GL Garrad Hassan supported the investors of the Italian wind park “Fossa del Lupo” ERG Renew and the three banks involved with its due diligence services. The three banks are ING Bank, acting as Mandated Lead Arranger (MLA) and documentation bank, Crédit Agricole CIB as MLA and technical bank, and Centrobanca as MLA, modeling bank and agent.
The worldwide wind industry is tied to the financial community, in that financial support from banks and investors is essential to complete wind-farm projects. The independent engineering consultancy, GL Garrad Hassan, accomplished the assessment of the potential risks that can influence the project financing of the wind park.
By identifying potential risks and demonstrating ways of mitigating them, GL Garrad Hassan supported ERG Renew, a wind energy electricity producer, and the banks involved to meet the strict requirements of a project financing. Adding this project to its portfolio, ERG Renew is now one of the leading operators of wind parks in terms of installed capacity in Italy.
GL Garrad Hassan’s project and portfolio due-diligence service covers all technical aspects of a project. The consultancy reviews all project-related reports, contracts, technical specifications, and financial models as well as the detailed design of certain features, for example the turbine, turbine foundation and electrical network.
The Fossa del Lupo wind park in Calabria has a total nominal power of 97.5 MW. Italy is one of Europe’s leading wind energy hot spots in new installed wind energy with a provisional total installed capacity of 6,880 GW at the end of 2011.
GL Garrad Hassan