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INDUSTRIAL SERVICES | RENEWABLES

COMPONENTS. Rotor blades before assembling in Portugal.

Worthwhile Investment

With less financing available, undertaking a comprehensive technical and economic viability assessment of wind energy projects is even more essential. GL’s Due Diligence Service supports clients in making investments

36.5 billion euros was the value of the global wind market for turbine installations in 2008, as reported by the Global Wind Energy Council. Over the past year, the worldwide wind capacity grew more than ever, with a 28.8% growth rate, which is equivalent to 27 GW. This resulted in a total glob- al capacity of more than 120.8 GW at the end of the year. A

bright outlook one would believe. However, as a result of the economic crisis, financing for new wind projects and new orders for turbines slowed down at the end of 2008 and in early 2009.

With less financing available and increased pressure to ensure adequate returns on investment, undertaking a comprehensive technical and economic viability assess-

istics of this service?

due diligence services in the market, cov-

Hill: First of all, our expert team, with

ering wind engineering, conventional en-

its reputation for reliability and accuracy, offers our clients guidance while pro- viding them with ideas of how best to mitigate investment risks and guarantee that both technical and commercial un- certainties are quantified and addressed.

gineering, interconnection and integration, environment and permitting, commercial contract reviews, and financial pro forma reviews. Furthermore, services include inspections throughout the project life cycle specifically in component manufac- turing, transportation, construction, com- missioning and end-of-warranty as well as due diligence of wind power projects and manufacturing facilities. nonstop: In this context, what is the benefit of due diligence for your clients? Hill: Clients are enabled to make timely, well-informed and competitive invest- ment decisions as a result of being in- volved in a due diligence process where we identify the principle technical project risks, evaluate their probability

Secondly, clients benefit from our systematic approach allowing them to make well-informed business decisions faster because of our expertise coupled with greater efficiency, timely results, and highly integrated services. With a meth- odology specific to the deal in question, lenders and investors can be assured the complexities related to the number and location of generators as well as the iterative nature of the contracting and permitting processes are considered as a

whole.

of occurrence and the client s level of

INTERVIEW

Global Coordination, Site Specific Expertise

Marion Hill and Peter Dalhoff are the heads of Germanischer Lloyd’s Due Diligence (DD) Service. In nonstop they speak about the benefits and perspectives of DD.

nonstop: What are the unique character-

44

nonstop 02/2009

Finally, GL provides a broad range of

exposure thereto, as well as their poten- tial impact on the project and thus ulti- mately propose appropriate risk alloca- tion and mitigation opportunities. Dalhoff: GL Consulting & Engineering has developed a wealth of expertise in analys- ing and quantifying the design, opera- tional, contractual and permitting risks associated with wind projects. Through its understanding of the principle drivers and risk management possibilities, GL man- ages the technical details of the project while balancing the overall objectives of the investment or loan. nonstop: How many clients do you have in terms of megawatts (MW)? Dalhoff: GL has completed over 12,000 MW of technical due diligence reviews and independent expert opinions for lend- ers and investors. These projects are split between 9,225 MW in North America and 3,400 MW in Europe or in terms of

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