Integrated due diligence of a 39 MW ground-mounted solar farm in France

Client: A mid-cap European renewable energy producer · Sector: Solar PV · Mandate: Buy-side due diligence

An integrated technical, financial, legal and regulatory due diligence on a 39 MW ground-mounted solar farm in France, in the context of a strategic acquisition by a mid-cap renewable energy producer. The mandate covered the offer phase, negotiation support and closing.

Ground-mounted PV in France raises specific diligence challenges: ICPE compliance thresholds, support scheme stability (feed-in tariffs vs CfDs), grid connection curtailment exposure, and manufacturer warranty robustness on panels and inverters.

What we did

• Assessed irradiance, soiling, shading and degradation through independent modelling
• Audited technology (panels, inverters, mounting, monitoring) and performance ratio assumptions
• Reviewed regulatory perimeter: building permits, ICPE compliance, environmental constraints
• Audited the offtake contract (EDF Obligation d'Achat) and grid connection agreement
• Rebuilt and stress-tested the financial model on multiple sensitivity scenarios

Result

Our technical review identified a soiling-related performance gap of approximately 1.8% versus the seller's assumptions, with a quantified impact on the financial model. Three regulatory clarification points were flagged. The acquirer renegotiated the offer with appropriate conditions precedent and closed the transaction within the targeted timeline.

This engagement is part of our photovoltaic due diligence practice, fully integrated with our cross-sector energy and renewable asset due diligence services.

Considering a solar PV acquisition? Our integrated due diligence services cover technical, financial and regulatory dimensions.