Buy-Side Technical and Operational Due Diligence for the acquisition of a >500 MW Wind Portfolio in Spain

2025

We acted as independent technical and operational advisor in the buy-side due diligence of a large onshore wind portfolio Acquisition in Spain, exceeding 500 MW and comprising more than twenty-five wind farms with long operational histories.

The transaction required a robust and defensible assessment of asset condition and long-term risks, covering technical, operational and contractual aspects under tight timelines. A key challenge was the level of uncertainty associated with asset aging, remaining useful life and the robustness of seller-provided assumptions.

Our work focused on the validation of critical technical and operational inputs, including remaining useful life (RUL) of structural components, aging-related risks, historical performance and failure behavior, and the consistency of OPEX and CAPEX projections. Particular attention was paid to stress-testing seller assumptions on availability, maintenance practices and long-term operational performance.

By identifying data gaps, inconsistencies and optimistic assumptions, and recalibrating key parameters based on experience with similar portfolios, the project provided the client with a realistic and transparent view of risks and value drivers. This allowed the financial model to be refined and supported a confident investment decision.