The US based energy company ArcVera is providing technical advisory and Independent Engineering services to New York based Onward Energy. This way the 1.2 GW solar portfolio acquisition of Onward Energy is supported by Independent Engineering services by ArcVera.
ArcVera Renewables is rapidly increasing and expanding its activities in solar space through IE (independent engineering) services. These services have their primary focus on supporting transactions from development to operational facilities.
The company is known for its wind energy technical leadership and provides technical advisory and IE services for the acquisition of Onward Energy.
The company has also advised for the financing of approximately 1.2 GW Global Atlantic solar photovoltaic (PV) portfolios. With this, the project successfully closed in January 2023.
At its foundation, the company has wind energy analysis expertise and a strong focus on mesoscale modeling and data quality. The same focus is also applied to solar analysis so that the results that ArcVera clients get are through proven methodologies.
Director of Business Development-Global, David Simkins said, â€œThe solar services segment is rapidly expanding at ArcVera and, with that, increasing market demand for reliable, independent engineering services. 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.â€
Onward Energy’s Senior Director of Engineering, Darren Weiss, said, â€œOver the last few years, we have 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.â€
ArcVera Director, Solar & Storage Global, Kevin Lichtenstein said, â€œThis 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, off take arrangements, and other parameters.â€
The company has a growing list of clients looking for high-quality independent engineering services. Kevin further added, â€œAs technical advisors, our team is gaining a reputation for being thorough in our due diligence, leaving no stone unturned.â€
With the introduction of the Inflation Reduction Act, the company anticipates significant growth and demand for quality technical due diligence. The company is already growing aggressively its technical expertise by hiring strategic staff to fulfill the needs of the industry. Also, it continues to press its awareness in the global market.
Kevin Lichtenstein on this matter said, â€œThe renewable energy industry has to take the time and effort to â€˜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. The earlier we get involved in a project or portfolio’s development, the sooner we can impact its success.â€
The 1.2 GW solar portfolio acquisition of Onward Energy is supported by independent Engineering services by ArcVera and is another addition to the long list of successful projects.