Acquiring different renewable energy projects on different continents

Advising CGN Europe Energy on wind and solar acquisitions

3E has successfully advised CGN Europe Energy (CGNEE) during the acquisition of the Estinnes wind farm, the largest onshore wind project in Belgium (81MW). The project, commissioned in 2009, was owned by the Belgian developer/operator Windvision, who will continue operating the project. The first phase of 3E’s technical Due Diligence included SCADA data analysis of the 11 Enercon E126 7.5MW turbines, energy yield assessment, O&M contract and grid connection review. Furthermore, 3E assisted CGN during the negotiations with Windvision and the financial model finalization.

Based on the success of that first project, 3E supported CGNEE again during the acquisition of the Malicounda PV project in Senegal. This large solar PV project will be constructed in different phases, summing up to 20MW installed capacity. The scope of work includes the energy yield assessment, EPC and O&M contract and PPA review, as well as design evaluation. As the first 11MW phase was reaching commissioning, 3E also deployed staff to inspect the construction and prepare an independent punchlist for Take Over.

These 2 projects were our first projects with CGNEE“, says Régis Decoret, Country Manager France and project manager on both projects, “and we are looking forward to strengthen the relationship in the future. Working with CGNEE is very rewarding as there are only few investors who can quickly deploy an extensive amount of capital into large renewable energy projects located in different countries. They have a slightly different risk perception than other investors, which made the experience very interesting for 3E“.