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Project Finance Modeling for Renewable Energy
Introduction to the Course
Intro to the Course (2:23)
Part 1 - Basics of Wind and Solar Projects Development
Renewable Energy Overview (2:43)
Wind and Solar Equipment (3:02)
Energy Generation (5:23)
Wind and Solar Resources (16:01)
P-Value, Probability and Excel (8:22)
Quiz 1 - Equipment, Energy Generation and Resources
Selling Energy under the PPA (7:20)
Risk Allocation under the PPA (3:50)
PPA terms (4:48)
Quiz 2 - PPA terms
Construction Contracts in Renewable Energy Development (5:17)
Construction Risks (6:02)
Operating Costs (4:02)
Quiz 3 - Renewables Construction and Operation
Financing of Renewable Energy Project (4:28)
Role of the SPV in Financing (3:50)
Sources of Financing for Renewable Energy Projects (5:45)
Loan Agreement (5:49)
Debt Sizing (5:01)
Debt Sizing Example (10:00)
Control Accounts & Cash Flow Waterfall (5:32)
Covenants in Project Finance (4:16)
Quiz 4 - Financing
Part 2 - Excel Refresher
Calculations in Blocks (10:23)
Paste Forward Link (4:30)
Daisy Chains and Link Formatting (3:55)
Using Placeholders (2:13)
Most Used Excel Shortcut Keys (7:52)
Understanding Anchoring (3:52)
Understanding Dates (5:25)
Understanding IF Statements (4:52)
Understanding SUMIF function (6:04)
Understanding LOOKUP function (5:37)
Understanding MIN MAX functions (2:38)
Part 3 - Financial Modeling For Wind and Solar Projects (SPV pays taxes)
Introduction to the Financial Model and Case Study (5:10)
Timing and Flags (4:35)
Modeling Dates (10:50)
Modeling Flags 1 (8:29)
Modeling Flags 2 (8:31)
Modeling Flags 3 (15:53)
Modeling Energy Generation
Energy Generation Recap (1:28)
Modeling Energy Generation (13:36)
Modeling Energy Generation with Seasonality Factor (8:40)
Selling Energy
Selling Energy Recap (1:25)
Modelling Revenue (15:44)
Operating Costs
Operating Costs Recap (0:47)
Modeling Operating Costs (11:54)
Working Capital
Understanding Working Capital (4:49)
Modeling Working Capital (12:07)
PP&E and Depreciation
Understanding PP&E and Depreciation (3:38)
Modeling PP& and Depreciation (11:34)
Tax Expense and Tax Paid
Understanding Taxes (6:23)
Net Operating Losses (4:39)
Modeling Taxes 1 (9:55)
Modeling Taxes 2 (17:05)
Equity, Dividends and Cash
Understanding Equity (4:34)
Modeling Equity, Dividends and Cash - 1 (11:50)
Modeling Equity, Dividends and Cash - 2 (14:18)
Sizing the Debt for Wind and Solar Projects
Debt Sizing for Renewable Projects (2:23)
Sizing the Debt -1 (21:29)
Sizing the Debt - 2 (14:57)
Modeling Construction Phase
Construction Timing (4:11)
Modeling Construction Costs (11:39)
Understanding Construction Funding (4:12)
Construction Funding Overview (7:28)
Modeling Construction Funding 1 (13:00)
Modeling Construction Funding 2 (15:34)
Financing costs 1 (15:03)
Financing costs 2 (21:23)
Linking Funding Sheet to Operations 1 (12:25)
Linking Funding Sheet to Operations 2 (13:43)
Term Loan
Modeling Term Loan (11:29)
Project Finance Debt Ratios
Understanding DSCR (6:23)
Modeling DSCR (8:07)
Understanding LLCR & PLCR (5:30)
Modeling LLCR (12:56)
Modeling LLCR based on effective interest rate (14:31)
Debt Service Reserve Account ("DSRA")
Understanding DRSA - 1 (2:24)
Understanding DSRA - 2 (5:24)
Modeling DSRA 1 (18:00)
Modeling DSRA 2 (8:51)
Modeling DSRA 3 (9:42)
Modeling DSRA 4 (12:20)
Shareholder Loan
Understanding Shareholder Loan - 1 (3:06)
Understanding Shareholder Loan - 2 (4:23)
Modeling Shareholder Loan - 1 (6:24)
Modeling Shareholder Loan - 2 (14:27)
Modeling Shareholder Loan - 3 (6:36)
Project Returns
Project Returns Overview (3:51)
Modeling Project Returns - 1 (11:17)
Modeling Project Returns - 2 (12:54)
Project Optimization (19:45)
Model Checks and Scenario Manager
Modeling Checks (22:17)
Modeling Scenario Manager (9:30)
Construction Funding Macro (6:52)
Summary Sheet
Summary (3:17)
Course Review
Part - 4 Financial Modeling For Wind and Solar in US
Investment Structuring (2:56)
Tax Efficiency (7:51)
PTC after Inflation Reduction Act (7:45)
ITC after Inflation Reduction Act (6:19)
IRA Bonus Credits ("Adders") (3:57)
Modeling PTC (5:49)
Modeling ITC (8:57)
Modeling Tax Benefits for Efficient Taxpayer (3:27)
Modeling Tax Benefits for Inefficient Taxpayer (11:44)
NPV of Tax Benefits (4:48)
Modeling Returns of the Efficient and Inefficient Taxpayer (11:04)
Understanding Tax Equity - 1 (4:20)
Understanding Tax Equity - 2 (4:46)
Intro into Tax Equity Modeling (3:57)
Tax Equity Modeling 1 - Sizing Tax Equity (9:14)
Tax Equity Modeling 2 - Sizing Back Leverage Debt (11:17)
Tax Equity Modeling 3 - Construction Funding (14:37)
Tax Equity Modeling 4 - Sponsor's Tax Credits and EBT (11:06)
Tax Equity Modeling 5 - Sponsor's Tax Liability (9:42)
Tax Equity Modeling 6 - Sponsor IRR (7:48)
Tax Equity Modeling 7 - Summary (17:37)
Part 5 - Final Task
Final Task (6:49)
Course Review
Selling Energy under the PPA
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Selling under PPA.pdf
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