DNV GL, the world's renowned resource of independent energy experts and certification body, carried out a vendor due diligence for T-Solar Global Operating Assets that was key for the company sale transaction.
The review of the company’s operational and pipeline portfolio included sixty-nine assets and was prepared for potential investors. The whole scope took more than two months and around twelve experts to complete it.
Existing photovoltaic projects
A total of forty-five existing photovoltaic projects totaling 173.8 MW of installed capacity and twenty-four projects under development combining a total of 1,287 MW of installed capacity in both countries was reviewed during the process.
The successful completion of DNV GL’s analysis was a key step towards the company sale process
The successful completion of DNV GL’s analysis was a key step towards the company sale process. In addition to the PV plants, DNV GL experts evaluated two Concentrated Solar Power (CSP) plants with 55 MW of installed gross power capacity in Spain. The plants have been in commercial operation since 2012.
According to the International Renewable Energy Agency (IRENA), global investment in renewables has remained far below its potential, renewables bring far-reaching benefits in terms of human health, energy access, environmental protection, and the response to climate change, along with the potential to create new jobs around the world.
Providing accurate information
Andreas Schröter, Executive Vice President Central Europe, Mediterranean, and Latin America at DNV GL - Energy, said “Large scale assignments like this demonstrate that the energy transition is in full move in Europe, but it also proves the capabilities and scope of our team.”
He adds, “When project reach sizes over 1 GW, broad and global experience, as well as deep and local know-how, are key success factors for high quality and reliability. With numerous PV plants validated by DNV GL in several countries worldwide our team could properly advise our client and provide accurate information to the potential buyer."
Typical industry practice
Acting as a technical advisor throughout the selling phase, DNV GL’s team assessed technical risks, improvement opportunities, and mitigation measures relative to typical industry practice; and advised on the status of any issues that appear technically incorrect, inconsistent or unresolved with the assets documentation.
DNV GL’s scope of work reviewed operational and pipeline assets, analyzing aspects such as the historical performance of the assets and independent energy assessment, market conditions, scope of the O&M contract as well as increased costs required to maintain the facilities under expected performance for at least 30 years.
In addition, the team of solar experts reviewed the regulatory framework for the assets in the portfolio with the purpose of verifying its status as well as the tariff applicable for each asset.