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i Squared Capital | Technical evaluation of onshore wind portfolio

Nov 24 2017 | Onshore | Due Diligence

Rapid technical evaluation for acquisition of Viridian's 225 MW onshore Irish wind farm portfolio, we undertook site inspections, identified missing documents and provided a summery report for each project,

Having reviewed energy yield estimates undertaken by our US team during the acquisition of a US  developer, the client approached us to provide technical due diligence to support their bid to buy a 225 MW portfolio of operational and consented wind farms in Ireland.

We were asked to review the contents of the data room, identify missing documentation and provide a risk register and revised P50s for four operational and six construction projects by their seven day Phase 1 deadline.

Over the following fortnight, we attended a Vendor management presentation, undertook site inspections and provided a summary report for each project quantifying key risks and identifying
value drivers.

Throughout the process we worked interactively with the client’s in-house  investment team and financial (Credit Suisse), legal (Kirkland Ellis) and energy market (Frontier Economics) advisors to provide accurate financial model inputs in an efficient and timely manner to meet the bid deadline.

Our experienced team was able to reassure the client as to the comprehensiveness of capex and opex budgets and to assess the risk of the construction projects failing to accredit by the ROC and ReFIT deadlines.

To this end when the site visit itinerary was presented by Evercore, the Vendor’s advisor, we requested and were permitted to undertake additional construction site inspections to be able to obtain the necessary assurance.

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