Training Courses

Further Advanced Project Finance Modelling

Advanced financial modelling skills for structuring, analysing and evaluating complex financing arrangements: shareholder loans, mezzanine and subordinated debt, regearing, debt freezing, annualised metrics and dividends, foreign exchange, and tax and depreciation on a financial-year basis.

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7 modulesMix and match in APAC,
2-day course elsewhere
Hands-onYou build and adapt
sophisticated models
In person or digitalDelivered in person
and worldwide online
Take awayThe completed model files
and templates

Key learnings

What this course adds to your modelling

Model additional sources of construction funding, including shareholder loans and subordinated or mezzanine debt, and their flow-on impact to financial statements and returns
Regear an existing debt facility to a target level, and freeze debt into a fixed repayment profile
Calculate annualised project finance metrics, including trailing and forward-looking DSCR and Debt to EBITDA, and apply cash distribution rules and a net asset test
Incorporate foreign exchange into construction spend and drawn debt, including the translation reserve account
Calculate tax and depreciation on a financial-year basis, rather than period by period

Who this is for

For professionals who already understand project finance modelling

Whether you are a developer, owner, investor, lender or advisor, this course is for professionals who already understand project finance modelling and want to go deeper: sophisticated debt structures, hedging strategies and refinancing mechanics, so you can build deal-ready models and make informed decisions in the fast-growing infrastructure sector.

Pre-course knowledge: advanced project finance modelling experience is essential for this course. It does not cover fundamentals, and is designed for participants already comfortable building and working with complex financial models. Attendance on Advanced Project Finance Modelling is strongly recommended to ensure you are ready for the techniques covered.

You will get the most from this course if

You already understand project finance modelling and want to tackle sophisticated debt structures and hedging strategies
You are comfortable building and working with complex financial models, not just reading them
You need to build deal-ready models across mining, oil and gas, power, renewable energy, real estate or infrastructure
You have completed Advanced Project Finance Modelling, or have equivalent experience

What you will learn

Seven advanced modelling topics

Each module extends a specific part of a project finance model: funding structures, debt mechanics, metrics, foreign exchange and tax. See how the course runs below for how these modules are packaged in your region.

Shareholder loan

An additional source of funding via shareholder loan during the construction phase, with flow-on impact to financial statements and returns calculations
Cash sweep calculation to forecast the interest and principal repayment profile during operations
The impact of shareholder loans on investor-level returns, such as withholding tax and thin capitalisation rules, plus structures to release trapped cash such as reverse shareholder loans and upstream loans

Mezzanine and subordinated loan

An additional source of funding via subordinated third-party debt during the construction phase, with flow-on impact to financial statements and returns calculations
A choice of sculpted and cash sweep repayment to forecast the repayment profile from available cashflows
When subordinated facilities may be required, and how to add multiple tranches to reflect varying levels of repayment priority, such as mezzanine compared to hybrid bonds

Regearing facility

Resize an existing debt facility to a target level, with the relevant flow-on impacts shown in the financial statements and returns
The reasons for regearing, and how the cashflows drawn and paid are utilised

Debt freeze

Amend dynamically calculated repayments to a fixed profile, in alignment with the agreed facility agreement
Adjust the scenario manager to decide when to resize the repayment profile and when to lock in the agreed amortisation schedule
The expected change in calculated metrics when selecting the debt freeze scenario, and how this is applied through the financing process

Annualised metrics and dividend updates

Calculate annualised metrics generally used in project financing, such as trailing and forward-looking DSCR, plus the Debt to EBITDA ratio
Rules generally applied to a project’s ability to release cash to equityholders, based on agreed metrics
A net asset test as an additional sizing mechanism to calculate cash distributions

Consideration of foreign exchange

Update the financial model to consider foreign exchange for both construction spend and drawn debt, with the relevant flow-on impact to financial statements
The impact of periodic movements in exchange rates on the balance sheet, through the translation reserve account
Relevant starting points for de-annualisation and interest rate base rates, depending on the source of funding

Tax and depreciation on a financial-year basis

Calculate a tax expense forecast on a financial-year earnings basis, replacing a period-by-period calculation
Set the depreciable asset base for each financial year through tax depreciation
Flow-on impacts of tax adjustments to financial statements and ungeared returns

Next available dates

Upcoming courses

How the course runs

You learn modelling by modelling

Interactive, instructor-led and built on a single modelling standard that has been taught to more than 20,000 people. You build the model yourself with individual coaching through every exercise, and you keep the completed files.

Delivery format differs by region. In APAC, the seven modules run as standalone 3-hour workshops you can mix and match to fill gaps in your skill set. Outside APAC, this course runs as a single two-day programme. See the schedule for current dates and format in your region.

This course also runs privately: see in-house training for delivery built around your team and sector, or browse the full course portfolio.

Our trainers

Learn from a practitioner

Our courses are led by experienced members of our financial modelling and model audit teams. The trainers below run this course frequently, but your session could be led by any member of our team.

Joshua Grimm

Director, Singapore

Joshua leads the development and delivery of financial modelling training courses for Forvis Mazars in Asia. His expertise covers areas such as project finance modelling for large-scale renewable energy, utilities and infrastructure projects, as well as corporate finance modelling for M&A transactions and internal FP&A. He has supported clients with their projects from feasibility through financial close, all the way to operations.

Hitansh Doda

Director, Sydney

Hitansh is a professional model builder for Forvis Mazars, with extensive experience in financial model building and development across infrastructure finance and other diverse sectors. He focuses on financial modelling and analysis of renewable energy assets and infrastructure projects.

Keshav Rana

Associate Director, London

Keshav is an Associate Director in London, managing the financial modelling training business across EMEA. He is an experienced financial modeller with more than 10 years of financial modelling experience, having worked on global projects in renewables (primarily solar and wind), utilities and telecom, as well as a range of corporate and portfolio forecasting and valuation models. Keshav’s focus now is developing and delivering financial modelling training courses, providing tailor-made courses to meet the needs of clients across an ever-changing landscape in the infrastructure and energy sectors.

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