Upon successful completion of this program, participants will be able to:

• Calculate and critically assess the Levelized Cost of Energy (LCOE) and Storage (LCOS) for various technologies.
• Master the principles of project finance and apply them to utility-scale renewable energy assets.
• Analyze the key financial risks (e.g., PPA default, construction risk) inherent in energy projects.
• Evaluate the role and market dynamics of green bonds, sustainability-linked loans, and transition finance.
• Understand the economic impact of carbon pricing mechanisms on project viability.
• Develop a comprehensive financial model and sensitivity analysis for a renewable energy project.
• Identify and value the non-energy revenue streams (e.g., grid services) provided by energy storage.
• Structure Power Purchase Agreements (PPAs) and understand their risk-allocation implications.

• Project Finance Analysts and Associates
• Investment Bankers focused on infrastructure and utilities
• Corporate Development and M&A specialists in the energy sector
• Financial Modellers and Quantitative Analysts
• Renewable Energy Project Developers
• Bank and institutional investors (pension funds, insurance)
• Treasury and Risk Management professionals

• **Scenarios:** Structuring a non-recourse project finance deal for a 100MW solar farm, allocating specific risks between the parties.
• **Case Studies:** Analyzing the successful financial structuring of a major offshore wind farm development in Europe.
• **Group Activities:** Collaborative development of a financial model and sensitivity analysis for a proposed battery storage project.
• **Individual Exercises:** Calculating the Levelized Cost of Energy (LCOE) for a given set of input costs (CAPEX, OPEX, capacity factor).
• **Mini-Case Studies:** Rapid evaluation of a green bond issuance prospectus for compliance with ICMA principles.
• **Syndicate Discussions:** Debating whether subsidies or carbon pricing is the most economically efficient way to drive decarbonization.
• **Financial Report:** Presenting a project investment memorandum (IM) to a simulated banking committee.

Unit 1: Core Economic Metrics of Energy

• Detailed calculation of Levelized Cost of Energy (LCOE) components.
• The concept of System Value and how it differs from LCOE.
• Introduction to Levelized Cost of Storage (LCOS) and its role in grid planning.
• The concept of negative externalities and the economics of carbon.
• Understanding the time value of money and discount rates in energy projects.
• Modeling the economic impact of technological learning curves.

Unit 2: Project Finance for Renewable Assets

• Fundamentals of non-recourse and limited-recourse project finance.
• Key financial documents: PPA, EPC Contract, O&M Agreement, and Loan Agreements.
• Identifying and mitigating construction, operational, and market risks.
• Developing integrated financial models (Pro Forma) for solar and wind farms.
• Structuring the capital stack: equity, senior debt, and mezzanine finance.
• Conducting debt service coverage ratio (DSCR) and loan life coverage ratio (LLCR) analysis.

Unit 3: Power Purchase Agreements (PPAs)

• Types of PPAs: physical, virtual, fixed-price, and hybrid structures.
• Analyzing PPA terms for risk allocation between offtaker and generator.
• The role of corporate PPAs in driving renewable energy procurement.
• Modeling the impact of curtailment and shape risk on PPA revenues.
• The emergence of new contract structures for storage and hybrid projects.

Unit 4: Innovative and Sustainable Finance

• Introduction to Green Bonds, Social Bonds, and Sustainability-Linked Loans (SLLs).
• The role of international taxonomies (e.g., EU Taxonomy) in defining green assets.
• Blended finance: using public funds to de-risk and attract private investment.
• Valuing climate risk: discounting cash flows based on TCFD/scenario analysis.
• The financial implications of "stranded assets" and divestment movements.

Unit 5: Financing Specific Technologies

• Financial models for behind-the-meter and utility-scale battery storage.
• Financing the high initial capital cost of Green Hydrogen production facilities.
• Understanding the economic incentives for Energy Efficiency projects (e.g., ESCOs).
• Modeling the integration of storage revenue streams into traditional generation assets.
• The economic viability of retrofitting existing infrastructure versus building new.