This course introduces students to the fundamentals of project finance as applied to utility-scale and commercial electricity generation, with a focus on renewable and hybrid energy systems. Students will learn how energy projects are structured, financed, and de-risked through a mix of equity, debt, and tax equity instruments. Emphasis is placed on understanding the capital stack, credit risk, and the contractual frameworks that underpin successful project development. The course covers revenue modeling, forecasting cash flows, and evaluating financial performance through key metrics such as internal rate of return (IRR), net present value (NPV), and debt service coverage ratio (DSCR). Students will also explore the roles of permitting, stakeholder engagement, risk management, and operating costs in project development - from early-stage diligence through operations. A practical case study on financing a solar-plus-storage project will give students hands-on exposure to the challenges and decisions faced by developers, investors, and communities in bringing clean energy projects to life.
 
COURSE TOPICS:

• Project Finance Basics and Capital Structures
• Revenue Models and Cash Flow Forecasting
• Debt, Equity, and Tax Equity Structures
• Due Diligence, Risk Allocation, and Contracting
• Permitting, Development, and Operations Risks
• Community and Stakeholder Engagement in Development
• Modeling Project Returns: IRR, NPV, DSCR
• Solar + Storage Project Finance

Continuing Education Units (CEU) : 0

You'll walk away with

• Knowledge of how utility, commercial, and joint electricity projects are financed, structured, and de-risked
• An understanding of key financial instruments and capital stacks
• The skills to evaluate returns, credit risks, and tax equity financing