PROJECT+FINANCE+MODELS

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Unique Aspects of Project Finance Models on Website


 * 1) After almost twenty years of teaching project finance modeling I have developed unique techniques to resolve the most difficult aspects of structuring project finance models related to debt sculpting with taxes, funding of capital expenditures and interest during construction, and structuring the DSRA account (people who have worked on project finance models know what these things mean). Project finance models on the website illustrate how the unique features can be incorporated in models.


 * 1) Project finance models on the website include examples of models for many different industries that use project finance including conventional electricity plants (coal, oil and natural gas), wind farms, roof top solar projects, ground mounted solar projects, hydro projects, waste to energy projects, toll roads, upstream and downstream oil projects, petrochemical projects and port projects.


 * 1) The project finance models include a wide variety of different financing techniques including bond financing, different draw down structures, different repayment structures, alternative re-financing techniques and various covenant designs. Many of the models include simulation of multiple different structuring techniques including alternative draw-down methods, different repayment methods, constraints on debt, different reserve accounts, alternative debt tenors and other items.


 * 1) Many of the project finance models include a unique method to model delays in construction with flexible S-curves and timing flags.


 * 1) The project finance models illustrate a simple and flexible method to evaluate cash flow waterfalls.

I have uploaded a few models that have recently been built and contain many of the concepts discussed in the website. The following model have all sorts of options with respect to sculpting and financing and uses either funtions or macros to get around circular references. It has explanations associated with most cells. These are just a few examples of models that I have recently created. To look at many more models see the menu and the links below.





The model below includes sculpting, taxes, re-financing, risk analysis, capitalised interest, scenario analysis, DSRA and other issues __ WITHOUT CIRCURLAR REFERENCE MACROS __ or use of the excel iteration button. Instead it uses a couple of unique functions that allow much more flexiblity in the model. For more information on how to create functions that can avoid circular references where there seems to be no solution, go to Modelling Exercises and then to Project Finance Exercises.



The file below contains certain functions that can be applied in various financial models.



Project Finance Model Examples and Templates
The alternative project finance model templates accept information about construction costs, operating characteristics and financing of projects. Three project finance models are available for download. The first is a general project finance model that includes cash flow sweeps, cash flow traps, senior and subordianted debt and other features. The second template model is designed specifically for wind projects and includes many risk analysis features along with the ability to either enter data in a detailed manner or a simple manner (it is the most comprehensive model and it includes many of the risk analysis and modelling techniques in other places.) The third model for alternative types of renewable facilities includes provisions for re-refinancing and comparison among different projects.

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Note that if you are looking for other examples of project finance models, you can go to the case studies page and find many other examples.



This template has most of the concepts that we go over in courses and it may be worth stealing stuff from it. A power point presentation that works through documentation of the model is also included