With support from our headquarters, our development teams in our local offices look for greenfield developing opportunities in their respective countries. We start by carefully analyzing the country’s regulations, to better identify any opportunities. Once we know what we want to look for, our team starts working on the appropriate permits and licenses needed for the soon-to-be project. These licenses normally include electrical permits, mining and other land rights, environmental licenses, and of course the land to build the projects on, which can be bought or leased. Once we have everything ready, we move on to the next stage in the building of a project.
Our Madrid based engineering team works on the design of the plant, deciding which structures, panels, inverters or wind turbines better suit the project’s circumstances. Once we have the design ready, our procurement team starts the negotiations with our suppliers to get the material to the project site. Lastly, our construction team assembles everything and builds the project! We do all our EPC in-house, to make sure we have control over everything that goes into our projects.
Our financing team starts talking with lenders regarding a particular project during the development stage, since negotiations and due diligence can take various months. We normally close the financing just before the EPC starts, when we know the project is legally sound and has all the appropriate licenses. Once the financing is closed, we tie the disbursements to certain EPC milestones, such as buying the material, starting construction or, finally, connecting the project to the grid. Our financing team is therefore continuously in contact with both the development and the EPC teams, since they have to coordinate to make sure the financing and the project are ready to go.
To make sure our projects are always working properly, we have local O&M teams supported by our main team in Madrid. Madrid is in continuous communication with all the local teams, and monitors the plants via a SCADA (Supervisory control and data acquisition) software, which includes sensors, infrared cameras and motion detectors to make sure no problem goes unnoticed. Apart from this, our local teams have regularly scheduled visits to every plant for basic maintenance, such as cleaning (specially important for solar plants) or manual correcting of any incidents.
Once the plant is generating energy, we have to make sure we are selling this energy properly! This is where our local Asset Management teams come in. They have to verify that our generated energy is being sold at the correct price, and prepare the invoices for our clients. They must also be in compliance with any financing conditions imposed on the plant, such as maintaining debt-to-equity ratios and cash flow for the repayment of the debt. Lastly, our Asset Management team must also file all the appropriate tax and legal documents so that our plant is always in proper legal standing.