Wall Street Prep

Project Finance: Free Online Course

Learn the basics of a project finance transaction, key debt, and cash flow metrics, as well as return calculations and common scenarios used to support negotiations using a real case study. Includes FREE Excel template.

Welcome to Wall Street Prep's free online course on Project Finance! 

Project finance refers to the funding of large, long term infrastructure projects such as toll roads, airports, renewable energy using a non-recourse financing structure, which means that debt lent to fund the project is paid back using the cash flows generated by the cash flows generated by the project.

Course objectives: We created this course to provide students and finance professionals pursuing a career in project finance with an understanding the role and interests of the typical participants project finance transaction, key debt and cash flow metrics such as CFADS, DSCR & LLCR, as well as equity return calculations. We hope you enjoy -  let's begin!

Before We Begin - Download the Free Excel Template

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Video 1: Introduction

This is the first part of a 7 part series, where you will learn about the basics of project finance analysis. Using Heathrow's expansion of a third runway, we will walk through the basics of a project finance transaction, key debt, and cash flow metrics, as well as return calculations and common scenarios used to support negotiations.

Video 2: Project Finance Primer

In part 2, you'll learn the basics of a typical project finance transaction, as well as key project finance jargon and terminology, such as SPV, PPP, CFADS, DSCR, EPV, EPC, DSRA, P90/P50.

Video 3: Course Overview

In part 3, we introduce our project finance case study: Heathrow Airport's expansion of a third runway.

Step-by-Step Online Course

The Ultimate Project Finance Modeling Package

Everything you need to build and interpret project finance models for a transaction. Learn project finance modeling, debt sizing mechanics, running upside/downside cases and more.

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Video 4: Timeline and Process

In part 4, you'll learn about the typical project finance timeline and process. You'll learn about the different characteristics of the project development, construction and operation phases of an infrastructure project.

Video 5: Timeline and Process, Part 2

In this lesson, you'll continue on with the Heathrow Airport case study and learn about the capex, operations, debt and tax mechanics and calculations involved in a project finance transaction.

Video 6: Construction and Operations Calculations

In part 6, you'll learn about the cash flow waterfall and set the stage to determine cash flow available for debt service (CFADS), the Debt Service Coverage Ratio (DSCR), the Loan Life Coverage Ratio (LLCR), determine the all-important Project IRR.

Video 7: Negotiations & Optimizations

In this final lesson, we will introduce the various interests of the stakeholders involved in a project finance transaction. You will learn about the typical contours of a project finance negotiation and the typical scenarios that a project finance model must accommodate to support these negotiations.

Conclusion & Next Steps

We hope you enjoyed the course and please provide feedback in the comment section below. To learn more about how to build a comprehensive bankable project finance model, consider enrolling in our complete Project Finance Modeling Certification Program.


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