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An Irish investment firm was considering the acquisition of an operational solar portfolio, consisting of 22 ground-mounted solar plants and over 8,000 rooftop mounted solar sites in the UK.
K2 Management was commissioned by the client after detailed discussion to ensure an appropriate scope that would facilitate the timely identification of risks across the two transaction phases, while also recognising transaction abort risk.
To technically assess the proposed transaction and mitigate risk, the team’s Phase 1 scope encompassed a red flag review, taking into consideration the vendor’s own due diligence, site visits to review asset condition and input into the financial model.
The second phase incorporated detailed assessment of the long-term energy yield of each operational project, some of which had less than 12 months of production data. We quantified the risks inherent in the vendor-supplied project energy yield estimates, as well as undertaking independent analysis to refine estimates and reduce uncertainty.
We also represented the client at technical workshops attended by the financial advisor, client’s internal team, vendor and vendor’s technical advisor.