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About this Virtual Instructor Led Training (VILT)

This course will provide you with the ability to understand nuances of project finance theory through
creating and understanding project finance models. Through working through the construction of models in a hands-on environment, you will be better able to quantify risks of different types of projects and you will be able to use models to assist in the negotiation of contracts.

  • Understand project finance models in the context of finance theory related to subtle issues associated with contract structuring, debt sizing, debt funding, debt repayment, debt servicing costs and credit enhancements.
  • Interpret models developed by other people and add master scenario pages to any model using case studies of actual models.
  • Create flexible models with effective summary statistics to evaluate alternative timing, operating assumptions, financial structures, re-financing and contract pricing.
  • Work through the difficult problems in project finance modelling including:
    • Complex cash flow waterfalls with balloon payments and mini-perm structures
    • Sizing of debt with capitalized interest and alternative drawdown schedules
    • Flexible debt sculpting with income taxes
  • Understand the benefits of creating user defined functions rather than copy and paste macros to resolve any circular reference problems in project finance models including funding problems and debt sculpting.
  • Learn Excel techniques with some VBA to make better presentations from models and to make models more transparent and efficient.

The VILT will be delivered online in 4 sessions comprising 4 hours per day, with 2 breaks of 10 minutes per day, including time for lectures, discussion, quizzes and short classroom exercises.
Additionally, some self-study will be requested.

Participants are invited but not obliged to bring a short presentation (10 mins max) on a practical problem they encountered in their work. This will then be explained and discussed during the VILT. A short test or quiz will be held at the end the course.

Our key course expert provides financial and economic consulting services to a variety of clients, he teaches professional development courses in an assortment of modelling topics (project finance, M&A, and energy). He is passionate about teaching in Africa, South America, Asia and Europe. Many of the unique analytical concepts and modelling techniques he has developed have arisen from discussion with participants in his courses. He has taught customized courses for MIT’s Sloan Business School, Bank Paribas, Shell Oil, Society General, General Electric, HSBC, GDF Suez, Citibank, CIMB, Lind Lakers, Saudi Aramco and many other energy and industrial clients. His consulting activities include developing complex project finance, corporate and simulation models, providing expert testimony on financial and economic issues before energy regulatory agencies, and advisory services to support merger and acquisition projects.

Our key course expert has written a textbook titled Corporate and Project Finance Modelling, Theory and Practice published by Wiley Finance. The book introduces unique modelling techniques that address many complex issues that are not typically used by even the most experienced financial analysts. For example, it describes how to build user-defined functions to solve circular logic without cumbersome copy and paste macros; how to write function that derives the ratio of EV/EBITDA accounting for asset life, historical growth, taxes, return on investment, and cost of capital; and how to efficiently solve many project finance issues related to debt structuring. He is in the process of writing a second book that describes a series of
valuation and analytical mistakes made in finance. This book uses many case studies from Harvard
Business School that were thought to represent effective business strategies and later turned into valuation nightmares.

Over the course of his career our key course expert has been involved in formulating significant government policy related to electricity deregulation; he has prepared models and analyses for many clients around the world; he has evaluated energy purchasing decisions for many corporations; and, he has provided advice on corporate strategy. His projects include development of a biomass plant, analysis and advisory work for purchase of electricity generation, distribution and transmission assets by the City of Chicago, formulation of rate policy for major metro systems and street lighting networks, advocacy testimony on behalf of low income consumers, risk analysis for toll roads, and evaluation of solar and wind projects. He has constructed many advisory analyses for project finance and merger and acquisition transactions.

Lastly, our key course expert was formerly Vice President at the First National Bank of Chicago where he directed analysis of energy loans and also created financial modelling techniques used in advisory projects. He received an MBA specializing in econometrics (with honours) from the University of Chicago and a BSc in Finance from the University of Illinois (with highest university honours).