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Project Finance Modeling for Renewable Energy (Udemy.com)

Learn Financial Modeling for wind and solar projects

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 for wind and solar projects;
  • Learn how renewable energy projects get developed and financed;
  • How to create best practice macro’s and Excel VBA codes to break circularities;
  • Learn how to size debt based on multiple covenants for wind and solar projects;
  • How to model Debt Service Reserve Account;
  • How to model unlevered project returns and blended equity returns;
  • Learn to integrate multiple probability exceedance generation profiles (P50, P99) into the financial model;
  • Learn basics of GP/LP flip structures and tax equity for project financing;
  • Gain insights into financial model development process, step-by-step – for a renewable energy model.

How it compares

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

  • Rating4.7 out of 5higher than 87% of them
  • Reviews782#140 of 377 by number of reviews
  • Length15.9 hourslonger than 86% of them
  • Last updatedMarch 2025earlier than 56% of them

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Course Description

Project Finance Modeling for Renewable Energy course will give you the skills to develop and analyze financial models for wind and solar projects. The course covers essential topics including debt sizing and funding, wind and solar project operations, and investment returns, and will provide you with a robust financial modeling skillset for analysis of renewable projects in the most sophisticated environments.

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 wind and solar projects.


What this course is about?

Project finance models for renewable energy are used to assess the risk-reward of lending to and investing in renewable project (wind and solar). The project's debt capacity, investment returns and financial feasibility depend on expected future cash flows generated by the renewable energy project itself and a financial model is built to analyze this.


In the Project Finance Modeling for Renewable Energy course we will model complex wind and solar project finance transactions from scratch in excel.

You will learn about:

- How to build a project finance model from scratch in excel for wind and solar projects;

- Learn how renewable energy projects get developed and financed;

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

- Learn how to size debt based on multiple covenants for wind and solar projects;

- How to model Debt Service Reserve Account;

- How to model unlevered project returns and blended equity returns;

- Learn to integrate multiple probability exceedance generation profiles (P50, P99) into the financial model;

- Learn basics of GP/LP flip structures and tax equity for project financing;

- Gain insights into financial model development process, step-by-step – for a renewable energy model;

- Optimize the model to achieve the requirements of lenders and investors.


Why you should enroll in the Project Finance Modeling for Renewable Energy course?


Realistic project finance training - The Project Finance Modeling for Renewable Energy course includes over 10 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 model for wind and solar projects.


Affordability - a similar course, which provides realistic project finance modeling training will cost you anywhere from US$1000 to US$3,000 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 10 hours.

First, we will review the basics of wind and solar projects development, so we understand all essential components of project finance transactions in the context of renewable energy.

Then, in the second part, we will review financial modeling methods and excel functions that we will use often in this course, to improve our productivity in excel.

We will begin financial modeling in the third part, where we will build a financial model for wind and solar projects for the case when SPV pays taxes.

And, finally, In the fourth part, we will review the peculiarities of the US renewable projects and build a financial model that takes into account the tax credits available in the US, and introduce to the new source of financing called tax equity.


Is this course for you?

Yes, if you need to build, review or analyse project finance models within the renewable energy 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

4.7

782 ratings on Udemy

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By Madhurima Dasgupta on 3/7/2026

course is very agile and understandabl. quizes are also great except numerical problems. all the answers are in correct. pls provide explainination of the correct answers in quiz

By Kuberin Packirisamy on 4/3/2025

This is an in-depth course which I thoroughly enjoyed, and the challenges and concepts were explained excellently.

By Sittichai Niwattananan on 7/13/2024

I am currently working as person on commercial side of business development's investment & strategy team. My company is a wind and solar farm company, and they rely on my team (and my team rely on me) to calculate each investment pitch whether it is worth doing from IRR point of view. This model taught me exactly that and allow me the much needed skill to be able to calculate project IRR, equity IRR, and meet my team's boss expectation. I am glad I took this course. Though I did not expect it to take as long as it did for me (3 weeks of intensive 7-days non-stop part time study, building entire model from scratch from base assumption for new project I have on hand). The hours indicated is just number of hours of video, not number of hours it will actually take you to study.

By Luka Kalandarishvili on 5/3/2023

I feel like it's the robot talking to me, I would much rather prefer an actual person giving this lecture, not automated script reading software delivering the audio.

By Heather Langsner on 2/2/2023

a great review and I feel confident knowing I can have these notes now for my new job, that said many online learning courses show the calculations of each answer choice in a quiz to explain in narrative why one answer choice is correct and the rest are incorrect. There should not be any reason why that would could not be made available to paying students in a drop down or at the end of the quiz for review and learning purposes. This is a design flaw of the udemy set up and not necessarily of the instructor perhaps.

By Michael Sah on 11/12/2022

Now well versed in project finance modeling for wind projects. this course is very comprehensive and useful in my current role as Sr Mgr in Project Structuring and Finance for Solar Projects

By Damien Wai Cheong Lam on 7/6/2022

I'm still midway through this Project Finance course for Renewable Energy but it's been phenomenally useful! The lecture materials are very well-structured and the training financial model simplifies things while still being very realistic. I'm able to apply the stuff I've learned to my job. Hosting on Udemy also means we can replay videos of sections that are more difficult, and own the pace of our learning. This is a better learning experience than in-person courses which squeeze all materials within 2-3 days while not being able to relook materials if we need to.

By Sabdar on 8/13/2021

This course is very detailed and the instructor teach the every step of Finance Modeling for Renewable Energy.

By Benjamin Luxenberg on 9/23/2020

Great course, but some inconsistences in the spreadsheet across videos, even right from the beginning with energy generation.

By Ramazan Kaya on 7/12/2020

This course is one of the best project finance modeling courses in Udemy. It includes almost all project finace issues.

Showing all 10 reviews on CourseDuck

Read all 782 reviews on Udemy

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Overall Score : 94 / 100