DNV GL has announced that it has supported CI III Monegros Energy Holdco in refinancing its portfolio of twelve wind farms in Spain.
The wind farms have a total capacity of 487.3MW.
DNV GL provided 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).
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.
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.
Andreas Schröter, executive vice president of advisory CEMED at DNV GL – Energy, said: “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 actors 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.”