Course 16 of 20 · Hydrogen Desk Academy

Project Bankability & Contract Alignment

Stage D, Investment case and structuring. Level 8 of 10.

Aligning contract terms to lender requirements: tenor matching, credit support, conditions precedent, and maintaining the bankability gap list.

122 chapters · 11 modules · every chapter one 8 to 10 minute explainer · builds on: Course 07, Course 14, Course 15

Enrol or enquire See the 122 chapters
How a chapter is delivered

One chapter is one idea taken to the point of use

Each chapter covers one idea to the point where you can use it, and comes two ways: a narrated explainer, and a deep dive audio discussion of around thirty minutes that works the same material at depth.

Self-paced throughout, and the same chapters can be taught as a cohort. Chapters run in order: each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

11 modules · 122 chapters

Open any module for its full chapter list, in teaching order.

M0 What a Lender Needs Before a Hydrogen Project Can Be Financed Ch 1-10
  1. The Question That Comes After the Contracts Are Signed
  2. Bankability Is a Verdict, Not a Property
  3. Three Seats: Sponsor, Lender and Offtaker
  4. The Bankability Gap List as the Deliverable
  5. Why Hydrogen Projects Fail a Standard Project Finance Test
  6. The Vocabulary a Credit Committee Uses
  7. What the Offtake Already Settles
  8. What the Flexibility and Scenario Work Already Fixes
  9. Where Capital Structure Begins and This Course Stops
  10. The Route From Contract Set to Financial Close
M1 The Offtake Read From the Lender's Side Ch 11-22
  1. Reading a Signed Offtake as a Credit Document
  2. The Payment Obligation a Lender Can Rely On
  3. Termination Rights That Frighten a Lender
  4. Assignment and Change of Control in the Offtake
  5. The Specification Warranty as a Default Trigger
  6. Liability Caps and the Uncovered Remainder
  7. Force Majeure Read for Its Revenue Effect
  8. Change in Law and Who Absorbs It
  9. The Offtaker's Own Conditions and What They Hold Up
  10. Two Offtakers, Two Different Credit Answers
  11. Several Offtakers Under One Project
  12. An Offtake Marked Up for Financing
M2 Tenor Matching Across the Contract Set Ch 23-33
  1. Why Every Tenor in the Set Must Be Mapped
  2. The Offtake Tenor Against the Repayment Horizon
  3. The Tail Beyond the Last Contracted Year
  4. Matching the Power Arrangement to the Offtake
  5. Storage, Pipeline and Shipping Terms in the Map
  6. Permit, Lease and Consent Expiry Dates
  7. Support Mechanism Duration on the Same Page
  8. Certification Validity and the Named Scheme Behind It
  9. The Extension Right and Which Side Holds It
  10. Closing a Tenor Gap Without a Longer Offtake
  11. A Worked Tenor Map for an Electrolyser Project
M3 Credit Support and Who Stands Behind Each Promise Ch 34-45
  1. Standing Behind a Promise: What Credit Support Does
  2. Assessing an Industrial Offtaker's Credit Standing
  3. The Parent Guarantee Behind a Subsidiary Buyer
  4. Letters of Credit and Bank Guarantees Compared
  5. Cash Collateral and Escrow in a Hydrogen Supply Deal
  6. Rating Triggers and Downgrade Remedies
  7. Sponsor Support That Is Not Equity
  8. Government and Host State Support Letters
  9. Insurance as Credit Support, and Its Limits
  10. Political Risk Cover and Export Credit Support
  11. Substituting a Failed Offtaker
  12. Pricing the Support Package Against the Alternative
M4 Security, Recourse and the Direction Each Runs Ch 46-56
  1. Which Way Security Runs, and Why It Is Confused
  2. What a Lender Can Take Over an Electrolyser Plant
  3. Assigning the Offtake to the Security Trustee
  4. The Direct Agreement With a Hydrogen Buyer
  5. Step-In and Step-Out Rights in Practice
  6. Cure Periods Before Anyone May Terminate
  7. Direct Agreements With the Power Supplier and the Terminal
  8. Limited Recourse and What the Sponsor Keeps
  9. Lender Consent Rights Over Commercial Decisions
  10. Security Formalities Vary by Jurisdiction
  11. The Security Package Nobody Would Enforce
M5 Conditions Precedent Ch 57-68
  1. What a Condition Precedent Is For
  2. Conditions in the Offtake Before Supply Begins
  3. Conditions a Lender Sets Before Financial Close
  4. The Circular Condition Problem
  5. Long-Stop Dates and What Happens When One Passes
  6. Evidence That a Condition Has Actually Been Satisfied
  7. Waiver, Deferral and the Condition Carried Forward
  8. Conditions Inside the Power and Transport Agreements
  9. Conditions the Offtaker Must Satisfy Too
  10. Building the Condition Register
  11. Sequencing Conditions Across Several Counterparties
  12. A Condition That Will Never Be Satisfied
M6 Completion, Performance and the Technology Question Ch 69-79
  1. The Technology Question a Lender Asks First
  2. Reference Plants, Pilot Scale and the Jump to Commercial
  3. The Independent Engineer and What the Report Decides
  4. Wrapping Construction Into One Contractor's Obligation
  5. Completion Tests Written to Match the Offtake
  6. Purity and Carbon Intensity in a Completion Test
  7. Degradation Warranties and the Later Years
  8. Liquidated Damages That Do Not Match the Loss
  9. The Operations and Maintenance Arrangement a Lender Wants
  10. Stack Replacement and Who Pays for It
  11. Technology Obsolescence Over a Long Contract
M7 Revenue a Lender Will Give Credit To Ch 80-90
  1. Contracted, Supported and Merchant Revenue Separated
  2. The Take-or-Pay Floor as the Bankable Core
  3. What a Flex Band Costs in Lender Terms
  4. Support Payments and Their Conditionality
  5. Certification-Dependent Revenue and Evidence Failure
  6. Buyer Concentration and the Single Offtaker Project
  7. Uncontracted Volume and the Merchant Assumption
  8. Ammonia and Methanol Offtakes in the Same Assessment
  9. Currency of Revenue Against Currency of Borrowing
  10. Indexation Risk a Lender Will Not Take
  11. Reconciling the Sponsor's Case With the Lender's Case
M8 Permits, Interfaces and the Non-Contract Gaps Ch 91-100
  1. Permits and Consents as Financing Conditions
  2. The Grid Connection Agreement Read for Financing
  3. Site, Land and Access Rights Over the Full Term
  4. Water, Utilities and the Inputs Nobody Contracted
  5. Environmental and Social Standards a Lender Applies
  6. Safety Case and Hazard Consent for Hydrogen Handling
  7. Local Content, Employment and Host Country Commitments
  8. The Insurance Package and the Adviser Who Reviews It
  9. Interface Risk Between Separately Contracted Parties
  10. Reading a Jurisdiction a Lender Has Never Financed In
M9 The Gap List as a Living Document Ch 101-111
  1. Opening the Gap List
  2. Classifying a Gap by What Would Close It
  3. Ranking Gaps by Consequence, Not by Count
  4. Assigning an Owner to Every Gap
  5. Evidence That a Gap Has Closed
  6. The Gap That Will Not Close
  7. Presenting an Unbankable Project as Unbankable
  8. The Information Memorandum and the Diligence Pack
  9. Questions From Credit and How to Answer Them
  10. Keeping the Register Current Through a Long Negotiation
  11. Reopening the List After Something Changes
M10 A Worked Bankability Assessment Ch 112-122
  1. The Project, the Contracts and the Three Parties
  2. Reading the Offtake for This Case
  3. The Tenor Map for This Case
  4. Credit Support Available and Credit Support Asked For
  5. The Condition Chain and the Date It Turns On
  6. The Register as First Drafted
  7. Closing Three Gaps and What Each Cost
  8. The Two Gaps That Stayed Open
  9. The Recommendation and How It Was Defended
  10. What Contract Alignment Cannot Do
  11. Handing the Open Items to Their Owners

The brochure gives each of these 122 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 16 of twenty

It stands alone, and it is also the entry point to the Hydrogen Desk Academy pathway.

Enrol or enquire See the whole pathway