Due diligence

I. Due Diligence of Renewable Power Plants and Projects

Ukraine Sustainable Energy Lending Facility (2010 – ongoing) – commercial, legal and regulatory due diligence of the pipeline of renewable projects (90+) submitted for the EBRD financing – the pipeline includes wind, hydro, solar, biomass and biogas projects (project performed jointly with Fichtner).

Due Diligence of 100 MW Wind Farm Project in Crimea (2013, 2011) – legal and regulatory due diligence of the project on construction of wind power plant.

Due Diligence of 8 MW Solar PV Project (2012-2013) – legal and regulatory due diligence of the project on construction of solar PV plant.

Due Diligence of Small Hydro Power Plant Projects (2010) – technical, legal and regulatory due diligence of several projects related to small HPP construction in the Western Ukraine.

Development of Small Hydro Power Plants in the Western Ukraine (2010) – assistance to the project developer in structuring, planning and developing the project on construction of 45 small hydro power plants in the Western Ukraine, preparation of financial models and business plan, pre-selection of construction sites.

Due Diligence of Small Hydro Power Plants in Zakarpattya (2010, 2006) – due diligence of three hydro power plants with total capacity of 30 MW that belong to Zakarpattyaoblenergo, advice on the options of establishing public private partnership with investor for rehabilitation and expansion of power plants.

Regulatory Due Diligence of the Operations of Wind Power Plants (2006) – review of legal and regulatory framework for the operations of wind power plants, including licensing and tariff setting aspects, specifics of operations at the electricity market.

Due Diligence of Small Hydro Power Plants (2006) – identification of investment targets in hydro power sector, review of financial, technical, regulatory and legal aspects of operations of small hydro power plants in Central and Western Ukraine.

II. Due Diligence of Thermal Power Plants, Nuclear Power Plants and CHP

Due Diligence of Kherson CHP (2009) – technical and commercial due diligence of the plant, preparation of the rehabilitation program.

Due Diligence of Moldova Thermal Power Plant (2007) – technical, environmental and commercial due diligence, identification of major legal and regulatory risks.

Due Diligence of Ekibaztus-1 Thermal Power Plant (2007)– technical and commercial due diligence of the plant and associated coal mines, review of proposed investment program (project performed jointly with Sargent & Lundy).

Due Diligence of Kalush Combined Heat Power Plant (2007)– technical and commercial due diligence of the CHP plant located in Western Ukraine.

Review of 300 MW CCGT Project in Alchevsk (2006)– financial and regulatory due diligence of the “green field” project for the EBRD, preparing financial model, advice on contractual and regulatory framework (project performed jointly with AF Enprima).

Review of Zakhidenergo Thermal Power Generating Company (2005) – analysis of financial, economic and technical condition of Zakhidenergo’s power plants.

Valuation of Varna Thermal Power Plant (2004) – assessment of technical reconstruction and modernization options, economic analysis, preparing valuation model for Bulgarian power plant in the course of privatization.

Due Diligence of Energoatom Nuclear Power Generating Company (2002-2003) – financial and economic due diligence of the company, valuation of assets, advice on corporate restructuring options (project performed jointly with British Energy International NNC).

Due Diligence of 4 Thermal Power Generating Companies (2002) – technical and financial due diligence of four largest Ukrainian thermal Gencos, preparation of valuation model, legal due diligence of social infrastructure objects.

Analysis of Burshtyn Thermal Power Plant (1999) – analysis of possible reconstruction and rehabilitation options.

Due Diligence of Zakhidenergo Thermal Power Generating Company (1998) – economic and technical due diligence of the company, structuring investment projects on rehabilitation of power stations, economic valuation, analysis of gas and coal supplies.

III. Due Diligence of Power Distribution and Supply Companies (Oblenergos)

Analysis of Operations of 6 Oblenergos (2007)preparation of the report with detailed analysis of operations of 6 Ukrainian power distribution companies, analysis of market and regulatory framework.

Due Diligence of Lugansk Energy Union (2007)market, regulatory, technical, environmental and social due diligence of power distribution company, advice on major operational risks.

Valuation of 8 Oblenergos (2005-2007)– collection of data from independent sources, preparation of the valuation model for power distribution companies, assessment of regulatory and corporate governance risks, preparation of the valuation report for the London Court of International Arbitration.

Advice on Oblenergo Operations (2005)– advice on regulatory, commercial and financial aspects of the Oblenergo operations.

Due Diligence of 4 Oblenergos (2001)– financial, commercial, regulatory and technical due diligence of power distribution companies offered for privatization, preparation of the financial model, review of the market and regulatory framework.

Due Diligence of 19 Oblenergos (2000-2001)– review of commercial and regulatory aspects of the Oblenergo operations, technical review of their major equipment, preparation of information memorandums for the State Property Fund.

Advice on Regulatory Aspects of Oblenergo Operations (2000)– advice on regulatory aspects of Oblenergo operations with focus on tariff, market and licensing issues.

Due Diligence of Odessaoblenergo (1998)– financial, legal and technical due diligence of power distribution company in the course of privatization, economic valuation, preparation of the documents for privatization tender.

Due Diligence of Kyivoblenergo (1998)– financial and technical due diligence of power distribution company in the course of privatization.

Review of Oblenergo Operations (1998)– review of major aspects of Oblenergo operations and identification of acquisition opportunities.

IV. Due Diligence of District Heating Companies

DemoUkraina – Energy Efficiency Demo Projects in Ukrainian District Heating (2012–ongoing) – regulatory and financial review of the projects implemented by 10 district heating companies applying for financing from the Nordic Environment Finance Corporation (project performed jointly with AF Consult).

Cherkasy District Heating Enterprise (2013, 2007) – legal, regulatory and financial due diligence of the company, preparation of the feasibility study of proposed investment program for the EBRD (project performed jointly with AF Consult).

Donetsk District Heating Enterprise (2013, 2006) – legal, regulatory and financialdue diligence of the company, preparation of the feasibility study of proposed investment program for the EBRD (project performed jointly with with AF Consult).

Zaporizhya District Heating Enterprise (2011)legal, regulatory and financial due diligence of the DH company, preparation of the feasibility study of proposed investment program for the EBRD (project performed jointly with AF Consult).

Lviv District Heating Enterprise (2011)legal, regulatory and financial due diligence of the DH company, preparation of the feasibility study of proposed investment program for the EBRD (project performed jointly with AF Consult).

Ivano Frankivsk District Heating Project: Creditworthiness Enhancement Programme (2010) analysis of commercial, financial, regulatory and institutional aspects of the DH company’s operations, advice on budget, tax, tariff setting and other economic and regulatory issues (project performed jointly with SEK Advisory Services).

Odessa District Heating Enterprise (2007)legal, regulatory and financial due diligence of the DH company, preparation of the feasibility study of proposed investment program for Nordic Investment Bank and Nordic Environmental Finance Corporation (project performed jointly with AF Consult).

Vinnytsia District Heating Enterprise (2006)legal due diligence of the company, preparation of respective section for the feasibility study for the EBRD (project performed jointly with CarlBro).

Dnipropetrovsk District Heating Enterprise (2006)legal, regulatory and financialdue diligence of the company, preparation of the feasibility study of proposed investment program for the EBRD (project performed jointly with AF-Enprima).