This course treats the financing of projects from two complementary perspectives: that of a government agency funding source, and that of an environmental utility (water, wastewater, solid waste) that needs funds for its project. It discusses grants, concessionary loans, market loans, and loan guaranties, along with their relative desirability and efficiency. Since grant funding is never available for all projects, the course deals extensively with borrowing/lending. It discusses strategies for maximizing utility income, including appropriate tariff structures and the reform of government subsidy policy from supply-based general subsidies to demand-based targeted subsidies. Operational strategies to maximize income are also discussed, such as techniques to improve billing and collections, reduce losses, and reduce energy costs. Traditional cash flow analyses are used to determine debt service capabilities. Various project cost reduction strategies, such as staging and scaling, are introduced. Grants in the form of upfront project cost buy-downs vs. annual debt service subsidies are compared. Finally, several examples of project financings combining many of the elements introduced during the course are presented and analyzed.