Consulting

DNV tapped to help lenders and investors assess USD 40 billion worth of U.S. offshore wind projects

Published

2 months ago

31 October 2024

DNV tapped to help lenders and investors assess USD 40 billion worth of U.S. offshore wind projects

DNV is performing due diligence to enable the financing of eight offshore wind projects on the United States’ Atlantic Coast. The announcement follows news from DNV’s Energy Transition Outlook 2024 report, which forecasts that about 10 GW of fixed offshore wind is set to be installed in the U.S. between 2040 and 2050. While the industry has seen headwinds recently, and the latest Energy Transition Outlook has tempered its overall forecast for offshore wind, projects are still moving steadily forward, as reflected by the robust financing activity in the U.S. The offshore wind projects DNV is assessing collectively represent 13 GW of clean energy capacity, which would increase the U.S.’s total wind power capacity by nearly 9% if they become operational.

The technical due diligence DNV is providing to the financial stakeholders for these offshore wind projects is grounded in sound engineering judgement which is very important for developers, lenders and investors. This methodology is an evolution of the company’s proven approach that has enabled on-time financing for thousands of onshore wind, solar, transmission and battery energy storage projects in the U.S. and Canada.

DNV has also established local, in-house expertise around the intricacies of U.S. project finance and the structures that have emerged since the passage of the Inflation Reduction Act (IRA), such as transferability. Many stakeholders in the U.S. offshore wind industry are headquartered in Europe and rely upon DNV for its on-the-ground knowledge of the U.S. financing landscape. For these eight offshore wind projects, DNV is providing pre-commitment and construction monitoring due diligence to ensure all stakeholders understand the risks of the project prior to final investment decision and further capitalize on tax credit monetization opportunities from the IRA. These services are delivered within established financing mechanisms and processes to ensure on-time closing.

“So far, three of the eight offshore wind projects we’re involved with have reached a final investment decision and the balance is making rapid progress towards this milestone. Our customers are now getting steel in the water and creating benefits for local communities,” said Richard S. Barnes, region president for Energy Systems North America. “We’ve learned that the offshore wind projects getting financed and moving into the development and construction stages are the ones where developers can hit narrow installation windows because they’ve identified and mitigated risks around vessel availability, supply chain, and evolving regulatory requirements.

” DNV’s U.S.-based offshore wind team enabled clients to succeed in California’s 2022 offshore auction, providing in-depth assessments of the technical, societal, and environmental risks around offshore wind development in Oregon and Maine, and are addressing barriers on behalf of the industry to accelerate the deployment of high voltage direct current (HVDC) technology. This regional team is backed up by a global network of experts that has assessed 50 GW of offshore wind energy.

“DNV uses our advisory expertise to help offshore wind projects increase performance and minimize risks. Success relies on understanding the dependencies between different parts of the offshore wind value chain – this is why we take a full lifecycle approach to managing risks and reducing costs,” concluded Barnes.

Related Topics:DNV’s Energy Transition Featured offshore wind projects

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Consulting

Mature Capital celebrates its 2nd Anniversary!

Published

3 months ago

19 September 2024

Editör

This September, we celebrate 2nd years of Mature Capital – two complete successful years during which we accomplished projects acquisitions and consultancy projects with our hard work, dedication and determination for reliability and most importantly with our customers and partners.

Since its foundation in 2022, Mature Capital has given Merger & Acquisition Advisory services and various consultancy services in wind for Turkish and international customers.

‘Through our reliability and network, we have been able to quality and to-do-point tailor made consultancy services for our customers, added value to their investments and improved their decision making process within a very short period of time after the establishment in 2022. And that is a success story that we can be proud of!’, says Mature Capital Founder & Managing Director Habib Babacan.

The track record of References of Mature Capital for the first two years:

Completion of The Sale of 25 MW Operational Wind Farm in Türkiye.

Carrying out all communication between buyer and seller, and management of negotiations between parties, technical due diligence of wind farm, and support on post-acquisition activities.

Commercial and Technical Assistance in Wind Farm Acquisitions in Europe and US.

Giving support to Business Development teams of Turkish and international customers; to review turbine supply and service agreements, identify and interpret risks in these agreements, to review and examine energy production reports and verify the energy yield from 3rd resources, to summarize technical aspects, difficulties, and potential problems of wind farms.

Financial Model Building for a Green Field Manufacturing Plant in the field of Renewable Energy Component Production.

Preparation of financial model for a green field manufacturing plant with a 60 million USD investment budget in Türkiye. Together with investors technical team, we prepared capacity, machinery, human resource plans of investment. Investment teaser of this investment is also prepared to be shared with banks.

Various other Consultancy Services in Wind; 10 different investors, 13 different projects completed.

After going through establishment years, Mature Capital has full speed to expand its business with new investors from international markets. ‘We have completed initial working setup and ecosystem of partners and are prepared carefully for the new businesses. We are ready to drive the expansion of business, and to play an active part in entrance of international investors in Turkish wind market.’, says Habib Babacan.

We thank our investors and solution partners for the trust placed in us, for the constructive cooperation and for their courage to make make it possible for us to obtain market place in Merger & Acquisition Advisory services in Turkish Wind Market.

About Habib Babacan

Habib Babacan has 20 years of work experience in wind business in Türkiye, and held various C level, executive and managerial positions in Nordex Group, and Turcas Petrol (investor), and extensive network at every level in Turkish wind business. He founded Mature Capital in September in 2022 based in İstanbul. The company’s main focus is Merger & Acquisition Advisory services in Wind Energy in Türkiye.