Project Finance Deep Dive

Break down SPVs, non-recourse structures, capital stacks, and lender requirements across development, construction, and operations.

Debt and Tax Equity

Compare mini-perms, institutional bonds, ECAs, ITC vs PTC strategies, partnership flips, and transferability under modern incentive regimes.

Real-World Case Application

Apply concepts through a full Vineyard Wind 1 case study, including financing structure, risk allocation, and lessons learned.

About the course

Offshore wind financing has grown more complex as projects scale, incentives evolve, and risk tolerance tightens across capital markets. This course tackles that gap head-on, covering project finance fundamentals, debt and tax equity structures, financial modeling metrics, risk mitigation, and scenario planning. Content is built and delivered by offshore wind finance practitioners with direct experience closing utility-scale projects. Learners leave able to evaluate financing strategies, stress-test assumptions, and engage credibly with sponsors, lenders, and investors.

Build bankable offshore wind projects.

Strengthen your ability to structure, evaluate, and de-risk financing decisions across the project lifecycle. Earn a certificate of completion from Offshore Wind Academy.

Curriculum

12 Chapters · 66 Lessons

  1. 1

    Intro

    1. Welcome Free preview
    2. (Included in full purchase)

      Course Map

    3. Course Completion Requirements Free preview
  2. 2

    Glossary

    1. (Included in full purchase)

      Course Glossary

  3. 3

    Module 1

    1. (Included in full purchase)

      1.1: History and Evolution of Wind Energy

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      1.1.1: Offshore wind development in the United States

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      1.2: U.S. Offshore Wind Milestones

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      1.2.1: Recent challenges for US Offshore Wind

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      1.3: Policy Drivers and Tax Incentives

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      1.3.1: Other Tax Considerations

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      Module 1: Practice Quiz

  4. 4

    Module 2

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      2.1: What is Project Finance? SPVs and Non-Recourse Structures

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      2.1.1: Risk Structuring

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      2.2: Key Agreements and Capital Stack Composition

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      2.2.1: 1. Debt (Senior Loan)

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      2.3: Financial Modeling – Inputs, Outputs, and Decision Metrics

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      2.3.1: Strategic Use of Financial Models

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      Module 2: Practice Quiz

  5. 5

    Module 3

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      3.1: Development Phase and Sponsor Equity

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      3.1.1: Upfront Equity

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      3.2: Construction Loans and Debt Sizing

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      3.2.1: 1. Debt Service Coverage Ratio (DSCR)

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      3.3: Tax Equity Bridge Loans and Sponsor Guarantees

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      3.3.1: Sponsor Guarantees: Managing Risk

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      Module 3: Practice Quiz

  6. 6

    Module 4

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      4.1: Mini-Perm Loans and Institutional Bonds

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      4.1.1: Example: Vineyard Wind 1

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      4.2: Export Credit Agencies and Loan Program Office

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      4.2.1: Strategic Benefits of ECA Financing

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      4.3: Execution Strategies – Club vs. Syndicate Financing

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      4.3.1: Strategic Considerations

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      Module 4: Practice Quiz

  7. 7

    Module 5

    1. (Included in full purchase)

      5.1: ITC vs. PTC – Structures and Eligibility

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      5.1.1: Production Tax Credit (PTC)

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      5.2: Transferability vs. Partnerships

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      5.2.1: Transferability: A New Option Under the IRA

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      5.3: Depreciation, Adders, and Monetization Strategies

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      5.3.1: Monetization Strategies: Turning Credits into Cash

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      Module 5: Practice Quiz

  8. 8

    Module 6

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      6.1: Regulatory and Legal Risks

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      6.1.1: Key Regulatory Risks

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      6.2: Market, Supply Chain, and Construction Risks

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      6.2.1: Construction Risks

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      6.3: Contingency Planning and Insurance Instruments

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      6.3.1: Insurance Instruments

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      Module 6: Practice Quiz

  9. 9

    Module 7

    1. (Included in full purchase)

      7.1: Project Timeline and Technical Overview

    2. (Included in full purchase)

      7.1.1: Construction and Installation

    3. (Included in full purchase)

      7.2: Financing Structure and Capital Stack

    4. (Included in full purchase)

      7.2.1: Sponsor Equity

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      7.3: Lessons Learned and Market Implications

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      7.3.1: Market Implications for U.S. Offshore Wind

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      Module 7: Practice Quiz

  10. 10

    Module 8

    1. (Included in full purchase)

      8.1: Interactive Scenario Planning

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      8.1.1: Scenario 1 Rising Interest Rates

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      8.2: Financial Model Walkthrough

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      8.2.1: Key Features of Offshore Wind Models

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      8.3: Wrap-Up, FAQs, and Reflective Activity

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      8.3.1: Common Questions

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      8.3.1 Visuals

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      Module 8: Practice Quiz

  11. 11

    Final Assessment & Reflection

    1. (Included in full purchase)

      Course Recap and Final Assessment

    2. (Included in full purchase)

      Reflection

    3. (Included in full purchase)

      Final Assessment

  12. 12

    Thank You + Post-Course Survey

    1. (Included in full purchase)

      Farewell

    2. (Included in full purchase)

      Post-Course Survey

Build bankable offshore wind projects

Strengthen your ability to structure, evaluate, and de-risk financing decisions across the project lifecycle. Earn a certificate of completion from Offshore Wind Academy.

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