• CERTIFIED PROJECT FINANCE ANALYST

    Accelerate your Project Finance career with CPFA certification.

    Gain years of Project Finance experience in just 8 intensive weeks.

     

    The Certified Project Finance Analyst programme Waiting List is now open!

     

    Learn the Legal, Financial, and Technical aspects of Project Finance only on the Certified Project Finance Analyst programme.

    The next programme will commence in January 2023.

  • WHAT IS THE CPFA PROGRAMME?

    The Certified Project Finance Analyst programme is a hands-on, intensive workshop,
     delivered part-time, remotely, over an 8-week period.

     

    Gain your Project Finance accreditation and fast-track your Project Finance career.

  • WHERE OUR ALUMNI WORK

    We are all on different paths. Here at the Project Finance Institute, we are proud of everything that our Alumni accomplish. 

     
  • JOIN THE CPFA WAITING LIST

    Join the Certified Project Finance Analyst waiting list for our upcoming January or April 2023 cohorts to get your application prioritised during the enrollment window.

    Gain early access to the CPFA application form by joining the waiting list.

    Next Cohort

    CERTIFIED PROJECT FINANCE ANALYST PROGRAMME

    January 2023

    Start date: 3rd January 2023

    Time commitment: Short programme

    Location: Online

    Cost: $5,900

    CERTIFIED PROJECT FINANCE ANALYST PROGRAMME

    April 2023

    Start date: 28th April 2023

    Time commitment: Short programme

    Location: Online

    Cost: $5,900

    CERTIFIED PROJECT FINANCE ANALYST PROGRAMME

    September 2023

    Start date: 29th August 2023

    Time commitment: Short programme

    Location: Online

    Cost: $5,900

  • THE SKILLS YOU WILL LEARN

    Before the 8-week project simulation begins, you will undertake a period of pre-course tuition in core legal, financial and technical concepts.

    1

    LEGAL CONCEPTS

    Legal Foundations
    -Overview of PF contracts
    -Government support
    -Case Study: Rwanda Peat Project
    -Which risks remain with the project company
    -Introduction to PPAs
    -Introduction to finance docs
    -Factors that influence the debt package
    -When it all goes wrong…
     
    Key Legal Concepts
    -Non-recourse finance
    -Subordination
    -Conditions precedent
    -Reps and warranties
    -Amendments and waivers
    -Direct agreements
    -Covenants
    -Force Majeure
    -Events of default
    -Cross default
    -Compensation on termination

     

    2

    TECHNICAL CONCEPTS

    Wind Power
    -Origins of a probability-based approach in renewables
    -Introduction to wind
    -Resource assessment
    -How to measure and predict wind speed
    -Turning wind into energy
    -The importance of uncertainty
     
    Capital Risks & Their Mitigations 
    -Contracts overview 
    -Interface risk 
    -Design risk 
    -Performance LDs
     
    Wrap Up
    -What happens when it all goes wrong
    -The future of wind energy
    3

    FINANCIAL CONCEPTS

    Pools of Capital 
    -Equity 
    -Debt 
    -Export credit agencies 
    -Multi-lateral development banks 
    -Development finance institutors 
    -Institutional investors 
    -Project bonds 
    -Private equity & infrastructure funds 
    -Government
     
    Debt Structuring 
    -Mini-perm debt and cash sweeps 
    -Balloons 
    -Refinancing 
    -Hedging policy 
    -What really happens when projects underperform
     
    Construction Arrangements
    -Introduction
    -Construction period risks
    -EPC commercial considerations & contingency
    -What’s included in project costs?
    -EPC security package
    -Bid bonds
     
    Revenue Structures
    -Introduction to volume and price risk 
    -Renewable energy revenue structures 
    -Termination scenarios
    -Impact of revenue structures on debt sizing
    4

    PROJECT FINANCE MODELLING

    Part 1 
    -Stages of a Project Finance deal 
    -Model set-up & timelines 
    -Sources and Uses of cash 
    -Construction costs 
    -Construction financing 
    -Financial statements update 
    -Debt sculpting & sizing revisited 
    -Equity returns revisited 
    -Pre-funding working capital 
    -Model optimisation 
    -Assignment: Impact of development fee on tariff 
    -Assignment: Analysis 
    -Shareholder loans 
    -Debt service reserve account
     
    Part 2 
    -Part 1 solutions 
    -How to use Excel’s probability distribution functions to obtain P-values 
    -DSCR - base case, distribution lock-up & default 
    -Average DSCR 
    -Loan Life Cover Ratio (LLCR) 
    -Project Life Cover Ratio (PLCR) 
    -Average cost of debt 
    -Weighted Average Loan Life 
    -Debt capacity revisited 
    -Equity bridge loan 
    -Modelling multiple tranches of debt 
    -Solving P50 vs P90 
    -Mini-perm debt modelling 
    -Swap pricing 
    -Advanced accounting and tax modelling
  • CPFA IS THE DUAL AWARD PROJECT FINANCE PROGRAMME

    The Project Finance Institute is a highly competitive institution.

    The first accreditation you will earn as part of the full programme' is the designation of the "Certificate in Project Finance Modelling" (CPFM).

     

    On successful completion of the programme, you will be awarded the "Certified Project Finance Analyst" (CPFA) certification.

  • HEAR FROM OUR ALUMNI ABOUT THEIR COURSE EXPERIENCE

    Learn from leading lawyers, engineers, and financiers. 

     

    Use your model to support live negotiations with lenders and suppliers. Structure your project and present to a real Investment Committee. Then optimise your bid, competing against other teams on the course. 

    All the while you’ll be developing world-class financial modelling and project structuring skills.

     

    There is no other Project Finance training course like it.

     

  • "This course really opened my eyes to what actually happens in projects."

    - Laura Gillies. M&A, Deloitte, Canada.

    "The way this course is designed is really ambitious—but it’s so valuable. Having access to so many different experts—all of whom are active in real project is a great way to learn."

     

    - Jon Forssell. Partner, CAPEX Advisors, Finland.

     

    "I got a lot out of working in our team. We really pushed each other and as everybody had a different background I learned a lot from them as well."

    - Nana Gyimah. Project Finance Lead, West Heartfordshire Hospitals, NHS Trust.

    "I think the infrastructure and project finance world has been missing a course like this. This mix of practical and theoretical is great—I’ve done other courses which just gave me a bunch of videos to watch—there was no interaction. I look at projects differently now."

    - Hassan Sako. Manager, Deloitte , Côte d’Ivoire.

    "The course was an exciting experience. I had the chance to learn the different key elements of financial, legal, contractual, and technical aspects of projects."

    - Maryam Al Mazrouei. Senior Analyst, Masdar, UAE.

    "These eight weeks have been really educational for me—it was an amazing journey to be honest."

    - Mahmoud Waly. Senior Investment Associate, Eleswedy Electric, Egypt.

    "I improved my modelling but also learned how to get better in other areas such as understanding bankability, project documentation, and how to approach project negotiations."

    - Richard Nguyen Hoa, Corporate Finance, Sunseap Group Pte Ltd, Singapore.

    "I was engaged because the course was so engaging. I just really enjoyed the whole process. I think what you guys are doing is really cool and I feel fortunate to have gone through it."

    - Nathan Potter, Business Development Manager, Globeleq, England.

    "Thanks a lot, Kenny and team for the in-depth knowledge in financial modelling. You’ve shared amazing skills and tools. It was a pleasure learning about structured finance, financial foundations, and negotiation. Really an art."

    - Getúlio Magalhães, Spain.

    "There has been no other educational experience that I've had that has been as well structured to meet the end goal of attaining knowledge whilst taking away a lot of growth."

    - Ben Metcalf, Project Developer, Galehead Development, United States.

    "It was very interesting to learn from a pioneer in the Wind industry on probability scenarios which has become our day to day lives now."

    - Martin Angelov, Chartered Accountant, Siemens, Singapore.

    "There is some emotion along the way, we had two rounds of lender negotiations and our first round wasn't that good but we nailed the second. Then we got some really good feedback on our IC presentation, it was quite the journey!"

    - Chiva Thlang, Investment Manager, Palladium, Cambodia.

    "The CPFA is an intensive project finance certification program tapping into insights from leading industry practitioners. Applying both the theoretical and practical skills gained, this program has been invaluable to me in my development in PF already."

    - Hussain Emad Ragaban, Senior Consultant, PwC, Saudi Arabia.

    "Undoubtedly an exciting and demanding learning experience. Grateful to the team and all the other industry leaders for taking us through a Project finance journey."

    - Mohammed Sanusi, Associate Programme officer, IRENA, UAE.

    "Very happy to have participated in the CPFA programme. A lot of work and plenty of learning in excellent company, and skills that I have been able to implement immediately in my daily work."

    - Jani Peurakoski, Senior Consultant, Spinverse, Finland.

    "I am very grateful to Project Finance Institute for providing an eye-opening experience. The course showed us a glimpse of how the real PF world is working and what skill sets are needed for us in order to succeed in PF projects."

    - Junhyeok Stephen Heo, Senior Analyst, Archangel Ventures Inc.

    "I acquired knowledge that takes in its ambit a plethora of Project Financing concepts and roleplay of many stakeholders involved in project financing."

    - Kunjan Choksi, Vice President - Finance & Accounts, JBF Bahrain SPC.

    "I now have a better understanding of the impact of different variables on the model outputs tariff/IRR/key metrics, and my understanding of the important features in the different contracts."

    - Léonor Boué-Eger, Finance Manager, GreenYellow.

  • GET EMPLOYER SUPPORT

    Let the right people know about the benefits of CPFA accreditation to your personal development.

    Download our CPFA Investment Proposal document below if your employer needs to find out more about the Certified Project Finance Analyst programme benefits to yourself and their business.

     

    If you are looking to send your colleague or team through the CPFA programme then contact us today to find out about our group discounts.

  • CERTIFIED PROJECT FINANCE ANALYST PROGRAMME FAQS

  • JOIN A LIVE Q&A WEBINAR

     

    Meet with workshop leader Kenny Whitelaw-Jones. We will go through how our course works, the topics that will be covered, the skills that you will gain, and how the application process works.

     

    Register for our upcoming free events here

  • HOW CAN WE HELP YOU?

    Not sure which path is right for you or your team? 

    Contact our course administrator using the form below. We are always here to discuss your Project Finance ambitions. 

    We will respond to it as soon as we can!

    Project Finance Institute
    The Old Church School
    Butts Hill
    Frome, Somerset BA11 1HR
    United Kingdom
    24/7
    020 8945 7060
    All Posts
    ×