Big Plain and Oak Trail Solar Photovoltaic (PV) Projects
Project Highlights
- Supported both debt lenders and tax equity investors.
- Visited each site monthly from mid-2022 through mid-2023.
- Lenders and investors were able to rely on Sargent & Lundy’s deliverables to provide financing support for the projects.
Project Description
Leeward Renewable Energy engaged Sargent & Lundy to perform an independent engineering review and evaluation of the 196 megawatt (MW) Big Plain Solar Project, located in Madison County, Ohio, and the 100 MW Oak Trail Solar Project, located in Currituck County, North Carolina. The work is on behalf of Leeward and project financiers. Both projects started construction in 2022, and began commercial operation in 2023.
Project Scope
In support of project financing, Leeward engaged Sargent & Lundy to perform an IE review and evaluation of Big Plain and Oak Trail solar PV projects. The goal of S&L’s review was to assess technical and commercial risks associated with the major equipment, design, resource and energy yield, environmental and permitting requirements, and commercial agreements for the project. The scope of work for Sargent & Lundy’s IE due diligence was divided into two phases:
- Phase 1: IE technical due diligence report to support investor commitment.
- Phase 2: Monthly construction monitoring from mobilization through project substantial completion.
Sargent & Lundy reviewed the technical aspects of key design, contracts, and financial documentation to determine both comprehensiveness and consistency with accepted standards in the solar PV industry. Sargent & Lundy’s scope of work in both locations included:
- Site assessment.
- Key technology review (PV module, power conversion system, main power transformer, mounting system).
- System design review (e.g., array design, electrical, civil, and structural review).
- Solar resource and independent energy yield assessment.
- Environmental and permitting review.
- Equator Principles review.
- Contracts and agreements review (e.g., engineering, procurement and construction, power purchase agreements, interconnection, and operations and maintenance).
- Financial model review.
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