Before money changes hands, we establish whether the asset is what it is represented to be, whether it will produce what the model says, and which of its problems will actually cost money, to the deal timetable.
- Design and build reviewed against the represented specification
- Yield assessment assumptions tested, P50/P90 basis checked
- Equipment bankability and obsolescence exposure
- EPC, O&M, warranty and grid agreements reviewed technically
- Red-flag register with quantified impact; condition precedents tracked to close
Apex’s founder spent the first part of his career doing technical due diligence for lenders and funds, and the next seven years on the other side of it, engineering and operating the assets that reviewers had signed off. That combination is the point: it is the difference between a red-flag register and an opinion about which flags will actually cost money.
Scope
- Design and build review against the represented specification
- Yield assessment review: assumptions, losses, P50/P90 basis, and where the model is doing work it should not
- Equipment selection, bankability and obsolescence exposure
- Construction and commissioning documentation review
- EPC, O&M, warranty and grid connection agreement review from a technical standpoint
- Condition assessment for operating assets, including remaining useful life and repowering potential
- Red-flag register with quantified impact, and condition precedent tracking through to financial close
Lender’s technical adviser
For financings and refinancings, Apex acts as the lender’s technical adviser through financial close and, where required, through construction: drawdown certification, construction monitoring reports, and completion and performance test witnessing.
Technologies and markets
Solar PV from C&I rooftops to utility-scale ground mount, battery energy storage, and hybrid assets. We have reviewed or engineered assets in the UK, Denmark, Jordan, Japan, Egypt, Australia, Canada, Italy and Portugal, so a portfolio that crosses grid codes and standards regimes is not an obstacle.
Format
Reports are written to be used in an investment committee paper, which means the findings that change the number are at the front and the completeness evidence is behind them. Turnaround is agreed at the outset and met; transaction timetables do not move because the technical adviser is busy.
Every report carries a declaration of interest, or a statement that we hold none. The independence and conflicts policy sets out the rules.
Other services
Tell us what you are trying to decide
Most engagements start with a short call about the asset, the transaction or the dispute, and the timetable. We will tell you what we would do, what it would cost, and whether you need us at all.