Leading renewable energy consultancy and service provider, Natural Power, has provided due diligence on US Wind’s Maryland Offshore Wind Project (MarWin) to support Apollo Global Management’s investment decision to commit up to $265 million of convertible debt and equity to acquire an equity stake in the offshore wind energy development company, US Wind.
Natural Power’s offshore wind advisory team delivered a thorough review of the project’s technical, commercial and permitting characteristics. The assessment included an energy yield analysis, a construction plan review, and a review of the development status, focusing on key milestone and schedule risks. The status of key environmental permits and applications as well as plans for necessary site studies were given particular attention. To complete the review, Natural Power provided an assessment of the project’s proposed design and technology, bids and contracts for key services, OPEX and CAPEX estimates, operational strategy and health and safety plans.
Matt Filippelli, Principal Engineer & Offshore Services Lead, said: “Natural Power was pleased to support this important investment which will help bring Maryland’s first offshore wind project closer to reality. The news not only reflects the significant value of the growing pipeline of late-stage offshore wind developments in US waters but also Natural Power’s growing reputation for expertise in offshore wind due diligence.”
