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    References

    Selected Renewable Energy Projects

     


    project name
    GOLDEN SANDS SOLAR

    Description
    Feasibility analysis, project concept, engineering, procurement, construction and commissioning of rooftop installation for own consumption for a familiy hotel. This installation in the resort area Golden Sands in Bulgaria has been consisting of photovoltaic (solar PV) power modules with 30 KW capacity and intended to cover power needs of the hotel owner. Development of detailed business plan, financial model and risk analysis. Elaboration of project finance strategy and implementation plan. Costs, benefits, possibilities for government subsidy and sponsorship. Estimation of energy efficiency savings.  Project design and technical design, solar resource estimation, shade evaluation, energy yield forecast and PV modules selection. Execution of engineering, procurement, construction and commissioning.
    Customer
    Family hotel
    size
    30 KW
    Year
    2019/20
    Type
    Feasibility analysis, business plan, project concept, engineering, procurement, construction and commissioning

    project name
    CENTRAL EAST AND SOUTH EAST EUROPE SOLAR MARKET

    Description
    Market analysis about solar energy market of the Central East and South East Europe countries. Our team reviewed existing legal regulatory framework for solar photovoltaic power projects in these countries. Detailed PEST analysis of the markets has been performed along with SWOT analysis. Major solar PV power projects under development, deals and investors have been identified and 10-year forecast about cumulative photovoltaic power capacity growth and for cumulative investment volume was done. Main possible risks in solar energy markets of the Central East and South East Europe countries have been analyzed.
    Customer
    Aselsan A.S.
    scope
    Central East and South East Europe (18 countries)
    Year
    2018
    Type
    Market Report and Analysis

    project name
    BULGARIA HYBRID SOLAR & WIND

    Description
    Project concept, engineering, procurement, construction and commissioning of hybrid renewable energy installation for own consumption for a small enterprise. This installation in Bulgaria has been consisting of photovoltaic (solar PV) power modules with 25 KW capacity and a small wind turbine with 5 KW capacity and intended to cover power needs of the enterpreneur. Project design and technical design, solar resource estimation, shade evaluation, wind resourse evaluation, energy yield forecast, PV modules selection, wind turbine selection. Execution of engineering, procurement, construction and commissioning.
    Customer
    Confidential
    SIZe
    30 KW
    Year
    2017
    Type
    Project concept, engineering, procurement, construction and commissioning

    project name
    BULGARIA SOLAR

    Description
    Project concept and development plan of the largest photovoltaic (solar PV) power plant in Bulgaria to generate and sale electricity on free power market with 150 MW projected capacity. Project design and concept, solar resource estimation, shade evaluation, energy yield forecast, PV modules selection and conceptual technical layout. Development of detailed business plan, financial model and risk analysis. Costs, benefits, possibilities for government subsidy and sponsorship. Estimation of energy efficiency savings. Elaboration of project finance strategy and implementation plan.
    Customer
    Confidential
    SIZe
    150 MW
    Year
    2017
    Type
    Project concept and development. Project Finance Services

    project name
    SERBIA HYDRO

    Description
    Inea Consulting Ltd. provided comprehensive advisory and debt arrangement services for the project finance about portfolio of 12.3 MW ready to build small hydro power projects (SHPP) located in Serbia.  Hydro power projects are long-term and capital intensive. For this reason the project owners selected Inea Consulting Ltd. to provide appropriate services regarding project finance. Arranged finance has been flexibly adjusted to the project's expected future cash flows – with guarantee cover and export financing being provided at the same time.
    Customer
    Confidential
    SIZe
    12.3 MW
    Year
    2016
    Type
    Project Finance Services

    project name
    TURKEY SOLAR

    Description
    Company valuation for IPO listing purpose of Turkish solar PV company enaged with EPC and development of large portfolio of more than 43 solar projects pipeline. The project owners considered third party independent company valuation (appraisal) of their company and in this respect they trusted to experienced partner like Inea Consulting Ltd. The main objective of this company valuation was to present hypothetical value calculation of the fair market value (FMV), in the context of a strategic investment decision by the company’s management and shareholders for listing on one of the major international stock exchanges. Our team elaborated company valuation with due care and accuracy using the vast experience of Inea Consulting Ltd. in renewable energy business consulting.
    Customer
    Confidential
    Scope
    Turkish Solar Market
    Year
    2015
    Type
    Company Valuation regarding IPO listing purpose

    project name
    VIEDA Power Co. Ltd.

    Description
    Market Analysis for CIS countries solar energy market. Our team reviewed existing legal regulatory framework for photovoltaic power projects in CIS countries. Detailed PEST analysis of the markets has been performed along with SWOT analysis. Major solar PV power projects under development, deals and investors have been identified and 5 year forecast about cumulative photovoltaic power capacity growth was done. Main possible risks in solar energy markets of CIS countries have been analyzed.
    Customer
    VIEDA Power Co. Ltd.
    Scope
    CIS countries
    Year
    2015
    Type
    Market Report and Analysis

    project name
    KAZAKHSTAN Wind

    Description
    Project concept and development plan of one of the largest wind farms in Kazakhstan with 84 MW projected capacity in North Kazakhstan region. Project design and concept, wind resource estimation, energy yield forecast, wind turbines selection and micrositing (layout) and noise map. Development of detailed business plan, financial model and risk analysis. Costs, benefits, possibilities for government subsidy and sponsorship. Estimation of energy efficiency savings.
    Customer
    Confidential
    Size
    52 MW
    Year
    2014
    Type
    Project concept and development. Wind resource assessment and energy yield forecast

    project name
    TURKEY BIOGAS

    Description
    Acquisition Analysis for portfolio of biogas power plant projects with 5.21 MW total capacity located in Central Anatolia region, Turkey on behalf of international customer. Our team has been appointed by reputable Turkish investor in renewable energy projects to review documents of the proposed portfolio of biogas projects. We reviewed existing regulatory framework for biogas projects, studied availability of animal manure and other agricultural waste resources in the area and evaluated all risks associated with biogas projects within current conditions for this business in Turkey.
    Customer
    Biyogaz Reaktörleri Mühendislik Taahhüt İnşaat Şti.
    Size
    5.21 MW
    Year
    2014
    Type
    Acquisition Analysis

    project name
    ROMANIA SOLAR

    Description
    Permits and documents review for portfolio of solar projects with 67 MWp total capacity located in South Romania on behalf of international customer. Our team has been selected to review and put comments over the presented permits and documents regarding acquisition advisory service to international solar energy investment fund. We presented final permit review report to the customer giving our advice regarding conformity of this solar projects portfolio with existing legal and reguatory framework for solar energy projects in Romania.
    Customer
    Solerias Investments LLC.
    Size
    67 MWp
    Year
    2014
    Type
    Permits and documents review. Acquisition advisory

    project name
    ROMANIA BIOMASS

    Description
    Business plan analysis and technical concept review for biomass project with 5 MWel capacity located in Sibiu County, Romania on behalf of international customer. Our team has been selected to review and put comments over the presented business plan from the project owner and developer. Financial model and all parts of the business plan have been analyzed in details. Technical design of the project and woodchips supply contracts have been reviewed. We analyzed also existing regulatory framework for biomass projects, studied availability of wood chips and wood waste resources in the area and evaluated all risks associated with biomass projects within current conditions for this business in Romania.
    Customer
    Confidential
    Size
    5 MWel
    Year
    2013
    Type
    Business plan analysis and technical concept review

    project name
    KAZAKHSTAN SOLAR

    Description
    Solar Energy Audit & Feasibility Analysis for solar project with 50 MWp total capacity located in South Kazakhstan region, Republic of Kazakhstan on behalf of international customer. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    SIB Solar Ventures Inc.
    Size
    50 MWp
    Year
    2013
    Type
    Feasibility Analysis and Solar Energy Audit

    project name
    GREECE BIOGAS

    Description
    Acquisition Analysis for portfolio of biogas power plant projects with 6.4 MW total capacity located in Missolonghi municipality, Aetolia-Acarnania region, Greece on behalf of international customer. Our team has been appointed by reputable international investor in biogas power plants to review documents of the proposed portfolio of biogas projects. We reviewed existing regulatory framework for biogas projects, studied availability of animal manure and other agricultural waste resources in the area and evaluated all risks associated with biogas projects within current conditions for this business in Greece. Opportunities for EU funding grants and local government subsidies have been explored and analyzed.
    Customer
    Confidential
    Size
    6.4 MW
    Year
    2013
    Type
    Acquisition Analysis

    project name
    SANDROVO

    Description
    Feasibility Analysis for biogas power plant project with 1.5 MW total capacity located near the Sandrovo village, Ruse region, Bulgaria on behalf of domestic customer. Our team reviewed existing regulatory framework for biogas projects, studied availability of animal manure and other agricultural waste resources in the area and evaluated all risks associated with biogas projects within current conditions for this business in Bulgaria. Opportunities for EU funding grants have been explored and analyzed.
    Customer
    Simperts Ltd.
    Size
    1.5 MW
    Year
    2013
    Type
    Feasibility Analysis

    project name
    FUHRLÄNDER

    Description
    Market Analysis for Bulgaria and Ukraine wind energy market. Our team reviewed existing legal regulatory framework for wind power projects in Bulgaria and Ukraine. Detailed PEST analysis of the markets has been performed along with SWOT analysis. Major wind power projects under development, deals and investors have been identified and 10 year forecast about cumulative wind power capacity growth was done. Main possible risks in wind power markets in Bulgaria and Ukraine have been analyzed.
    Customer
    Fuhrländer AG
    Scope
    Bulgaria and Ukraine
    Year
    2012
    Type
    Market Report and Analysis

    project name
    KAVARNA BIOGAS

    Description
    Feasibility Analysis for biogas power plant project with 250 KWel total capacity located near the Kavarna town, Kavarna Municipality, Dobrich region, Bulgaria on behalf of international customer. Our team reviewed existing regulatory framework for biogas projects, studied availability of animal manure and other agricultural waste resources in the area and evaluated all risks associated with biogas projects within current conditions for this business in Bulgaria. Opportunities for EU funding grants have been explored and analyzed.
    Customer
    Dig Ltd.
    Size
    250 KWel
    Year
    2012
    Type
    Feasibility Analysis

    project name
    Q CELLS

    Description
    Market Analysis for CEE & SEE photovoltaic (solar PV) energy market. Our team reviewed existing legal regulatory framework for solar PV projects in some of the CEE & SEE countries, which are most interesting for solar energy investments. Detailed PEST analysis of the market has been performed along with SWOT analysis and Porter 5 Forces analysis. Major solar projects under development, deals and investors have been identified and 5 year forecast about cumulative photovoltaic capacity growth was done. Main possible risks in solar power markets in CEE & SEE region have been analyzed.
    Customer
    Q-Cells AG
    Scope
    CEE and SEE countries
    Year
    2012
    Type
    Market Report and Analysis

    project name
    sokolovo

    Description
    Feasibility Analysis for biogas power plant project with 800 KW total capacity located in Sokolovo Village, Balchik Municipality, Dobrich region, Bulgaria on behalf of domestic customer. Our team reviewed existing regulatory framework for biogas projects, studied availability of animal manure and other agricultural waste resources in the area and evaluated all risks associated with biogas projects within current conditions for this business in Bulgaria. Opportunities for EU funding grants have been explored and analyzed.
    Customer
    Antimon Ltd.
    Size
    800 KWel
    Year
    2011
    Type
    Feasibility Analysis

    project name
    sliven 2

    Description
    Feasibility Analysis for biomass project with 500 KW total capacity located in Seliminovo Village, Sliven Municipality, Sliven region, Bulgaria on behalf of domestic customer. Our team reviewed existing regulatory framework for biomass projects, studied availability of wood waste resources in the area and evaluated all risks associated with biomass projects within current conditions for this business in Bulgaria.
    Customer
    Olimp Trade Inc.
    Size
    500 KWel
    Year
    2011
    Type
    Feasibility Analysis

    project name
    sliven

    Description
    Feasibility Analysis for biomass project with 300 KW total capacity located in Seliminovo Village, Sliven Municipality, Sliven region, Bulgaria on behalf of domestic customer. Our team reviewed existing regulatory framework for biomass projects, studied availability of wood waste resources in the area and evaluated all risks associated with biomass projects within current conditions for this business in Bulgaria.
    Customer
    Olimp Trade Inc.
    Size
    300 KWel
    Year
    2011
    Type
    Feasibility Analysis

    project name
    kolarovo

    Description
    Project concept and development plan of one of the biggest photovoltaic power plants in Bulgaria with 17 MW projected capacity in Kolarovo Village, Glavinitsa Municipality, Silistra region, Bulgaria. Project design and concept, solar energy audit including energy yield estimation and feasibility analysis. Development of business plan and risk analysis, solar plant conceptual technical layout. Costs, benefits, possibilities for EU subsidy and sponsorship.
    Customer
    Kris Energy Ltd.
    Size
    17 MWp
    Year
    2011
    Type
    Project concept and development

    project name
    slunchevo

    Description
    Grid Connection Feasibility Analysis for solar project with 2.5 MWp total capacity located in Slunchevo Village, Aksakovo Municipality, Varna region, Bulgaria on behalf of international customer. We evaluated availability of the necessary grid infrastructure, current state of grids and the nearest 20 kV knot-station, evacuation capacity and how neighbor projects may affect it. A few scenarios for grid connection were proposed to the customer.
    Customer
    FC 9 Ltd.
    Size
    2.5 MWp
    Year
    2011
    Type
    Grid Connection Feasibility Analysis

    project name
    loznica

    Description
    We were appointed by the Mayor of Loznica municipality on the basis of public private partnership to organize workshop for assessment and presentation of advantages from biogas installations on the territory of Loznica and Samuil Municipalities in North-East Bulgaria. Our team evaluated potential for development of biogas projects in these municipalities. Several owners of chicken, cattle and sheep farms also attended the workshop and shown great interest in biogas technology as a way to response to EU requirements for waste reduction. In 2011 we will propose action plan, which will aim to increase renewable energy use and investments in Loznica and Samuil Municipalities.
    Customer
    Loznica Municipality, Mayor of Loznica
    Size
    N/A
    Year
    2010/2011
    Type
    Feasibility Analysis and Workshop for Biogas energy promotion and utilization

    project name
    avren

    Description
    Solar Energy Audit & Feasibility Analysis for solar project with 4.99 MWp total capacity located in Avren Municipality, Varna region, Bulgaria on behalf of domestic customer. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Interservice Uzunovi PLC (official representative of SHARP for Bulgaria)
    Size
    4.99 MWp
    Year
    2010
    Type
    Feasibility Analysis and Solar Energy Audit

    project name
    sharkovo

    Description
    Project concept and development plan of one of the biggest photovoltaic power plants in Bulgaria with 22,17 MW projected capacity in Sharkovo Village, Bolyarovo Municipality, Yambol region. Project design and concept, solar resource estimation and feasibility analysis. Development of investment prospectus, solar plant conceptual technical layout, financial model and risk analysis. Costs, benefits, possibilities for EU subsidy and sponsorship.
    Customer
    JMF Ltd.
    Size
    22.17 MWp
    Year
    2010
    Type
    Project concept and development

    project name
    CEZ

    Description
    CEZ A.S. is one of the biggest energy companies in CEE countries. On behalf of their exclusive representative for renewable projects acquisition in  Bulgaria, Bica International EOOD, we received order to prepare financial models for portfolio of 10 renewable energy projects (incl. wind, solar, hydro and biomass). Besides financial models our team performed sourcing of renewable projects for acquisition, site visits, project books development and pre-technical feasibility about 4 of these 10 projects.
    Customer
    CEZ A.S./Bica International EOOD
    Size
    53.7 MW
    Year
    2010
    Type
    Financial modeling and pre-technical feasibility

    project name
    Dobrotich Wind

    Description
    Project concept and development plan of one of the largest wind farms in Bulgaria with 84 MW projected capacity in Dobrotich Village, Valchi Dol Municipality, Varna region. Project design and concept, wind resource estimation in co-operation with Ecofys International B.V.-Netherlands. Development of detailed business plan, financial model and risk analysis. Costs, benefits, possibilities for EU subsidy and sponsorship. Estimation of energy efficiency savings.
    Customer
    Dobrotich Wind PLC.
    Size
    84 MW
    Year
    2009
    Type
    Project concept and development

    project name
    Bulgaria - 1

    Description
    Financial Modeling and Risk Analysis for a portfolio of solar parks with 30 MWp total capacity located in different parts of Bulgaria on behalf of international customer. Detailed financial model for the project was created and risk analysis has been performed.
    Customer
    International CleanTech Investment Fund
    Size
    30 MWp
    Year
    2009
    Type
    Financial Modeling and Risk Analysis

    project name
    kavarna

    Description
    Feasibility study for solar project with 0.5 MWp total capacity located in Kavarna Municipality, Bulgaria on behalf of domestic customer. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Private domestic customer
    Size
    0.5 MWp
    Year
    2009
    Type
    Feasibility study

    project name
    Veliko Tarnovo

    Description
    Financial Modeling and Risk Analysis for two solar parks with 9 MWp total capacity located in Veliko Tarnovo region of Bulgaria on behalf of domestic customer. Detailed financial model for the project was created and risk analysis has been performed.
    Customer
    Private domestic customer
    Size
    9 MWp
    Year
    2009
    Type
    Financial Modeling and Risk Analysis

    project name
    Medovo

    Description
    Feasibility study for solar project with 2 MWp total capacity located in Medovo village, Pomorie Municipality, Bulgaria on behalf of domestic customer. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Frish Solar Invest Inc.
    Size
    2 MWp
    Year
    2009
    Type
    Feasibility study

    project name
    Suvorovo

    Description
    Project concept for two solar parks with 6,5 MWp total capacity located in Suvorovo Municipality, Bulgaria on behalf of domestic customer. Inspection of site, evaluation of related infrastructure, solar irradiance assessment and yield calculations, and grid connection possibilities evaluation has been performed. Project concept and design have been performed.
    Customer
    Private domestic customer
    Size
    6,5 MWp
    Year
    2009
    Type
    Project concept

    project name
    Shumen

    Description
    Project concept for two solar projects with 42 MWp total capacity located in Shumen Municipality, Bulgaria on behalf of domestic customer. Inspection of site, evaluation of related infrastructure, solar irradiance assessment and yield calculations, and grid connection possibilities evaluation has been performed. Project concept and design have been performed.
    Customer
    Private domestic customer
    Size
    42 MWp
    Year
    2009
    Type
    Project concept

    project name
    Tutrakan

    Description
    Feasibility study for solar project with 4 MWp total capacity located in Tutrakan Municipality, Bulgaria on behalf of domestic customer. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Private domestic customer
    Size
    4 MWp
    Year
    2009
    Type
    Feasibility study

    project name
    Svilengrad

    Description
    Due diligence of 3.5 MWp solar project located in Svilengrad Municipality, Bulgaria on behalf of international customer. Inspection of site, evaluation of related infrastructure, solar irradiance assessment and yield calculations, and grid connection possibilities evaluation has been performed. Further existing documents, permissions and ownership rights have been investigated.
    Customer
    Investment fund based in Spain
    Size
    3.5 MWp
    Year
    2009
    Type
    Due diligence

    project name
    Dobrich Wind

    Description
    Feasibility study on application of 36 MW wind farm in Dobrich region. Project design and concept, wind resource estimation. Costs, benefits, possibilities for EU subsidy and sponsorship. Estimation of energy efficiency savings.
    Customer
    Green Venture Holdings S.A.
    Size
    36 MW
    Year
    2009
    Type
    Feasibility study

    project name
    Ivanovo

    Description
    Due diligence of 4,8 MW mixed wind/solar project located in Ivanovo Municipality, Bulgaria on behalf of international customer. Wind/solar installed capacity ratio 4 MW wind/0,8 MWp solar. Inspection of site, evaluation of related infrastructure, check of wind assessment and yield calculations, and solar irradiance assessment and yield calculations has been performed. Further existing documents, permissions and ownership rights have been investigated.
    Customer
    Investment fund based in Spain
    Size
    4.8 MW
    Year
    2009
    Type
    Due diligence

    project name
    Dobrich Solar

    Description
    Feasibility study on commercial deployment for 0.63 MWp ground based grid-connected PV-installation in Dobrich municipality, Bulgaria. Yield and shading calculations, including irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Mega Bild Ltd., Varna
    Size
    0.63 MWp
    Year
    2008
    Type
    Feasibility study

    project name
    General Toshevo

    Description
    Feasibility study on commercial deployment for 1 MWp ground based grid-connected PV-installation in General Toshevo municipality, Bulgaria. Yield and shading calculations, including check of irradiance assessment, temperature- and interarray-shading effects, relationship between mismatch and flash test distribution.
    Customer
    Mega Bild Ltd., Varna
    Size
    1 MWp
    Year
    2008
    Type
    Feasibility study

    project name
    Strandzha

    Description
    Due diligence of 5 MWp solar project located in Strandzha mountain, Bulgaria on behalf of international customer. Inspection of site, evaluation of related infrastructure, irradiance assessment and yield calculations has been performed. Further existing documents, permissions and ownership rights have been investigated.
    Customer
    Investment fund based in Liechtenstein
    Size
    5 MWp
    Year
    2007
    Type
    Due diligence

    project name
    Business Park Varna

    Description
    Feasibility study on possibilities for integration of solar PV at the roof of existing building of Business Park Varna, and to integrate semi–transparent façade PV modules in the design of the new projected buildings from the business complex.
    Customer
    Business Park Varna
    Size
    245 KWp
    Year
    2006
    Type
    Feasibility study if BIPV system

    project name
    Sliven

    Description
    Project engineering for 5.7 MW wind farm in Sliven municipality, Bulgaria. Yield and wind calculations, development of technical project and documentation, project design.
    Customer
    Bronk Ltd., Russia
    Size
    5.7 MW
    Year
    2005
    Type
    Project engineering