Renewable Developer Diligence
A development finance institution needed to assess a renewable infrastructure developer across multiple markets. Reporting examined procurement, access to government, state-counterparty standing and execution. The findings informed revised participation terms before the client committed.
A development finance institution evaluating participation in renewable infrastructure required an assessment of a developer active across multiple markets. Projects had been announced; formal procurement frameworks existed.
In three jurisdictions, the same approach emerged. Access had been secured without competitive tender: terms of reference drafted to fit a predetermined winner, projects awarded as compensation for cancelled concessions, legislation amended to permit what existing law prohibited. Each award carried diplomatic freight, a gesture following investment disputes with a regional power, and each ran through pre-existing relationships: a sovereign fund chief who knew the developer from prior ministry roles, cabinet access facilitated through foreign embassies. The state counterparties were opaque, and in some cases barely solvent: one utility had gone unaudited for decades, another was the region's most indebted power company, its board filled with presidential relatives. Execution lagged everywhere. Projects were undersized, years passed between signature and construction, and technologies were promised that did not yet exist. Countries that had sought energy independence still imported power from their neighbours.
The client restructured participation terms before committing.
The mandates below are drawn from hundreds of engagements over fifteen years, including work predating Periplus. Specific parties, jurisdictions and instructing firms are protected by confidentiality.