Breaking Into Wall Street – Project Finance & Infrastructure Modeling 2024
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Breaking Into Wall Street – Project Finance & Infrastructure Modeling 2024
How to Master Cash Flow Projections, Debt Sculpting, and Infrastructure Asset Modeling – So You Can Ace Your Project Finance Case Studies and Win Offers
Evaluate infrastructure deals like a pro
You’ll evaluate the risks and rewards and make investment recommendations
Master financial modeling
Model solar, wind, gas, nuclear, toll road, airport, and mining assets
Complete 8 case studies
Build 4 shorter “crash course” models and 4 detailed “on the job” ones
I won’t mix words: Most Project Finance training is terrible.
Whether you’re looking at paid courses, in-person training, or free resources, most training uses two equally useless approaches:
Wrong Approach #1: Convoluted Models – Complex models can be nice, but when you’re completing case studies in an interview setting, no one will ask you for a 5,000-row Excel model with built-in VBA and macros. And when you’re on the job, shorter, simpler models are more useful if you need a quick reference or formulas you can re-purpose for your current task.
Wrong Approach #2: “Barely Project Finance” Financial Modeling – On the other end of the spectrum, some of this training is so simple and generic that it’s a stretch to call it “Project Finance.” You can project the cash flows for almost any asset, but you need a lot more than simple cash flows linked to energy production to call it a “Project Finance model.”
The correct approach – the one our course uses – is based on real-life case studies given in interviews.
We don’t teach 5,000-row Excel models that require 30 hours to understand; we teach what you need to know to complete case studies.
That means the models in this course are in the “intermediate zone,” with each one taking up 50 to 300 rows in Excel (the “on the job” case studies go beyond this since they are intentionally more complex).
It’s enough to learn the core concepts and finish in a few hours, but not so much that you get lost in a pile of minutiae under some broken wind turbines.
We created this course by gathering dozens of case study examples from students who had been through interviews at Infrastructure Private Equity firms and Project Finance groups and synthesizing the best parts of their cases.
Our approach focuses on the 3 most important points in Project Finance Modeling:
1) Cash Flow Projections – You need to know how to move from energy production or traffic levels to revenue and expenses and how items such as depreciation, loan fees, and interest factor into an asset’s cash flows.
If you get your units wrong, your offshore wind farm might morph into a nuclear plant and have a meltdown or two – and you won’t be able to blame it on Homer Simpson!
2) Debt Sizing and Sculpting – Project Finance is fundamentally different from corporate finance because of this focus on sculpting the Debt to match the asset’s future cash flows. And you must know how to set up debt sizing and sculpting with standard Excel formulas, Goal Seek, simple VBA code, and circular reference switches.
3) Investment Recommendations – Finally, you need to understand how to put together all the pieces to make an investment recommendation. You must be able to read the numbers in the different cases, assess the risk factors, and say “Yes” or “No” to a deal.
No other training on the market puts together all the pieces quite like this because they’re too busy teaching confusing models that require a Ph.D. to understand.
This course has 8 case studies ranging from 30 minutes to 4 hours, so you can pick your ideal learning path based on how much time you have.
Through these case studies, you’ll learn to:
- Project cash flows for different types of infrastructure assets, ranging from renewables to fossil fuels to nuclear to toll roads and airports.
- Understand timelines and flags in infrastructure models and how they factor into debt refinancing, sculpting, and sizing.
- Build the key drivers for infrastructure assets, including the links between energy production under different contract types and revenue (and, for transportation, the links between GDP, inflation, and growth rates).
- Calculate the key metrics for infrastructure assets for both the equity investors and the lenders, including the equity IRR and cash-on-cash multiple, the Debt Service Coverage Ratio (DSCR), the Loan Life Coverage Ratio (LLCR), the Project Life Coverage Ratio (PLCR), and the Levelized Cost of Energy (LCOE).
- Sculpt and size Debt properly based on minimum DSCR and LLCR targets – with standard Excel formulas, Goal Seek, simple VBA code, or circular calculations.
- Handle multiple tranches of Debt, such as one tranche with a “merchant tail” and fixed amortization or two tranches that are both sculpted and sized based on the asset’s cash flows.
- Build in reserve accounts, such as the Debt Service Reserve Account (DSRA), Major Maintenance Reserve Account (MMRA), and Decommissioning Reserve, and analyze their impact on the cash flows.
- Model construction periods in development deals, including tricks to avoid the circular references created by the interest during construction (IDC) and the loan commitment fees.
- Use VBA to avoid circular references, size and sculpt Debt properly, build sensitivity tables, and back-solve for key assumptions such as the proper PPA rates in different scenarios.
- Make investment recommendations based on the deal’s expected returns and the key risk factors.
If you want to answer interview questions, complete case studies with ease, and leap up the ladder once you start working, this is the course for you.
Brian DeChesare
Founder, Breaking Into Wall Street
Here’s What You’ll Get When You Sign Up for This Project Finance & Infrastructure Modeling Course:
Acquisition Case Studies (“Brownfield” Deals)
WHY IT’S IMPORTANT: This training gets you up to speed quickly with cash flow projections and debt modeling for assets like toll roads and power plants, which are the bread-and-butter of infrastructure.
This training is based on 2 case studies – one for a toll road in Spain and one for a natural gas power plant in the U.S.
You’ll learn how to project revenue, expenses, and cash flow for each one, including nuances around downtime for maintenance and repairs and possible net operating losses (NOLs).
You’ll also learn how to sculpt and size the Debt using simple Goal Seek functions as well as a macro written in VBA – and how to handle an acquisition scenario with two tranches of Debt and a “merchant tail” on one.
Finally, you’ll use the IRR and credit metric output to make an investment recommendation in each case and determine whether the asking prices are appropriate.
Development Case Studies (“Greenfield” Deals)
WHY IT’S IMPORTANT: These lessons walk you through the construction and operations of renewable assets (solar and wind farms) and explain how to evaluate deals and make investment recommendations.
In these lessons, you’ll complete a solar plant development model and an offshore wind farm model.
You’ll start by learning how to model the construction period for renewable assets, including the debt and equity draws, the interest during construction (IDC), the loan commitment fees, and more.
Then, you’ll learn how to refinance the construction loan into permanent loans, and you’ll forecast the revenue and expenses based on the asset’s energy production, degradation, seasonality, and “uncertainty” (e.g., P50 vs. P70 vs. P90).
Each model treats the Debt a bit differently, so you’ll learn how to size and sculpt it to match the asset’s cash flows based on targets such as a minimum DSCR or LLCR – and you’ll learn how to model multiple Debt tranches in a single deal based on these overall constraints.
Finally, you’ll answer case study questions, set up sensitivities, and recommend investing based on the potential returns and risk factors.
Debt Sculpting, Sizing, and VBA (Mini-Course)
WHY IT’S IMPORTANT: This mini-course is perfect if you want to learn the concepts in Project Finance without completing the detailed case studies. Think of it as your “interview crash course.”
This set of lessons walks you through the fundamental concepts using simplified models: The Debt Service Coverage Ratio (DSCR), the Loan Life Coverage Ratio (LLCR), and how to size and sculpt Debt based on both of them, including VBA and Goal Seek to remove circular references.
The training also covers cash flow sweeps, Debt sizing/sculpting with variable dates and maturities, quarterly models, and how to size and sculpt two Debt tranches with different terms.
The final lessons explain the link between the Construction Loan and Permanent Loans in a Project Finance model and how to avoid circular references in the development period using simple VBA code.
Detailed Quarterly Solar Development Case Study
WHY IT’S IMPORTANT: These lessons walk you through a more complex “on the job” case study for a solar plant development in Australia, with a full quarterly model and support for reserve accounts.
In these lessons, you’ll complete a quarterly model for a real solar plant in Queensland, Australia, and make an investment recommendation for the equity investors and the lenders.
You’ll start by setting up the upfront and pro-rata equity and debt draws to cover the construction costs, and you’ll forecast the revenue and operating expenses based on annual vs. quarterly payments and production incentive payments.
Then, you’ll sculpt and size the Senior Debt based on a minimum targeted LLCR in each operating case, with full support for downside scenarios such as availability reductions, construction contingencies, and operating expense overruns.
You’ll also learn how the reserve accounts, such as the Debt Service Reserve Account (DSRA), Major Maintenance Reserve Account (MMRA), and Decommissioning Reserve, work in an infrastructure model, and how they affect the cash flow to equity and dividends (including a “Cash Trap” setup based on a minimum DSCR and Funded Reserves).
The final lessons walk you through the Levelized Cost of Energy (LCOE) calculation, sensitivity tables, and a full investment recommendation in both Word and PowerPoint format.
Airport Acquisition and Expansion Case Study
WHY IT’S IMPORTANT: These lessons walk you through an “on the job” case study for the acquisition and expansion of the Singapore Changi International Airport, including support for a full 3-statement model.
In this case study, you’ll build a full 3-statement buyout model for the Singapore International Airport and evaluate the initial deal and its S$10 billion Terminal 5 construction project.
This model blends elements of traditional leveraged buyout models, such as scheduled debt repayments and cash flow sweeps, with infrastructure-specific features, such as Construction Loans and Equity Draws, DSCR-constrained Dividends, and growth rates that depend directly on GDP and inflation numbers.
It also includes some more advanced debt features, such as “grace periods” and variable repayment schedules that change based on the year number.
The final lessons walk you through the IRR and cash-on-cash multiple calculations and how to evaluate the credit risk to the lenders in the deal; you’ll also get the full case answers and a presentation with our recommended changes to the deal.
Nuclear Plant Development Case Study
WHY IT’S IMPORTANT: This training delves into the nuances around assets with extremely long construction timelines and operating lives and explains how the financing methods and investment analysis differ.
You’ll build a detailed development and operational model based on the Shin Hanul nuclear power plant in South Korea in this module (estimated construction cost of nearly $9 billion USD), and you’ll use this model to recommend the electricity rates used in the power purchase agreement (PPA).
This model includes additional complexities around the development process, such as multiple phases and Preferred Stock that is not refinanced; the operational period also includes a cash flow sweep, DSCR-limited Dividends, and a reserve account for multi-year decommissioning.
It also includes support for a cash flow sweep, interest income from the reserve accounts, and hybrid financing that behaves more like debt or equity, depending on the period.
The final lessons walk you through the returns calculations, the Levelized Cost of Energy (LCOE), and the VBA code to automate the process of back-solving for the recommended PPA rates. Finally, you’ll get the case study answers and a full investment recommendation presentation.
Lithium Mining Development Case Study
WHY IT’S IMPORTANT: This training gives you a crash course on models for natural-resource assets and goes into far more depth on how to use VBA and macros to drive models.
You’ll build a detailed development and operational model for the Thacker Pass project in Nevada in this module (estimated $5 billion USD construction cost), and you’ll use this model to recommend for or against investing in the deal.
The case study goes into mining-specific nuances around the revenue, expenses, and cash flow, including offtake vs. spot prices, mineral grades, strip ratios, price hedging, and accelerated depreciation.
It also features the most advanced Debt Schedule in the entire course, with sizing and sculpting driven by a set of VBA macros and support for features like the DSRA, Cash Trap, and Cash Flow Sweep.
The final lessons walk you through the returns calculations and how to create sensitivity tables using custom VBA code that is fully integrated with the other macros. You’ll also get the full case study answers and an investment recommendation presentation, including proposed changes to the deal structure.
Certification Quiz
WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.
This quiz consists of 25 challenging questions that are based on the case studies in the course.
If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in Project Finance Modeling, which you can add to your LinkedIn profile and present in interviews.
What’s Your Investment In This Project Finance & Infrastructure Modeling Course?
To put this in context, let’s look at your Return on Investment in this course…
The pay for Project Finance jobs varies, but it’s safe to say that even entry-level Associates will earn at least $150,000 USD per year, if not more than that at larger firms and groups – and the pay is even higher at infrastructure private equity firms.
And as you progress, your total compensation gets higher and higher; Principals can earn into the mid-six-figure range, and Partners in infrastructure private equity can earn $750K to $1 million+ annually, depending on the fund size and overall performance.
And each one had to start in an entry-level role to get their foot in the door – just like you today.
We could sell the 8 core components of this course for $97 each, for a total of $776, but since this course is new, we’re offering an “early-bird deal” and discounting it to just $247.
Compared with your potential upside – jobs that pay well into the six-figure range – your investment in the course is nominal.
By investing just $247 in this course, you’re greatly improving your chances of landing a job that pays upwards of $150,000 in Year 1 – that’s more than a 600x return on investment!
Even if this training only helps you win an internship, that’s still at least $10,000 USD at any reputable firm, for a 40x ROI.
There is no other way to get this level of training… this level of on-demand support… this level of testing and case study practice… and this level of access to a community of thousands of peers…
…at ANY price!
So yes, you have to invest in yourself to gain access to this specialized infrastructure modeling training, but it will be one of the smartest, highest-return investments you ever make – we guarantee it!
We’ve bent over backward to deliver the best, most comprehensive program on the market that gives you everything you need to land a great job and start a long-term career in infrastructure investing.
To date, over 56,763+ people have invested in BIWS training and gone on to secure lucrative jobs in the industry. I want you to be next, and I want to make this a “no-brainer” decision for you.
Here’s What Will Happen Within a Few Short Moments of You Joining the Project Finance & Infrastructure Modeling Course:
The minute you join, you’ll have access to the complete Project Finance & Infrastructure Modeling course, including 169 separate videos, full written notes, transcripts and captions, “Before and After” Excel files for each lesson, and 8 case studies based on different energy, transportation, and mining assets.
And the best part: We’ll be here to guide you every step of the way because your enrollment comes with a full 5 years of expert support. If there’s something you don’t understand, just go to the “Question/Comment” area below each lesson and ask your question, and we’ll respond with a detailed answer.
On top of that, you’ll also get access to free updates over time as we continue to improve the course.
Decision and Action Time
Of course, there are other options for learning this material.
For example, you could complete a course on this topic from another provider, buy a generic course on a random e-learning site for $10 or $20… or download some long and convoluted Project Finance models from another site.
These methods have their merits, but they won’t get you the same results as this course because they’re designed for “generalist” audiences – not people currently interviewing for investment roles at infrastructure firms or project finance roles at banks.
So, if you want to master cash flow projections, debt sizing and sculpting, and returns analysis as they are used in these industries and hit the ground running on Day 1 of your internship or full-time job, this training is your best option.
Yes, it is more of an investment than a book or an online course written by monkeys at the keyboard, but ask yourself about the value of your time and interview opportunities.
If you win a coveted interview spot at a top infrastructure investment firm, such as Brookfield, Global Infrastructure Partners, or Stonepeak, do you want to “wing it?”
Or do you want to ensure that you’ve prepared in the most comprehensive way possible?
If you’re serious about your future career in the finance industry, you should not even have to think about this one.
And if you have any doubts, it’s all backed by our no-questions-asked, no-hassle, 90-Day Money-Back Guarantee.
In fact, the ONLY risk is that you might apply for a job or walk into an interview without this course – and lose out to another candidate who has completed it.
The next move is up to you.
You can hope that an investment firm or bank hires you without knowledge of these topics or the ability to complete case studies and make investment recommendations…
…or you can confidently tell them you’ve completed the most targeted infrastructure and project finance training available, based on 8 case studies and authored by finance professionals who have collectively worked on dozens of deals.
I know you’ll make the right choice.
To YOUR success,
Brian DeChesare
Breaking Into Wall Street Founder
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