Gregory Ahuy & Bekzod Kasimov – M&A Modeling for Renewable Energy

Gregory Ahuy & Bekzod Kasimov - M&A Modeling for Renewable Energy

Lear about M&A transaction analysis, accounting, due diligence, deal structuring and financial modeling for renewable energy companies

Course Objectives

Financial Modeling for Renewable Energy M&A course will give you the skills to develop and analyze financial models for M&A transactions. The course covers essential topics including M&A transaction analysis, accounting, due diligence, deal structuring and financial modeling with focus on renewable energy projects. Advanced topics such as sizing debt financing, determining payment structures and carrying out investment return analysis are also covered in the course. Note that this is not a project finance modeling course to evluate a stand-alone wind or solar projects, in this course, we deal with acquisition of a renewable energy company.

In an online environment you will go from a blank Excel workbook to a financial model suitable for investment analysis, debt structuring and operational scenario evaluation. This course will provide step-by-step instructions on how to build financial model suitable for analyzing M&A transaction in renewable energy industry. Short form and long form M&A models will be build in the course.

By the end of this course, you will be able to build complex, real-life M&A financial model for acquisition of wind and solar projects, and you will acquire the skills necessary to analyze, structure, and execute deals in the renewable energy sector.

What This Course is About?

Financial models for M&A transaction are used to assess the risk and reward of acquiring a company. The transaction’s debt capacity, investment returns and financial feasibility depend on expected future cash flows generated by the combined entity itself and a financial model is built to analyze this.

In the Financial Modeling for Renewable Energy M&A, we will model complex acquisitiion transaction from scratch in excel.

You will learn about:

Building a financial model from scratch in excel for M&A deals (both short and long forms);
M&A transaction analysis, accounting, structuring and due diligence for renewable energy sector;
Creating best practice macro’s and Excel VBA codes to break circularities;
Sizing debt based on multiple covenants for renewable energy acquisition financing;
Building in the acquisition capital structure with the appropriate adjustments for the combined entity’s balance sheet;
Creating three-way financial statements and understanding the core accounting concepts that ensure we have a balancing balance sheet;
Integrating synergy, EPS accretion / dilution, internal rate of returns and NPV analysis in the model;
Building summary worksheet to provide meaningful analysis to present to key stakeholders;
Advanced modeling and accounting concepts (flexible timing, stub period adjustment, multiple debt tranches, goodwill analysis etc.);

This is the same comprehensive financial training used to prepare analysts and managers at top financial institutions and infrastructure funds.

How Does It Work?

The course length is over 15 hours.

First, we will review the basics of M&A transactions, so we understand all essential components of M&A delas in the context of renewable energy industry.

Then, in the second part, we will build a short form M&A model and carry out EPS accretion dilution analysis.

We will begin financial modeling for complex M&A transaction in the third part, where we will build a complex and flexible M&A model for acquisition of a reneewable energy company.

Is This Course For You?

Yes, if your work involves developing, amending or reviewing financial models for acquisition transactions. This is a hands-on course, which is tailored to private equity, corporate finance professionals and investment analysts.

Typical students include analysts, managers, senior managers, associate directors, financial advisors, financiers and CFOs from project companies, investment banks, private equity and infrastructure funds.

Course Prerequisites

You will need previous exposure to Excel in a financial modelling context and basic knowledge of investment concepts such as NPV and IRR. We also strongly recommend taking our course on Project Finance Modeling for Renewable Energy.

Meet Our Instructors:

Greg Ahuy

Financial Modeler

[email protected]

Greg started his career in investment banking as M&A analyst in London at Renaissance Capital – leading investment banking firm in Emerging Markets with offices in London, New York, Hong Kong and Johannesburg. He was responsible for some of the biggest M&A deals in mining and infrastructure sectors in emerging and frontier markets. Gregory continued his career at InfraRed Capital Partners, one of the largest infrastructure funds, focused on sourcing and executing greenfield and brownfield infrastructure projects in Eastern Europe. Later, Mr. Ahuy joined Eneco, one of the largest energy companies in the Netherlands where he led several renewable energy projects.

Bekzod Kasimov

Founder / Financial Modeler

[email protected]

Bekzod started his career at ABN Amro Bank as a financial analyst and was responsible for credit and risk analysis of syndicated loans. After that, he joined the merchant banking firm ECM as an investment analyst and was responsible for the origination and execution of investment opportunities in the infrastructure, oil & gas and mining industries. He continued his career at Vancouver-based mining and infrastructure company as a vice-president business development and was responsible for project acquisition and development in the US, South America and Asia. Bekzod was involved in a number of mining, power and renewable energy projects acquisitions in the US, Asia and South America.

Course Curriculum

Part 1 – Transaction Analysis, Accounting , Due Diligence & Structuring the Deal

Introduction to M&A Process(47:50)
M&A Accounting(59:08)
Structuring M&A Deal(21:33)
Due Diligence for Renewable Energy Projects (coming soon)(30:48)

Part 2 – Modeling for M&A Transaction – Short Form

Case Study #1 – Building Short Form M&A Model
Modeling for M&A Transaction – Short Form(39:50)

Part 3 – Modeling for M&A Transaction – Long Form

Case Study #2 – Building a Long Form M&A Model
Modeling Acquirer’s Revenue & Operating Costs(39:12)
Modeling Acquirer’s Working Capital, Equity and Taxes(30:20)
Modeling Acquirer’s Debt, DSRA and Financial Statements(55:22)
Modeling Target’s Revenue, Operating Costs & Working Capital(14:48)
Modeling Target’s PP&E, Taxes, Equity, Debt and Financial Statements(38:20)
Modeling Pro-Forma Revenue, Operating Costs & Synergies(35:41)
Modeling Working Capital and PP&E of the Combined Entity(61:48)
Modeling Equity and Cash of the Combined Entity(27:47)
Modeling Taxes of the Combined Entity(70:31)
Modeling Debt of the Combined entity(70:57)
Interest Expense for Tax Deduction and Bonus Depreciation(43:32)
Sources & Uses of Funds and Macros(78:02)
Modeling Goodwill & Pro-Forma Financial Statements(71:08)
EPS Accretion / Dilution & Valuation(90:56)
Deal Summary Worksheet(28:31)

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