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  • Project Finance
    • Featured Project Finance and Real Estate Models
      • Energy Project Finance – Solar, Wind, Thermal, Hydro
        • Solar Project Finance Models
        • On-Shore and Off-Shore Wind Project Finance Models
        • Project Finance for Thermal Electricity Plants
        • Hydro Project Finance Models
      • Project with Multiple SPV’s for Roof-top Solar and Real Estate
      • Traffic Project Finance (Toll Roads, Bridges, Air, Sea & Bus Ports)
        • Toll Road Project Finance
        • Sea Port Models
        • Airport Project Finance Models
      • Real Estate (Hotels, Commercial Buildings, Mixed Developments)
        • Hotel Project Finance
        • Commercial Real Estate and Lease Roll
        • Residential Real Estate Modelling
        • Mixed Development and Investment Portfolios of Projects
        • Collateral Debt Obligations and Other Modelling in Real Estate
      • Resource Project Finance (Mining, Oil, Agriculture)
        • Mining Models
        • Downstream Oil and LNG
        • Agriculture Project Finance
        • Upstream Oil Project Finance Models
      • Project Finance Models for PPP’s (Perpetual Pending Projects)
        • Value for Money Analysis
        • Other PPP Examples (Parking and Street Lights)
        • University PPP Examples
      • Other Project Finance (Paper, Manufacturing, Storage, Shipping)
        • Manufacturing Project Finance
      • Project Finance Credit Analysis Examples
    • Building a Project Finance Model and Project Finance Theory
      • Revised A-Z Project Finance Modelling
        • Modelling Religion, Criminal Behaviour and Time Lines
          • High Crimes in Project Finance Modelling
          • Flexible Timelines in Project Finance Models
          • Audit Tests in Project Finance Models
          • Structure of Project Finance Modelling and Setting-up Order of Modules
          • Sheet Structure in a Financial Model
          • Transparent Formulas in Project Finance Models
          • Working Capital in Project Finance
        • Operating, Tax and Depreciation
        • Expiration of NOL in Project Finance
        • Financing Exercise without Circular Reference
        • Debt Service Reserve Accounts
        • Cash Flow Waterfall and Financial Statements
      • Sculpting with Multiple Debt Issues – Size from DSCR
        • Setting-up Debt Page with Multiple Issues Using SUMIF
        • One Sculpted Debt Issue and Other Non-Sculpted Issues with Fixed Repayment
        • Multiple Debt Issues All Sculpted — Part 1
        • Multiple Debt Issues All Sculpted — Part 2
        • Separation into Balloon Payment and Sculpting
      • Sculpting with Debt Driven by Debt to Capital and Changing DSCR
        • Sculpting with Fixed Debt and Changing DSCR — Simple Case Demonstrating Theory
        • Sculpting with Fixed Debt and Changing DSCR – Goal Seek and Data Table Method
        • Sculpting with Fixed Debt and Changing DSCR – User Defined Function
        • Debt Sculpting with Multiple Debt Issues, Fixed Debt and Changing DSCR to Meet Average Debt Life
      • Sculpting in Project Finance — Part 1
        • Sculpting Fundamentals and Non-Constant Interest Rates
        • Repayments with Debt to Capital Constraint and Constant DSCR
        • Incorporating Taxes in Debt Sculpting and Simple UDF Functions
      • Sculpting in Project Finance — Part 2
        • Sculpting and Debt Fees (Including Fees for DSRA L/C)
        • Interest Income on the DSRA and Sculpting
        • Including Releases or Deposits to DSRA in DSCR and Sculpting
      • Actuals, Model Review, Monthly Modelling, Currency Adjustment
        • Incorporating Actuals in Project Finance
        • Reviewing Project Finance Models and Laying on a Bed of Nails
        • Currency Adjustments, Taxes and Debt
        • Monthly Model with Semi-Annual Debt Service
      • Learning Crimes from Horrible Models
      • Original A-Z (More Basic) Project Finance Modelling
    • Structuring Debt in Project Finance – Theory and Practise
      • Project Finance Theory
      • Introduction to Structuring Issues; Screw the Blah, Blah, Blah
      • Debt Sizing
        • Debt Sizing Philosophy and Debt/Cap vs DSCR
        • Developer Fee Theory and Analysis
        • Debt Sizing and Cost Padding with Debt/Capital Constraint
        • Taxes, Step-up Margins and Other Debt Sizing Issues
        • Development Fees, Profit Sharing and Theory
      • Debt Funding
        • Funding of Construction: Pro-Rata versus Equity Up-Front
        • Pre-COD Operating Cash Flow
        • Equity Bridge Loans (EBL)
        • IDC on Subordinated Debt and Project Cost
        • Development Fee Timing
      • Debt Repayment
        • Sculpted, Annuity and Equal Installment Economics
        • Repayment and Multiple Tier Capacity Payment
        • Reverse Sculpting with O&M Contracts
        • Ballon Payments and Sinking Funds
      • Interest Rates and Fees
        • Theory of Credit Spreads in Project Finance
        • Computation of Implied Probability of Default and BS of Damoradon Country Premiums
        • ECA Financing, Premium and Debt IRR
        • Economics of Floating and Fixed Interest Rates in Project Finance
        • Interest Rates in Different Currencies and Inflation Rates
      • Credit Protections
        • LLCR and PLCR Complexities and Meaning for Break Even
        • DSRA with DSCR and LLCR
        • Cash Sweep and Risk versus Return
        • DSRA Economics with L/C and Funded
        • Covenants with LLCR and Prospective DSCR
      • Re-Financing Analysis
    • Circular Reference: Don’t be a Copy and Paster
      • Template Circular Reference Solution – A Real Innovation in Project Finance Models
        • Parallel Model Concept Introduction
        • Applying Parallel Model with UDF to Your Models – Fundamental Cases
        • Applying the Parallel Concept to Your Model — Multiple Debt Issues
        • Applying the Parallel Concept to Your Model — Complex Project Finance Issues
      • Circular Reference with UDF – Basic On-Line Course
        • Implementing the UDF/Parallel Model Pre-COD
        • Circular Reference – DSRA
        • Circular References from DSRA and Cash Sweep
      • Circular Reference On-Line Course – Advanced UDF’s
        • Overview of Circular References Hitting the Wall in Project Finance
        • Circular Template Technical Details Part 1: Reading Data into UDF
    • Tax Equity and Developer Incentives
      • A-Z Tax Equity Modeling
        • Tax Equity Model with Fixed Flip Date (Generally for Solar Projects)
        • Yield Based Flip and Partnership Allocation (Generally for Wind Projects)
        • Detailed Model with Periodic Cash Flows
      • Tax Equity Structures in U.S. – DRO’s, Stop Loss, Outside Capital Account …
        • Inside Capital Account (704(b))
        • Outside Basis (Tax Basis)
        • Minimum Gain and Safe Harbor
      • Performance Incentives for Developers
    • IRR Alternatives and McKinsey B.S.
      • IRR is not B.S
        • McKinsey Critique of IRR is B.S.
        • Overview of IRR Mathematics and MIRR Problems
      • Resolution of Problems with IRR
        • IRR with Changing Discount Rates and Assumed Sale
        • Payback Period
        • Alternative to IRR – Weighted Average ROIC
    • Structuring Contract Incentives and Penalties
      • General Notion of Back-to-Back Contracts
      • Contracts and Risk/Return Tradeoffs in Project Finance
      • Distortions from Contract Penalties and Efficiency
      • Economics of Incentives and Penalties
      • Analysis of Counter-Party
    • Financial Modelling Interviews in a Torture Chamber to Freak You Out
    • Heavy Financial Models
  • Corporate Finance
    • Featured Corporate Finance Models
      • M&A and LBO Concepts and Featured Models
      • Corporate Models of Crisis, Amazon and A-Z Modelling
      • Financial Model Beginning with ROIC and Growth to Derive Value
      • Food and Beverage Examples with Advanced Valuation and Historic Data
      • Air Freight and Corporation as Portfolio of Investments
      • Financial Institution Analysis – Banks and Insurance
      • First Solar Corporate Model and Danger of High ROIC
      • Other Corporate Finance Models (New Store Analysis and Construction)
      • Other Corporate Models
    • Building a Corporate Model and Corporate Finance Theory
      • Corporate Finance Theory, Magic Potion and McKinsey B.S.
      • A-Z Step by Step Corporate Model with Theory and Mechanics
        • Overview of Corporate Model Theory and Practice
        • Acquiring Data for Corporate Model
        • Computation of ROIC After Bringing In Data to the Model
        • Assumptions Section of Corporate Model
        • Structure of a Corporate Model
        • Structuring Valuation in Corporate Model
        • Converting Standalone Model to Acquisition Model
      • Corporate Model Basic A-Z On-Line Course
      • Learning from Horrible Corporate Models
      • Tricky Problem of Computing NOL with Expiration After Given Period
      • Tabulating Annual Sums in Monthly or Quarterly Models
    • Advanced Corporate Finance and Valuation
      • Use of Proofs in Corporate Valuation Analysis
        • Partial Year Discounting and Timing in DCF Analysis
      • Nuances in the DCF Model
        • Stable Cash Terminal Cash Flow in DCF — Working Capital, Taxes and Stable ROIC
        • Normalised Cash Flow in DCF Calculations – Stable Level of Capital Expenditures Consisitent with Terminal Growth
        • Bridge from Enterprise Value to Equity Value
      • Advanced Multiples and Value Driver Formula
        • Using the Value Driver Formula to Access Value
        • Understanding P/E and EV/EBITDA Multiples
        • Biases in McKinsey Value Driver Formula Part 1 – Changes in Growth Rate
        • Biases in McKinsey Formula Part 2 – Inflation Distortions
      • Financial Statement Analysis and Calculating ROIC
        • Reconciliation of IRR on Single Investments with ROI for the Corporation
        • Valuation and Modelling of Financial Institutions and Insurance
        • ROIC Issues and Measurement from Asset Impairment, Service Companies and Dispositions
      • Complex Issues in Acquisition Analysis
    • Corporate Modeling and Valuation Analysis Files
      • Retrieve Data for Historic Analysis (SEC Method)
      • Terminal Value, Fade Period and Multiples
    • M&A On-Line Courses and Exercises
      • Comprehensive Acquisition Modelling Exercise
      • M&A Modelling Fundamentals On-Line Course
      • LBO On-Line Course
      • Pro-Forma Balance Sheet Exercise
      • Modelling Tax Issues in M&A
    • Depreciation in Corporate Models
      • Depreciation with Different Asset Vintages and Rates Using UDF
      • Depreciation in Corporate Models with Changing Growth
      • Economic Depreciation and Reconciling IRR with ROI
    • Circular References in Corporate Models
    • Hellish Corporate Modelling Interviews to Make you Nervous
  • Databases
    • Databases that Retrieve Data from the Internet with Automatic Updates
      • Comprehensive Stock Price, Economic Variables, Commodity Prices and Exchange Rate Analysis
      • Comprehensive Financial Database if You Cannot Afford Bloomberg
      • Commodity Price Database Including Futures Download
      • Country Economic Database from FRED
      • Interest Rate and Credit Spread Analysis from FRED
      • Using Current Currency Database For Invoices etc.
      • Purchasing Power Parity Database and Exchange Rates
      • Database of Solar Costs
    • Creating Databases that Retrieve Data — On-Line Course
      • A-Z Course on Reading and Summarising Data
      • On-Line Course for Creating Database from FRED
      • Technical Details for Reading Stock Prices into a Database
      • On-Line Course for Using Webrequest Method
      • Advanced Issues in Creating Economic Databases
      • Finding Data with Range Names in Same Path
    • Statistical Analysis in Finance
      • Excel Forecasting and Exponential Smoothing
      • Autocorrelation in Excel
    • Budgeting Analysis and Pivot Tables
    • Database Analysis VBA
  • Cost of Capital
    • Equity Cost of Capital
      • Introduction to Cost of Capital Measurement and CAPM Problems
      • Using a Regression of the Price to Book Ratio and ROE to Derive Cost of Equity
      • Using the Price to Earnings Ratio to Derive the Cost of Equity
      • Transferring Wealth with (Damarodan) Country Risk Premia
    • Weighted Average Cost of Capital
      • Debt Beta from Credit Spreads Rather than Assuming Zero Debt Beta
      • Proof of Valuation Using Ku or WACC without Interest Tax Shield
      • Resolution of Tax Shield on Interest Expense in WACC
      • WACC Adjustment to Correct Valuation of Tax Shields
    • Credit Spread and Credit Analysis
      • Credit Analysis, Bond Ratings and Financial Ratios
      • Credit Analysis and Corporate Models
      • Implied Probablity of Default from Credit Spreads
      • Merton Model and Credit Analysis in Project vs Corporate Finance
      • High Credit Spreads and Stealing from Developing Countries
    • Monte Carlo Simulation
      • Ease of Adding Monte Carlo Simulation to Financial Models
      • Monte Carlo Simulation with Alternative Distributions
      • Time Series Equations for Monte Carlo Simulation
      • Correlation Between Variables in Monte Carlo Simulation
      • Replication of Black Scholes with Monte Carlo Simulation
      • Outage Analysis and Monte Carlo Simulation
    • Swaps, Options and Futures
    • Expert Testimony
      • Cost of Capital Testimony
      • Testimony on Cost of Service and Rate Design
      • Generation Companies
      • Forecasting and Statistical Analysis
      • Testimony on Productivity
      • Testimony on Project Finance
  • Energy Analysis
    • Renewable Resource Analysis (Solar, Wind, Hydro)
      • Solar Financial Resource Analysis and LCOE
      • Solar Uncertainty Analysis (P90, P95 etc.)
      • Wind Financial Resource Analysis with Power Curves
      • Wind P99, P90, P50 (1-year, 10-year) and Debt Sizing
      • Wind Power and Merchant Prices
      • Hydro Resource Analysis and Power Equation from Gravity
      • Storage Hydro Peak Shaving
      • Analysis of Actual Variation in Hydro, Wind and Solar Production
      • Examples of Resourse Analysis
    • Worldwide Merchant Electricity Prices
      • Philippines Merchant Electricity Prices: WESM
      • Nordpool Merchant Electricity Prices
      • Turkey Merchant Prices
      • UK Merchant Prices
      • German Merchant Electricity Prices
      • U.S. Merchant Electricity Prices
      • Electricity Merchant Prices from ISO’s
      • Australia Merchant Electricity Prices
      • Korea Merchant Electricity Prices
      • Merchant Capacity Prices
    • Levelised Cost of Energy and Carrying Charges
      • Three LCOE Methods and Seven Value Drivers
      • Carrying Charge Analysis Part 1 — No Debt, No Taxes, No Inflation
      • Carrying Charges Part 1 – Fundamentals
      • Carrying Charge 2 — Inflation in Carrying Charges in Renewable Energy Prices
      • Carrying Charges — Inclusion of Taxes in Carrying Charge Rates
      • Carrying Charges — Effect of Debt in Analysis
      • LCOE Database
    • Battery and Storage Analysis
      • Introduction to Battery Analysis (kWh versus kW)
      • Battery and Renewable in Wholesale Market
      • Microgrid Analysis with Battery – Version 2.0
      • Retail Rate Analysis of Batteries and Solar
      • Battery Analysis and Carrying Charges
      • Battery Analysis and Merchant Prices
      • Microgrid Anaysis with Battery – Version 1.0
      • Storage from Batteries and Ancillary Services
    • Marginal Cost of Electricity and Evaluation of Strategy
      • Short-term Marginal Cost Presentation and Analysis
      • Long-term Marginal Cost and Load Duration Curve
      • Demand Analysis and Hourly Simulation
      • Conversions and Heat Rates
      • Outage Analysis and Monte Carlo Simulation
      • Market Price C++ Model
    • Mini Grid and Solar Rooftop
      • Microgrid Analysis with Demand Analysis, Solar, Battery, Mini hydro, and Diesel
      • Battery and Solar Home Systems versus Kerosene
      • Solar Roof-top On-Line Course
    • Resource Analysis of Oil and Gas
  • Excel and VBA
    • Read PDF to Excel
      • Using Read PDF
      • Union UDF & Master List
      • VBA Explanation
      • European Numbers
      • A-Z Case 1
      • A-Z Case 2
    • Generic Macros File (Colouring and Copy to Right)
      • Formatting Sheets (CNTL,ALT,C)
      • Copy to the Right (SHIFT,CNTL,R)
      • Finding No Dependent and Transfers
      • Additional Short-Cuts
      • Re-setting your Model
      • Sheet Name Remove
      • External Link Find
      • Delete Blank Row
      • VBA Explanations
    • UDF Functions for Financial Models
      • Payback UDF
      • Sum #NA etc.
      • Maxif and Minif
      • XMIRR UDF
      • Volatility UDF
      • Depreciation Vintage UDF Function
      • Find Month
      • End of Quarter UDF
      • Dynamic Goal Seek
      • Repayment Function..Varying Rates
    • Interpolate-Lookup Function
    • Spinner Boxes, Dropdown Boxes and Other Forms
    • Useful Short-Cuts and Creating Your Own Short-cuts and Other
    • Table of Contents Marco and Hyper Link Macros
    • Goal Seek Macro – Your First
  • Scenarios & Graphs
    • Data Tables
      • Basic Data Tables
      • Better Data Tables with VBA
      • Data Tables and Goal Seek
    • Scenarios
      • Index/Data Table Scenarios
      • Scenarios and Spinners
      • Using Scenario Reporter
    • Tornado and Spider Diagrams
      • Tornado Fundamentals
      • Advanced Tornadoes
      • Spider Diagrams
    • Dynamic Graphs
      • Index and Spinner Blank Skip
      • #NA Trick and Flexible x-Scale
      • Offset and Dynamic Ranges
    • List Boxes, Check Boxes, #NA Fix
      • List Boxes and Multiple Series
      • Fixing #N/A Multiple Series
      • Multiple Check Boxes
    • Waterfall Chart Templates
    • Scatter Plots and Bubble Diagrams
    • Football Field Diagrams
    • Search Results
  • Cases etc.
    • Case Studies of Failed Project and Corporate Finance Investments
    • Dabhol – IPP Analysis and Project Finance
    • Corporate Finance Case Study – First Solar in 2010
    • Project Finance Model Case Study of Solar
    • Housing Values, Loans and Structured Finance in U.S. Housing Crisis
    • Petrozuata – Oil Project Finance
    • New Book
    • Slides Used in Project Finance and Corporate Finance Analysis

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