The financial community, for its part, is dependent on independent assessments of the potential risks involved in wave and tidal projects. By identifying potential risks and demonstrating ways of mitigating them, independent engineering consultants can help a bank or investor to assess the commercial viability of a project’s finance targets.
DNV GL’s project and portfolio due diligence service covers all the technical aspects of a wave and tidal project. Acting as an independent engineer or client’s technical advisor, DNV GL brings extensive expertise and experience to bear, in identifying potential areas of risk, searching for possible means of technical and commercial mitigation, and working with the finance targets to agree on the implementation of acceptable mitigations. In this way, the financial community benefits from materially improved targets and reduced risk.
DNV GL reviews all project-related reports, contracts, technical specifications and financial models, as well as the detailed design of certain features of a device. Normally, due diligence will be concluded by a report identifying potential risks and offering suggestions for possible mitigation action. If required, construction progress can also be monitored and a drawdown certification prepared.