Case study: Supporting BNRG reach financial close on 3 solar projects
BNRG and Impax Asset Management have reached financial close on three Irish solar farms with a combined capacity of 43 MW, using LiveDiligence to streamline the transaction's Q&A process and accelerate due diligence with Société Générale, Dentons, and Everoze.
Deal details
BNRG and venture partners Impax Asset Management have reached financial close on the financing for 3 Irish solar farms. The projects are expected to be operational next year and will have a combined peak capacity of 43 MW.
The solar farms, located in Co Kildare and Co Cork, were successful in the second auction of the Irish Government’s Renewable Electricity Support Scheme (RESS 2).
French investment bank Société Générale will provide the non-recourse senior debt, with equity provided by BNRG and Impax Asset Management.
Why LiveDiligence?
Based on previous deal experience, the BNRG team knew how LiveDiligence improves collaboration and simplifies due diligence processes.
Q&A management is a top frustration for deal teams, with endless spreadsheet iterations wasting precious time and energy. Worse still, there is a risk of critical Q&A points getting lost in busy inboxes, delaying financial close.
BNRG chose LiveDiligence to streamline the transaction Q&A from lender’s advisors Dentons and Everoze, together with technical due diligence from Everoze.
The result
Running the legal and technical Q&A through LiveDiligence ultimately resulted in faster Q&A progress.
Real-time access to a single point of truth made Q&A and due diligence management straightforward and provided a clear view of progress for the lenders.
“The LiveDiligence Q&A was a massive value add for us! When working to reach financial close LiveDiligence became the single source of tracking the issues at that critical time.” Dan Moloney, BNRG Programme Manager
Photo by Andreas Guklhorn