Financing Energy Projects Course

Lesson 1 • Key Stakeholders and Their Interests

Profiles sponsors, lenders, offtakers, and regulators. Clarifies how competing interests shape financing terms.

Lesson 2 • Energy Project Life Cycle

Traces a project from development through decommissioning. Identifies financing needs and risk profiles at each phase.

Lesson 3 • Core Concepts in Project Finance

Introduces project finance as distinct from corporate finance. Connects limited-recourse structures to energy project risk allocation.

Lesson 1 • Model Architecture and Best Practices

Establishes disciplined spreadsheet design for project finance models. Prevents common structural errors that distort outputs.

Lesson 2 • Cost and Expenditure Modeling

Captures capital expenditure, operating costs, and lifecycle costs accurately. Links cost assumptions to financing structure and debt sizing.

Lesson 3 • Returns Analysis and Sensitivity Testing

Calculates equity IRR, NPV, and payback metrics for sponsors and lenders. Stress-tests model outputs against key variable changes.

Lesson 4 • Revenue and Production Modeling

Translates technical energy output data into financial revenue streams. Covers capacity factors, tariff structures, and curtailment assumptions.

Lesson 1 • Risk Allocation Principles

Applies the principle that risk should be borne by the party best able to manage it. Connects allocation decisions to financing cost and bankability.

Lesson 2 • Construction Phase Risk Management

Addresses completion risk as the primary lender concern during construction. Covers EPC contracts, performance bonds, and completion guarantees.

Lesson 3 • Risk Taxonomy for Energy Projects

Classifies risks across technical, market, regulatory, and force majeure categories. Provides a shared vocabulary used throughout financing negotiations.

Lesson 4 • Operational and Revenue Risk Management

Mitigates revenue shortfall and operational underperformance during operations. Links offtake agreements and O&M contracts to lender requirements.

Lesson 1 • Export Credit and Guarantee Instruments

Covers export credit agency financing tied to equipment procurement. Explains how ECAs reduce lender risk and extend debt tenors.

Lesson 2 • Project Bonds and Capital Markets

Examines bond financing as an alternative to bank debt for operational projects. Covers credit ratings, bond covenants, and investor appetite.

Lesson 3 • Multilateral and Development Finance

Profiles development finance institutions and their role in energy project lending. Explains how DFI participation improves bankability in emerging markets.

Lesson 4 • Mezzanine and Subordinated Debt

Introduces hybrid debt instruments that bridge equity and senior debt. Explains how mezzanine layers improve equity returns while managing lender risk.

Lesson 1 • Equity Investor Landscape

Profiles strategic sponsors, infrastructure funds, and institutional investors. Distinguishes their return requirements and investment horizons.

Lesson 2 • Optimizing Leverage and Capital Structure

Balances debt and equity to maximize returns while satisfying lender coverage requirements. Applies capital structure theory to energy project constraints.

Lesson 3 • Equity Exits and Secondary Markets

Examines how equity investors realize returns through asset sales and secondary transactions. Covers valuation methods used in energy asset transfers.

Lesson 4 • Shareholder Agreement and Governance

Structures equity relationships between co-investors in a project company. Covers voting rights, reserved matters, and deadlock resolution.

Lesson 1 • Fuel Supply and Offtake Agreements

Addresses fuel supply security for thermal projects and feedstock agreements. Links supply contract terms to revenue and cost certainty for lenders.

Lesson 2 • Power Purchase Agreement Structures

Examines PPA types, pricing mechanisms, and credit quality of offtakers. Connects PPA terms directly to debt sizing and lender comfort.

Lesson 3 • Operations and Maintenance Agreements

Structures O&M contracts to ensure reliable project performance. Covers performance guarantees, KPIs, and termination rights.

Lesson 4 • Lender Due Diligence on Contracts

Applies a lender lens to review the full contract suite for bankability gaps. Produces a bankability assessment and remediation plan.

Lesson 1 • Wind Energy Project Finance

Addresses wind resource uncertainty, turbine performance, and wake loss modeling. Connects P50 and P90 energy estimates to debt sizing decisions.

Lesson 2 • Solar PV Project Finance

Covers resource assessment, technology risk, and revenue modeling for solar assets. Addresses degradation, irradiance variability, and module warranty issues.

Lesson 3 • Battery Storage and Hybrid Project Finance

Examines revenue stacking, degradation, and technology risk for storage assets. Covers hybrid project structures combining generation and storage.

Lesson 4 • Merchant and Subsidy-Free Renewable Finance

Structures financing for projects without long-term contracted revenue. Applies hedging, reserve accounts, and flexible debt to manage merchant exposure.

Lesson 1 • Financial Close Process and Execution

Manages the end-to-end process from term sheet to financial close. Covers conditions precedent, documentation, and closing mechanics.

Lesson 2 • Portfolio and Platform Financing

Structures financing across multiple assets to achieve scale and diversification benefits. Covers portfolio aggregation, cross-collateralization, and platform vehicles.

Lesson 3 • Refinancing and Recapitalization

Optimizes capital structure post-construction by refinancing into cheaper long-term debt. Covers timing, market conditions, and lender consent requirements.

Lesson 4 • Syndication and Club Loan Structures

Manages large debt packages through syndication to multiple lenders. Covers arranger roles, underwriting risk, and syndication strategy.