Project Finance

BOT, BTO, Concession, and PFI Project Finance Structures

Understand the key project finance contract structures: BOT, BTO, BOOT, concession agreements, PFI availability-based contracts, and offtake contracts.

11 min readLevel: Foundations

Special Purpose Vehicle (SPV): Project Company Structure in Project Finance

Learn how project companies and SPVs work in project finance — ring-fencing, legal structures, JV arrangements, and holding companies.

11 min readLevel: Foundations

Commercial and Construction Risks in Project Finance

Commercial risks determine whether a project can be built, operated, and generate cash flows. This guide covers construction risk, operating risk, revenue…

14 min readLevel: Core

Political Risk in Project Finance: Types, Mitigation, and Insurance

Political risk in project finance covers expropriation, change in law, currency restrictions, and government contract repudiation.

11 min readLevel: Core

Loan Life Cover Ratio (LLCR): Formula, Calculation & Requirements

Learn how to calculate LLCR in project finance – the NPV-based debt coverage ratio that lenders use to size loans, set covenants, and assess credit risk…

9 min readLevel: CoreCalculatorExcel model

Project Life Cover Ratio (PLCR) and Reserve Cover Ratios

Learn about PLCR, how it differs from LLCR, the Debt Tail concept, and why lenders require extra project life for security in project finance.

8 min readLevel: CoreCalculatorExcel model

Project Finance Debt:Equity Ratio: How Leverage is Determined and Optimized

Learn how debt:equity ratios work in project finance, from 90:10 for availability-based PPPs to 50:50 for merchant power.

12 min readLevel: Core

Macro-Economic Risks & Hedging in Project Finance

Managing interest rate risk, inflation risk, foreign exchange risk, and refinancing risk in project finance. Covers hedging with swaps, caps, and collars, plus…

16 min readLevel: AdvancedCalculatorExcel model

Debt Sculpting & Debt Service Profile in Project Finance

Learn how debt sculpting optimizes project finance repayments to maintain constant DSCR across variable cash flows.

9 min readLevel: AdvancedCalculatorExcel model

Building a Project Finance Financial Model: Structure, Inputs, and Outputs From Financial Modeling

Comprehensive guide to project finance model structure, inputs, outputs, and uses. Covers CFADS, cover ratios, sensitivity analysis, and Banking Case vs Base…

12 min readLevel: AdvancedCalculatorExcel model

Viability Gap Funding: Public-Sector Support in Project Finance

How governments support infrastructure projects through viability gap funding, minimum revenue guarantees, credit guarantees, and policy bank lending.

12 min readLevel: Core

Export Credit Agencies & DFIs: ECA and Development Finance in Project Finance

Learn how export credit agencies (ECAs) and development finance institutions (DFIs) support project finance with loans, guarantees, and political risk coverage…

9 min readLevel: Core