Project Finance and Financial Modelling Masterclass Training Course

Duration 5 days 10 modules · 33 contact hours
Level Advanced Certificate on completion
Who attends Project Finance Directors, Treasury Managers and others
Fee from USD 1,100 KSh 95,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-TI-029

Before you join: Participants should have solid experience in corporate finance, treasury, credit, investments, infrastructure finance or financial planning.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Project finance decisions depend on whether contractual cash flows can support debt through construction, operations, market disruption and refinancing. Senior finance professionals must convert concession agreements, EPC contracts, offtake terms, tax assumptions and debt covenants into a model that lenders, sponsors and investment committees can test. Small weaknesses in timing, downside assumptions, reserve accounts or distribution logic can change debt capacity, equity returns and bankability.

This masterclass examines the full project finance model from transaction structure to post-financial-close monitoring. Participants build and review integrated assumptions for construction costs, operating revenues, working capital, debt drawdowns, interest during construction, repayment sculpting, taxes, reserve accounts, distributions and refinancing. The course covers project-company risk allocation, bankability, DSCR and LLCR sizing, equity IRR, scenario analysis, P50/P90 cases, model audit discipline and lender reporting.

Teaching combines focused technical briefings with instructor-led analysis of infrastructure, energy and public-private partnership cases. Participants work through model structures, debt terms, cash waterfalls, covenant tests and downside cases using spreadsheet-based calculations. They leave with a reusable project finance model architecture, lender-case sensitivity framework, model review checklist, debt-sizing schedule and an application plan for a live or anticipated transaction.

The course is designed for experienced treasury, corporate finance, investment, infrastructure and credit professionals who already work with financial models, funding proposals or capital-intensive projects. It is particularly relevant where projects depend on contracted revenues, limited-recourse borrowing, long-term concessions or complex stakeholder agreements.

What you will be able to do

  • Structure project finance transactions using ring-fencing, contractual risk allocation and cash waterfall principles
  • Build integrated project finance models linking construction, operations, debt, tax and equity cash flows
  • Size debt facilities using DSCR, LLCR, repayment sculpting and reserve-account requirements
  • Evaluate project bankability through contract review, lender requirements and downside-case analysis
  • Calculate project and equity returns using NPV, IRR, distribution waterfalls and covenant constraints
  • Model construction delays, cost overruns, revenue volatility and refinancing scenarios
  • Review financial models using FAST Standard principles, audit trails and error-detection controls
  • Prepare credit and investment-committee materials supported by defensible model outputs

Benefits of attending

For you

  • Produce lender-ready debt-sizing and repayment schedules
  • Challenge sponsor assumptions before investment-committee submission
  • Identify model errors that distort DSCR, equity IRR or covenant headroom
  • Assess bankability of concession, offtake and EPC arrangements
  • Contribute credibly to lender, adviser and sponsor negotiations

For your organisation

  • Improves consistency of project funding cases submitted for approval
  • Reduces avoidable model risk in major capital investment decisions
  • Strengthens challenge of debt capacity and downside assumptions
  • Supports earlier identification of covenant and refinancing pressures
  • Improves communication between finance, technical, legal and commercial teams

Course modules

10 modules over 5 days

Participants can assess whether a proposed project structure supports limited-recourse financing.

  • Project company purpose, ring-fencing and non-recourse financing architecture
  • Map sponsor, lender, contractor, offtaker and government risk positions
  • Distinguish limited-recourse debt from corporate borrowing and asset finance
  • Bankability tests for contracts, permits, security and revenue certainty
  • Trace cash waterfall priorities from revenues through distributions
  • Compare greenfield, brownfield and refinancing transaction risk profiles

Participants can evaluate contractual risk allocation and its effect on project cash flow certainty.

  • Allocate construction, completion, operating, market and political risks contractually
  • Use risk matrices to identify retained and transferred exposures
  • Completion guarantees, liquidated damages and performance security mechanics
  • Offtake structures: take-or-pay, availability payments, merchant and concession revenues
  • Political risk insurance, guarantees and multilateral support instruments
  • Assess force majeure, change-in-law and termination payment provisions

Participants can design an integrated and auditable project finance model structure.

  • Structure integrated construction, operations, debt and equity model sheets
  • Establish consistent timing, sign conventions, units and circularity controls
  • Build construction drawdowns, interest during construction and contingency schedules
  • Model operating assumptions, escalation indices, working capital and maintenance cycles
  • Link income statement, cash flow statement and balance sheet outputs
  • Apply Excel checks, flags and error-trapping across model calculations

Participants can convert commercial and technical assumptions into forecast project cash flows.

  • Translate concession terms into tariff, volume and availability revenue drivers
  • Forecast physical output using capacity, utilisation, degradation and outage assumptions
  • Model EPC costs, contingencies, retention and claims settlement timing
  • Separate fixed, variable, lifecycle and major-maintenance operating expenditure
  • Build inflation, foreign exchange and indexation mechanisms into assumptions
  • Reconcile model inputs to technical adviser and market-study reports

Participants can size and model debt facilities against project cash flow constraints.

  • Size senior debt using DSCR, LLCR and debt-service constraints
  • Construct debt drawdown, amortisation, sculpting and refinancing schedules
  • Calculate interest, fees, reserve accounts and cash sweep mechanics
  • Model base case, downside case and lender-case repayment profiles
  • Apply minimum DSCR covenants, distribution locks and default triggers
  • Compare fixed-rate, floating-rate and hedged debt cost structures

Participants can assess equity returns after debt service, taxes and distribution restrictions.

  • Calculate project and equity IRR, NPV and payback metrics
  • Build shareholder funding, preferred equity and distribution waterfall logic
  • Test dividend capacity against lock-ups, reserves and financing covenants
  • Model tax depreciation, loss carryforwards, withholding and tax holidays
  • Assess VAT timing, customs duties and recoverability assumptions
  • Reconcile equity cash flows with project cash flow availability

Participants can quantify value and debt-capacity exposure under adverse project scenarios.

  • Design one-way and two-way sensitivities for key value drivers
  • Build scenario cases for delay, cost overrun, volume and price shocks
  • Use data tables and tornado charts to rank downside exposures
  • Apply Monte Carlo simulation concepts to probabilistic revenue forecasts
  • Interpret P50, P90 and downside-case debt capacity measures
  • Present break-even analysis for tariffs, utilisation and capital costs

Participants can review project finance models for integrity, transparency and lender acceptance.

  • Prepare lender information requirements from term sheet through financial close
  • Evaluate model audit scope, source documentation and version-control evidence
  • Apply FAST Standard principles for formula consistency and model transparency
  • Reconcile assumptions, contracts and outputs through structured audit trails
  • Identify common model defects: hardcodes, broken links, omissions and circularities
  • Develop credit-paper outputs for investment committees and lending approvals

Participants can assess financing terms and model their implications after financial close.

  • Compare indicative term sheets on pricing, tenor, covenants and security
  • Assess direct agreements, step-in rights and intercreditor priorities
  • Model financial close conditions, precedent costs and funding timetable
  • Quantify refinancing risk, reserve requirements and distribution consequences
  • Evaluate amendments, waivers and restructuring options under stressed performance
  • Frame investment-committee recommendations using risks, mitigants and decision points

Participants can establish practical controls for maintaining models after financial close.

  • Set model governance roles, approval gates and controlled change procedures
  • Create monthly actual-versus-model variance analysis and forecast updates
  • Monitor covenant headroom, reserve balances and early-warning indicators
  • Plan lender reporting, compliance certificates and information undertakings
  • Prioritise model enhancements from transaction, audit and operational findings
  • Draft a project-specific application plan with accountable next actions

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Integrated project finance model architecture template
  2. DSCR and LLCR debt-sizing schedule
  3. Project finance risk allocation matrix
  4. Lender-case sensitivity and scenario framework
  5. Financial model review and audit checklist
  6. Project model governance application plan

Who should attend

  • Project Finance Directors — assess transaction structures, funding capacity and sponsor returns
  • Treasury Managers — evaluate long-term debt, hedging, covenants and liquidity reserves
  • Investment Managers — test project valuations, downside cases and investment-committee assumptions
  • Infrastructure Finance Managers — translate concession and contract terms into financeable models
  • Corporate Finance Managers — prepare funding cases for capital-intensive assets and acquisitions
  • Credit Risk Managers — review lender cases, covenant headroom and repayment resilience

Skills and tools covered

Project finance structuringDebt sizingFinancial model reviewCash flow modellingScenario analysisBankability assessment

Tools and standards

Microsoft Excel, FAST Standard, DSCR and LLCR, P50/P90 analysis

How the course runs

Training methodology

The course uses short technical briefings followed by instructor-led analysis of project finance cases. Participants work in groups to interpret term sheets, allocate risks, build cash flow logic, size debt and assess downside scenarios. Spreadsheet simulations examine construction delays, operating underperformance, covenant pressure and refinancing outcomes. Structured model-review sessions focus on audit trails, error checks and decision-useful outputs. Each participant develops an application plan for improving a current project model, funding proposal or portfolio-monitoring process.

Requirements and prerequisites

Participants should have solid experience in corporate finance, treasury, credit, investments, infrastructure finance or financial planning. They should be comfortable reading financial statements, interpreting cash flow forecasts, using Excel formulas and discussing debt terms such as interest, amortisation and covenants. Prior exposure to capital projects, lending or investment appraisal is useful. This is not an introductory accounting or spreadsheet course. Participants do not need prior project finance transaction experience, programming skills, VBA knowledge or specialist engineering knowledge.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants should already understand financial statements, discounted cash flow principles and Excel-based modelling. Experience in treasury, lending, corporate finance, investments or infrastructure projects is expected.

Bring a laptop with Microsoft Excel and, where permitted, a non-confidential project model or funding case. Course materials provide the case data and model structures needed for the classroom work.

It suits senior practitioners responsible for project funding, credit analysis, investment approval, treasury or infrastructure finance. It is also relevant to advisers who need to challenge project assumptions and lender requirements.

General modelling courses focus on spreadsheet construction, corporate forecasting and valuation methods. This course concentrates on limited-recourse structures, contractual risk allocation, debt sizing, cash waterfalls, covenants and bankability.

Participants can use the templates and review methods to assess live project models, financing proposals and refinancing cases. The application plan helps them identify immediate improvements to assumptions, controls or reporting.

The five days provide approximately 32.5 contact hours, with ten connected modules of about three hours each. Time is split between technical instruction, case analysis, spreadsheet work, group discussion and application planning.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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