K2 Management’s assignment with Triton Knoll Offshore Wind Farm began in its early stages, where we delivered a full Lenders’ Technical Advisor role for our client over a two-year period.
Commencing in the feasibility phase, our assignment supported the client through the UK CFD auction process and the mandating of lenders until financial close.
The duration of our involvement meant that bankability considerations were accounted for throughout the development process and this allowed us to mitigate risk at an early stage and ensure that the business case was bankable for the CFD process.
The scope of the LTA role saw us advising lenders on:
- Permitting and environmental
- Technical design (civil, electrical, turbine, grid connection)
- Project participants
- Construction contracts
- Technical aspects of the financial model
- Review of risk management and contingency sizing.
Triton Knoll was successful in the CFD auction project in 2018 and soon after financial close was achieved, we were awarded the construction monitoring role on the circa. 860 MW project.
The four-year construction monitoring mandate delivers monitoring of permitting, design, manufacturing and construction activities as well as monitoring of project expenditure on behalf of a consortium of international lenders.
Will Sheard, Director, Due Diligence said: “The drive for reducing the levelized cost of energy demands innovative and boundary-pushing approaches to design, financing, contracting and construction methodologies.”
“Sufficient de-risking to support financing and early involvement as technical advisor, as we have delivered on Triton Knoll, will become more common place to secure a robust business case from the earliest stages and we are already seeing a demand for this approach in projects competing in the next CFD auction round.”
We are delighted to reach financial close so soon after bank launch; engaging with K2 Management as technical advisor from the early stages has allowed us together to develop a bankable and well-considered project from the beginning.