In the forthcoming decades, the transition to a global low-carbon economy will require tens of trillions of dollars worth of capital investment. Much of that capital investment will directed towards new builds, or retrofits, of major capital projects, whether using technologies that are commercial today or new technologies. This course aims to give students a very practical and detailed introduction to the opportunities and challenges of developing and financing large-scale low-carbon capital projects, such as grid solar, on-shore wind, off-shore wind, geothermal, grid storage (battery, pumped storage, hydrogen, gravity or other), biomass power, hydropower, nuclear, carbon capture and storage, direct air capture (DAC), biofuels, hydrogen and ammonia (of any 'color' that is low carbon), industrial low-carbon heat (including heat storage) and industrial decarbonization generally. Each of the instructors has decades of hands-on experience in developing and financing major capital projects. The process of developing and financing major capital projects is inherently very multidisciplinary - including engineering, business, finance, legal, tax and (often) international relations principles. The course will start at a high level, covering the emissions landscape, policy framework, markets, and main technologies. Then we will dive much deeper into such key tasks as permitting; engineering and resource studies; project pro forma models; successfully negotiating project construction contracts and output sales contracts; arranging the financial terms and legal provisions of bank or bond debt financing; maximizing returns to equity; and monetizing tax and other governmental incentives. Students should be eager to engage in a multi-disciplinary approach both in terms of how to think about the subject matter and in terms of interacting with fellow students who bring a different academic and or work experience than their own. The instructors do not require prior coursework in finance. Basic background materials and additional tutorials will be provided as needed, to bring students up to the technical level required to do the coursework successfully. In order to be considered for enrollment, please complete the Consent of Program Form https://docs.google.com/forms/d/e/1FAIpQLSeWKclJGnx6X6-H4_9RdBhNqSYCTEkGIxLgl7HkUCtuFjXmfg/viewform?usp=header. Forms received after the deadline will be reviewed on a rolling basis until the class is full; however, in prior years the class has consistently been oversubscribed so students should apply timely. ENVRES ENVRES 260 is capped at ENVRES 25 students. Some priority will be given to E-IPER graduate students. A draft of the course Syllabus can be viewed here: https://drive.google.com/file/d/1j9AXG7RsVZE2PbNbilXLTDBJLM-X3qTo/view?usp=sharing
3 units · Letter or Credit/No Credit
In the forthcoming decades, the transition to a global low-carbon economy will require tens of trillions of dollars worth of capital investment. Much of that capital investment will directed towards new builds, or retrofits, of major capital projects, whether using technologies that are commercial today or new technologies. This course aims to give students a very practical and detailed introduction to the opportunities and challenges of developing and financing large-scale low-carbon capital projects, such as grid solar, on-shore wind, off-shore wind, geothermal, grid storage (battery, pumped storage, hydrogen, gravity or other), biomass power, hydropower, nuclear, carbon capture and storage, direct air capture (DAC), biofuels, hydrogen and ammonia (of any 'color' that is low carbon), industrial low-carbon heat (including heat storage) and industrial decarbonization generally. Each of the instructors has decades of hands-on experience in developing and financing major capital projects. The process of developing and financing major capital projects is inherently very multidisciplinary - including engineering, business, finance, legal, tax and (often) international relations principles. The course will start at a high level, covering the emissions landscape, policy framework, markets, and main technologies. Then we will dive much deeper into such key tasks as permitting; engineering and resource studies; project pro forma models; successfully negotiating project construction contracts and output sales contracts; arranging the financial terms and legal provisions of bank or bond debt financing; maximizing returns to equity; and monetizing tax and other governmental incentives. Students should be eager to engage in a multi-disciplinary approach both in terms of how to think about the subject matter and in terms of interacting with fellow students who bring a different academic and or work experience than their own. The instructors do not require prior coursework in finance. Basic background materials and additional tutorials will be provided as needed, to bring students up to the technical level required to do the coursework successfully. In order to be considered for enrollment, please complete the Consent of Program Form https://docs.google.com/forms/d/e/1FAIpQLSeWKclJGnx6X6-H4_9RdBhNqSYCTEkGIxLgl7HkUCtuFjXmfg/viewform?usp=header. Forms received after the deadline will be reviewed on a rolling basis until the class is full; however, in prior years the class has consistently been oversubscribed so students should apply timely. ENVRES 260 is capped at 25 students. Some priority will be given to E-IPER graduate students. A draft of the course Syllabus can be viewed here: https://drive.google.com/file/d/1j9AXG7RsVZE2PbNbilXLTDBJLM-X3qTo/view?usp=sharing
Offered in Winter 2027 at Stanford University.