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Interpreting returns in project finance models

How project returns and equity returns are derived in a project finance model, the assumptions behind them and how investors and modellers should read them.

Webinar · Recording · 7 May 2026

Returns in project finance models webinar materials

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Project returns and equity returns

This recorded webinar looks at how returns are interpreted in project finance models, and in particular the difference between project returns and equity returns. Reading these measures correctly matters when you assess value, performance and risk in infrastructure and energy investments.

It explains how the different return measures are derived in a model, the assumptions that drive them and how investors, stakeholders and modellers should interpret them. It also covers the common misunderstandings and good practice from a model review point of view.

What you will learn

  • Clear definitions of the different returns and how each is calculated, including discounting methods
  • The common pitfalls in evaluating returns, and how to avoid them
  • Good practice for presenting and reviewing return metrics in a model

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