Expert-Level Project Finance Modeling for Renewable Energy

Achieve Industry-Standard Excellence: Utilize a Monthly-Based Model for Solar, Wind, and Hydro Projects with Advanced Debt Structures and Complex Scenario Analysis.

Lukas Duldinger, CFA, RVA

5.0 /5

(5)

Course Description

Master the advanced techniques needed to model complex renewable energy projects from a financial perspective. This course focuses on utilizing a fully developed project finance model for wind, solar, and hydro assets, emphasizing debt sculpting with target DSCRs, the implementation of Debt Service Reserve Facilities (DSRFs) and Debt Service Reserve Accounts (DSRAs), and Letters of Credit (LCs), as well as cash sweeps.

This expert-level course is designed for seasoned finance professionals, project managers, and energy sector analysts who want to refine their skills in renewable energy project finance.

With a real-world case study as the foundation, you’ll learn how to implement sophisticated financial strategies, analyze scenarios, and optimize models to meet the highest industry standards.

As part of the RVA Certification Program, this course offers lifetime access and focuses on expert-level techniques for structuring and optimizing complex renewable energy project finance models.

What You Will Learn

In this course, you will gain expert-level experience in using advanced financial models for renewable energy project finance.

Utilize a sophisticated monthly-based financial model for wind, solar, and hydro projects.

Implement debt sculpting with target DSCRs for both contracted and uncontracted revenues.

Model advanced hedging strategies, including interest rate swaps.

Conduct detailed scenario analysis, sensitivity testing, and cash sweeps.

Compare multiple term sheets and determine optimal financing structures.

Optimize financing structures to maximize equity IRR and NPV.

Integrate and manage Debt Service Reserve Facilities (DSRFs), Debt Service Reserve Accounts (DSRAs), and Letters of Credit.

Utilize dynamic reporting templates for banks and investors with high-level scenario outputs and KPIs.

Requirements

Excel 2013, 2016, 2019, 2021, or Excel 365 installed on your computer.
A proficient understanding of financial modeling and Excel is recommended, but all key concepts will be explained step by step.
For the best learning experience, we recommend completing the Excel DNA for Project Finance Modeling and Advanced Renewable Energy Financial Modeling courses, both of which are part of the Renewables Valuation Analyst (RVA) Certification Program.
This expert course is also part of the RVA Certification Program, ideal for professionals looking to deepen their expertise in renewable energy finance.

Who This Course is For

This expert-level financial modeling course is designed for professionals who already have a strong foundation in project finance and want to master advanced techniques for renewable energy projects. If you're looking to optimize complex financing structures and dive deep into the debt side of renewable energy deals, this course is ideal for you.

The content is particularly suited to professionals involved in the renewable energy sector, such as:

Infrastructure Investors – For those financing large-scale infrastructure projects.
Project Developers – For professionals structuring and financing renewable energy assets.
Debt Financing Banks – For institutions providing debt capital in project finance.
Investment Banks – For advisors involved in structuring project finance deals.
Asset Managers – For those managing renewable energy or infrastructure funds.
Private Equity Investors – For investors optimizing returns in infrastructure projects.

Course Introduction

Course Objective

Learning Outcomes

Introduction to Project Neptune – Case Study and Analysis Tasks

Project Neptune: Information Memorandum

Project Finance Basics

Project Finance Basics Quiz

Introduction to Advanced Project Finance Model

General Inputs and Assumptions

Understanding Depreciation, Amortization, and Goodwill

Engineering, Procurement, and Construction (EPC) Agreement

Construction and Development Costs

Understanding Interbank Offered Rates

Time-Dependent Inputs

What is a Power Purchase Agreement (PPA)?

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

Renewable Energy Basics Quiz

Power Generation and Revenue Assumptions

Fixed and Variable Operational Expenditures (Opex)

Decommissioning Reserve Account Setup

Interpreting the Debt Service Coverage Ratio (DSCR)

Debt Sculpting with Target DSCR

Understanding the Loan Life Coverage Ratio (LLCR)

Interest Rate Swaps: Understanding and Implementing Hedging Strategies

Interest Rate Swaps Quiz

Senior Debt - Sculpted Tranche

Introduction to a Debt Service Reserve Account (DSRA)

Debt Service Reserve Account (DSRA)

Introduction to Letters of Credit (LCs)

Letters of Credit in Project Finance Quiz

Letters of Credit (LCs)

Equity, Shareholder Loan, and Dividend Assumptions

Tax Assumptions and Finalizing the Debt Sizing Case

Introduction to a Debt Service Reserve Facility (DSRF)

Step-by-Step Implementation of DSRF in the Financial Model

Understanding the Internal Rate of Return (IRR)

Case Study IRR Optimization: DSRA vs. DSRF

Scenario 1: Debt Sizing (Bank 1 Proposal)

Interpreting the Net Present Value (NPV)

Scenario 2: Equity Base Case

Excel’s Power Unveiled: Goal Seek Function

Scenario 3: Breakeven Energy Yield

Scenario 4: Merchant Breakeven Price

Scenario 5: Lower Merchant Prices

Scenario 6: Downside Scenario

Scenario 7: Extended Lifetime

Scenario 8: Fully Merchant & Full Equity

Scenario 9: Opex Sensitivity

The Mechanics of Cash Sweep: How It Works and Why It's Used

Scenario 10: Cash Sweep (Debt Sizing Case)

Running All Scenarios for Bank 2 Proposal

Final Financing Partner Decision: Bank 1 vs. Bank 2

Review of Key Learnings

Case Study Conclusion

Instructor

Lukas Duldinger, CFA, RVA

Founder - Renewables Valuation Institute (RVI)

Starting my career in the renewables investment sector, I was immediately confronted with the daunting complexities of financial terminology and modeling. Driven to overcome these challenges, I dove into every learning resource available, from online classes to on-the-job training. My dedication turned mastering renewable energy modeling and valuation into a personal mission. This long and demanding journey inspired me to establish the Renewables Valuation Institute (RVI) and the Renewables Valuation Analyst (RVA) Certification Program. My aim is to provide students with a streamlined pathway to the critical knowledge and skills that I once struggled to obtain, ensuring accessibility and affordability. Holding a Bachelor of Science in Energy Management and being a CFA charterholder, I am now deeply committed to empowering the next generation of renewable energy professionals by bridging the gap between complex industry knowledge and practical, accessible education.

Gabriela

(5)

Fantastic and thank you

The course was fantastically organized, with impressive work behind it that truly facilitates learning. It strikes a very balanced mix between theory and hands-on work that couldn't be fully grasped otherwise. Super useful for any professionals looking to refresh or improve their project finance skills. It's best to work with two screens. Highly recommended!
Elchin

(5)

Renewables Valuation Analyst (RVA) certification

The course offers a thorough exploration of project finance modeling, equipping learners with essential knowledge, practical skills, and advanced techniques to build confidence in model development. It systematically addresses critical components of project finance models, with step-by-step instruction delivered with clarity and expertise. The curriculum is robust and meticulously designed, making it an invaluable resource for professionals aspiring to excel in the field of project finance.
Marek

(5)

amazing
Heráclito

(5)

Intuitive and relevant

The Expert-Level Project Finance Modeling for Renewable Energy course by RVI is very intuitive and relevant for professionals working with renewable energy Project. I have the opportunity to learn new financial and engineering concepts and also review old ones in a new perspective. Thank you!
VISHAL

(5)

Exceptional course. Give it a try!

This course has been excellent. One of the very best on the market. First the depth of the course and modeling skills are first class. It's clear Lukas has put a lot of effort and thought how to develop this course. What I especially like is the variety of scenarios and cases we model, just as a sponsor would look at it. Lukas walks us through each module and explains the impact it has on the model. One piece of advice I would give anyone is please do the advanced renewable modelling first before trying this course. Being able to develop the model from scratch greatly benefits doing this course which is more to do with using the model. I look forward to more courses like this in the future!

Frequently Asked Questions

The course contains 8 hours of online video material, and it takes the average student about 15 hours to complete the course. Once you have signed up and enrolled in the course, you will have lifetime access to all materials.

This course is 100% online, designed for advanced learners. You will follow the instructor's guidance while navigating and utilizing a highly sophisticated project finance model built in Microsoft Excel, specifically for renewable energy projects. Instead of building from scratch, you’ll work with a fully developed model, implementing and integrating advanced techniques like debt sculpting, DSRFs, DSRAs, LCs, cash sweeps, and sensitivity analysis. Detailed explanations are provided for each step, ensuring you master the intricacies of project finance modeling.

You can download the final financial model and all supplemental files anytime. Additionally, you can download different model checkpoint files at the end of each major chapter in case you could not follow all modeling instructions throughout the video lessons.

No! Once you have signed up and paid your one-time fee, you will have lifetime access to the course. Once enrolled, you can take the course at any time!

Yes! You can take this course whenever and wherever you are! All video courses are accessible online.

What sets this Expert-Level Project Finance Modeling course apart is its focus on advanced techniques and real-world application. Guided by an experienced financial modeling professional, you'll work with a sophisticated project finance model tailored for renewable energy projects like wind, solar, and hydro. The course emphasizes the practical integration of complex structures such as debt sculpting, DSRFs, DSRAs, LCs, and cash sweeps. It offers a unique opportunity to refine your skills in a specialized, high-stakes industry context.

The Expert-Level Project Finance Modeling for Renewable Energy course costs $249.00. You will have lifetime access to all lessons and materials after purchasing.

$249

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About this course

Part of RVA Certification Program
8 Hours
57 Lessons

This course also includes:

Full Lifetime Access
Real World Case Study
Expert Monthly-Based Model
Certificate of Completion

Buy $249

Testimonials

Jonas Benholz

Founder & CEO, IOTA Energy

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.

Jonas Benholz

Founder & CEO, IOTA Energy

Timo Werner, CFA

Fund Manager

Jonas Benholz

Founder & CEO, IOTA Energy

Timo Werner, CFA

Fund Manager