Mazars has been at the forefront of the recent development of the utility-scale UK solar PV sector since 2010/11. In 2013 and 2014 alone, we have been involved transactions covering over 700 MW of capacity, and advised a series of inward investors looking at the sector for the first time.
Mazars is one of the leading financial model auditors in the world in this sector, having worked on a string of high profile transactions in the past few years, including:
- Numerous debt financings in the UK totalling over 500MW of installed capacity in 2013 and 2014, working for many of the largest developers and yieldcos in the market
- Multiple compliant bids submitted by PV solar developers in the South African Renewable Energy IPP procurement programme, with a combined capacity of over 1,900 MW, and including one large Round 2 project that reached financial close in 2013 (Sishen – 75MW)
- Equity valuation and bid model audit of concentrated solar power (CSP) projects in South Africa
- Solar PV transactions in France, Italy, Spain and Romania
In addition, our renewable energy advisory team has worked with developers and investors in numerous jurisdictions, providing advisory services across the project lifecycle. For instance, we have:
- Provided buy-side advice to clients looking at solar PV investment opportunities, both ground-mounted and rooftop in Italy, France, Romania and the UK
- Provided project loan compliance advice in relation to a solar PV portfolio in Italy
- Advised developers on raising debt for solar PV projects in the UK
- Built bespoke, best practice debt and equity models for leading developers and funds in the UK and elsewhere in Europe
- Valued solar PV portfolios in France and Spain
- Provided detailed transaction and corporate tax and accounting advice in the sector
- Supported clients with their market entry strategies, including company set-up support, tax and accounting, and project acquisition searches
In June 2013, we hosted a seminar focused on large-scale solar in the UK. See the slides from the full presentation.