DNV GL finalizes M&A technical due diligence in France

DNV GL provides technical due diligence for the acquisition of Urbasolar by Axpo as consolidation of solar industry in France is taking speed. The project includes the assessment of the EPC and O&M teams’ organization and methodology, technology, design and performance of Urbasolar assets including yield assessment and site inspections of the 187 MWp operating photovoltaic plants and 1,000 MW development pipeline.

DNV GL, the world’s largest independent energy advisory and certification body, has successfully completed a technical due diligence for the acquisition of Urbasolar by Axpo. This marks the utility’s entrance into the solar energy business with the objective of becoming an international solar energy player. The technical due diligence featured an assessment of the EPC and O&M teams’ organization and methodology, technology, design and performance of Urbasolar assets including yield assessment and site inspections of the 187 MWp operating photovoltaic plants and 1,000 MW development pipeline. The global project also included a thorough analysis of the Capex and Opex strategy of Urbasolar PV parks in France.

With a project team based in Paris, DNV GL was able to advise Axpo, ensuring an independent risk assessment, smooth communication and continuous highlight of risks and mitigations. With that outcome, Axpo was able to successfully acquire the Montpellier based company. 

Alexander Gifon, Axpo’s Senior Manager for Mergers and Acquisitions said: “We were delighted to work along with DNV GL on this Technical Due Diligence and appreciated their dynamism, constant communication and technical and market know-how.”

“This is a strategic acquisition for Axpo entering the solar energy business. Supporting Axpo with our teams in their remarkable endeavour was a real pleasure, by providing deeply-rooted technical expertise of the solar industry with local market knowledge to meet the ambitious timeline for their bid to acquire Urbasolar” commented Andreas Schröter, Executive Vice President Central Europe and Mediterranean at DNV GL.