Excel DNA for Project Finance Modeling
Become a world-class financial modeler within the renewable energy sector and push your career to the next level.
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Course Introduction
Course Objective
Learning Outcomes
Project Finance Basics
Role of a Special Purpose Vehicle (SPV) in Project Finance
Differentiation of Equity Investors and Debt Providers (Lenders)
Non-Recourse Financing in Project Finance
Navigating the Due Diligence Process in Project Finance
Project Finance Basics Quiz
Introduction to the Case Study & Information Memorandum
Case Study - Analysis Tasks
Benefits of Using Shortcuts
Mastering the Name Manager in Excel
Excel: EOMONTH() Function
Excel Start File - Basic Formatting & Technical Inputs
Shortcuts Quiz #1
Construction & Operation Dates
Shortcuts Quiz #2
Harnessing the Power of Flags in Financial Models
Excel: IF(), AND() & OR() Function
Model Timeline & Conditional Formatting
Shortcuts Quiz #3
Model Currency
Engineering, Procurement, and Construction (EPC) Agreement
Construction & Development Costs
Excel: ISBLANK() Function
Excel: OFFSET() Function
Integrating Multiple Scenarios into the Model
MW vs. MWh: Clarifying the Difference
Unveiling Full Load Hours
Comparing P50, P75, and P90 Energy Yield
Standard Uncertainty and its Influence on Energy Yield Distribution
Excel: NORM.INV() Function
Excel: SUMIF() Function
Power Generation & Revenue Inputs
Power Purchase Agreements (PPAs) and Their Variants
Renewable Energy Basics Quiz
PPA Inputs & Inflation Assumptions
Construction Payment Plan, Conditional Formatting & First Checks
Electricity Price Forecast
Implementing Integrity, Signal & Master Check
Operational Expenditures (Opex) - Fixed Costs Inputs
Operational Expenditures (Opex) - Variable Costs Inputs
Debt Inputs
Equity & Tax Inputs
Interlinking the Financial Statements CFS, I/S, and BS
Understanding the Cash Flow Statement (CFS)
Undertanding the Income Statement (I/S)
Understanding the Balance Sheet (BS)
Financial Statements Quiz
Excel: MIN() Function
Uses of Funds
Sources of Funds
Excel: SUMPRODUCT() Function
Electricity Generation & Generation Allocation
Excel: INDEX() Function
Excel: MATCH() Function
Excel: LOOKUP() Function
Revenue Prices & Total Revenue
Operational Expenditures (Opex) Flags
Operational Expenditures (Opex) Real Terms
Operational Expenditures (Opex) Nominal Terms
Understanding Depreciation, Amortization, and Goodwill
Depreciation, Amortization, and Goodwill Quiz
Income Statement, Depreciation, Amortization, and Goodwill
Balance Sheet & Corporate Taxes
Senior Debt
Interpreting the Debt Service Coverage Ratio (DSCR)
Excel: AVERAGE() Function
Modeling the Debt Service Coverage Ratio (DSCR)
Excel: ROUND() Function
Equity Funding & Balance Sheet Check
Excel: MAX() Function
Cash Account, Dividend Distribution, and Interlinking CFS, IS & BS
Understanding the Internal Rate of Return (IRR)
Excel: XIRR() Function
Modeling the Internal Rate of Return (IRR)
Interpreting the Net Present Value (NPV)
Excel: XNPV() Function
Modeling the Net Present Value (NPV)
Understanding Cash-on-Cash Return (CoC)
Modeling the Cash-on-Cash Return (CoC)
Return Metrics Quiz
Case Study Scenario Analysis
Final Financial Model Wrap-Up & Additional Case Study Exercises
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Helping over 5,000 students excel in renewable energy & storage finance
Our students have enhanced their careers by mastering financial modeling for renewable energy & storage projects. Here are just a few of their success stories.
As someone with over a decade of experience in the renewable energy sector, I highly recommend the Renewables Valuation Analyst Certification Program by RVI. The program offers a comprehensive and practical approach to financial modeling, designed specifically for renewable energy projects. Its depth and clarity make it an invaluable resource for analysts and teams working on real renewable energy transactions.
With many years of experience in infrastructure investing, I highly recommend the RVA Certification Program to anyone working seriously in renewable energy finance. The courses go far beyond Excel mechanics and focus on how project finance models are actually built, structured, and used in real transactions. The models are intuitive, flexible, and immediately applicable — exactly what analyst teams need in practice.
Coming from a private equity and strategic finance background, I had strong financial modeling and underwriting experience but lacked direct exposure to renewable energy. The RVA Certification Program provided a clear, concise overview of how the industry works and translated that knowledge directly into building practical, project-level financial models. The content is detailed, actionable, and easy to follow, making it valuable regardless of your prior experience.
WILSON
Course review
A very interesting course where I learnt quite a lot with regards to wind project modeling and excel tips
Zhaoliang
Overall very detailed and good!
I understand that this is a simplified model, but the details and steps were really thorough and novice-friendly, for which i dedicate my thanks. One small thing if i may add, it would be great if we can have a diagram/short session to explain the overall steps and flowchart as to the overall logic of PF. I belive this would be very helpful to new learners to grasp the skeleton, considering PF is a very systematically complex task. Again thanks Lukas, great course!
Yinka
Superb Course to take
Every bit of the course is informative and carefully taken by the instructor. Thank you
Maryem
Super comprehensive
Loved this course, very comprehensive, very very well explained. There is only one thing I wish was introduced, and that is the concept of debt refinancing/the case of an asset sale in an LBO context. Otherwise, incredible.
Matheus
Great with a learning by doing approach
The course provides a very good understanding of the basics of Project Finance Modeling, along with good Excel knowledge to accelerate your progress. The standout point of this course is building the model from scratch, which really makes you feel that you are learning and developing a financial model. I’m looking forward to continuing my learning journey in the advanced courses.
R.J.
Great intro to applied finance modelling
The course provides a great mix of theoretical and practical skills. I really liked how the financing knowledge is applied straight away in the excel modelling. It provides a solid base for everyone who would like to grow their skills in project finance. Can definitely recommend it!
Gizachew
Here are the following titles that i covered in excel DNA financial modeling course
Thomas
Excellent Introduction to Project Finance Modeling
A comprehensive and thorough guide to building a project finance model from scratch. The course includes helpful explanations of key terminology, Excel functions and project finance considerations. The model itself is very robust, clearly laid out and follows best practice modelling standards. The accompanying case study provides practical application, with different cases and assumptions to model in assessing the impact on project returns.
Gabriela
An excellent course
An excellently organised and explained course for learning and refreshing the basics of a financial model for RES projects. Highly recommended. Lukas is a fantastic teacher and has done an uotstanding job preparing this course.
Ioannis
Building a strong foundation
Excel DNA for Project Finance Modeling by Lukas Duldinger, CFA, is an exceptional course, even after starting with the more advanced. Despite beginning with a higher-level course, I found immense value in revisiting the fundamentals through this well-organized program. Lukas presents key concepts clearly with a specialization in Renewables Energy modeling, ensuring a solid understanding of both basic and some advanced points. The course’s structured approach made the learning process smooth and insightful. I don't regret taking this course at all; in fact, it enhanced my overall knowledge. Highly recommend it for anyone looking to build a robust foundation in project finance modeling.
Panos
Great course on Project finance modelling
Etosha
Excellent walkthrough on the most essential elements of Project Finance for Renewables.
Having worked for 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!
Heráclito
Excellent learning experience and well-made material
The course support material was simple but easy to understand, the tutor has an excellent capacity to explain and guide you through the modelling tasks.
Faisal
Great course
Professional and well arranged, thank you Lukas.
Gabriel
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, eager to make strides in project finance modeling or someone looking to enhance existing skills, this course provides all the "nuts" and "bolts" for building robust and dynamic project finance models. RVI is a game changer and many thanks to Lucas for the generosity of sharing his wealth of experience, providing invaluable guidance, and showcasing his expertise in the Renewable Energy sector. I am well on my way to becoming a world-class financial modeler.
Jeffrey
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.