With This Appointment, Elawan Energy and Its Financial Partners Recognize Enertis Applus+ Technical Expertise in Renewable Energy
- Enertis Applus+ to supervise construction, commissioning, and operational phases, as well as portfolio’s provisional acceptance – expected early 2023.
- 440 MWp portfolio includes 9 solar PV plants located in the Castilla La Mancha region.
Global consulting, engineering, and quality control firm, Enertis Applus+, with deep expertise in the renewable energy and storage sectors, has been appointed Lender’s Technical Advisor for a Spanish 440 MWp solar portfolio.
The portfolio, located in the Castilla La Mancha region, has an aggregated, installed capacity of 440 MWp and it includes 9 solar PV plants. The portfolio has been furnished with €250 million in debt financing.
Enertis Applus+ already acted as Lender’s Technical Advisor for BBVA, Banco Santander, MUFG Bank Ltd, Banco Sabadell, and Intesa Sanpaolo Bank Luxembourg during the financial closing stage that was completed in July 2022. During this phase, three Technical Due Diligence reports were developed reviewing the Engineering, Procurement & Construction (EPC), Operation & Maintenance (O&M), and Power Purchase Agreements (PPA) agreements. Enertis Applus+ will continue to oversee the projects supervising and issuing specific technical reports for the construction, commissioning, provisional acceptance, and operation phases of the projects, supervising that all agreed milestones are met.
Enertis Applus+ also reviewed the project, in accordance with the Equator Principles, and evaluated the loan, to ensure it conforms to the Green Loan Principles (GLP). As some of the projects have PPA contracts, and others were awarded in a 2021 energy auction, and yet others have a go-to-merchant status, a variety of remuneration schemes were taken into consideration during the technical revision.