Neptune 2 – a global onshore wind & solar portfolio

Everoze was delighted to advise AMP Capital on the technical side for the 245 million euros mezzanine debt financing of a solar and wind farm portfolio that came to financial close in December 2017. The projects constituting this 1.6 GW Portfolio are either in final development stage, under construction or in operation.

Everoze’s scope of work included the review of senior debt due diligences on the following technical matters: permitting, land securement, tariff, grid connection, technology and design, construction and operation contracts, operation and performance, inspections and energy yield assessment.

On the energy yield assessment, the diversity of assets location and technologies allowed Everoze to undertake portfolio effect estimation. Rather than simply adding the uncertainties together for each asset, some of the uncertainties from one asset to another were considered as independent, therefore reducing the overall uncertainty at portfolio level.

Everoze employed its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, smooth communication and continuous identification of open or risk items. Through the process, efficient mitigation measures were discussed and agreed between the parties, allowing the technical risk profile of the projects to reach an acceptable level.

Green Giraffe, Neoen’s financial adviser indicates: “Everoze provided technical advisory services to AMP in respect of the mezzanine financing of Neoen’s “Neptune 2” portfolio of onshore wind and solar assets. Under the lead of Arnaud Thomé, Everoze successfully reviewed the complex 1.6 GW portfolio with a no-nonsense approach, and delivered their services to the highest professional standards. Despite the complexity, Everoze were thorough and pragmatic in their assessment of risks, which ultimately provided comfort to both the Sponsor and Lender.”