Large-scale public funding of the right new technologies is vital in the journey of any new industry. We helped the Prototyping for Offshore Wind Energy Renewables Scotland (POWERS) fund with due diligence to draw up evaluation criteria, review applications and ensure the fund achieved value for money. Here and elsewhere, we have repeatedly provided well-founded advice and due diligence of funding to enable this to happen, using our deep knowledge of turbine design, economics and the evolving market.
We were selected to be on a framework for delivery of due diligence services by Scottish Enterprise, Scotland’s main economic development agency and a non-departmental public body of the Scottish Government. The POWERS scheme aims to support the capital costs associated with the full scale production (not individual component parts) of next generation wind turbine prototypes. Ultimately, POWERS was established to support projects that demonstrate real economic impact in Scotland by growing GVA and job creation.
On two occasions, we delivered detailed due diligence of funding applications, resulting in a total awards over £10m.
We reviewed the applications and associated documents, formulated detailed evaluation criteria, undertook high level levelised cost of energy modelling, and had face-to-face meetings accompanied by a client representative. We provided technology- and fund-related reports with recommendations and areas for monitoring should funding be agreed.