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Advanced Project Finance Modelling & Sculpting

Learn advanced modelling techniques used in many areas of Project Finance
  • The virtual course on Advanced Project Finance Modelling is an advanced course that is divided into separate modules that will allow you to move your project financial modelling skills to a new level. The course is designed to be both practical and advanced. You can survey the subjects in the outline below and select particular modules that are applicable to problems that you may be facing now or that you probably experience in the future. Some of the distinct subjects you can address in the different modules include: (1) how to resolve circular references in models using user defined functions; (2) how to apply automated sculpting and financing routines in your project finance models; (3) how to evaluate and resolve sculpting with multiple issues with different tenures and/or interest rates; (4) how to compute sculpting where the debt size is given by the debt to capital ratio and a minimum DSCR is defined; (5) how to incorporate re-financing issues with sculpting and income taxes.

    The on-line course will be structured so that the subjects are independent from each other. If you want, you can select different modules without selecting all of the modules. Separate course segments will include focused exercises as well as examples of how the advanced module works in actual modelling situations. Before each course segment, files will be distributed to each participant and optional practice exercises will be available. The course with leave you with practical solutions to the different practical project finance problems.

    Teaching Approach/Objectives

    Using a number of intensive hands-on exercises and case studies, participants work through the theory and application of project finance modelling issues that are difficult to solve without sophisticated VBA and functions. After introducing programming techniques that can address various problems in project finance, participants apply the techniques in a real-world context. A series of project finance models and other applications will be used to demonstrate how the efficiency of excel can be dramatically improved through using user defined functions; through creating VBA macros; through applying dynamic tables; and through learning new presentation techniques. A vast library of case studies, financial models, excel tools for financial analysis and other information is provided to participants. The course is intended to be practical and inter-active, with delegates encouraged to ask questions.


    Each individual module is priced at £1095 + VATThe whole course at £4295 + VAT 


    Click "Buy Now" to select the relevant option

    Module 1: Solving Circular References with User Defined Functions

    Module 2: Applying User-Defined Functions to Solve Problems in Comprehensive Project Finance Models (In Contrast to and with Copy and Paste Routines)

    Module 3: Problem of Multiple Sculpted Debt Issues with Different Interest Rates and Tenures

    Module 4: Sculpting with Debt Sizing from Maximum Debt to Capital and Sculpting from Minimum DSCR

    Module 5: Sculpting and Re-Financing in the Context of Income Taxes

  • All times BST (British Summer Time)

    Each Module can be attended individually or as part of the whole programme 

    Module 1: Solving Circular References with User Defined Functions, Day 1, 9am

    1. Why Circular References Exist in Project Finance Models
    a. Interest and Fees During Construction
    b. Cash Sweeps in Project Finance Models
    c. Debt Sculpting with Taxes
    d. DSRA Account
    e. Sculpting with Multiple Issues
    f. Exercises Illustrating Each Case

    2. Conventional Methods to Solve Circular Reference
    a. Problems with the Iteration Button
    b. Weak Solution from Re-Pasting Formulas
    c. Solution from Copy and Paste Macro with Iterations
    d. Presentation of iterations and structuring circular reference resolution

    3. Creating User-Functions to Solve Circular Reference Problems
    a. Solving a Basic Problem with Fees
    b. Notion of Replicating Formulas
    c. Creating a Parallel Model and Starting at the End
    d. Applying Iteration Routines to User Defined Functions
    e. Solving Problem of Cash Sweep in Annual Project Finance Model
    f. Solving Problem of Sculpting with Taxes, NOL and Fees
    g. Solving IDC and Fees Problem with Loop
    h. UDF for mortgage repayment with changing interest rates

    Module 2: Applying User-Defined Functions to Solve Problems in Comprehensive Project Finance Models (In Contrast to and with Copy and Paste Routines), Day 2, 9am

    1. Illustration of Applying UDF to Complete Project Finance Models with Sculpting and Funding Circular Reference
    a. Introduction and learning how to create more complex UDF’s
    b. Solar Example with Multiple Debt Issues and Alternative Debt Sizing Constraints
    c. Wind Case with Alternative Debt Sizing from P50 and P99 as Well as Debt to Capital
    d. Re-Financing Case with Debt Sizing from DSCR with Taxes
    e. Sculpting with Curved DSCR and Maximum Debt to Capital Constraint

    2. Applying Template User Defined Function to Model with Copy and Paste
    a. Thinking of UDF Function Like Other Functions in Excel
    b. Potential Necessity to Create Master Timeline in Model
    c. Copying Function to Your Model
    d. Understanding Function in Model
    e. Extracting Variables Necessary for Function
    f. Implementing Parallel Model Next to Copy and Paste Solution
    g. UDF solution to P50 and P90 Debt Sizing Problem

    3. Modifying User Defined Function for Specific Issues
    a. Understanding Comprehensive User Defined Function with Public Variables
    b. Adding New Variable to Program with Spare
    c. Including Equation for New Problem in a Function
    d. Including Result of Equation in Output

    Module 3: Problem of Multiple Sculpted Debt Issues with Different Interest Rates and Tenures, Day 3, 9am

    1. Introduction to Sculpting with Multiple Issues
    a. Review of Term Sheet with Different Debt Issues
    b. Illustration of Model with Multiple Sculpted Debt Issues
    c. Fundamental Equation for Sculpting with Multiple Debt Issues
    d. Simple Method when One Issue is Sculpted and Others are Non-Sculpted
    e. Why Simple Allocation Does Not Work for Multiple Sculpted Issues

    2. Working Through Curved DSCR Example
    a. Framework of Problem with Aggregate Debt Sculpting, Capture and Non-Capture and Debt IRR
    b. Computation of Aggregate Debt Sculpting
    c. Segregation of Capture Debt Issue and Non-Debt Issue with Debt Tenure
    d. Computation of Non-Capture Sculpting with LLCR Method
    e. Aggregate Non-Capture Issues and Remaining Cash Flow for Sculpting
    f. Computation of Capture Issue with Sculpting NPV Formula
    g. Aggregate Debt Service and Calculation of Debt IRR
    h. Resolving Circular Reference from Debt IRR

    3. Analysis of with Multiple Debt Issues
    a. Illustration of User Defined Function for Multiple Debt Issues
    b. Applying Multiple Debt Sculpting in UDF Template
    c. Effects of Different Debt Structures on Average Debt Life
    d. Complications from Withholding Tax, Political Risk Insurance and On-Going Fees
    e. Balloon Payments as Multiple Debt Sculpting Problem

    Module 4: Sculpting with Debt Sizing from Maximum Debt to Capital and Sculpting from Minimum DSCR, Day 4, 9am

    1. Introduction to Sculpting with Multiple Issues
    a. Review of Term Sheet with Maximum Debt to Capital and Minimum DSCR
    b. Use of LLCR to Compute Flat DSCR with Maximum Debt to Capital Constraint
    c. Constraint from Average Debt Life with Minimum DSCR
    d. Illustration of Equity IRR Effects of Curved DSCR

    2. Working Through Curved DSCR Example
    a. Adjustments to LLCR Method with LLCR Factor Greater than 1.0
    b. Application of Interpolate Function to Create Curved DSCR
    c. Use of Goal Seek Function to Constrain Debt Size
    d. Creating Tables with Alternative LLCR Factors and Debt Size
    e. Using VBA for Data Table with LLCR Factor and Average Life
    f. Finding Optimal DSCR Curve with Average Life Constraint
    g. Selecting the Optimal DSCR Curve from Sensitivity Table
    h. Computing Equity IRR with Alternative DSCR and Average Life Constraints

    3. Use of VBA with Spinner Boxes to Create Flexible Sensitivity
    a. Example of Models with Flexible Scenario and Sensitivity Analysis
    b. Problems with Linking Inputs without VBA
    c. Use of Copy with VALUE to Efficiently Create Flexible Scenario/Sensitivity Analysis
    d. Creating Effective and Flexible Presentation of Scenario/Sensitivity Analysis

    Module 5: Sculpting and Re-Financing in the Context of Income Taxes, Day 5, 9am

    1. Re-financing and Sculpting Introduction
    a. Illustration of Re-financing Case with No Taxes
    b. Setting-up Models for Flexible Re-financing
    c. Term Sheet for Re-financing
    d. Unwinding Swaps and Re-financing
    e. Understanding Potential for Re-financing

    2. Problem of Re-financing Interest and Taxes
    a. Reasons for Circular Reference
    b. Alternative DSCR Assumed for Re-Financing
    c. Creating Flexible User Defined Function for Re-financing
    d. Problem of Taxes after Re-financing and Computing Initial Sculpting
    e. Presenting Re-financing in Models

    3. Other Advanced Project Finance Modelling Issues
    a. Flexible Payment Functions with Changing Interest Rate
    b. Dynamic Goal Seek with Level Debt Service
    c. Effective Presentation and Scenario Analysis
    d. Changes in DSRA as Part of DSRA
    e. Flexible Project Cost Definition with Shareholder Loan, EBL and Mezzanine Debt
    f. Computation of LLCR with Multiple Debt Issues
  • 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


  • Ed Bodmer


    Ed has created innovative forward pricing, productivity measurement and investment valuation software for consulting clients throughout the United States. He has taught energy economics and finance throughout the world, and formulated significant government policy and corporate strategy in the U.S. His consulting clients include investment banks, commercial banks, research institutions and government agencies on a wide variety of complex valuation and advisory matters. He has constructed a unique framework for electricity price forecasting and valuation using production cost modelling techniques combined with option price theory and Monte Carlo simulation. He is also an adjunct professor at leading University where he teaches courses in microeconomics. Along with his practical experience that covers a multitude of major advisory projects, he has taught specialised courses in financial modelling, electricity pricing, option valuation, mergers and acquisitions and contracting to investment banks, commercial banks, industrial corporations and electric utility companies. He 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 has used the models in providing expert testimony on subjects ranging from capital structure to investments in multi-billion dollar nuclear plants to complex valuation of new investments. He received an MBA degree specialising in econometrics (with honours) from the University of Chicago and a BS degree in finance from the University of Illinois (with highest university honours). He has written many articles and is in the process of completing a textbook on valuation of electricity assets.