DNV GL served as the independent engineer for the transaction and provided the required assurance that each of the projects satisfied certain expected operating criteria. Drawing on its renewable energy specialists in North America, DNV GL assessed key portfolio characteristics including civil and electrical designs, construction and operational contracts, diverse wind turbine and PV module technologies, environmental and permitting compliance, solar energy production estimates, and financial projections.
DNV GL also monitored the quality of construction for the initial portfolio projects, including rapidly adapting to COVID-19-related travel restrictions to fulfill monitoring responsibilities and deliver high-quality independent engineering services to the financing parties. Given the size of the transaction and the number of projects involved, DNV GL’s large team of subject matter experts was key in effectively handling the technical diversity and size of the portfolio, resulting in a successful closing of the transaction.
"The tax equity financing is a vital step in our zero-carbon energy transition in the United States, and we are proud of the achievement," explained Gwenaelle Avice-Huet, executive vice-president of ENGIE and CEO of ENGIE North America. "We are grateful to DNV GL for the help in completing this financing so that we can continue to advance our mission of sustainable energy in North America.
“The complexity and size of this deal required a high level of collaboration between DNV GL experts and ENGIE, and I’m delighted with the outcome,” said Richard S. Barnes, DNV GL - Energy regional president for North America. “Moving the energy transition forward will require large-scale commitment and supporting the completion of such a transaction is another step toward a cleaner future.”