What you'll learn:
- Build a fully integrated 3-statement project finance model for renewable energy investments
- Model sculpted debt financing structures and learn how to break common circularities with macros using VBA
- Learn diverse valuation approaches for renewable energy projects
- Model different PPA offtake structures with different hedging ratios
- Learn how to value projects from a developer's or investor's perspective
- Implement P50, P75, and P90 energy yields and dynamically adjust to any other P-value
- Understand contractual relations within a project finance deal
- Build an investment dashboard with dynamic charts and key industry KPIs which support investment decision-making
This course is part of the Renewables Valuation Analyst (RVA) Certification by Renewables Valuation Institute (RVI) — a complete, start-to-finish roadmap for mastering renewable energy finance and project finance modeling.
The RVA Certification is the one-stop shop for building bank-ready financial models and valuation skills from A to Z. (On RVI directly, students can even earn back up to 100% of their tuition — see the instructor profile for details.)
What you’ll build in this course
A fully integrated 3-statement project finance model for a renewable energy solar asset, built step-by-step from scratch in Excel.
Debt and equity structures reflecting real project finance deals.
Transparent logic for key outputs: NPV, project & equity IRR, CoC, DSCR, and scenario dashboards.
A clean, well-structured workbook you can discuss confidently in interviews and on the job.
Hands-on case study
You’ll work through a realistic, IM-style case with the core information needed to evaluate a renewables project. Along the way you’ll implement the mechanics used in practice:
Debt sizing & sculpting and waterfall mechanics.
Partial energy hedge: pay-as-produced PPA with ~70% fixed-price coverage and ~30% merchant component.
P50 / P75 / P90 energy yields and production uncertainty.
Operating costs: O&M, land lease, insurance, TMA/CMA, degradation.
Construction & COD timing, capex schedules, sources/uses, funding waterfalls.
Sensitivity & scenario analysis that stands up to diligence-style conversations.
Advanced topics you’ll practice
Modeling PPA hedge logic and measuring residual merchant exposure.
Seasonality of generation and degradation impacts.
Tax & reserve mechanics (e.g., MMRA, DRA) and jurisdiction-specific adjustments.
A compact model dashboard for quick decision-making.
Who this course is for
Analysts and associates in infrastructure/renewables investing.
Project developers and IPPs building or evaluating assets.
Debt financing professionals (project finance lenders, advisors).
Investment banking and advisory teams working on energy transactions.
Portfolio, asset, and fund managers seeking bank-ready modeling standards.
(Beginners are welcome: the build is structured so you can follow from fundamentals to advanced features.)
Prerequisites
Working knowledge of Excel; basic finance concepts are helpful.
No prior VBA required (you’ll learn the bits you need as you go).
What’s included
~15 hours of focused, step-by-step video instruction.
Downloadable spreadsheet checkpoint files, including the final template.
A structured build that mirrors real-world project finance work.
Certificate of completion on Udemy.
Pathway to the RVA Certification (optional next step)
This course is one module within the broader RVA Certification—RVI’s complete roadmap covering foundations, advanced debt & equity structures, valuation, and case-study execution across technologies.
Credential: Earn the RVA Certification to signal mastery to employers and clients.
Curriculum depth: Go beyond a single model—gain the full toolkit used in practice.
Extra benefit: On RVI directly, students may be eligible to earn back up to 100% of their tuition (see the instructor profile for details).
Outcome
By the end of the course you’ll have a clean, defensible project finance model and the judgment to adapt it to real transactions—skills you can use immediately in interviews, on the desk, and in investment committees.
