Johannesburg, 30 Oct - 1 Nov 2019

3 day Masterclass

Renewable Energy Modelling



The 3 Day Masterclass in Renewable Energy Modelling teaches you how to create and analyse financial models for renewable energy projects for a variety of technologies including solar, wind, hydro, biomass and tidal. The course looks at different business models and funding structures.

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develop new skills

Create and analyse financial models for renewable energy projects

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get practical

Estimate project benefits and returns for all participants – developer, investors and debt providers

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gain strategic advantage

Assess and analyse project risks


This course on renewable energy modeling and financing presents the tools to analyse and structure renewable energy projects and to incorporate inherent risks required to navigate any renewable energy project.


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In just 3 days you will:

  • Understanding the characteristics of renewable energy projects and what makes them different from other energy projects.
  • Learn about pricing of power, the use of power purchase agreements and green certificates.
  • Explore different financing instruments and their use along the project lifecycle including an introduction to non-recourse project finance.
  • Building and using financial models to
  • Analyze the project’s and the participant’s cash flows;
  • Take decisions on behalf of debt and equity providers to invest in or lend to the project based on the financial analysis;
  • Compare investor’s term sheets to decide on the best equity partner;
  • Compare different projects;
  • Assist in the pricing strategy for a tender by optimizing the deal structure.
  • Analyze the risks inherent in the project: How sensitive is the expected return on investment to variations in assumptions?
  • Identify and categorize risks and study strategies to control, mitigate, finance, avoid and manage them.

Meet your instructor

Joachim Baumgaertner teaching Renewable Energy Modelling for Terrapinn Training

Joachim Baumgaertner is a specialist management consultant in the renewable energy sector, advising technology start-ups, growth companies, financial institutions and strategy consultants on a broad range of issues across the whole clean energy value chain, including complementary areas of business planning, technology strategy, financing and carbon management.

Organisations that will benefit:

  • Energy Companies
  • Investment Banks
  • Fund Managers
  • Investors
  • Project Developers
  • Power Companies
  • Utilities
  • Renewable Energy Services

Who will attend:

  • Investment Analysts
  • Business & Strategy Analysts
  • Business Development Managers
  • Debt Analysis

Course Agenda

  • Introduction: what is peculiar about renewable energy projects?
  • Renewable energy sources and technologies: characteristics relevant for financing
  • Calculation of exceedance probabilities P-90, P-95
  • Metrics in renewable energy to compare projects and technologies
  • Pricing of power in regulated markets and the power purchase agreement
  • Secondary revenue streams: environmental attributes and tax credits
  • Financing instruments: debt instruments, equity, leasing, guarantees, investment tax credits
  • Sources of finance
  • Case 1 – Waste-to-energy in Nigeria Example of a power-generating plant that requires a fuel (waste) as input. Focus of financing must be on finding the right balance between price for power and fee for waste. We are exploring multiple financing options and discuss which funding model best suits the risk profile of the project and foreign investor.
  • Case 2 – Biodiesel production in Canada Example of a non-power generating project that has multiple input and multiple output streams.
  • Case 3 – Wind Farm in Croatia Example of a straight-forward European-style power purchase agreement, but based on a resource that is highly variable. Annual uncertainty needs careful consideration in wind.
  • Creating a cash-flow based financial model in Excel: objectives, basic principles, key metrics
  • Reflecting the power purchase agreement in the financial model
  • Modelling debt: repayment schedules, interest calculations, multi-currency, debt sculpting
  • Calculating cash flows for all participants: project, lenders and investors
  • Investment and lending decisions: investment and lending criteria - what makes a project “bankable”?
  • Structuring the project by varying leverage (debt sizing), share allocations, development fees and choice of debt instruments.
  • Valuation of embedded carbon project (selling carbon credits)
  • Debt re-financing to optimize debt after commercial operation date
  • Secondary equity sale
  • Financing project portfolios or phased developments
  • Over-sizing plant capacity for optimization
  • Case 4 – Solar Farm in South Africa Example of a project that is set to participate in an auction. Objective of the modelling is to assist in the structuring of a project where the price is not known with multiple equity stakeholders including sponsor, international investor and BEE source.
  • Case 5 – Offgrid solar in Sierra Leone Example of an application for a quasi- offgrid application in combination with a battery. The business case is based on savings.
  • Case 6 – Mini-hydro Power in Malaysia Example of a hydro plant development with longer construction times and greater civil engineering effort. Particular concern here is currency risk.
  • Risk analysis: identifying risks, developing strategies to allocate, mitigate, finance or hedge risks and determining implications on the financial model. Risks including engineering risk, infrastructure risk credit risk, supply risk, market risk, interest rate risk, currency risk, completion risk, political risk, force majeure, legal risk, and modeling risk.
  • Risk analysis to assist in structuring and investment and lending decisions using the model:
  • • Sensitivity analysis
  • • Two-way sensitivity analysis
  • • Scenario analysis
  • Case 7 – UK Solar roof portfolio Example of a project that consists of a portfolio of small projects that is to be built against a backdrop of declining feed-in prices and political risk of further cuts.
  • Case 8 – Solar Tender in Dubai Example of a very aggressive tender that resulted in one of the lowest prices. We are using the model and pull all the levers available to drive down the bid price whilst still being attractive to lenders and investors.
  • Case 9 – Rooftop Solar in South Africa Example of private PPA in South Africa, where solar competes against a tiered pricing system. Solar can only be competing on price if it generates as much power as possible during peak times rather than standard and off-peak periods.

For further information please call: +44 (0)207 092 1045

  • “The depth and knowledge of my trainer was extremely impressive. In 3 days I have had, without a doubt, a masterclass on the industry. Truly world class.”

    - Gordon Dowall Potter, Past Delegate

  • “Well worth 3 days of study!”

    - Syed Hamza, Past Delegate

  • “The training was excellent! I give it a 10 and will get my trainer's support for my next challenges.”

    - Head of Partnerships & Customer Loyalty at Avis Budget, Past Delegate

  • “Extremely constructive course with a very good dynamic and passionate trainer.”

    - Managing Director at BNP Paribas, Past Delegate

  • “Impressive and cooperative trainer who wanted to make sure the delegates understood.”

    - Budgeting, Planning & Reporting Manager, Past Delegate


We can come to you too! If you have a team of six or more, why not hold a private course? Our experts come to you and the course is tailored to your requirements.

Call +44 (0)20 7092 1045 (United Kingdom)
or (Asia Pacific)
for more details


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