DNV GL secured a top role as technical advisor to GVO Wind Ltd and Bluemerang Capital Ltd, supporting the sale of an 80% stake of the 26.1-MW Ventus portfolio of wind projects. Ventus is the UK’s largest portfolio of feed-in-tariff (FiT) wind turbines, comprising 53 operational projects across the UK. The portfolio was acquired by Malaysian power utility Tenaga Nasional Berhad (TNB).
DNV GL conducted independent technical analysis and Vendor’s Due Diligence of the entire 26.1-MW Ventus portfolio, comprising 53 operational feed-in-tariff wind turbines. The Due Diligence included a technical assessment of energy production, capabilities of the wind turbines, asset condition, and operational risk.
This is TNB’s second acquisition in the UK, which brings its renewables portfolio to a total capacity of approximately 280 MW.
DNV GL conducted a technical analysis and Vendor’s Due Diligence of the entire Ventus portfolio and successfully supported the process which culminated in the £171m investment from TNB.
“DNV GL conducted a third-party evaluation of the Ventus portfolio and helped us to confirm the energy production assessment and technical capabilities of the turbines, as well as identify any risks or costs that the purchaser may be exposed to in the future,” explained Harry Bond, CEO, Longspur Capital (investment manager of GVO Wind and Bluemerang Capital). “DNV GL’s world class experts makes them an important resource for validating the value of any asset.”
The advisory’s wind experts developed tailored new tools to carry out individual operational energy production assessments for each of the 53 sites within the tight timescales imposed by the transaction, providing a forecast of the portfolio’s production over the next 20 years.
“The opportunity to be part of this project is a recognition of the trust that banks and financial institutions have in DNV GL’s position as an independent technical advisor,” said Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa.”Through our independent insights and technical assessments of wind farms we help the renewables industry move forward with confidence and accelerate the transition towards a cleaner energy system.”
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