Technical Due Diligence for Sterling Bank’s BIPV project

29-05-2020

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3E was appointed by Sterling Bank PLC to perform a technical due diligence on the planned solarization project at the Sterling Bank Head Office in Lagos, Nigeria. The project consists of installing a 1 MW Building Integrated Photovoltaic (BIPV) retrofit system on the existing Sterling Towers building, and a 2.0 MWh energy storage system.

As an independent technical advisor for the client, 3E reviewed the design proposed by the EPC Contractor. In addition, 3E’s mission included the assessment of the site, the verification of the contractor energy audit, the long-term energy yield assessment and the review of the financial model. 3E’s aim was, in other words, to check that the proposed designs were fit for purpose, and that the key technical and financial risks have been taken into account and sufficiently mitigated. In short, ensuring that the project proposal is in line with the client’s expectations and objectives.

Emmanuel Namanya, Senior Consultant Wind & Solar at 3E, adds: “This project was developed in line with Sterling Bank’s energy goals to improve the energy efficiency of its head office. 3E collaborated with Sterling Bank and the various contractors to identify and assess any potential investment risks and propose suitable mitigation actions. 3E was very pleased to be part of this project and add value to Sterling Bank in this successful transaction.”

Dele Faseemo, Group Head, Energy, at Sterling Bank, concludes: “3E is a professional consulting company in Renewable Energy. Their objective and meticulous analysis, and the team’s emotional intelligence made our Technical Due Diligence a success. Their contribution was helpful in addressing some grey areas that existed in a project of this novelty in Sub-Saharan Africa”.

Based on its 20-year experience in solar and wind, 3E performs independent technical audits and assessments of projects under development, including review of associated contractual and financial aspects. For more information about this, contact us through the form below.