Due diligence to support the acquisition of a 473MW solar pipeline in Spain
Published October 2021
Everoze was delighted to advise Glennmont Partners on the technical side of a 473 MW solar pipeline acquisition in Spain. The portfolio has been developed by Grupotec, a leading developer and contractor on the Spanish market.
Isabel Rodríguez de Rivera, Investment Director at Glennmont Partners, commented: “Everoze has played an important role in the transaction; assisting Glennmont on technical review of the projects. We will continue to engage them for ongoing technical advice and support during the final stages of the development.”
James Taggart, Investments Manager at Glennmont Partners, added: “Everoze’s technical expertise was crucial in assisting us evaluating a complex portfolio with a large number of assets, especially through their permitting and development status analysis. They have been immediately available throughout the process and we look forward to continuing our relationship with them as we progress in the development of these projects.”
Everoze employed its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, smooth communication and continuous identification of open risk items. Everoze’s scope of work included the technical review of permits, grid, land, technology, design, environmental constraints, and energy production assessments from a third-party Due Diligence. Everoze was also responsible for undertaking an independent review of the technical inputs of the financial model, the review of the EPC and O&M contracts, as well as the elaboration of a permitting status matrix to assign a probability of success to each of the projects in the portfolio.
Everoze’s work was led by Marina Presas supported by a broader project team including Dario Brivio, Christophe Campistron, Stefan Mau, Soraya Molinero, Ana Bamonde and Enzo Petrillo. For more details, Glennmont Partners’ press release is available here.