Case study: Oweninny wind farm
20 Sept, 2021
Oweninny wind farm is a 50:50 joint venture between ESB and Bord Na Móna. The project is based in North County Mayo, Ireland.
LiveDiligence was used by the Technical Advisor for due diligence reporting and collaboration.
Benefits delivered by LiveDiligence
- LiveDiligence was selected by advisors due to its efficiency benefits – saving days of reporting time by bringing all elements of the risk review in one place.
- LiveDiligence enabled quick and effective collaboration between the advisor, sponsors (ESB and Bord na Móna) and the lending consortium (AIB, BNP Paribas and the European Investment Bank), with all parties provided with access and ability to comment on the review.
- Reduced calls and email traffic – saving advisors, sponsors and lenders time.
Peter O’Hagan, Oweninny Project Director, ESB (sponsor)
‘A key change from Phase 1 was the use of LiveDiligence. Phase 2 was delivered using this tool and we found it to a welcome addition. The live updates allowed the team to view the latest position on every aspect of the diligence report providing clarity for all correspondents making the process easier to manage, reducing calls and email traffic and ultimately reducing stress on all sides. The review filters made it easy to spot the issues to focus attention on earlier in the process and thus avoided last minute surprises. The dream would be to get the legal due diligence delivered with one integrated tool like LiveDiligence, this will have to be for future Oweninny’s.’
Luis Duran, Director, AIB (lender)
‘I would like to say that, moving due diligence online is a major industry innovation that has had a beneficial impact on the 5 Irish wind transactions we have used it on in the last couple of years [including Oweninny]. We are excited to see both legal and technical due diligence on the platform in future transactions.’
Photo: Oweninny Wind Farm. Courtesy of ESB