Client
Foresight Group is a leading infrastructure and private equity investment manager founded in 1984. Foresight Group encompasses fund management activities investing in the private equity, infrastructure and environmental sectors in the UK, US and Southern Europe. In the UK, Foresight owns and operates a portfolio of more than 600MW of large scale solar assets.
Background
The project consists of the acquisition of 11 solar photovoltaic projects by the Customer following installation, commissioning and provisional acceptance. The portfolio projects are as follows:
- Welbeck Solar Limited, 11.4 MWp;
- Tope Solar Limited, 3.3 MWp;
- Stables Solar Limited, 2.0 MWp;
- Saron Solar Limited, 6.3 MWp;
- Steventon Solar Limited, 10.2 MWp;
- Bilsthorpe Solar Limited, 5.7 MWp;
- Abergelli Solar Limited, 7.6 MWp;
- Pen Y Cae Solar Limited, 6.7 MWp;
- Gedling Solar Limited, 5.7 MWp;
- Bulls Head North Solar Limited, 5.5 MWp; and
- New Kaine Solar Limited, 1.9 MWp.
Project description
DNV provided Independent Engineering services to assist the Customer during the acquisition of a portfolio of 11 solar photovoltaic power plants, with a total installed capacity of 66 MWp. The portfolio was constructed by Anesco Ltd and was to be bought by the Customer following completion, commissioning and provisional acceptance.
DNV scope of work includes the following:
Phase 1, Technical Due Diligence, which consists of a comprehensive technical review of project design, technology, construction and operations contracts, grid connection agreements and infrastructure, power off-taking agreements and planning consent. The review also includes an energy production assessment and site visit. Throughout the process, potential risks are identified and mitigation or management strategies are proposed.
Phase 2, Review of Provisional Acceptance of the Projects, which includes a support role to the Customer during completion of the project Provisional Acceptance (PAC), with particular focus on review of the performance ratio testing, commissioning and testing documentation and identification of outstanding finishing items prior to acquisition by the Customer.
Phase 3, Review of Intermediate Acceptance of the Projects, which is a follow up phase that comprises an independent review of the performance ratio test carried out at Intermediate Acceptance (IAC) in accordance with the Engineering Procurement Construction (EPC) Contract.
Services provided by DNV
DNV provides Independent Engineering services including project due diligence reviews, energy production assessments and contractual reviews at Provisional Acceptance (PAC) and Intermediate Acceptance (IAC). DNV’s vast global experience facilitates a comprehensive risk assessment process, adding value throughout the transaction and during ongoing operations.
