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所在平台: Udemy |
课程主页: https://www.udemy.com/course/advanced-financial-modeling-for-renewable-energy/
课程评论：没有评论
课程名称：先进的可再生能源财务建模 - (美国) 课程概述： 本课程旨在通过在线学习的方式，帮助学员构建适用于风能和太阳能项目税权转换结构的财务模型。课程提供了逐步的指导，涵盖税权投资的规模、反向融资贷款的构建以及赞助商的权益回报的估算。学员完成该课程后，将能够建立复杂的、适用于现实项目的财务模型，以分析税权转换结构。 课程内容： 本课程将介绍项目融资模型的构建，用于评估基础设施项目的借贷与投资的风险与收益。项目的债务能力、估值以及财务可行性都依赖于预计的未来现金流，而财务模型的构建正是为了进行这种分析。在税权转换结构中，由于需要遵循美国国税局的税务规定，这增加了财务模型的复杂性。此外，还需准确确定反向融资债务在不利情景下的规模，并反映税权的优先顺序。 学习内容包括： - 可再生能源项目的融资方式 - 创建最佳实践的宏和Excel VBA代码以解决循环引用 - 基于多重契约规模化风能和太阳能项目的债务 - 模型中税收利益在税权投资者与赞助商之间的分配 - 在收益基础翻转中规模化税权投资 - 优化模型以满足债权人、赞助商和税权投资者的要求 - 逐步了解可再生能源模型的财务模型开发过程 课程结构：课程总时长超过14小时，首先回顾可再生能源项目的融资方式，了解项目融资交易的核心组成部分。将通过案例研究审视建模方法以提升Excel的工作效率。接下来，学员将构建先进的财务模型，包括税收利益分配和合伙人之间的现金分配等内容，最终获得赞助商的现金流和内部收益率的计算。 课程对象： 本课程适合需要为美国风能和太阳能项目构建、审查或分析项目融资模型的人员，例如分析师、经理、高级经理、助理董事、财务顾问、融资人员和其他项目公司、投资银行、私募股权及基础设施基金的首席财务官。 课程先修要求： 该课程为高级财务建模课程，学员需具备风能和太阳能项目的项目融资模型构建知识。大多数学员在参加此高级课程前，已学习过“可再生能源项目融资建模”课程。
Course ObjectiveIn an online environment, you will build a financial model suitable for advanced analysis of tax equity flip structures for wind and solar projects.This course will provide step-by-step instructions on how to size tax equity investment, back-leverage loan, and how to estimate the sponsor's equity return.By the end of this course, you will be able to build complex, real-life project finance models to analyze tax equity flip structures.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 and a financial model is built to analyze this. In the tax equity flip structures, there is additional complexity related to the IRS tax rules that have to be reflected in the financial model. On top of that, we have to be able to correctly size the back-leverage debt in the downside scenario, taking into account and reflecting the tax equity's seniority in the financial model.In this course, we will model a complex tax equity flip structure for wind and solar projects in excel.You will learn about:How renewable projects are financed;How to create best practice macro's and Excel VBA codes to break circularities;How to size debt based on multiple covenants for wind and solar projects;how to create best practice macro's and VBA codes to break circularitiesHow to model the allocations of tax benefits between tax equity and sponsor, including modeling the capital accounts, DRO, Qualifies Income Offset provisions, and outside basis;How to size tax equity investment in a yield-based flip;Optimize the model to achieve the requirements of lender, sponsor and tax equity investor;Gain insights into the financial model development process, step-by-step - for a renewable energy model;This is the same comprehensive financial training used to prepare analysts and managers at top financial institutions and infrastructure funds.How Does It Work?The course length is over 14 hours.First, we will review how renewable energy projects get financed, so we understand all the essential components of project finance transaction.Then, we will go over the case study and review modeling methods to improve our productivity in excel. We will then dive into building our advanced financial model. We will model the tax benefits allocation and cash distributions before adjustments between partners, which will give us the correct cash flow to the parties.Next, we will size a preliminary back-leverage loan and model the construction funding. Once we have the construction funding, we will work on the adjustments that have to be made to the tax benefits allocated to the tax equity partner. We will implement the IRS requirements in the financial model (capital accounts, DRO, Qualified Income Offset, outside basis). This will allow us to size the tax equity's investment correctly.We will then finalize the calculations of the cash flow available for the distributions to the sponsor. We will have to incorporate the DSCR lock-up and default covenants, and debt service reserve account into the calculations of the sponsor's cash flow to get to the sponsor's IRR.Next, we will work on scenario analysis to find a tax equity transaction structure that could enhance the value of the project for the sponsor and the tax equity partner.And, finally, we will work on modeling the partners' equity return when the sponsor exercises his buyout option. For those, who are interested in the accounting side of the tax equity transaction, we will also include the discussion and modeling of the HLBV accounting.Is This Course For You?Yes, if you need to build, review or analyse project finance models for wind and solar projects in the United States.Typical students include analysts, managers, senior managers, associate directors, financial advisors, financiers and CFOs from project companies, investment banks, private equity and infrastructure funds.Course PrerequisitesNote that this is an advanced financial modeling course, and it is expected that you know how to model the project finance models for renewable energy projects. Most of our students take our other course "Project Finance Modeling for Renewable Energy" before taking the advanced course.
