Energy

Our extensive experience enables us to advise our clients on all types of alternative energies (wind, photovoltaic, CSP, biomass, biogas, hydroelectric, cogeneration, waste-to-energy) as well as on conventional technologies (coal, combined cycle, gas, etc.). We also have in-depth knowledge of the regulatory environment and of the energy markets in all regions in which we are present. We are experts in the implementation of energy saving measures and in the procurement of energy services.

Some of our credentials:

Technical due diligence review for financing of a combined cycle plant

Independent engineer for the banks in relation to the financing of a 900 MW combined cycle plant in Mexico.

Energy

Technical due diligence review for the financing of a 900 MW combined cycle plant in Mexico

Client:

Confidential

Period:

2017

Location:

Mexico

Activities performed:

The technical due diligence review for the financing involved the technical evaluation of the project, including the main equipment, civil engineering and electrical system, and the evaluation of the technical aspects of the main contracts of the project (EPC, O&M and PPA) and of the economic model of the financing.

Contact persons:

Antonio Baena
Beatriz Trocolí
Electricity price forecasting

Preparation of pool price forecasts for the project financing of the Valiente wind farm.

Energy

Preparation of pool price forecasts for the project financing of the Valiente wind farm

Client:

VILLAR MIR ENERGÍA & TRIODOS BANK

Period:

2017

Location:

Spain

Activities performed:

Our work included the forecast of future electricity prices (pool prices) using a fundamental model. Among others, the model uses as a hypothesis the installed capacity by type of technology, commodity prices, international exchanges, etc. The peak coefficient of the Valiente wind farm was also estimated by matching it in the market, taking into account its hourly load curve and variable costs.

Contact persons:

Antonio Baena
Beatriz Trocolí
Regulatory advice

Report on the Spanish electricity market and preparation of projected income and costs of the electricity system with a view to evaluating the risk of generating a tariff deficit in the future.

Energy

Report on the Spanish electricity market and preparation of projected income and costs of the electricity system in order to evaluate the risk of generating a tariff deficit in the future

Client:

CONFIDENTIAL

Period:

2017

Location:

Spain

Activities performed:

The report included a full description of the Spanish electricity market and its different activities: generation, transmission, distribution and trading. It also explained the operation of the wholesale electricity market. The report also contained an estimate of the future income and costs of the electricity system with a view to evaluating the potential existence of a tariff deficit in the future, analyzing the different factors that could lead to deviation from the projected estimates.

Contact persons:

Antonio Baena
Beatriz Trocolí
Technical and economic expert reports

Preparation of the expert report on the functioning of the 8.48 MW Papertech Energy cogeneration plant and the lost profits suffered by the company following the entry into force of RD 413/2014.

Energy

Expert report on the functioning of the Papertech Energy cogeneration plant

Client:

PAPERTECH

Period:

2016

Location:

Spain

Activities performed:

In preparing the expert report, we evaluated the income of a cogeneration plant under the different regulatory frameworks (RD 661/2007 and RD 413/2014) taking into account the initial operation of the plant, analyzed the operating measures to be adopted in light of the remuneration system regulated in RD 413/2014, and calculated the profits obtained by applying these operating measures.

Contact persons:

Antonio Baena
Beatriz Trocolí
Economic advice

Preparation of a financial model in order to determine the return and percentage discount to be offered in the May 2017 renewables auction.

Energy

Preparation of a financial model in order to determine the return and percentage discount to be offered in the May 2017 renewables auction

Client:

GE Capital

Period:

2017

Location:

Spain

Activities performed:

Preparation of a financial model to simulate the specific remuneration to which the wind farms that took part in the May 2017 auction will be subject, with different levels of discount when certain regulatory parameters vary, such as market price or reasonable return, in order to obtain the IRR for the project and for shareholders.

Contact persons:

Antonio Baena
Beatriz Trocolí
Technical due diligence review for financing of electricity lines

Independent engineer for the financing of the “Distribución Valle de Mexico” project (4 transmission lines and 10 substations) in Mexico City.

Energy

Technical advice on the issue of project bonds

Client:

NATIXIS, SCOTIABANK E ISOLUX

Period:

2017

Location:

Spain

Activities performed:

Technical due diligence review for the issue of PV project bonds without recourse for a total amount of €404 million, analysis of the plants’ output, technical evaluation of the projects, visit to the facilities to evaluate the state thereof, analysis of useful life and incidents occurred. We also evaluated the O&M arrangements and technical aspects of the O&M contracts, the environmental permits and the financial model of the transaction.

Contact persons:

Antonio Baena
Beatriz Trocolí
Technical advice on the construction and operation of a CSP plant

Technical advice on the construction and start-up of a 110 MW CSP plant with power tower system in the USA.

Energy

Technical advice on the construction and operation of a CSP plant

Client:

Confidential

Period:

2017

Location:

USA

Activities performed:

The project consisted of a 110 MW CSP plant using power tower technology situated in Tonopah (USA). Our technical advice included monthly supervision of the construction of the facility, including visits to the plant and supervision of its operation during the first year of service.

Contact persons:

Antonio Baena
Sofía Lazcano
Technical due diligence review for financing of biomass plants

Technical advice on the financing of two 15 MW biomass plants located in Fundao and Viseu.

Energy

Technical due diligence review for financing of two biomass plants in Portugal

Client:

BPI, BCP & ICO

Period:

2016

Location:

Portugal

Activities performed:

The project consisted of two 15 MW forest biomass plants situated in Fundao and Viseu (Portugal).

The technical due diligence review for the financing included the evaluation of the biomass resource, the analysis of the plants’ output, the technical evaluation of the project, including the main equipment, civil engineering and electrical system, as well as the evaluation of the technical aspects of the main contracts of the project (EPC, O&M and PPA) and of the financial model of the financing.

Contact persons:

Antonio Baena
Comprehensive advice on the development of a biomass plant

Comprehensive technical advice to the developer of a 50 MW biomass plant to ensure the project can be funded via project finance.

Energy

Comprehensive advice on the development of a 50 MW biomass plant

Client:

GREENALIA

Period:

2017

Location:

Spain

Activities performed:

The project consisted of a 50 MW forest biomass plant situated in Curtis, Galicia.

Our technical advice on the project included the drawing up of the technical and contractual specifications for the engagement of the builder of the plant under an EPC arrangement, the evaluation of the biomass resource, contractual negotiations with bidders and the technical due diligence review for the financing of the project. We advised the client throughout the project on the technical risks of the project with a view to future financing.

Contact persons:

Sofía Lazcano
Technical due diligence review for the financing of wind and PV assets

Technical due diligence review for the financing of 22 wind farms and 7 PV plants in Spain (642 MW).

Energy

Technical due diligence review for the financing of 22 wind farms and 7 PV plants in Spain (642 MW)

Client:

CONFIDENTIAL

Period:

2017

Location:

Spain

Activities performed:

The technical due diligence review for the financing included the analysis of the plants’ output, the technical evaluation of the projects, including the main equipment, civil engineering and electrical system, a visit to the facilities to ascertain their state and an opinion on their useful life. The O&M arrangements and associated O&M contracts were also analyzed, as well as compliance with permits and licenses, environmental compliance and the financial model of the transaction.

Contact persons:

Sofía Lazcano
Máximo Martín
Technical due diligence review for financing of electricity lines

Independent engineer for the financing of the “Distribución Valle de Mexico” project (4 transmission lines and 10 substations) in Mexico City.

Energy

Independent engineer for the financing of the “Distribución Valle de Mexico” project (4 transmission lines and 10 substations) in Mexico City

Client:

NATIXIS, SCOTIABANK E ISOLUX

Period:

2017

Location:

Mexico

Activities performed:

The financed public works (OPF) project consisted of the remodeling for the Federal Electricity Commission (CFE) of 4 transmission lines and 10 electrical substations mainly situated in Mexico City. The turnkey contractor received financing for the construction of the project.

Our work entailed the analysis of the technical and economic situation of the project for the banks providing the financing.

Contact persons:

Máximo Martín
Gilberto González
Energy efficiency

Independent engineer for the banks in relation to the financing of a street lighting project in the state of Jalisco.

Energy

Independent engineer for the banks in relation to the financing of a street lighting project in the state of Jalisco

Client:

CONFIDENTIAL

Period:

2016

Location:

Mexico

Activities performed:

The project consisted of the replacement of conventional public street lighting systems with LED technology in a large town, including the modernization of electrical circuits and control systems. Our technical due diligence review for the financing included the analysis of the lighting project, the LED technology to be installed, the potential savings of the project and all contractual, environmental, social and economic aspects of the project.

Contact persons:

Máximo Martín
Technical due diligence review for financing of PV plants

Technical due diligence review for the financing of 3 PV plants (60, 80 and 70 MW) located in the states of Guanajuato, Chihuahua and Morelos.

Energy

Technical due diligence review for the financing of three PV plants in Mexico

Client:

CONFIDENTIAL

Period:

2017

Location:

Mexico

Activities performed:

The technical due diligence review for the financing included the analysis of the plants’ output, the technical evaluation of the projects, including the main equipment, civil engineering and electrical system, as well as the evaluation of the technical aspects of the main contracts of the project (EPC, O&M and PPA) and of the economic model of the financing.

Contact persons:

Sofía Lazcano
Máximo Martín
Technical, environmental and social due diligence review for the financing of a PV plant

Technical, environmental and social due diligence review for the financing of an 80 MW PV plant in the province of San Juan.

Energy

Technical, environmental and social due diligence review for the financing of an 80 MW PV plant in Argentina

Client:

Confidential

Period:

2017

Location:

Argentina

Activities performed:

The technical due diligence review for the financing included the analysis of the plant’s output, the technical evaluation of the project, including the main equipment, civil engineering and electrical system, as well as the evaluation of the technical aspects of the main contracts of the project (EPC, O&M and PPA) and of the economic model of the financing. The environmental and social due diligence review included the evaluation of the environmental and social aspects of the project per the Equator Principles and the review of the Environmental and Social Action plan, all in accordance with the Inter-American Investment Corporation (IIC) Environmental and Social Sustainability Policy.

Contact persons:

Sofía Lazcano
Juan Pablo Pérez