ArcVera provides independent engineering for Onward’s 1.2 GW solar portfolio acquisition
Long known for its wind energy technical leadership, ArcVera Renewables is venturing more into the solar space through independent engineering (IE) services to support transactions from development to operational facilities.
ArcVera provides finance-grade consulting and technical services for wind, solar and storage projects worldwide.
“The solar services segment is rapidly expanding at ArcVera and, with that, increasing market demand for reliable, independent engineering services,” said David Simkins, director of global business development at ArcVera. “There is a strong need for qualified independent engineering teams who have the expertise to manage the myriad details of technical due diligence required at deal-flow pace.”
The ArcVera team was recently relied upon to provide technical advisory and IE services for Onward Energy’s acquisition and financing of the approximately 1.2 GW Global Atlantic solar PV portfolio. The project transaction successfully closed in January 2023.
“This was a massive, operating utility-scale solar portfolio requiring technical due diligence of seller’s IE reports, designs, equipment, operations and maintenance, historical performance, warranties, budgets, financial models, offtake arrangements and other parameters,” said Kevin Lichtenstein, ArcVera’s director of global solar and storage.
At its foundation, ArcVera Renewables has wind energy analysis expertise with a strong focus on data quality and mesoscale modeling. This same focus is applied to solar analysis, ensuring ArcVera clients get results through proven methodologies.
In the solar sector, ArcVera has a growing list of clients seeking high-quality independent engineering services.
“Over the last few years, we’ve had the opportunity to work with the ArcVera team on both wind and solar M&A activities, and their ability to consistently deliver an excellent quality work product in a timely manner is a crucial component of our ongoing success,” said Darren Weiss, Onward Energy’s senior director of engineering.
With the recent Inflation Reduction Act legislation, ArcVera anticipates a significant increase in demand for quality technical due diligence. ArcVera is aggressively growing its technical expertise through strategic staff hiring to fulfill the industry need and continues to press its awareness in the global marketplace.
“The renewable energy industry has to take the time and effort to cross the t’s and dot the i’s in this time of immense growth. Like our wind team, our solar team focuses all its technical services on getting it right. We advise our clients early in the development process to make advantageous decisions,” Lichtenstein said. “The earlier we get involved in a project or portfolio’s development, the sooner we can impact its success.”
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