Repaper 200 Document Wind Re-Power

 

Repaper 200 Document Wind Re-Power

Transcript

In the early days of working with SeaWest Wind Power, we worked on the re-power of a wind site out in Palm Springs, 44-megawatts, and a re-power is basically where you remove the infrastructure from an older project, older turbines, and install new infrastructure. In this case, we worked on some of the legacy turbines and we removed some 400 turbines and replaced them with about 50 turbines. So, it was a monumental improvement in the landscape out in Riverside County. But the noteworthy piece on that project was the transactional part because we worked with a new entrant in the renewable space and at that time they were concerned about liability. So, when we closed on a construction loan, we put all the documentation into place and then a year later when we were preparing to close on the as-built. With post construction, they required that we go out to all of the stakeholders, all the landowners, renegotiate all new documents in the name of the new entity. So, we had to virtually re-paper the whole transaction. And I think at the closing there were some 200 documents. We had a five-page schedule of some 200 documents that we submitted to the title company to remove all the old documents and get all the new documents on record for the closing. So it was a monumental undertaking from management, from a due diligence standpoint, but I think also from managing our stakeholders because we had to make sure they understood that everything they had signed and approved early on was going to have to be repeated. So, those relationships are crucial and we understand that, we know how to maintain and manage those.

2018-03-14T20:54:15+00:00