

Synergy Academy Delivers
Training, Development &
Learning to Skill Up

About Synergy Academy
Synergy Academy is a Global Training Development and Learning (TD&L) Platform, launched under the umbrella of Synergy Consulting Infrastructure and Financial Advisory Services.
After extensive planning and careful development, we bring you Synergy Academy – Your premier destination for professional training, knowledgesharing, and skill-building in Public-Private Partnerships (PPP), Project Finance, and Infrastructure Development.
Synergy Consulting is at the forefront of providing top-tier Financial and Corporate Advisory Services, including strategic consulting in the global infrastructure landscape.
The launch of Synergy Academy represents a natural extension of Synergy Mission:
To provide best-in-class Advisory Services in the ever-evolving Infrastructure Sector for Financial and Commercial Project Development and Public Private Partnerships (PPP); and to equip professionals with the critical skills needed to thrive.
Why Synergy Academy?
The need for high-quality, specialized training in areas such as PPP and Project Finance has never been more pronounced. As Governments and Private Sector players increasingly collaborate to tackle complex infrastructure challenges, there is a growing demand for in-depth, up-todate knowledge that addresses both the technical and financial intricacies of the PPPs.
Synergy Academy is born out of this need, with a singular goal: To empower professionals at every stage of their careers by offering them the tools, insights, and hands-on experience required to succeed and thrive.
By bringing all our Training Programs under the Synergy Academy banner, we aim to create a focused, global, world-class platform for continuous professional Training Development and Learning (TD&L).
Who can benefit from Synergy Academy?
- an industry veteran
- a financial professional specializing in infrastructure
- an emerging leader in Public Sector Governance
- student interested in Infrastructure Financing
FINANCIAL MODELLING

FINANCIAL MODELLING - BASICS
- Purpose/ Objectives & key features of FM
- Worksheet organisation
- Data input, management and verification
- Naming of cells
- Location of input variables
- Review of Excel functions and their use
- Macros and their use
- Goal seeking
- Circularity and how to resolve it
- Graphs and charts
Project Finance - Introduction
- Corporate vis-à-vis Project Finance
- Essentials of project finance: limitation of recourse
- SPV structure
- Project Finance – the various stakeholders
- Overview of various sources of financing & key terms
- Case study (30 min) – Project Finance as a means to arrange financing for projects
Financial Modelling - Best Practices
- Best Modelling practices and FAST (Flexible, Appropriate, Structured & Transparent) standards
- Design, testing and feedback
- Group Exercise (20 min) – Identifying errors in a sample Financial Model
Financial Modelling - Part 1
- Fundamentals of project finance model design
- Model sensitivity and auditing definitions and analysis
- Revenue and cost modelling
- Cash adequacy, recourse, standby and liquidity
- Financial coverage ratios and the bank perspective
Financial Modelling - Part 2 (Advanced)
- Advanced Session on project finance model design
- Debt: deep-dive into types of debt tranches; structuring and debt sizing
- Cash Sweep
- Macros to break the circularity
- Sensitivity and Scenario Analysis
- Project Appraisal based on a project finance model
Financial Modelling - Part 3 (Full Day Group Exercise)
- Building a Project Finance Model
- Based on a real example of a project financed project, participants will construct and use a model for the transaction. The exercise will include:
- Project review
- Analysing the inputs
- Dealing with input priorities
- Cashflow projections
- Financing assessment
- IRR, NPV and other valuation analysis
PROJECT FINANCE AND FINANCIAL MODELLING

Project Finance - Introduction
- Corporate vis-à-vis Project Finance
- Essentials of project finance: limitation of recourse
- SPV structure
- Project Finance – the various stakeholders
- Overview of various sources of financing & key terms
- Case study (30 min) – Project Finance as a means to arrange financing for projects
Project Finance - Structuring a Deal
- Key Steps involved in arranging Project Finance
- Sources of Financing – Corporate Banks/ DFIs/ ECAs/Islamic Financing
- Type of lending – recourse/ limited recourse
- Key criteria (Interest Rate, Fees, Financial Ratios and Security Package)
- Other considerations: surplus cash flows, lock-ups, cash sweeps
- Cashflow waterfall – reserve accounts, dividends
- Equity contribution – cash equity, equity bridge loans and subordinated shareholder debt – the sponsor perspective
- Group Exercise (20 min) – Preparing a list of sector-specific issues for deals in 1) Solar PV 2) Airports (or any other 2 sectors as per client requirements)
Risk Allocation & Mitigation - PPP/Project Finance
- Risk phases- development, construction, start-up and operations & maintenance
- Trigger points- concession signing, financial close, commercial operation date, end of loan
- Allocation and mitigation of risk
- Case Study (30 min) – Risk allocation in a conventional power/ renewable energy projects
Due Diligence/ Risk Assessment - PPP/Project Finance
- Purpose and approach to due diligence (DD)
- Due Diligence/ Risk Assessment
- Technical project analysis – technology, construction and operation
- Financial structure risk – allocation of responsibilities and governance, refinancing issues, interest rate and currency volatility
- Input risk – analysing the price and volatility of inputs
- Offtake risk – the output structure (with take or pay and other examples)
- Contract risk – default and management of counterparties
- Environmental risk
- Group Exercise (30 min) – DD of a sample PPP project
Payment Mechanism - PPP/Project Finance
- Volume linked payment mechanisms, when to use them and the main features
- Availability concept elements and structuring matters in availability payment mechanisms
- Hybrid payment mechanisms
- Group Exercise (20 min) – Determine the most suitable payment mechanism for sample projects
Financial Modelling - Basics
- Purpose/ Objectives & key features of FM
- Worksheet organisation
- Data input, management and verification
- Naming of cells
- Location of input variables
- Review of Excel functions and their use
- Macros and their use
- Goal seeking
- Circularity and how to resolve it
- Graphs and charts
Financial Modelling - Best Practices
- Best Modelling practices and FAST (Flexible, Appropriate, Structured & Transparent) standards
- Design, testing and feedback
- Group Exercise (20 min) – Identifying errors in a sample Financial Model
Financial Modelling - Part 1
- Fundamentals of project finance model design
- Model sensitivity and auditing definitions and analysis
- Revenue and cost modelling
- Cash adequacy, recourse, standby and liquidity
- Financial coverage ratios and the bank perspective
Financial Modelling - Part 2 (Advanced)
- Advance Session on project finance model design
- Debt: deep-dive into types of debt tranches; structuring and debt sizing
- Cash Sweep
- Macros to break the circularity
- Sensitivity and Scenario Analysis
- Project Appraisal based on a project finance model
Financial Modelling - Part 3 (Full Day Group Exercise)
- Building a Project Finance Model
- Based on a real example of a project financed project, participants will construct and use a model for the transaction. The exercise will include:
- Project review
- Analysing the inputs
- Dealing with input priorities
- Cashflow projections
- Financing assessment
- IRR, NPV and other valuation analysis
Innovative Finance
- Infrastructure Investment Funds
- Infrastructure bonds – the major alternative to the banks?
- Asset Recycling/ Monetisation
- Asset Securitization
- Case Study (20 min) – Successful financial close of renewable energy projects using green bonds
PPP PROJECT PROCUREMENT (AUTHORITY PERSPECTIVE)

PPP - Objectives and Rationale
- Infrastructure Development – Traditional vis-à-vis PPP
- Prevalent Spectrum of PPP models – BOO to DBFOT
- Private finance for infrastructure – arguments for and against
- Case Study (20 min) – PPP as an enabler of service delivery by governments
PPP - Assessment of suitability
- Project Identification and PPP Screening
- Main tasks of the identifying projects and preparatory activities to move forward in the PPP cycle
- Entry routes to the PPP Pipeline (up to full feasibility), the rationale of plans and project pipelines
- Factors affecting the prioritization and selection of projects
- Concept of Cost-Benefit Analysis and economic-analysis
- Group Exercise (30 min) – Preparing a PPP screening criterion for Infrastructure Project
Outline Business Case (OBC) - Full day Group Exercise
- Participants to prepare a project brief/ Outline Business Case (OBC) as a group:
- Project Description
- Need for project (including economic & social benefit)
- Technical/ Concept Design
- Procurement and Contracting Structure
- Project Funding & Revenue Sources
- Monitoring during operation phase
Tender Process for a PPP project (Authority Perspective)
- Type of Tender Process – single stage or two stage
Risk Allocation & Mitigation - PPP/Project Finance
- Risk phases- development, construction, start-up and operations & maintenance
- Trigger points- concession signing, financial close, commercial operation date, end of loan
- Allocation and mitigation of risk
- Case Study (30 min) – Risk allocation in a conventional power/ renewable energy projects
Due Diligence/ Risk Assessment - PPP/Project Finance
- Purpose and approach to due diligence (DD)
- Due Diligence/ Risk Assessment
- Technical project analysis – technology, construction and operation
- Financial structure risk – allocation of responsibilities and governance, refinancing issues, interest rate and currency volatility
- Input risk – analysing the price and volatility of inputs
- Offtake risk – the output structure (with take or pay and other examples)
- Contract risk – default and management of counterparties
- Environmental risk
- Group Exercise (30 min) – DD of a sample PPP project
Payment Mechanism - PPP/Project Finance
- Volume linked payment mechanisms, when to use them and the main features
- Availability concept elements and structuring matters in availability payment mechanisms
- Hybrid payment mechanisms
- Group Exercise (20 min) – Determine the most suitable payment mechanism for sample projects
PPP Sectoral Analysis (Choice of the relevant sector)
- Focus session on any one sector (with relevant examples) – sector options 1) Power 2) Renewables 3) Urban & Social Infra 4) Transport 5) Water 6) Waste 7) District Cooling/ Heating
- Types of projects within the sector
- Sector overview
- Typical PPP structure employed for the sector
- Payment Mechanism
- Risk allocation
Credit Enhancement
- Introduction to Credit Enhancement
- Partial Risk Guarantee
- Political Risk Insurance
- Export Credit Agencies
- Escrow Account
- Case Study (20 min) – Prepare credit enhancement package for a sample project
PPP PROJECT IMPLEMENTATION (BIDDER PERSPECTIVE)

Tender Process for a PPP project (Bidder Perspective)
- Type of Tender Process – single stage or two stage
- Key Considerations for Private Sector
- Preliminary Assessment and decision to respond
- Getting the team together – consortium, advisors, financing
- Bid submission, award & negotiations till Financial Close
Risk Allocation & Mitigation - PPP/Project Finance
- Risk phases- development, construction, start-up and operations & maintenance
- Trigger points- concession signing, financial close, commercial operation date, end of loan
- Allocation and mitigation of risk
- Case Study (30 min) – Risk allocation in a conventional power/ renewable energy projects
Due Diligence/ Risk Assessment - PPP/Project Finance
- Purpose and approach to due diligence (DD)
- Due Diligence/ Risk Assessment
- Technical project analysis – technology, construction and operation
- Financial structure risk – allocation of responsibilities and governance, refinancing issues, interest rate and currency volatility
- Input risk – analysing the price and volatility of inputs
- Offtake risk – the output structure (with take or pay and other examples)
- Contract risk – default and management of counterparties
- Environmental risk
- Group Exercise (30 min) – DD of a sample PPP project
Payment Mechanism - PPP/Project Finance
- Volume linked payment mechanisms, when to use them and the main features
- Availability concept elements and structuring matters in availability payment mechanisms
- Hybrid payment mechanisms
- Group Exercise (20 min) – Determine the most suitable payment mechanism for sample projects
PPP Sectoral Analysis (Choice of the relevant sector)
- Focus session on any one sector (with relevant examples) – sector options 1) Power 2) Renewables 3) Urban & Social Infra 4) Transport 5) Water 6) Waste 7) District Cooling/ Heating
- Types of projects within the sector
- Sector overview
- Typical PPP structure employed for the sector
- Payment Mechanism
- Risk allocation
Project Finance - Introduction
- Corporate vis-à-vis Project Finance
- Essentials of project finance: limitation of recourse
- SPV structure
- Project Finance – the various stakeholders
- Overview of various sources of financing & key terms
- Case study (30 min) – Project Finance as a means to arrange financing for projects
Project Finance - Structuring a Deal
- Key Steps involved in arranging Project Finance
- Sources of Financing – Corporate Banks/ DFIs/ ECAs/Islamic Financing
- Type of lending – recourse/ limited recourse
- Key criteria (Interest Rate, Fees, Financial Ratios and Security Package)
- Other considerations: surplus cash flows, lock-ups, cash sweeps
- Cashflow waterfall – reserve accounts, dividends
- Equity contribution – cash equity, equity bridge loans and subordinated shareholder debt – the sponsor perspective
- Group Exercise (20 min) – Preparing a list of sector-specific issues for deals in 1) Solar PV 2) Airports (or any other 2 sectors as per client requirements)
Key Contracts/ Documentation - PPP/Project Finance
- Key contracts and their interrelationship
- EPC/turnkey contracts
- PPA/Concession Agreement,
- GCSA/PCOA/IA
- O&M Contract/ LTSA Contract
- Direct Agreements
- Shareholder/Investment Agreements
- Financing Agreements
- Input/ Fuel Supply
- Contract issues: liquidated damages, performance bonds and retentions, completion guarantees
- Advantages and disadvantages of standard form contracts
Loan Term Sheet and Commitment Letter
- Covenants, undertakings and the concept of sources and uses
- Security documents – mortgages, pledges, assignments, charges and liens
- Limited-recourse or stand-by equity and parent company guarantees
- Project finance term-sheet format
- Group Exercise (20 min) – Checklist for comparitive evaluation of Loan Term Sheets
Equity Valuation
- Equity NPV/ IRR and project IRR
- XNPV, XIRR, MIRR
- Modelling cash flow and ratios
- Allowing for accountancy – depreciation, tax and capital allowances
PPP CONTRACTS & NEGOTIATION

Key Contracts/ Documentation - PPP/Project Finance
- Key contracts and their interrelationship
- EPC/turnkey contracts
- PPA/Concession Agreement,
- GCSA/PCOA/IA
- O&M Contract/ LTSA Contract
- Direct Agreements
- Shareholder/Investment Agreements
- Financing Agreements
- Input/ Fuel Supply
- Contract issues: liquidated damages, performance bonds and retentions, completion guarantees
- Advantages and disadvantages of standard form contracts
Engineering, Construction and Procurement Contract
- Construction milestones: Critical interface to fuel supply, PPA and grid connection
- Delays and cost overruns for projects
- Performance guarantees and bonds
- Liquidated damages and caps on liability
- Project completion tests and commissioning
- Group Exercise (20 min) – Preparing Due Diligence checklist of a sample EPC turn-key contract
Operation & Maintenance Agreement/LTSA (as required)
- Availability, planned maintenance outages and requested changes
- O&M Payment milestones
- Performance levels/ KPIs and performance guarantees/ LDs
- Key issues on spare parts, availability and reaction time
- Perspective – Relationship of O&M company with EPC/ Project Sponsor
- Group Exercise (20 min) – Preparing Due Diligence checklist of a sample O&M agreement
Shareholder Agreement/Joint Development Agreement
- Companies, applicable law and language
- Decision taking
- Election of governing bodies – management and control
- Transfer of shares and restrictions
- Disputes and settlement mechanism
Input/ Fuel Supply Agreement
- Perspective – Fuel supplier is also offtaker, sponsor or government entity
- Quality and quantity of the fuel
- Time of delivery and storage
- Safety and environmental issues
- Fuel transportation agreement
- Group Exercise (20 min) – Preparing Due Diligence checklist of a sample Fuel Supply agreement
Power Purchase Agreement (PPA)
- Interface to Grid Connection Agreement and Implementation Agreement
- Achieved, declared, contracted and minimum capacities
- Declaration of commercial operation date/ Early Generation Revenues (EGR)
- Tariff structures for fuel based and intermittent power generation technologies
- Credit enhancement instruments
- Bankability considerations
- Group Exercise (20 min) – Preparing Due Diligence checklist of a sample Power Purchase agreement
Project Finance - Introduction
- Corporate vis-à-vis Project Finance
- Essentials of project finance: limitation of recourse
- SPV structure
- Project Finance – the various stakeholders
- Overview of various sources of financing & key terms
- Case study (30 min) – Project Finance as a means to arrange financing for projects
Loan Term Sheet and Commitment Letter
- Covenants, undertakings and the concept of sources and uses
- Security documents – mortgages, pledges, assignments, charges and liens
- Limited-recourse or stand-by equity and parent company guarantees
- Project finance term-sheet format
- Group Exercise (20 min) – Checklist for comparitive evaluation of Loan Term Sheets
Financing Agreement
- Debt Drawdown and Repayment
- Conditions precedents – pre-requisites to the first drawdown
- Project Accounts
- Lenders Legal Advisor and role
- Key Clauses
Contract Management
- Phases of contract management
- Construction phase
- Operation phase
- Implementing governance mechanisms
- Administering a PPP contract
- Case Study (30 min) – Checklist for Contract Management of a Solar PV project
Group Exercise - Key Contracts' Negotiation
- Importance of preparation
- Define your must-obtain objectives and deal breakers
- Best Alternative to a Negotiated Agreement (BATNA)
- Conflict between the stakeholders – risk, margin, returns
- Difference between issues, positions and interests
- Win-win negotiations (know when to stop negotiation to aim for sustainable agreement)
- Driving the process – criteria, timings, approvals
FINANCING A PPP PROJECT

Due Diligence/ Risk Assessment - PPP/Project Finance
- Purpose and approach to due diligence (DD)
- Due Diligence/ Risk Assessment
- Technical project analysis – technology, construction and operation
- Financial structure risk – allocation of responsibilities and governance, refinancing issues, interest rate and currency volatility
- Input risk – analysing the price and volatility of inputs
- Offtake risk – the output structure (with take or pay and other examples)
- Contract risk – default and management of counterparties
- Environmental risk
- Group Exercise (30 min) – DD of a sample PPP project
Payment Mechanism - PPP/Project Finance
- Volume linked payment mechanisms, when to use them and the main features
- Availability concept elements and structuring matters in availability payment mechanisms
- Hybrid payment mechanisms
- Group Exercise (20 min) – Determine the most suitable payment mechanism for sample projects
Project Finance - Introduction
- Corporate vis-à-vis Project Finance
- Essentials of project finance: limitation of recourse
- SPV structure
- Project Finance – the various stakeholders
- Overview of various sources of financing & key terms
- Case study (30 min) – Project Finance as a means to arrange financing for projects
Financial Modelling - Part 1
- Fundamentals of project finance model design
- Model sensitivity and auditing definitions and analysis
- Revenue and cost modelling
- Cash adequacy, recourse, standby and liquidity
- Financial coverage ratios and the bank perspective
Loan Term Sheet and Commitment Letter
- Covenants, undertakings and the concept of sources and uses
- Security documents – mortgages, pledges, assignments, charges and liens
- Limited-recourse or stand-by equity and parent company guarantees
- Project finance term-sheet format
- Group Exercise (20 min) – Checklist for comparitive evaluation of Loan Term Sheets
Financing Agreement
- Debt Drawdown and Repayment
- Conditions precedents – pre-requisites to the first drawdown
- Project Accounts
- Lenders Legal Advisor and role
- Key Clauses
PPP Sectoral Analysis (Choice of the relevant sector)
- Focus session on any one sector (with relevant examples) – sector options 1) Power 2) Renewables 3) Urban & Social Infra 4) Transport 5) Water 6) Waste 7) District Cooling/ Heating
- Types of projects within the sector
- Sector overview
- Typical PPP structure employed for the sector
- Payment Mechanism
- Risk allocation
