3E performs technical due diligence for Urbasolar's portfolio of 40 PV plants
3E was contracted by Urbasolar to perform a technical due diligence in the framework of the financing of the client’s Atlas portfolio. The technical review of the 40 PV plants was carried out by 3E France supported by the 3E Belgium team in less than a month. It enabled Urbasolar to raise €246 million to complete its project.
Urbasolar is one of the major players in the French PV market. The group develops, builds and operates utility-scale solar photovoltaic plants. Urbasolar needed a technical advisor to review the project documents of its Atlas portfolio, prior to funding request. This portfolio consists in 40 ready-to-build PV plants producing up to 310 GWh of green energy, i.e. covering the annual consumption of 66,000 households. The PV plants are located in France. They include ground-mounted, floating, carports and rooftop plants, with standard and bifacial modules.
Urbasolar commissioned 3E to perform a full technical due diligence, namely:
- Long-term yield assessment
- Design review
- Technology review
- Financial model review
- Contractual review
- Reliance letter
Thanks to the successful financing, the construction work has started. The first plant is expected to be operational by mid 2021 and 3E looks forward to supporting Urbasolar further with the obtention of the provisional acceptance certificate
“The client had a challenging timeline to complete the TDD – one month – which is a very tight deadline considering the size of the portfolio and the wide range of tasks requested. 3E’s team is large enough to manage this kind of project and has excellent organizational skills, says Rogelio Avendaño Reyes, Regional Manager France & North Africa at 3E"