ORTECH has extensive experience in performing due diligence services
You have received your Power Purchase Agreement, Feed-in Tariff contract offer or RFP Win; now you are thinking “I need to get my project debt financed!” and I need an Independent Engineer. You have come to the right sit.
ORTECH has a long history of due diligence, peer review and auditing. The key reasons ORTECH is uniquely qualified to assist our clients in these areas are:
- a proven audit process (plan) which incorporates lessons learned from past engagements
- a large team of qualified auditors trained in conducting Reviews / Audits, and
- proven company experience in a multitude of industries including Renewable Energy, Oil and Gas, Forestry, Manufacturing, Clean Technologies plus government agencies.
ORTECH has developed a detailed process for conducting due diligence on projects or potential acquisition targets or debt financing. Deliverables deal including standard checklists and engineering reports. Over the past several years, ORTECH has performed technical audits on hundreds of renewable energy facilities, environmental audits on compliance reports, peer review on technical findings and acted as expert witness for court proceedings.
ORTECH has a large team (15 – 20 personnel many of which are professional engineers) already trained and available to ensure consistent execution of the Due Diligence or Compliance Audits in a timely manner. This means the ORTECH team is focused on the execution of the audits and not on developing a new audit process or training staff. The large team provides our clients maximum flexibility when scheduling the required site visits and ensures the audits are completed in the shortest timeframe possible.
What is the Process for Technical due diligence
Key documentation typically reviewed for accuracy and completeness, if available before a site visit includes the following:
- Previous due diligence report, if applicable,
- Power Purchase Agreement/FIT documentation including the “Notice to Proceed” letter from the IESO and contract assignment documentation, if applicable,
- Key project design documentation including single line drawing, primary equipment (panels, inverters, racking) specifications (warranties) and layout,
- EPC agreement, construction plan and commissioning report,
- Domestic Content Plan (and Report if available),
- Grid Connection documentation,
- Permitting, if required,
- Building assessment (roof structural / condition report, electrical report),
- COD related documents (final Exhibit G, final Electrical Safety Association (“ESA”) inspection, notice from IESO) required to confirm the project was constructed using sound engineering and operating practices,
- Power output information such as calculations and /or Solar Resource Assessment (typically PVsyst simulation output),
- Financial Model, and
- Operation and maintenance logs including revenue statements from the LDC (utility), if applicable.
Debt / Lenders Providers
Well-structured long-term debt is an essential component of successful renewable energy projects. Debt Providers trust ORTECH’s sound and conservative advice. Our power team has planned, built and operated green generating stations. We can help mitigate risk, overcome obstacles, provide insight and bridge the gaps between the technical and the financial. ORTECH has the experience to work with the debt providers to assess and, where possible, reduce project risks. In short, at ORTECH we speak finance.
Solar Integrators / Developers
Our team thoroughly understands all facets of development phases like design, construction and operation with the risks associated with each stage. We know how to get tasks done in Ontario from legal, contracts, financing, permitting, resource assessments, industry players, and the political landscape. Our provincial content is 100% with all employees and offices located in Ontario including the use of Ontario-based subcontractors when needed. ORTECH is committed to Ontario, with all our offices and most of our clients located or operating in the province. This focus reduces our conflict of interest issues.