DNV GL, the world’s largest resource of independent energy experts and certification body, announced it has supported CI III Monegros Energy Holdco in refinancing its portfolio of twelve wind farms with a capacity of in total 487.3 MW by providing technical advisory services to a consortium of six lenders. The aim of the due diligence review provided by DNV GL has been to refinance the assets at Commercial Operation Date (COD).
“Mobilizing finance for investment and innovation in low-carbon energy is a key challenge for climate change mitigation. Successful refinancing of renewable energy projects requires a better understanding of the relationship between different types of finance offerings and their willingness to invest in renewables energy. Financial factors vary considerably in the composition of their investment portfolio, and the technologies they favor. Our deep technical knowledge allows us to support customers as a trusted partner during investments as important as this,” commented Andreas Schröter, Executive Vice President Advisory CEMED at DNV GL – Energy.
DNV GL’s team of experts carried out an independent analysis of the wind regime and energy production of the projects in the portfolio ensuring a sound assessment of the project’s risks and opportunities. As the lenders’ technical advisor throughout the refinancing phase, DNV GL has also reviewed the site conditions based on the meteorological information provided, the balance of plant (BoP) designs available for the wind farms and the construction contractual arrangements.
In addition, DNV GL undertook a technical review of the construction, operation and maintenance contracts, power purchase agreement, inputs to the financial model, reviewed the grid and interconnection permits and requirements, and also checked environmental and administrative permitting and Equator Principles compliance.