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Project Finance Academy

Master project finance with our industry-leading academy
  • This course will take place over video conferencing technology. To find out more contact

    Program Objectives

    This ten-day Project Finance Academy is designed to help bankers, private investors, project developers, equipment suppliers, official creditors, and other project participants acquire the skills they need to evaluate project financing transactions in a wide variety of industrial sectors. Relying heavily upon examples from around the world characteristic of the energy, transportation, social services, water, sanitation, telecommunications, oil, gas and mining, attendees will be brought up to date on the latest techniques and innovative approaches to structuring and funding projects.

    Program Structure

    The program is divided into five modules that may be attended in full, week 1, week 2 or booked separately:

    Module 1 Conducted from days 1 to 4 comprises the program’s core. A rapid paced discussion of key aspects of project structures, at its conclusion participants will be able to break analysis into its component parts. They will have gained techniques for assembling market information, making qualitative judgments, developing key agreements and conducting thorough quantitative financial analysis of projects.

    This portion of the program also identifies the many sources of finance and risk support available for projects. From bank markets, and bond issuance, to leasing and other foreign and local currency funding alternatives, highlighting their differences, requirements, and investor concerns.

    The module also pays careful attention to the many techniques for enhancing the terms of funding provided by official players like Export Credit Agencies, development banks and private risk insurers.

    Module 2 Builds on the foundation established in the first portion of the program. A day-long session, it gives participants a hands-on opportunity to build a cash flow model using Excel-based software. At the conclusion of the segment participants will have a pro forma project model suitable for examining debt capacity and project return on investment.

    Module 3 Introduces elements unique to projects in the natural resource sectors: oil, gas and mining. Discussion and cases cover green-field and later phase mining projects. Approaches to equipment finance are highlighted. Effective application of commodity and other derivatives is described.

    Module 4 Concentrates on elements specific to green energy projects. Including wind and solar energy projects as well as hydro, geothermal, biomass and hydrogen facilities.

    Module 5 In this final session participants will become familiar with the wide array of models for Public Private Partnerships (PPP) designed to link public sector financial resources with private sector discipline and capital. The module compares approaches to ‘balancing risk’ among various stakeholders, creditors and guarantors of projects against policy objectives like ‘value for money” central to governmental decision-making. Case examples cover projects in transport, water, sanitation, social services and other infrastructure.

    Virtual Session Timing and Case Reading

    Each day will commence at 12:00 noon BST and conclude officially at 6pm BST.
    The course us heavily reliant upon cases and examples to reinforce understanding and ensure application of concepts. Case Studies, to be discussed in class are sent as pre-reading. Overnight reading and case work is expected during each module.

    Who Should Attend?

    The courses will be of value to professionals in the following areas:
    • Bankers/Investment Bankers
    • Financial Advisors
    • Sponsors/Project Joint Ventures
    • Project Developers
    • Government Agencies
    • Public Sector Managers
    • Export Credit Agencies
    • Multilateral Agencies
    • Accountants and Taxation Advisers
    • Financial Analysts
    • Share Market Analysts and Brokers
    • M&A and Buyout Specialists
    • Privatization Executives
    • Company Treasurers and Directors
    • Credit Committee Staff
    • Rating Agencies
    • Project Managers and Engineers
    • Project Consultants
    • Investment/Portfolio Managers
    • Insurance Advisers and Brokers

  • This course will take place over video conferencing technology. To find out more contact  

    (10-Day Program)

    Module 1: Advanced Project Finance Workshop (4 days)

    Day One Themes: Structuring Projects and Creating a Security Package; Oil and Gas Projects

    Project Finance Overview
    • Current Challenges /Approaches
    • Who are the Players? Identifying and Allocating Risks
    • What Can Go Wrong?
    • Examples from the Energy Sector
    • Financing Infrastructure

    Various Projects and Approaches to Risk Identification
    • Across Sectors
    • Risks in Development,
    • Construction, and Operating Risks
    • Feedstock and Supply
    • Market Risks
    • Environmental Risks
    • Financial Risks
    • Political and Regulatory Risks

    Sources of Finance: Financing Checklist
    • Domestic and Foreign Banks
    • Bond Markets
    • Development Banks, ECAs and Other Official Creditors
    • Leasing
    • Islamic Finance
    • Sources of Equity

    Cashflow Forecasting
    • Financial Modeling and Cash Flow Analysis
    • View of Lenders: DSCR and PV Coverage
    • Equity Considerations: IRR and NPV
    • Approaches to Evaluating the Cost of Capital
      • Project Returns vs. Equity Returns
    • Forecasting Techniques and Limitations
    • Probabilistic vs. Non-Probabilistic Model-Building

    Case Study: Working with Cash Flow Modeling Software to Finance a Gas Processing Plant
    Participants break into small groups to prepare a case study that analyzes a fertilizer project. A computer simulation will be used to model cashflows. Groups will present their solutions.

    End of Day One

    Day Two Themes: Sources of Finance and Credit Enhancement; Power Projects

    Legal Issues and Documentation
    • Legal Environment and Regulatory Conditions
    • Commercial Points and Legal Points in Various Project Structures:
    • Key Contractual Agreements and Structuring Considerations
    • Developing a Term Sheet
      • Limiting Recourse
      • Tax Gross Up Issues
      • Market Disruption Provisions
      • Reps and Warranties
      • Conditions Precedent
      • Covenants Including MAC Clauses
      • Hedging Requirements

    Sources of Finance
    • Banks and the Current Club Loan Market
    • Syndicated Loan Financing
    • What Security do Banks Want?
    • Market Flex Clauses
    • Development Bank "A" and "B" Loans and Other Funding Sources
    • Inter-creditor Issues

    Credit Enhancement Alternatives
    • Guarantees and Insurance vs. Funding
    • Buyer and Supplier Credits
    • Bank Incentives Inherent in ECA Programs
    • Costs and Availability
    • Securitization of ECA Guarantees
    • Choosing a Special Purpose Vehicle

    Liberalizing Power Markets
    • Market Forces and Effect on Electrical Supply
    • Fragmentation of Electricity Generation
    • Generating, Transmission, Distribution
    • Merchant Power Plants (MPPs)
    • Rating Agencies' Analytical Model

    End of Day Two

    Day Three Themes: More Financing Sources and Structuring Considerations; Renewable Power Project Transactions

    Case Study: Financing a Power and Desalination Facility
    Risk allocation among various project participants to finance and construct a power plant. Testing the project's cash flows under varying scenarios with a cash-flow simulation model. What are acceptable DSCR levels? What returns does equity look for?

    Capital Markets Applications
    • Private Placements and Eurobond Issuance for Projects
    • Comparing Bond Issuance to Bank Loans
      • Nature of Investors, Timing and Flexibility
      • Project Size and Relative Cost
      • Security Requirements
      • Negative Arbitrage Issues
      • The Due Diligence Process / Road Shows
      • Rating Agency Considerations

    Islamic Finance
    • Definitions, Principles, and Authoritative Sources
    • Structures: Murabaha, Istisna and Ijara
    • Examples of Petrochemical and Other Transactions

    Leasing and Project Finance
    • Leasing Applications in Projects
    • Evaluating Cost

    End of Day Three

    Day Four Themes: Risk-Management with Derivatives; Development Banks and Other Official Creditors and risk Enhancement; Transportation Projects

    Transportation Projects and Other Infrastructure
    • Public Private Partnerships (PPP) Principles
    • Roles for the Public and Private Sector
    • Different Structures and Degrees of Private Participation
    • Outright and Partial Government Ownership
      • Long-term Concessions
    • Roads, Railroads, Airports, Ports and Other

    Exercise: Constructing a Risk Matrix
    Case Study: Airport Finance; Negotiating a Term Sheet.
    Participants will break into groups to work on this project structure. Discussion will focus on project risks, their allocation through contracts, the mix of financing, cash flow projections, as well as rating agency considerations in evaluating the proposed financing structure.

    Self-test and Wrap-up

    End of Day Four and Module 1

    Module 2: Cashflow Modeling (1 Day)

    Day Five  Themes: Project Finance Modeling

    Participants will spend a day building a model for a Liquified Natural Gas (LNG) project. They will test a limited-recourse financing package for debt capacity and attractiveness to investors. Discussion of common approaches to modeling with Excel, ‘dos’ and ‘don’ts’. Practical use of models for negotiations.

    Modeling Workshop Overview: Objectives and Approaches
    • Constructing a Model / Common Myths
    • Variations by Project Type
    • Overview of LNG Plant and Major Contracts

    Structuring the Model and Organizing the Data to Create a Cashflow Statement
    • Developing the Assumptions Page
    • Construction Costs and Timing
    • Operating Cost, Plant Capacity Usage, Fixed and Variable Costs
    • Reinvestment, Plant Expansion, Productivity Shifts

    Financing Section
    • Equity First or Pro Rata
    • Manually Designed Equity Subscription
    • Draw-down of Debt Linked to Specific Contracts, Expenditures
    • or in a Hierarchy

    Developing the Profit and Loss and Balance Sheet
    • Factoring in Reserves
    • Considering Currencies
    • Tax Calculations
    • Working Capital

    Ratios and Sensitivity Analysis: Objectives and Limitations
    • Measuring Debt Capacity and Investor Return
    • Using Modeling Output for Initial Project Vetting
    • Supporting on-going Negotiations

    End of Day Five and Module 2

    Module 3: Financing Natural Resources: Oil, Gas and Mining (1 Day)

    Day Six Themes: Mining and Other Natural Resources Projects; Reserve and
    Off-take Evaluation

    Mining Transaction Considerations
    • Special Issues in Mining Transactions
    • Single Asset Projects and Asset Depletion
    • Off-take Arrangements
    • Construction and Engineering
    • Mine Operating Risk
    • Environmental and Political Risk

    Price Volatility and Risk Management with Derivatives
    • Financial Price Movements
    • Volatility and Risk
    • Commodity-linked Derivatives for Risk Management
    • Pitfalls

    Case Example: Rhenium Processing Facility

    Mining Case Study
    Structuring contracts to support project financing of an industrial minerals project in an emerging economy. Critical application of Political Risk Mechanisms to attract and reassure lenders and investors.

    End of Day Six and Module 3

    Module 4: Financing Renewable Energy Projects (2 Days)

    Day Seven Themes: Structuring Renewable Projects; Intermittent Power

    Renewable Energy Project Financing
    • Growth of the Market: Sectors, Drivers of Growth
    • Energy Usage and Investment Globally
    • Global Incentive Programs
    • Renewable Energy Sources
    • Comparative Levelized Cost of Energy (LCOE)

    Approaches and Structuring Considerations
    • Sale by Developer Before Construction
    • Bank Construction Bridge Finance
    • Developer Arranges Construction Loan
    • Tax Investors
    • Back Leveraging Cash Equity
    • Limited Recourse Structures Including Leasing

    Case Example: On-shore US windfarm. Pre-reading transaction will be discussed.

    Project Risk Allocation (Checklist)
    • Assessing Sponsor Risk
    • Land Acquisition
    • Environmental and Permitting Considerations
    • Construction and Warranty Issues
    • Insurance Requirements
    • Contractual Bifurcation and BOP
    • Technology Advances, Operational Issues
    • Transmission and Interconnection
    • PPA Considerations: Availability
      • Energy and Environmental Credits
    • Resource Assessment and Energy Yield
    • Data Sources and Reliability
    • Inflation and Currency Movements
    • Political and Other Considerations

    End of Day Seven

    Day Eight Themes: Solar, Hydro, Geothermal and Hydrogen Based Power

    Solar Projects
    • Solar Photovoltaic Systems
    • Thin Film vs Crystalline Technologies
    • Technology Advances and Manufacturers
    • Tracking Systems
    • Issues of Scale, Cost and Application
    • Operational Issues
    • Battery Storage
    • Community Solar and Microgrids

    Case Study: Participants will evaluate bonds used to finance a 586 MW PV solar park. They will consider structure, project cash flows, security and other protections in assessing the risk assumed by investors. What covenants and conditions were required? What distinguishes investment grade from speculative grade bonds? Why use 144a vs traditional private placement markets?

    Base Load Producers: Geothermal and Hydro plants
    • Where are these facilities located?
    • Technologies: dry and flash steam plants; binary plants
    • Resource assessment and drilling risk
    • Construction and transmission issues
    • Government role
    • Favorable features and drawbacks of hydropower
    • Conventional hydro facilities (medium and large)
    • Small-scale run-of-the river plants
    • Pumped storage
    • Financing considerations
    • Structuring investment and approaches to project solicitation

    Case Study: Financing a small-scale hydro facility with grid sales.

    Self-test and Wrap –up

    End of Day Eight and Module 4

    Module 5: Infrastructure Finance and PPP (2 Days)

    Day Nine Themes: Infrastructure Projects, Transport and PPP, Social Infrastructure

    What is Public Private Partnership (PPP)?
    • Public Private Partnerships (PPP) Principles
    • Roles for the Public and Private Sector
    • Different Structures and Degrees of Private Participation
      • Contract Services: Operations and Maintenance, Management
      • Leasing, Lease Develop Operate (LDO), Lease Purchase, Sale Leaseback
      • Design Build: DB, DBM, DBO, DBFO
      • BOT, BOO Concessions
    • Transport Projects; Roads, Bridges, and Tunnels, Airports and Ports, Railways

    Sources of Finance: Managing and Allocating Risks in PPP; Making a Transaction Bankable
    • Collecting Information
    • Macro and Micro Concerns of Banks
    • Risk Allocation in PPP
    • Developing a Specialized Matrix
    • Risk Mitigation Techniques
    • Analyzing Risk Assumptions (Operating and Maintenance,
      • Construction, Financial, Revenues)
    • Environmental Considerations
    • Consultants in the PPP Process

    PPP and Social Infrastructure
    • Financing Hospitals, Schools, Prisons, Others
    • Sample Concessions and Contract Terms
    • Risk Evaluation and Allocation
    • Monitoring Requirements

    Case Example: Financing a Hospital

    PPP Tender Process
    • Specifying User Needs in Output Terms
    • Private Sector Informational Requirements
    • Identifying Bidders and Assessing Risks Negotiating Strategies and Closing

    Quantitative Risk Analysis and Cashflow Forecasts
    • Requirements of Creditors vs Investors
    • Other Stakeholder Considerations
    • “Value for Money” and the Public Sector Comparator (PSC); Unitary Payments (UPs)

    Case Example: Light Rail Finance
    Partnering with multiple government authorities to raise finance for timely completion of a rapid transit system.

    End of Day Nine

    Day Ten Themes: Financing Water, Sanitation and Other Social Services Projects

    Roles for Development Banks and Agencies
    • World Bank Group
    • Regional Multilateral Development Banks (Asian Infrastructure Investment
      • Bank, Asia Development Bank, Africa Development Bank, EBRD, EIB,
      • Inter-American Development Bank, Islamic Development Bank,
      • Others)
    • Bilateral Agencies (FMO, DEG, OPIC, Proparco, etc.)

    Legal and Contractual Issues in PPP Projects
    • Regulatory Framework and Enforceability
    • Policy Objectives of the Government Concessions and Licensing,
    • Process and Oversight

    Case Study: Railway Upgrade (given time)
    Participants will break into groups to evaluate the financing scheme for this railway upgrade. They will assess the allocation of risks, and concession terms, and other contractual agreements. A cash flow model will be used to test qualitative assumptions.

    Water, Sanitation and Infrastructure
    • Special Features of Water and Sanitation Projects
    • Array of Funding Structures for Service Agreements and Concessions
    • Who are the Players? Investors? Lenders?

    Two Case Studies:
    1)   Financing a Water Treatment Plant
          Participants will review the terms of a concession for a municipal wastewater treatment plant.
    2)   Non-revenue Water (NRW)
          Understanding a service contract for reducing non-revenue water. Considering the merits of the proposed financing       approach.

    End of Day Ten and Module 5


  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Margaret (Meg) Osius

    • Equipping stakeholders to respond rapidly to the exploding array of global project finance opportunities, is the objective of my courses. We show participants numerous successful - and troubled – project transactions. If they return to the office armed with concepts and a framework for analysis that they can apply to their own portfolios, we’ve met our goal.


    Ms. Osius delivers executive level training sessions and provides advisory services to a wide variety of organizations worldwide. Specializing in international project finance, capital markets, and risk management, she works with corporate investors, private and development banks, equipment suppliers, law firms etc., to create viable financing packages for green-field projects and facility upgrades in the power, oil and gas, transport, social services and telecom sectors. Prior to establishing her own firm Ms. Osius was at JP Morgan Chase Bank where she originated international project transactions and advised clients on risk management. Ms. Osius has been a Director of British Caribbean Bank and WIHL Holdings as well as Chair of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund (PPIAF) managed by the World Bank. The fund supports technical assistance in emerging markets to encourage private involvement in infrastructure development.She has published articles in the business press and co-authored guides to international project finance, trade and export finance, foreign exchange and financial futures, as well as approaches to credit and financial analysis in emerging markets. She is a primary speaker in a video series to covering Sound Banking Principles.Ms. Osius’s M.B.A. is from INSEAD, with a B.A. degree is from Princeton University.