Leading renewable energy and infrastructure consultancy, Natural Power, has completed due diligence on behalf of ING Wholesale Banking during the financing process of the second phase of the onshore Lakiakangas wind farm located in Karijoki and Isojoki, Finland.
The first phase Lakiakangas wind farm comprises two operational Vestas V126 wind turbines with 3.45 megawatt capacity each, with the second phase comprising a further 12 Vestas V150 wind turbines with 4.2 megawatt capacity each. The later will become operational during September 2019. While the V126 are fully operational and generate revenues under the Finnish feed-in tariff, the new V150 turbines will be remunerated under a corporate PPA. The project developer is CPC Germania.
Natural Powers scope as technical due diligence advisor included reviews of contracts, the site (ground investigations and transport/access), project design, environmental and permitting conditions, and the financial model. Now that finance has been secured, Natural Power will continue to work for the lender as an advisor throughout the construction phase.
Neil Marshall, Due Diligence Project Manager at Natural Power, said: "Through our work in the Nordics, we have developed extensive local knowledge and experience throughout our business. This puts us in a strong position to deliver due diligence and advisory services for debt financed developments in the region, and it was a pleasure to help secure finance on one of the first subsidy free projects in Finland."
Olaf Beyme, Head of Renewables and Power at ING Wholesale Banking Germany, said:"Natural Power has an excellent understanding of the requirements that really do matter for debt financing and puts rigorous focus on these points without forgetting the bigger picture. We were impressed how seamless and efficient the due diligence process worked, despite the very tight deadlines."
Natural Power provides technical due diligence services throughout all stages of the transaction cycle, from initial risk assessment and reporting in early transaction stages through to comprehensive reporting for credit-committee or data room presentation at final bid stage or financial close. Due diligence clients include major international banks, developers, IPPs, utilities, investment funds and other financial institutions. Find out more about Natural Powers due diligence services here https://www.naturalpower.com/our-services/due-diligence/