Leading renewable energy consultancy and service provider Natural Power has delivered technical due diligence on behalf of Greencoat Renewables PLC to support its acquisition of a 65 MW portfolio of four operating wind farms in France from Swiss renewable energy producer Axpo. The deal is expected to close in the second quarter of 2022.
The assets to be acquired include the 16 MW Arcy-Précy wind farm in the Burgundy region, and the 9.4 MW Butte de Menonville, 20.3 MW Genonville and 19.8 MW Grande Pièce wind farms in the Centre Val-de-Loire region. All four facilities have long-term contracts from the French government.
Initially, Natural Power conducted a high-level review of OPEX/CAPEX assumptions and energy yield analyses services, then went on to complete full due diligence on the project and provide transactional support. This included contracts review, including turbine supply agreements, construction contracts for balance of plant, grid connection agreement, power purchase agreements and operational contracts (O&M and TCMA). The team also provided analysis of permitting and environmental aspects including the compliance of the projects with the authorisation documentation and the environmental impact assessment; reviews of the project design and technology; and review of the operational performance and of OPEX/CAPEX assumptions within the financial model.
Natural Power France led the delivery of the project, and Giles Dearden, director of due diligence at Natural Power, said: “We have extensive experience in providing technical due diligence to clients in France and throughout Europe, with the local knowledge of our French-speaking team in the Nantes office often adding a critical element to the project delivery.
“During 2021, we delivered technical due diligence on almost 5 GW of French-led renewable assets, advising top IPPs, banks and investors alike, and we’re delighted to be working with Greencoat to support its second portfolio acquisition in France as part of its European growth strategy.”
Bertrand Gautier, investment manager at Greencoat Renewables, added: “This transaction marks a major milestone in the expansion of our wind farm portfolio in the French market and allows Greencoat Renewables to strengthen its relationship with Axpo. France remains a key geography for Greencoat Renewables thanks to its attractive support regimes and a well-developed secondary market. Greencoat Renewables is pleased to expand in France with a strong support from Natural Power experts.”
Natural Power’s experience spans more than two decades and boasts a dedicated in-house team of analysis experts. During 2021 alone, Natural Power delivered technical due diligence on more than 33 GW across 21 countries in Europe. Find out more about Natural Power’s advisory services here.