Avoiding Costly ALTA Survey Updating with Owner’s Affidavit
As-builts ALTA surveys are a typical requirement at post construction of an energy project regardless of whether it’s wind or solar. We worked on the refinance for a 44-megawatt wind project in Riverside County for AES Corporation. The project had been operating for 15 years and there was a desire to not have to go back and spend the tens of thousands that’s required in order to update the ALTA survey. However, we had to provide the debt with the requisite insurance coverage. So, the issue was how do we solve this without having the timing and costs associated with the updating the ALTA survey which can take several months? We were able to resolve that for our clients by having them sign an owner’s affidavit because they’d been the owner-operator of the project. And that enabled us to close the project financing on time and meet the required deadlines.