Project Finance Modeling

Course Content

Our Project Finance Modeling Course will help you to build a best-practice project finance financial model. With the aid of an infrastructure project case study, this course teaches participants how to develop a best-practice financial model and optimize it for both debt sizing and equity financing for infrastructure project finance deals. Using a case study of a PPP hospital project, participants will gain a thorough understanding of concepts related to Public Private Partnerships (PPPs/P3s) for both social and economic infrastructure. Additionally, the course includes a toll road model, with a detailed explanation of the revenue and cost drivers.

The content is designed to be broad enough to benefit professionals in other project finance sectors as well, such as mining, capital expenditures, and critical infrastructure development. Participants will develop models that analyze service coverage ratio (DSCR) and integrate key metrics such as the internal rate of return (IRR) to evaluate projects effectively.

This course can be bundled with our new Mining and Critical Minerals Course, offering a comprehensive solution for those working across industries.

For on-site or on-campus pricing options, customized training, or more information, contact sales@pivotal180.com.

Build confidence and expertise in project cash flows, debt service coverage ratios, and capital structuring with Pivotal180’s Project Finance Modeling Course today!

 

Project Finance & Infrastructure Modeling In-House

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Project Finance & Infrastructure Modeling Online

Course Price: $900

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SECTION OVERVIEW
Pre-course material

 

 

 

 

  • Course requirements and overview
  • Excel functions required
  • Shortcuts, named ranges, and data validation
  • Best practice principles
  • Best practice – flags and accounts
  • Impact of leverage on a project finance deal
Project finance introduction

 

 

 

  • Introduction to project finance
  • Typical investment structures
  • Tax and legal implications
  • Overall timeline and cashflow relationships
  • Major contracts and risk vs reward
  • Roles of different parties in the deal
Project finance term loans

 

 

 

 

 

  • Impact of leverage on a deal
  • Types of lenders and their mindset
  • Appropriate discount rates and interest repayments
  • Principal repayment options
  • Debt service cover ratio (DSCR)
  • Sculpting and sizing debt
  • Cash sweeps
  • Loan life cover ratio (LLCR)
  • Other debt ratios used for going-concerns
  • Understanding a Facility Agreement
Cashflow Drivers

 

 

 

 

 

 

 

 

 

 

  • Availability payments
  • Lifecycle costs
  • Revenue forecasting for patronage risk projects
  • Typical costs for infrastructure projects
  • Inflation calculations
  • Discussion of risk profiles of infrastructure assets, including:
    • Airports
    • Ports
    • Rail
    • Roads
    • Social infrastructure
  • Major maintenance reserve accounts
  • Understanding:
    • Project Agreements
    • Concession Agreements
    • O&M Agreements
Waterfall and cashflow summary

 

 

 

 

 

  • Typical waterfall structure vs cashflow statement
  • Accounting vs cash issues
  • Global differences in calculating the waterfall
  • Accounts required and the role of the administrative agent
  • Develop separate cashflow forecasts for debt and equity analysis
  • Develop upside and downside scenarios and sensitivities with data tables
Debt service reserve account (DSRA)
  • Requirement of (and implementation of) a DSRA
  • Impact of the DSRA on debt ratios
  • The debt service facility as an alternative
  • Develop model checks to ensure compliance with loan documents
Construction phase

 

 

 

 

 

  • EPC contract overview
  • Completion testing required and holdback payments
  • Value added tax challenges and solutions
  • Sources and uses
  • Model construction costs and understand funding challenge
  • Calculate total funding required
  • Discuss alternative drawdown orders
Depreciation and tax

 

 

 

 

 

 

  • Straight line, reducing balance, and MACRS depreciation
  • Model from EBITDA to EBT
  • Thin capitalization constraints on tax deductibility
  • Tax losses carried forward
  • State and local taxes
  • What happens when tax is ahead of CADS
  • International tax considerations (i.e. WHT, tax treaties)
  • Complete post tax valuations
Returns

 

 

 

 

  • Returns required for lenders, equity, and developers
  • Cap rate compression and the value in selling your project, calculating terminal values
  • Holdco debt and adding subordinated debt to increase returns (and risk)
  • Valuation comparables
Core Outputs
  • Comparison of accounting and tax depreciation
  • Developing an income statement and balance sheet
  • Converting quarterly calculations to annual outputs
  • Calculating working capital
  • Add deferred taxes to your model
  • Outputs required for an investment decision
Modeling quality checks

 

 

  • Adding model checks
  • How to review a model

 

 

Optimizing a deal model

 

 

 

 

  • Solve the price required to achieve a hurdle rate
  • Size the debt required in operations and construction
  • Introduction to VBA for project finance
  • Running scenarios with VBA
  • Simplifying alternatives to avoid VBA
  • Summary of core risks with analysis

Delivery Options

  • Self-Paced Online: Complete this course at your own pace, with flexible access to materials. Register online today to begin learning immediately.
  • Live Streaming: Join virtually with other professionals in a small group environment. Participate in live discussions and complete the course collaboratively. Upcoming dates are listed in our course schedule.
  • In-House Training: Customized to address the unique challenges faced by your organization. This course can be delivered live-streamed or in-person based on your needs.

This course is designed for individuals seeking to enhance their project finance modelling skills, including analysts, associates, and vice presidents working in banks, investment funds, development firms, and operating entities.

Whether you are looking to standardise your modeling approach or solve new challenges, this course provides the practical tools you need.

Senior participants considering a career change or seeking to sharpen their skill sets will also benefit, as will students preparing to enter the project finance sector or starting new roles.

No matter your level of experience, this course equips you with essential knowledge to excel in project finance.

If you would like to download and watch the video recording of our live session with Haydn simply click here

Pivotal180 stands out in the field of financial modeling education due to our unwavering commitment to teaching. We are not an advisory firm with training as a side business—our exclusive focus is on building institutional and human capacity. Our courses are led by senior practitioners who bring years of real transactional experience to the table. We don’t rely on theoretical knowledge or secondhand expertise; our trainers have been directly involved in infrastructure, debt service coverage ratio, and equity financing projects across industries.

We have trained leading advisors, developers, lenders, and funds globally, tailoring courses to meet unique organizational needs. Our approach combines instructor-led and online components, offering 12 months of access to our course materials, including step-by-step model walk-throughs, lecture slides, downloadable spreadsheets, and access to discussion forums for ongoing support. This blended solution ensures that your learning extends well beyond the classroom, empowering you to apply your skills effectively.

Discounts

The cost of the online course will be credited if you upgrade to a public or live-streaming session within 12 months.

Discounts include 50% off for students and non-profits, a 15% group discount for bookings of three or more participants, and a 10% early bird discount for interactive public sessions booked eight weeks in advance.

Anyone enrolled in our Renewable Energy Project Finance Modeling Course can access the Project Finance & Infrastructure Modeling Course for $325. Contact alison@pivotal180.com to obtain a coupon code.

Cancellation Policy for Public Courses

  • 4 weeks before the course: Full refund (less any merchant fees).
  • 1-4 weeks before the course: 50% refund.
  • Less than 1 week before the course: No refund.

Note Refunds are less any merchant fees incurred on payment

  • Course Completion Certificate: Showcase your expertise in project finance modeling.
  • 12-Month Online Access: Access comprehensive course materials, including lecture videos, transcriptions, and interactive resources.
  • Access to Discussion Forums: Connect with instructors and peers to resolve questions and share insights.
  • Subscription Renewal: Extend your access annually for $100 per year after the first 12 months
  • Alumni Forum: Access to the Pivotal180 communities.

There is no prerequisite for the course other than a basic knowledge of, and access to Excel. During the course you will need  a Computer/Laptop, power cord and having two monitors is preferrable.

Course Previews

What is Project Finance

Project Finance Infrastructure Model Familiarization

DSCR Sculpting