Synergy Academy Delivers
Training, Development &
Learning to Skill Up

To know more about about Synergy Academy please register your email with: synergyacademy@synergyconsultingifa.com

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