Ereda and 3TIER reach an agreement on the Due Diligence for farms in operation

3TIER®, a Vaisala company and global leader in renewable energy assessment and forecasting, today announced it is collaborating with EREDA, a renewable energy engineering, Construction and Operation services provider. This collaboration will provide project owners, developers, financiers, and other stakeholders with a high quality, integrated service offering to support and speed critical refinancing efforts in process throughout Spain.In the past few years, wind farm performance has become a crucial issue within the industry. Understanding underperformance has become the central topic of numerous discussions and studies aimed at determining the accuracy with which measurements, pre-construction estimates, climate variability studies, and turbine performance models represent real-world conditions. In the face of below expectation production numbers, operating wind projects are increasingly required to renegotiate their initial financing terms as part of business strategy or altering market conditions.
Continual changes to Spain’s energy regulations, including retroactive reductions of feed-in-tariffs, the introduction of new taxes, and a moratorium on new renewable energy projects, have transformed the renewable energy sector. Projects whose financials were based on old policies now have to change their entire structuring to stay afloat and remain profitable. In extreme cases, market participants who own large amounts of project debt must evaluate refinancing or sales options to reduce losses and the financial risks of their portfolio.
3TIER and EREDA’s collaboration integrates re-evaluation and due diligence services that will address the needs of the Spanish market and many other countries throughout Europe. Together their offerings include reforecasting long-term energy potential and forensic analysis to uncover the causes of underperformance using advanced wind modeling techniques, spatial mapping, wake analysis, and on-site operational evaluations.
Both companies have been present in the global renewable energy sector for over a decade, offering a depth of experience few providers can match. 3TIER currently forecasts over 130 GW of installed wind capacity worldwide and has performed over 900 pre-construction assessments for wind and solar projects around the world. The company’s experience in long-term climatology and energy estimation includes helping solar clients across the globe secure over €3.7 billion in financing. Madrid-based, EREDA has worked extensively in Spain as well as throughout North and South America; Africa and the EMEA region, covering a wide range of technical services, ranging from resource studies and wind farm performance analysis to renewable installation and asset management related to more than 30 GW of wind and solar projects.