--- title: "Project Finance & Financial Modelling — free course" description: "From NPV and capital structure to cash-flow waterfalls, DSCR/LLCR/PLCR, PPPs, financial close and AI-enabled analysis" url: https://optimizeall.com/learn/project-finance-and-financial-modelling updated: 2026-10-05 --- Business · Intermediate · 513 minutes · free · updated Sep 2026 # Project Finance & Financial Modelling From NPV and capital structure to cash-flow waterfalls, DSCR/LLCR/PLCR, PPPs, financial close and AI-enabled analysis - **Lessons:** 20 in 6 modules - **Video lectures:** 20 lectures, 167 minutes - **Updated:** Sep 2026 ## Tools you'll use - Microsoft Excel - Python - pandas - NumPy - numpy-financial - openpyxl - Jupyter - Power BI - @RISK - Microsoft 365 Copilot [Start the course](https://optimizeall.com/learn/project-finance-and-financial-modelling/project-vs-corporate-finance) ## About this course A practical course on how large projects are appraised, structured, financed and monitored. You will compare project and corporate finance, set up SPVs and capital structures, evaluate investments with NPV, IRR and payback, budget capex and opex, and allocate risk through contracts and procurement. You will build models to recognised conventions such as the FAST Standard, review and audit them, build CFADS, run cash-flow waterfalls, size and sculpt debt, calculate DSCR, LLCR and PLCR, and test resilience with sensitivities, scenarios and Monte Carlo. Every lesson has a narrated lecture with worked examples and a walkthrough, plus Excel formulas and Python (numpy-financial and pandas) notebooks. It also covers PPPs, due diligence, financial close, reporting after close and governed AI in financial analysis. Preparing for PCI AI's PFL-AI (Project Finance Leader) credential? This course builds the foundations; see pciai.org for official exam details. Certuvo (certuvo.com) offers exam preparation for PCL-AI, PFL-AI and PML-AI. This course is independent and is not official PCI AI content. ## What you will learn - Explain project vs corporate finance, SPVs and limited recourse, and when each fits - Calculate NPV, IRR, payback and WACC correctly in Excel and Python, and build sources and uses - Allocate risks through EPC, O&M, offtake and procurement to make a project bankable - Build and review models to FAST-style conventions with timing flags, CFADS, scenarios and checks - Run a cash-flow waterfall, size and sculpt debt, and calculate DSCR, LLCR and PLCR - Describe PPP and concession models, due diligence, conditions precedent and financial close - Use AI for modelling and diligence with risk-tiered review, reconciliation and audit trails ## Course content ### Project finance foundations How project finance differs from corporate finance, how capex, opex and cash flow are budgeted, and how to evaluate investments with NPV, IRR and payback. - [Project finance vs corporate finance](https://optimizeall.com/learn/project-finance-and-financial-modelling/project-vs-corporate-finance): 14 min - [Capex, opex, budgeting and cash flow](https://optimizeall.com/learn/project-finance-and-financial-modelling/capex-opex-and-budgets): 14 min - [Investment appraisal: NPV, IRR and payback](https://optimizeall.com/learn/project-finance-and-financial-modelling/npv-irr-payback): 16 min ### Capital structure, risk allocation and bankability Design debt and equity structures, allocate risks through contracts, and understand what makes a project bankable, including procurement and contract basics. - [Capital structure, gearing and the cost of capital](https://optimizeall.com/learn/project-finance-and-financial-modelling/capital-structure): 14 min - [Risk allocation and bankability](https://optimizeall.com/learn/project-finance-and-financial-modelling/risk-allocation-and-bankability): 15 min - [Contracts and procurement basics](https://optimizeall.com/learn/project-finance-and-financial-modelling/contracts-and-procurement): 13 min ### Financial modelling structure and best practice Build transparent, flexible project finance models to recognised conventions, review and audit them, and test them with scenarios and sensitivities. - [Model structure and best practice](https://optimizeall.com/learn/project-finance-and-financial-modelling/model-structure): 15 min - [Model standards, review and audit](https://optimizeall.com/learn/project-finance-and-financial-modelling/model-standards-and-review): 18 min - [Building revenue, costs, tax and cash flow](https://optimizeall.com/learn/project-finance-and-financial-modelling/building-the-cash-flows): 15 min - [Scenarios, sensitivities and downside cases](https://optimizeall.com/learn/project-finance-and-financial-modelling/scenarios-and-sensitivities): 13 min ### Cash-flow waterfalls, debt sizing and coverage ratios Understand the cash-flow waterfall and reserve accounts, size and sculpt debt using DSCR, calculate LLCR and PLCR, and verify it all in a Python shadow model. - [The cash-flow waterfall and reserve accounts](https://optimizeall.com/learn/project-finance-and-financial-modelling/cash-flow-waterfall): 14 min - [DSCR, debt sizing and sculpting](https://optimizeall.com/learn/project-finance-and-financial-modelling/dscr-and-debt-sizing): 16 min - [LLCR, PLCR and financial covenants](https://optimizeall.com/learn/project-finance-and-financial-modelling/llcr-plcr-and-covenants): 14 min - [Lab: project finance calculations in Python](https://optimizeall.com/learn/project-finance-and-financial-modelling/python-for-project-finance): 25 min ### PPPs, concessions and reaching financial close Understand PPP and concession structures, the due diligence and conditions precedent that lead to financial close, and cost management and reporting after close. - [PPP and concession structures](https://optimizeall.com/learn/project-finance-and-financial-modelling/ppp-and-concessions): 15 min - [Due diligence and financial close](https://optimizeall.com/learn/project-finance-and-financial-modelling/due-diligence-and-financial-close): 14 min - [Cost management and financial reporting after close](https://optimizeall.com/learn/project-finance-and-financial-modelling/construction-and-operations-reporting): 14 min ### AI-enabled analysis with governance Use AI to accelerate modelling, due diligence and monitoring, while governing it with model review, audit trails and human accountability. - [AI in financial modelling and due diligence](https://optimizeall.com/learn/project-finance-and-financial-modelling/ai-in-modelling-and-diligence): 14 min - [Governing AI in financial analysis](https://optimizeall.com/learn/project-finance-and-financial-modelling/governing-ai-in-finance): 13 min - [Capstone: a project finance deal from idea to operations](https://optimizeall.com/learn/project-finance-and-financial-modelling/capstone-deal-walkthrough): 15 min ## Certificate: Project Finance & Financial Modelling The holder has demonstrated applied knowledge of project finance: SPVs and capital structure, investment appraisal, risk allocation and bankability, model structure and CFADS, cash-flow waterfalls, debt sizing and sculpting, DSCR, LLCR and PLCR, PPP and concession structures, financial close and the governed use of AI in financial analysis. - **Final assessment:** 25 questions, 45 minutes - **Passing score:** 80%