Certificate in Project Finance

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Course Overview

Our CPF Certified Project Finance course is carefully tailored to help you understand the latest finance trends and help you: Understand how and when Project Finance can be used Evaluate the key costs and projected cashflows in a project appraisal Evaluate the risks associated with a project Review and interpret the project financial model Assess the most appropriate financing structure for a project

Key Takeaways

Understand how and when Project Finance can be used.
Evaluate the key costs and projected cashflows in a project appraisal as a basis for determining the capital structure of project financings.
Evaluate the risks associated with a project as a basis for assessing an optimal allocation of those risks to the project stakeholders.
Review and interpret the project financial model.
Assess the most appropriate financing structure for a project.

National Association of State Boards of Accountancy
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LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Course Outline

Part 1
→ Overview of activity in Project Finance - pre and during the credit crisis
→ Review of a typical Project Finance transaction to illustrate structure and key aspects of the transaction
Principal Players
→ Who the key players in a typical PF structure are
→ Project Finance vs. the corporate financing of projects
→ Linking the key players in a PF transaction to understanding their objectives as stakeholders – use of the Mendelow matrix
Exercise: review of background of a case study to identify the motivations and objectives of the main parties to the project and what can go wrong when expectations diverge
Risk evaluation
→ Key risks – construction, operating and financial
→ Who bears which risks - typical approaches to risk allocation
→ Developing a risk management framework
→ Focus on political risks
→ Examination of the credit risks and credit rating in a transaction
Part 2
Developing PF Projections and Financial Statements
→ Establishing and testing assumptions?
→ What is the benchmark for the sector?
Developing the Financial Model
→ Structuring a cash flow model of the project, based on assumptions explicitly formulated
Financial Ratios and Sensitivity Analysis
→ Quantify the impact of changes to key operating assumptions
→ Using sensitivity analysis to assess the key factors that will influence the project viability and whether the project is based on reasonable assumptions
→ Key Project Finance financial ratios
→ Use of nominal vs. real figures
→ Calculating stakeholder returns
→ Internal Rate of Return (IRR) and Modified IRR
→ Monte Carlo simulations
Part 3
Debt Financing Sources for Corporates
→ A review of types of debt and their characteristics – including mezzanine and hybrid forms
Sources of Debt Financing in Projects and Debt Capacity
→ Tailoring the debt to reflect the operating cashflow profile for the project - how to assess the debt capacity of a project
→ Impact of the “credit crisis” on Project Finance
→ An overview of the objectives for the principal types of debt financiers for projects, including Export Credit Agencies and Development Banks
Hedging of Financial Risks – Instruments and Techniques
→ Interest and foreign exchange management issues in Project Finance
→ The use of derivatives to hedge foreign exchange and interest rate risks
→ The use of capital markets for Project Finance related debt financings, including potential use of credit enhancement techniques.
Debt Funding Assessment
→ Assessing the sensitivity of the cash flows to debt servicing considerations and testing for other operating and financial risks.
Part 4
How Equity Investors Assess Projects
→ An overview of the main project investment appraisal techniques and discussion on their uses and limitations: Accounting-based returns; Payback methods; Return on Investment
→ A review of the principles for calculating corporate cost of capital and use as a basis for evaluating project returns: Capital Asset Pricing Model
→ Understanding the equity investor’s approach to achieving returns from the project company, including operating relationships with the project company, and cash extraction through re–financing.
Political/Country Risks
→ A closer examination of the problems associated with risky situations
A look at the Chad/Cameroon Petroleum Project
→ An integrative look at the variety of risks which accompanied this development project.
Part 5
Documentation for Project Finance
→ Review of the key issues to be covered in Project Finance term sheets
→ Rationale and structure of loan documentation.
→ Representations and warranties; conditions precedent; key covenants; Events of default.
→ Intercreditor issues.
→ A review of other relevant contracts:
• Third party credit support and security issues for debt financiers, including critical commercial issues in offtake agreements, fuel supply agreements, O&M agreements, construction contracts, and shareholder agreements.
Why Projects Face Difficulty
→ Typical reasons for failure.
→ Lessons learned from past project difficulties (discussion of structure of transactions)
→ Options for dealing with problem projects.
→ Review of a problem project; what the issues were; how they were addressed.
Wrap-Up of Program and Quiz
A multiple choice test

Who Should Attend?

This highly practical and interactive course has been specifically designed for
This programme will be relevant to a range of participants who are involved in the evaluation and/or structuring of large scale Project Finance transactions including:
→ Credit risk analysts reviewing Project Finance transactions and/ or companies actively involved in Project Finance
→ Corporate Banking Relationship Managers
→ Equity Investors
→ Project Finance engineers
→ Lawyers and other professional advisers
→ Government officers involved in the development of policy for PPP projects
→ Fund Managers investing in Infrastructure projects, whether in the form of debt and/or equity

Related Courses


What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.