DNV GL has supported CI III Monegros Energy Holdco in refinancing its portfolio of twelve wind farms with a capacity of in total 487.3 MW by providing technical advisory services to a consortium of six lenders.
Refinancing of the properties at Commercial Operation Date (COD) was the purpose of the due diligence analysis offered by DNV GL.
“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.”Andreas Schröter, executive vice president advisory CEMED at DNV GL – Energy.
The team of experts at DNV GL carried out an objective review of the wind and energy systems of the projects in the portfolio, ensuring a sound evaluation of the threats and opportunities of the project. DNV GL has also reviewed the site conditions as the lenders’ technical advisor in the refinancing process , based on the meteorological information given, the balance of plant (BoP) designs available for the wind farms and the contractual arrangements for construction.
In addition, DNV GL conducted a technical review of the contracts for construction, service and maintenance, the power purchase agreement, the financial model inputs, the grid and interconnection permits and conditions were reviewed, and environmental and administrative permits and compliance with the Equator Principles were also tested.