Energy

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.