Project Finance Modeling

Project Finance Modeling Course Content

Build a project finance model from scratch using an infrastructure project case study.

This course teaches participants how to develop a best-practice financial model and optimize it for both debt and equity investors for an infrastructure project finance deal.  Using a case study of a PPP hospital project, participants learn the concepts required to develop a financial model related to Public Private Partnerships (PPPs / P3s) for both social and economic infrastructure.

A toll road model is also provided with a description of the revenue and cost drivers.

The course covers a broad enough set of topics such that it is also suitable for those in other project finance sectors such as power or mining.

Project Finance & Infrastructure Modeling In-House

Course Price: Contact Us

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Inhouse Training
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Project Finance & Infrastructure Modeling Online

Course Price: $900

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Online Self Paced

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 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

  • Self-paced, online – complete this course online at your own pace.
  • Live streaming – join virtually with other professionals in a small group environment to complete this course.
  • Inhouse – this course can be customized to address the unique challenges that your team or organization face.

Who should attend:

This course will benefit the following people:

  • Analysts, associates & vice presidents at banks, funds, investors, developers, and operating entities looking to standardize approaches to modeling or solve new problems
  • More senior participants changing careers or looking to up their skill set
  • Students wishing to enter the project finance sector or about to start new roles

Still unsure if this course is right for you?

Our course information and QA sessions are a great way to learn about our training programs.  You will get an overview of the course content, delivery structure and key objectives. If you would like to download and watch the video recording of our October live session with Haydn simply click here

  • Pivotal180 is focused exclusively on teaching. Institutional and human capacity building is not a side business.
  • Senior practitioners with real experience lead Pivotal180 training courses
  • Our understanding is from practical transactional experience, not from reading about it or hearing about it from senior people on our team
  • We have trained top advisors, developers, lenders, and funds across the world.
  • We tailor our courses more than anyone else in the market, to meet your needs
  • Our blended solution of instructor led and online training includes 12 months of access to our online courses

Contact us for on-site or on-campus pricing and options.

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

Discounts provided off the full course prices.

  • Students and non-profits are eligible for a discount of 50% (no other discounts may be added to this).  Online course price for students and non profits is $450
  • Student are not eligible, to renew their subscription and the license will expire after 12 months
  • Other discounts
    • Group booking of 3 or more people – 15%  Price per person for online group bookings is $765
    • Early bird ( interactive online and public sessions only ) if book 8 weeks before the course – 10%.

Promotional offer:

*Please contact to obtain a coupon code to apply on registration.

Cancellation Policy for Public Courses

  • 4 weeks before the course: Full Refund*
  • 1-4 weeks before the course: 50% Refund
  • <1 week before the course: No Refund

*Refund is less any merchant fees incurred on payment

  • 12 months access to our online material, including concept videos with transcriptions, lecture slides, downloadable spreadsheet examples.
  • A complete step-by-step model walk-through, and access to discussion forums for ongoing questions’.
  • Subscription can be extended annually post the first 12 months for $100 per annum.
  • Lunch, tea & coffee at the venue (public session participants only).
  • Course completion certificate.

  • Basic knowledge of, and access to Excel
  • Computer/Laptop (two monitors is preferrable)
  • Power cord