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Clients

From planning to asset management, see how we support clients in delivering successful projects

  • Due Diligence
  • Onshore wind

Copenhagen Infrastructure Partners | Technical due dilligence in Texas

Copenhagen Infrastructure Partners (CIP) appointed K2 Management in 2016 as technical advisor performing technical due diligence on the Fluvanna I...

Copenhagen Infrastructure Partners (CIP) appointed K2 Management in 2016 as technical advisor performing technical due diligence on the Fluvanna I onshore wind project in Scurry County, Texas. 

The $250m (USD) project, partly funded by CIP and a consortium of banks, delivers electricity into the Texas Interconnection power grid.

The first phase of support to CIP as a project lender included a technical due diligence review, which involved a detailed review of the project to inform CIP’s financing decision.  This review included an assessment and validation on CAPEX and OPEX and delved into the technical aspects of the project to identify project risks and deliver strategies to resolve or mitigate those risks. 

Once the decision was taken to invest in the project, K2 Management was engaged to provide ad hoc support during negotiations and the financial close process.

Our experienced team placed their whole focus on ensuring that CIP’s investment was sound and that any risks were mitigated or minimised.  Our market knowledge and technical expertise was fully utilised to help shape a successful transaction.

We have worked with CIP on several assignments, including its acquisition of the Bearkat I project in Texas.

The 155.4 MW wind farm began commercial operation in December 2017 and consists of 74 Siemens Gamesa 2.1 MW turbines. 

  • Onshore
  • Engineering
  • Construction

The Blue Circle | Owner's engineer for Dam Nai, Vietnam onshore project

K2 Management is undertaking a contract for the owner’s engineer, project management and construction management of the 40 MW Dam Nai wind farm in...

K2 Management is undertaking a contract for the owner’s engineer, project management and construction management of the 40 MW Dam Nai wind farm in Vietnam. This project is owned and developed by Singapore-based developer, The Blue Circle, with financial backing provided by Armstrong Asset Management.

With a full owner’s engineer scope, K2 Management is undertaking design review and site inspections of the entire balance of plant, as well as wind turbine activities from factory inspections through to final commissioning.

The project team is collaborating closely with The Blue Circle team on construction activities, health and safety issues, construction quality, project documentation and planning to secure contract, timeline and budget compliance.

The project, set to be the first foreign-owned wind farm in Vietnam, is being constructed in two phases to be completed in 2018. 

K2 Management and client The Blue Circle from K2 Management on Vimeo.

Olivier Duguet, CEO at The Blue Circle, commented: “The development of the Dam Nai wind farm will be a significant contribution to Vietnam’s ambitious energy target set by the government and will allow Vietnam to tap into its natural resources.  We are delighted to appoint K2 Management in this role and will look forward to benefiting from their global expertise and vast wind experience.”

Per K. Melgaard, Partner at K2 Management, stated: “Working with The Blue Circle on the Dam Nai project is a pleasure and we look forward to successfully completing the role of owner’s engineer and project manager.”

“K2 Management has a wealth of experience as a key advisor in the development and implementation of wind projects and has hands-on local knowledge of the South-East Asian wind market. We will look forward to working closely with The Blue Circle to deliver a successful project.” 

  • Solar PV
  • Due Diligence

Irish investment firm | Due diligence complete on UK solar portfolio

An Irish investment firm was considering the acquisition of an operational solar portfolio, consisting of 22 ground-mounted solar plants and over...

An Irish investment firm was considering the acquisition of an operational solar portfolio, consisting of 22 ground-mounted solar plants and over 8,000 rooftop mounted solar sites in the UK. 

K2 Management was commissioned by the client after detailed discussion to ensure an appropriate scope that would facilitate the timely identification of risks across the two transaction phases, while also recognising transaction abort risk.

To technically assess the proposed transaction and mitigate risk, the team’s Phase 1 scope encompassed a red flag review, taking into consideration the vendor’s own due diligence, site visits to review asset condition and input into the financial model.

The second phase incorporated detailed assessment of the long-term energy yield of each operational project, some of which had less than 12 months of production data.  We quantified the risks inherent in the vendor-supplied project energy yield estimates, as well as undertaking independent analysis to refine estimates and reduce uncertainty. 

We also represented the client at technical workshops attended by the financial advisor, client’s internal team, vendor and vendor’s technical advisor. 

“K2 Management has delivered solid work and support all along the process of this transaction: the collaboration with the team has, once again, been very enjoyable. Our team has been impressed by the professionalism and commitment of the team and this is greatly valued by us, as potential investors in this portfolio.  We look forward to working alongside K2 Management again on forthcoming opportunities.”

Investment team | Irish investment firm | Confidential project

  • Onshore
  • Asset Management

Asset management on Asian wind farm | Identification of underperformance

K2 Management helped Identifying causes of underperformance - and we had to take a new approach to operational assessment to solve the problem and...

K2 Management helped Identifying causes of underperformance - and we had to take a new approach to operational assessment to solve the problem and bring new insights. 

The wind farm in question was underperforming significantly compared to its pre-construction energy yield assessment. Another consultant had already conducted a reconciliation analysis to identify the reasons for underperformance, but had been unable to establish the root cause.

We approached the analysis from a new perspective, bringing insights that had not been uncovered previously.

Through use of nacelle and ground mounted LiDAR, as well as traditional mast data,  we observed that the turbines were performing well in warranted conditions. However, periods of
high atmospheric stability occur frequently in this region, and during such conditions turbine
performance was significantly reduced.

As a result of these findings, our client was able to focus discussions with the manufacturer on the improvement of energy yield through controller optimisation, rather than spending time and money on further investigation or warranty claims.

 

  • Onshore
  • Acquisition
  • Due Diligence

200 MW onshore project in Texas | Acquisition due diligence

Rapid acquisition support for 200 MW project in Texas, USA, operational for less than one year. Our analysis helped the client with inspections,...

Rapid acquisition support for 200 MW project in Texas, USA, operational for less than one year. Our analysis helped the client with inspections, analyzing data for turbines and inspection of power curves. 

We advised our client in relation to the proposed acquisition of a 100+ turbine wind farm in Texas with a bid deadline that was too short to be achievable for other consultants.

Having been operational for less than a year, long-term wind farm energy yield presented a significant risk, and without our analysis, the client would have had to place full reliance on pre-construction estimates only.

We undertook a rapid inspection of 10-minute SCADA, analysing data for all turbines within four days, including inspection of power curves and thrust/RPM relationships.

By doing so, we were able to deliver increased confidence in the longterm energy yield of the project, beyond the  reconstruction reporting available in the data room, putting our client in a stronger bidding position.

  • Onshore
  • Analysis
  • Development

Triodos Bank | energy yield assessment for lender finance

Rapid review and assessment of energy yield for <10 MW onshore wind farm for lender finance to get a better understanding of risks and ensure...

Rapid review and assessment of energy yield for <10 MW onshore wind farm for lender finance to get a better understanding of risks and ensure results quickly. 

Triodos Bank was considering financing of a wind farm in England and nominated us to carry out an independent study to gain a better understanding of the risks associated with investment in the project. Timescales on the deal were tight, and Triodos needed results quickly.

Initially, a rapid review of existing energy yield reports, planning conditions and grid connection agreement was undertaken. This review highlighted a number of methodologies employed in the existing yield assessment that did not represent industry best practice, and omission of key factors potentially affecting energy yield, such as wind sector management, noise, shadow flicker and ice throw.

On the basis of our initial review, our scope was extended to a full bankable energy yield assessment. To keep the proposed project financing schedule on track, the full analysis and reporting were completed in just over two weeks. Many of the risks highlighted in our initial review
were confirmed and quantified, enabling Triodos to make a sound and justified investment  decision.

We have an experienced team, allowing us to undertake work quickly, whilst maintaining high levels of quality and tailoring our analysis to meet the individual requirements of our clients. We consider energy yield in a wide context, taking into account issues that are often overlooked, such as environmental constraints and planning conditions, to ensure realistic and accurate longterm predictions.

"Triodos are pleased with the due diligence support provided. In particular, the team were able to quickly and accurately quantify risks associated with planning conditions which may have had potential energy yield impacts."

Steve Moore | Senior Relationship Manager | Triodos Bank

  • Solar PV
  • Analysis

RATCH Australia Corporation | independent energy yield assessment

Independent energy yield assessment of a 42 MW (AC) solar farm in Australia, on the site of a decommissioned coal-fired power station. K2...

Independent energy yield assessment of a 42 MW (AC) solar farm in Australia, on the site of a decommissioned coal-fired power station. K2 Management was appointed to undertake an energy yield assessment of the Collinsville Solar Farm following the successful award of $9.5m AUD to RATCH in the latest round of ARENA grant funding.

With only a handful of projects operating, large-scale solar PV remains in its infancy in Australia, making Collinsville a flagship RATCH project.

The proposed farm consists of three large zones of PV arrays to be developed on the site of a decommissioned coal-fired power station. Measured data from an onsite pyranometer located central to the three zones was available. 

Once the quality and consistency of the site measurements was confirmed, K2 Management was able to use them in the analysis to improve accuracy in long-term resource predictions, thereby reducing the uncertainty in the energy yield and improving the project P90.

Industry best practice software, methods and tools were applied throughout the analysis and a comprehensive review of losses, specific to the site conditions and equipment under consideration, was undertaken, further improving the accuracy of the results.

Our client said...

"The team was thorough in its approach to this analysis. It is clear they have an in-depth understanding of solar technology and yield analysis methodology, and have applied this to achieve a low uncertainty result. Analysis methods and results were clearly presented in their report, and by supporting our own in-house studies, enable us to progress the project with greater confidence."

Mirjam Tome | Project Development Engineer | RATCH Australia Corporation

  • Offshore
  • Analysis
  • Development

Borssele I & II offshore wind farms | independent energy production estimate

Full independent energy production estimate of Borssele I & II offshore wind farms for submission as part of a Government-led competitive tender...

Photo Credit: Veja Mate Offshore Wind GmbH

Full independent energy production estimate of Borssele I & II offshore wind farms for submission as part of a Government-led competitive tender process.

Offshore energy yield prediction often presents challenges arising from sub-standard measurement campaigns and complex wake calculations, resulting in unpalatable levels of uncertainty. For the Borssele projects, off the coast of the Netherlands, we applied numerous innovative methods to reduce uncertainties, thereby improving confidence in our energy yield predictions.

Offshore wind measurement campaigns are expensive and complicated, and wind data is often compromised both in terms of quality and quantity. Consequently, the prediction of long-term wind resource is often subject to unacceptably high uncertainty.

Site measurements at the Borssele projects were limited, therefore we used an innovative method to determine the long-term wind resource – utilising meso-scale wind map data in combination with numerous reliable sources of reference data in the wider region. This ensemble method was statistically proven to reduce uncertainty in the wind speed prediction, and hence energy yield.

Turbine wakes are substantial at offshore wind  farms, and accurate prediction of the resultant
losses is crucial to a robust energy yield assessment. A number of other offshore wind farms are operational or proposed in the vicinity of the Borssele projects, therefore wake losses are anticipated to increase in future.

In addition to consideration of a build schedule for all wind farms in the region, we utilised a combination of three different industry best practice wake models to provide the best possible estimation of wake losses over the lifetime of the proposed wind farms.


The energy yield assessments for the Borssele projects are a typical example of how we
strive to predict the most accurate and realistic energy yield for a wind farm, using the lowest
uncertainty methods available and taking into account the likely scenario in which the wind
farms will operate.

What our clients think!

Check out how we create value for our clients and their projects across the world. Either as owner's engineer or as technical advisor for lenders and investors.