Vendor Due Diligence for Kallista Energy Investment’s wind assets in France

Published July 2018

Everoze was delighted to support Kallista Energy Investment as Technical Adviser for the 15 operational onshore wind assets, totalling 163 MW (with ages ranging from a few months to 12 yours old) and one asset in construction totalling 10 MW.

Everoze’s scope of work included:

  1. Operational energy production assessments based on 10-min SCADA data
  2. Technical due diligence of:
    * Historical operation
    * Acoustic curtailment and compliance
    * Maintenance and operation contracts
    * Site visit and WTG inspection
  3. Future scenarios including life extension and repowering strategy
  4. Financial Model review
  5. Q&A meetings with prospective investors

Everoze employed its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, continuous communication and identification of open or risk items with Ardian and Kallista. Throughout preparation of the VDD report, current or planned mitigation measures were discussed with Kallista, allowing to convey a precise yet concise technical assessment and risk profile for the assets to prospective investors.

For the operational energy assessment, Everoze investigated different options to make the best use of the operational data and information available, and reduce uncertainties in the final estimates. Close discussions with Kallista have also been key to fully understand historical availability and performance issues and take a view on these going forward. This also provided comfort in the future production estimates.

KEI’s assets were acquired by Boralex in April 2018.

Daniele Rizzolini, Director at Ardian Infrastructure, commented: “It has been a pleasure to prepare and execute this transaction with Everoze. We were impressed by Everoze’s understanding and experience of competitive transaction processes”.

Kallista’s development director Johann Tardy commented “I was engaged with Everoze every week over a period of 2 months as they executed the VDD. Their project team really immersed itself in our assets and operations, and were always responsive and very knowledgeable”.