RVA Body of Knowledge
The complete curriculum is included in the RVA Certification Program, together with all courses, financial models and templates.
96
Welcome — How to Use the Body of Knowledge
The Complete Edition
Book 1 — Energy Systems & Markets
Reading 1 — Power vs. Energy
Quiz 1 — Power vs. Energy
Reading 2 — Capacity Factor, FLH and AEP
Quiz 2 — Capacity Factor, FLH and AEP
Reading 3 — Resource Profiles
Quiz 3 — Resource Profiles
Reading 4 — Grid Balance and Frequency
Quiz 4 — Grid Balance and Frequency
Reading 5 — AC, DC and Conversion
Quiz 5 — AC, DC and Conversion
Reading 6 — The Merit Order
Quiz 6 — The Merit Order
Reading 7 — Net Load and the Duck Curve
Quiz 7 — Net Load and the Duck Curve
Reading 8 — Wholesale Markets in Practice
Quiz 8 — Wholesale Markets in Practice
Topic Area I Quiz — Energy Systems & Markets
Book 2 — Project Finance & Deal Structure
Reading 9 — What Project Finance Is
Quiz 9 — What Project Finance Is
Reading 10 — The SPV and the Contract Web
Quiz 10 — The SPV and the Contract Web
Reading 11 — Who Does What
Quiz 11 — Who Does What
Reading 12 — PPA Fundamentals
Quiz 12 — PPA Fundamentals
Reading 13 — PPA Risk Anatomy
Quiz 13 — PPA Risk Anatomy
Reading 14 — Merchant Revenue and Hedges
Quiz 14 — Merchant Revenue and Hedges
Reading 15 — The Project Risk Matrix
Quiz 15 — The Project Risk Matrix
Reading 16 — Bankability and Due Diligence
Quiz 16 — Bankability and Due Diligence
Topic Area II Quiz — Project Finance & Deal Structure
Book 3 — Financial Modeling & Analysis
Reading 17 — The Anatomy of a Project Finance Model
Quiz 17 — The Anatomy of a Project Finance Model
Reading 18 — Modeling Conventions That Prevent Errors
Quiz 18 — Modeling Conventions That Prevent Errors
Reading 19 — CFADS and the Cash Flow Waterfall
Quiz 19 — CFADS and the Cash Flow Waterfall
Reading 20 — Three-Statement Integration in Project Finance
Quiz 20 — Three-Statement Integration in Project Finance
Reading 21 — Working Capital, Reserves and Cash Accounts in the Waterfall
Quiz 21 — Working Capital, Reserves and Cash Accounts in the Waterfall
Reading 22 — The Statistics of Energy Yield
Quiz 22 — The Statistics of Energy Yield
Reading 23 — From Yield Statistics to Financing Decisions
Quiz 23 — From Yield Statistics to Financing Decisions
Reading 24 — Time Value, IRR and the XIRR Toolkit
Quiz 24 — Time Value, IRR and the XIRR Toolkit
Reading 25 — NPV, Hurdle Rates and the Cost of Capital
Quiz 25 — NPV, Hurdle Rates and the Cost of Capital
Reading 26 — The Full Return Dashboard
Quiz 26 — The Full Return Dashboard
Reading 27 — Valuing Renewable Assets and Portfolios
Quiz 27 — Valuing Renewable Assets and Portfolios
Topic Area III Quiz — Financial Modeling & Analysis
Book 4 — Debt & Structured Finance
Reading 28 — DSCR – The Ratio That Runs Project Finance
Quiz 28 — DSCR: The Ratio That Runs Project Finance
Reading 29 — Debt Sizing and Sculpting to a Target DSCR
Quiz 29 — Debt Sizing and Sculpting to a Target DSCR
Reading 30 — Dual Constraints – P50/P99 and Contracted/Uncontracted Sizing
Quiz 30 — Dual Constraints: P50/P99 and Contracted/Uncontracted Sizing
Reading 31 — Why DSCR Targets Differ – The Lender's Risk Calculus
Quiz 31 — Why DSCR Targets Differ: The Lender's Risk Calculus
Reading 32 — Coverage Beyond DSCR – LLCR, PLCR and Gearing
Quiz 32 — Coverage Beyond DSCR: LLCR, PLCR and Gearing
Reading 33 — Covenants, Lock-ups and the Security Package
Quiz 33 — Covenants, Lock-ups and the Security Package
Reading 34 — The Facility Toolkit – Term Loans, Revolvers, LCs and Reserve Facilities
Quiz 34 — The Facility Toolkit
Reading 35 — Reserve Accounts – DSRA, MMRA and the Cash Cushion System
Quiz 35 — Reserve Accounts
Reading 36 — Mini-Perms, Cash Sweeps and Refinancing Risk
Quiz 36 — Mini-Perms, Cash Sweeps and Refinancing Risk
Reading 37 — Funding Construction – TFR, IDC, Drawdowns and Fees
Quiz 37 — Funding Construction: TFR, IDC, Drawdowns and Fees
Reading 38 — Interest Rate Risk and Hedging in Project Finance
Quiz 38 — Interest Rate Risk and Hedging in Project Finance
Reading 39 — Depreciation, Tax Losses and the Two-Track Model
Quiz 39 — Depreciation, Tax Losses and the Two-Track Model
Reading 40 — Interest Limitations, Shareholder Loans and Tax-Aware Capital Structure
Quiz 40 — Interest Limitations, Shareholder Loans and Tax-Aware Capital Structure
Topic Area IV Quiz — Debt & Structured Finance
Book 5 — BESS & Hybrid Project Finance
Reading 41 — BESS Fundamentals for Financiers – From Nameplate to Billable MWh
Quiz 41 — BESS Fundamentals for Financiers
Reading 42 — Financing Storage – Revenue Stacks, Tolls and Dual-DSCR Structures
Quiz 42 — Financing Storage
Topic Area V Quiz — BESS & Hybrid Project Finance
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.
I joined the Renewables Valuation Analyst Programme with no financial modelling experience at all. Since then, I’ve completed the Excel DNA and Advanced courses, and I regularly rebuild the interview-level financial model to keep the model logic and flow fresh. Lukas is a fantastic teacher with incredible depth of knowledge. He’s very responsive through the chat function, and the handbooks that accompany the video lectures add real depth to the learning. I’d highly recommend the programme to anyone starting from scratch, as I did, or looking to build on an existing skill set in renewable energy financial modelling.
As a Chartered Accountant currently working in an investment analysis role with a developer with a prior background in project finance modelling advisory in a large accounting firm, I had a good understanding of modelling best practices for project finance, but was always wary of the potential gaps in my experience from not going through a more traditional route such as investment banking. The RVA Certification was excellent in plugging gaps in my knowledge and really helped with the understanding of the "why" of different concepts in both renewable energy and project finance in a practical manner, and has really helped build my confidence in the sector. I would recommend to someone at any stage in their career.
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.
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