field. The program’s depth and clarity make it an essential tool for anyone serious about advancing their career in renewable energy finance.

Timo Werner, CFA

Fund Manager

With years of experience in the infrastructure investment sector, I highly recommend RVI's Advanced Renewable Energy Financial Modeling course. This course guides students through the step-by-step construction of a project finance model from scratch. The resulting model offers exceptional flexibility, allowing users to model nearly any renewable energy project with a clear, intuitive, and user-friendly interface.