DNV GL performed essential technical due diligence to ensure project success. Project received $350M tax equity commitment.
OAKLAND, California, 15th June 2020 –DNV GL’s recent work as independent engineer delivering technical due diligence for sPower’s Spotsylvania Solar Energy Center enabled the company to close on a milestone tax equity commitment of $350M. The project is the largest solar project east of the Rocky Mountains, the tax equity commitment is also one of the largest in the industry’s recent history. Project construction is underway and is expected to reach completion in the summer of 2021.
Technical due diligence from a qualified institution is essential for financial transactions of this size. Investors relied on DNV GL’s extensive experience assessing and mitigating project risks for more than 4 GW of solar transactions in North America, and services such as independent energy yield assessments, verification of environmental compliance and permitting status, and confirmation of design suitability.
“DNV GL has long been a trusted partner for sPower in the solar project financing process and they played an important role as Independent Engineer on this transaction,” said Dylan Turner, Director, Structured Finance at sPower. “This was a complex project and DNV was integral to our successful, efficient closing.”
“Completing a deal this large is remarkable and speaks volumes about the flexibility and agility of DNV GL’s team to ensure that sPower had the support they required for this transaction,” said Richard S. Barnes, President, Energy North America at DNV GL.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by its purpose of safeguarding life, property and the environment, the company enables customers to advance the safety and sustainability of their business. DNV GL provides classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. The company also provides certification, supply chain and data management services to customers across a wide range of industries. Operating in more than 100 countries, DNV GL experts are dedicated to helping customers make the world safer, smarter and greener.
DNV GL delivers world-renowned testing, certification and advisory services to the energy value chain including renewables and energy management. The company’s expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Its experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.Learn more at www.dnvgl.com/power-renewables.