Technical due diligence for Urbasolar’s 5MWp floating PV plant
French developer, constructor and operator Urbasolar mandated 3E to perform a technical due diligence on a 5 MWp floating PV plant. The farm is located in Peyssies, in the south-west of Toulouse, on a former pit converted into a lake. It is the first floating solar energy plant of the Occitanie region, France.
Lenders due diligence, for an informed decision
In the framework of the financing process of a larger portfolio, 3E performed a technical due diligence on the Peyssies plant. This advisory service aims to identify and mitigate potential risks to safeguard the project’s financial structure by predicting its performance and yield, prior to funding decision. For this project, 3E carried out:
- A long-term yield assessment, i.e. the calculation of the estimated yield with an exceedance probability of 50 and 90%.
- A design review, i.e. the technical analysis of the topography, geotechnics, grid connection, installation of the main components, etc.
- A technological review, i.e. a thorough screening of the technical descriptions, certifications, guarantees, etc. of the PV modules, mounting structure and inverters.
- A contractual review, i.e. an analysis and evaluation of the EPC, O&M aggregator contracts, and of the feasibility of the planning of the construction work.
- A review of the financial model, taking into account annual degradation, P50 and P90, O&M and CAPEX costs, feed-in tariffs, peak power, ...
Floating PV systems, an emerging technology
Installing floating solar farms is a great way to generate more green electricity without taking up any agricultural or industrial land. However, this technology remains quite new for many players in the sector.
Rogelio Avendaño Reyes, Regional Manager France & North Africa at 3E, explains:
“Developing solar farms on reservoirs, lakes or even seas present technical challenges inherent to this specific environment. It requires a thorough understanding of surrounding topography, hydrography, anchoring, mooring, resistance of the components to moisture and to the mechanical stress of wind and waves, …”
In the case of Peyssies, 14,000 solar modules are connected to each other by floats, to form a single island. This island is secured by anchor lines fixed to the banks of the lake.
Bankable technical advisor, also for floating PV
Rogelio Avendaño Reyes: “As a technical advisor, you obviously have to be familiar with this technology if you want your reports to be bankable. 3E has track record of several tens of MW’s of floating PV projects. So our clients can rely on 3E’s expertise for their floating PV projects, from tendering or design to operations .”
Peyssies solar park
With an output of 5MWp and an annual production of 6250 MW/year, the Peyssies solar park aims to cover the equivalent of 10% of the electricity consumption of the 30,000 inhabitants of the municipality of Volvestre.
The technical due diligence was performed by 3E in 2020-2021. Construction work started in summer 2021. And the park has been in service since June 2022.
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