Presentation of the module «modeling»
« My name is Jerome Tricot. I’ve been working as an interest rate derivative structurer within the Global Markets department of a Corporate & Investment bank for more than 15 years, and I’m currently attending the Infrastructure Project Finance (IPF) Executive Master at ENPC to support my project of transitioning from capital markets to Green infrastructure investments.
My favorite module from the IPF master is the so-called “modeling” module.
The purpose of this module is quite ambitious, as other modules of the IPF master are too, but this one touches upon a very key aspect of project finance. The modeling courses are successively provided by numerous top-level professionals with very strong expertise in this field, typically working at advisory firms or at infrastructure funds.
There is very little theory: you will learn by making models on many concrete case studies from real projects like for example windfarms, solar plants, biomass power generators, port concessions or toll roads. After only a few hours, you will be able to build a simplified model which will already be a great achievement: In fact, at the end, when assets and liabilities balance and cashflows nicely populate over several decades, it seems magical!
The module is coordinated by Antoine Arduin from DIF Capital Partners, a very skilled teacher. Even if you’ve never worked intensively with Excel and don’t know how to write a macro, you’ll eventually manage to create you own models and understand the more complex ones.
Finally, I would like to thank Clive Gallery, head of the IPF Master, my classmates (most of whom are between 25 and 35 years old) and all the professionals/lecturers who make this program worth its weight in gold ! »
- Thomas Brunetto
Presentation of the module «Final case study»
Thomas Brunetto, analyst in the Energy & Infrastructure Group of CA-CIB London as of 2022, graduated with the Advanced Master in Infrastructure Project Finance in 2021. In this post, Thomas aims at giving an insight of the port of Calais final case study, one of his favourite modules of the Advanced Master IPF.
« The final case study is a practical learning based on the extension and modernisation of the port of Calais, also referred to as the “Calais Port 2015 project”. If the new Port of Calais was inaugurated in September 2021 after 6 years of construction and €863 million invested, students have the opportunity to step in at the beginning of the project, i.e. at the stage of the concession tender in order to make a new bid.
This module is brilliantly coordinated by Simon Lambert, an investment professional specialised in the infrastructure sector working for the group Caisse des Dépôts, supported on the modelling side by Louise Veillon working as financial advisor for the Infrastructure & Project Finance team of Eight Advisory.
The purpose of the workshop is to learn how to bid to a concession tender. To do so, the promotion is split into several groups that will compete against each other with the objective to create the consortium that will win the concession tender. At the end of the case study, all the consortiums present their offer to a jury composed of highly qualified project finance professionals that will select the best proposal.
It is worth highlighting that this challenging exercise requires numerous skills learned through all the courses of the Advanced Master. Indeed, students have inter alia to build a complex financial model from scratch optimising the financial structure according to the bidding criteria and to perform a risk analysis of the project. Furthermore, on the legal side, they must analyse the Concession contract by identifying its main clauses, negotiate them with the Public Authority and propose a suitable legal structure for the project. Finally, a global understanding of the project and communication skills are also challenged via different interaction with Simon Lambert, Louise Veillon, the Public Authority and the final jury.
Hopefully, Simon and Louise act as a beacon in the night for the students by guiding and advising them throughout the entire exercise.
Overall, thanks to this case study students dive into an entire bidding process based on a real infrastructure case. Thus, they have the opportunity to develop and strengthen essential skills needed to become proficient project finance professionals.
This exercise has been truly challenging and formative for me and was only one part of the training. That is why I strongly invite gifted professionals and students interested in working in the project finance sphere to join the Advanced Master in Infrastructure Project Finance! »