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Complete Financial Modeling for Project Finance in Excel (Udemy.com)

Learn Financial Modeling for Project Finance and Infrastructure Valuation ( DCF and IRR ).

Created by: Greg Ahuy

Last updated March 2025

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What you will learn

  • How to build project finance model from scratch in excel based on the toll road project case study;
  • What is project finance, how infrastructure projects financing is arranged and who are the players in project finance;
  • How to do financial modeling of complex, real-life project finance transactions;
  • How to sculpt debt to a target DSCR;
  • How to create best practice macro’s and Excel VBA codes to break circularities;
  • How to model Debt Service Reserve Account and Maintenance Reserve Account;
  • How to model Shareholder Loan, Revolver and Blended Equity IRR;
  • How to carry out valuation analysis based on Discounted Cash Flow (DCF) and Internal Rate of Return (IRR) methods;
  • How to carry out sensitivity and scenario analysis;
  • How to build integrated, 3 financial statements model;
  • How to integrate monthly construction sheets into semi-annual operations sheets;

How it compares

Against the other 376 rated Udemy courses in Finance & Accounting on CourseDuck:

  • Rating4.6 out of 5higher than 68% of them
  • Reviews926#124 of 377 by number of reviews
  • Length10.4 hourslonger than 75% of them
  • Last updatedMarch 2025earlier than 55% of them

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Course Description

Master the high-end financial modeling skills pivotal to developing, modifying and analyzing financial models for projects in infrastructure sector.


In an online environment you will go from a blank Excel workbook to a financial model suitable for investment analysis, debt structuring and operational scenario evaluation. This course will provide step-by-step instructions on how to build financial model suitable for analyzing project finance transactions.


What this course is about?

Project finance models are used to assess the risk-reward of lending to and investing in an infrastructure project. The project's debt capacity, valuation and financial feasibility depend on expected future cash flows generated by the project itself and a financial model is built to analyze this.


In The Project Finance Modeling course we will model complex greenfield toll road project finance transactions from scratch in excel.

You will learn about:

- what is project finance;

- financial modeling of complex, real-life project finance transactions;

- how to sculpt debt to a target DSCR;

- how to create best practice macro’s and VBA codes to break circularities;

- how to model Debt Service Reserve Account and Maintenance Reserve Account;

- how to model Shareholder Loan, Revolver and Blended Equity IRR;

- building project finance models in excel that cover the entire life of the project;

- carry out valuation analysis based on the discounted cash flow (DCF) and internal rate of return (IRR) methods;

- preparing trusted project finance models tailored to investors and financiers, with a focus on valuation and risk

- financial models that are designed according to the F.A.S.T standards.


This is the same comprehensive financial training used to prepare analysts and managers at top financial institutions and infrastructure funds.


Why you should enroll in the Complete Project Finance Modeling Course?


Realistic project finance training - The Project Finance Modeling in Excel course includes over 9 hours of instructor-led video content to learn at your own pace. After completing this course you will be able to build complex, real-life project finance and valuation models.


Affordability - a similar course, which provides realistic project finance modeling training will cost you anywhere from US$1000 to US$2500 per course.


Learn anytime and anywhere - The Project Finance Modeling course is 100% online so you can learn the modeling when it is convenient for you.


How does it work?

The course length is over 9 hours.

First, we will review basic project finance theory, so you understand all essential components of project finance transaction.

Then, in the second part, we will go over the toll road project case study and review modeling methods to improve our productivity in excel. We will then dive into building our project finance model. We will work on the construction costs, funding and financing fees.

In the third part, we will build fully integrated, 3 statements financial model which will include income statement, balance sheet and cash flow statement.

In the forth part, we will model such items as coverage ratios, debt sculpting, debt service reserve account and maintenance reserve account, revolver, shareholder loan. We will also carry out valuation of the project using discounted cash flow ( DCF ) and internal rate of return ( IRR ) methods. This is a core part of any project finance model.

Finally, in the fifth part, we will introduce advanced financial modeling topics such as equity first funding method, debt sizing automation, debt service reserve account automation and scenario analysis.


Is this course for you?

Yes, if you need to build, review or analyse project finance models within the infrastructure, oil & gas or mining sectors. Typical students include analysts, managers, senior managers, associate directors, financial advisors, financiers and CFOs from project companies, investment banks, private equity and infrastructure funds.


This course prerequisites:

You will need previous exposure to Excel in a financial modelling context and basic knowledge of investment concepts such as NPV and cash flows.

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Instructor Details

Greg Ahuy

The courses are taught by Gregory Ahuy.


Greg started his career in investment banking as M&A analyst in London at Renaissance Capital - a leading Russian investment banking firm. He was later relocated to Moscow to help with some of the biggest Russian M&A deals in the mining and infrastructure sectors. Gregory continued his career at InfraRed Capital Partners, one of the largest infrastructure funds, focused on sourcing and executing greenfield and brownfield infrastructure projects in Eastern Europe. Later, Mr. Ahuy joined Eneco, one of the largest energy companies in the Netherlands where he led several renewable energy projects.


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Reviews

4.6

926 ratings on Udemy

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By Sofia Werner on 12/13/2022

Very pleased with the way the course is presented and excecuted. The order of the lectures was good to understand what was being done and the introductory materilas and history was also very helpful in setting the scene for someone who is not familiarized with PF. Many of the "before.xls" materials were already finished. Not the complete class, but the "after" format (i.e the instructor y saying "will paint this row red as we will export this to another sheet" and the row in the before.xls was already red; some of the last excels didn't have the flags/rows that were supposedly already added in the excel to facilitate the class). I would suggest updating to newer functions such as xlookup instead of index/match, and logic ifs (e.g., ($E$12=1)*1 instead of IF($E$12=1,1,0) ) to stay up to date with excel's frequently used functions Also a final wrap up with the secuence of modelling a PF would be helpful, there are many steps to follow and I am personally lost on where to start modelling a PF if I was asked to model one today

By Ajay Nepal on 12/24/2021

This course is amazing! Its really easy to understand and follow along. The case makes it really easy to understand various project finance concepts. The format of delivery starting from explanation of the concepts and then moving onto excel modeling makes it really easy to follow along and understand. Short video lectures tackling specific topics make it easy to learn at a self-pace. Once again, thank you for answering all my questions and for the amazing email support! Cheers, A.

By Meher Anand on 5/2/2021

Given that I was not familiar with project finance modelling, I started this course from scratch from a knowledge base perspective. In some lessons the professor would assume that the explanation / formula was self explanatory which is not the case with me. When I lost track in one lesson, the following were difficult to grasp as well.

By Rosalynn de Jong on 3/20/2021

The quote "A surplus of effort could overcome a deficit of confidence" is really applicable to this course. It gives a very broad, thorough and detailed overview of the relevant elements in Project Finance, and I found it very helpful that Gregory leads the user step to step through the entire model built from scratch. Also practical advice such as best modelling practices. I really appreciated this course and highly recommend it.

By Zaheer U Din Babar on 8/8/2020

A perfect course for understanding fundamentals of project finance. The instructor has mostly followed FAST financial modeling standards, a desirable and appreciable initiative. Greg has designed the course to accommodate both the experienced professionals and naive one. To my knowledge, modeling of IDC also creates circularity which instructor avoided in this course. One suggestion: perhaps sensitivity analysis could have been elaborated more and scenario analysis would have been performed with minimal use of VBA. Overall, it was a brilliant experience to go through this course. Hope to join another course on renewables soon.

By Samson Masebinu on 7/18/2020

This is a well-structured project finance course. First, it provided the background knowledge, showed how each model was constructed then harmonised the model before introducing the advance aspect. The aspect of automation and breaking circularity were very interesting and informative. I also learnt how to use some important MS Excel keyboard shortcut.

By Alief Rizky Ramadhan on 6/24/2020

I like the approach of step-by-step building the model in excel because it helped me to understand where certain cells are from and etc. Overall, it's a great course for advance project finance modeling. And I can't wait for the Renewable Energy Financial Modeling Course from you. Cheers!

By Gonzalo Añi Garcia on 6/4/2020

Sure. Viewing the finance modeling step by step, I have been able to improve my skills in this financial matter. It would be incredible if this instructor could explain more about advanced financial issues and financial keys to take investment decisions under uncertainty. Also, It would be welcome to see another financial modeling in cases of (i) Leverage Buy Out (LBO), (II)M&A and (III) Debt Sculting in existing corporate enterprise (cash flows managing under economic crisis). Aditionally, it would be interesting to have a model with hedging operations (from currency, interest tax or prices of commodities), specially if the project is related for mining sector. Greetings from Perú

By Muctaru Kabba on 4/10/2020

This is a great course. The presenter was excellent and the material abundant for the thirsty learner. If I had to be honest, the material moved at a very fast pace for me. However, I picked up a better than general understanding from this first go around. I plan to go through the course again, slowing the pace and doing more case study exercises to obtain a more solid footing. I am confident I'll come out ahead and greatly improve my knowledge and skill in project finance.

By Shyam Chandula on 4/10/2020

This was a solid course. I appreciated the progression from project finance knowledge to modeling to advanced topics. The best way to learn the material in my opinion is to download the spreadsheet for a given topic and fill out as much as you can before watching the instructor do it himself.

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Overall Score : 92 / 100