Inea Consulting Ltd. has advised on over 1,620 MW (1.62 GW) of renewable energy transactions across the CEE region since 2008, offering integrated technical, vendor, financial, and market advisory services to investors and lenders

/SOFIA, October 14, 2025, 10:00 CET, Inea Consulting Ltd./

Inea Consulting Ltd. is pleased to announce the successful completion of comprehensive vendor due diligence (VDD), which included a meticulous economic analysis and a detailed financial model, resulting in the determination of the fair market value of the SPV company (owner of a grid-connected 6.8 MW solar PV plant). Upon the planned sale of this operating solar power plant located in Bulgaria to an investor, the project owner required support from an experienced consultant, such as Inea Consulting Ltd., and appointed the firm as a technical advisor (TA) to conduct third-party, independent Vendor Due Diligence (VDD). 

This vendor due diligence (VDD) summarizes the results of the analyses performed, based on the site visit and documentation received up to the date established with the SPV company, to provide a clear account of the most complex technical elements as regards the site suitability, site access, preliminary permitting and plant’s design, that might influence the project’s realization and profitability, to supply an overall technical evaluation of the project’s residual risks. 

Adhering fully to the scope of work outlined, an assessment of the financial viability of the PV plant was also performed to support the project owner in its decision-making process for selling 100 % of shares of the SPV company. Following the requirement of the project owners to change its current power off-taker, as an additional service, Inea Consulting Ltd. organized a thorough tender, conducted rigorous negotiations, and selected three potential PPA off-takers for the electricity generated by the PV plant.

The project's launch into commercial operation occurred at a time when Bulgaria needed to quickly increase its contribution to solar photovoltaic energy in the power mix, supporting the Bulgarian industry. The vendor due diligence process was comprehensive and detailed, ensuring that every aspect of the project was thoroughly evaluated.

Inea Consulting’s team of experts conducted an in-depth analysis of the project's technical feasibility, environmental impact, and financial viability, including:

• Site Assessment: The first step involved a detailed site assessment to evaluate the solar resource, topography, and accessibility. The site assessment covered the grid connection point and the LV/MV transformer station, the cable route, including drone photographs and videos of the visible infrastructure (e.g., the LV/MV transformer station, nearby OHL steel towers, etc.). The adequacy of the solar power plant design and proposed technology in relation to site conditions was explored in detail. Inea Consulting’s team inspected the access to the site and the condition of the existing road(s) to facilitate the movement of trucks and other machines for the operation and maintenance (O&M) of this solar photovoltaic power plant. 
• Environmental Impact Analysis: Inea Consulting’s team conducted a thorough environmental impact analysis to ensure that the project adheres to all environmental regulations and standards. This included assessing the potential impact on local birds and habitats, as well as developing mitigation strategies to address these concerns.
• Technical Feasibility Study: A comprehensive technical feasibility study was carried out to evaluate the suitability of the installed solar PV modules and inverters and the integration of the two parts of the project (each with 3.4 MW power capacity) with the local grid infrastructure according to the requirements of the Distribution System Operator (DSO). Inea Consulting’s team provided comments on the technical aspects of the granted permits and authorisations required for the operation of the solar PV plant. This study also included an assessment of the project's operational and maintenance requirements.
• Financial Viability: The financial viability of the project was assessed through economic analysis with a financial model with 25-year cash flow projections, and a valuation of the fair market value (FMV) of the SPV company.

The land plot where this solar PV plant is situated is classified as industrial. The project aligns with the current European trend of developing an increasing number of utility-scale projects in hilly terrains with imperfect forms, industrial areas, and lands of poor fertility and quality. These projects typically occupy lands that cannot be used for agricultural activities, forestry, or plant growing, and the environmental impact of the projects is minimal.

The successful completion of Vendor Due Diligence (VDD) for the 6,8 MWp solar project in Bulgaria represents a significant achievement for Inea Consulting Ltd. This accomplishment highlights the company's expertise in renewable energy projects and its commitment to sustainable development. This project makes an excellent contribution to Bulgaria's renewable energy sector, particularly in solar power, and establishes a benchmark for future solar projects. Inea Consulting Ltd. would like to express its gratitude to all stakeholders involved in this process, including our dedicated team of experts, local authorities, and community members. Their support and collaboration have been crucial in reaching this milestone.

About Inea Consulting Ltd.

Inea Consulting Ltd. is a well-established European renewable energy advisory firm headquartered in Bulgaria, with a network in Austria, Germany, the UK, Italy, France, the Netherlands, North America, the UAE, and other countries. The company's mission is to provide premier engineering and investment advisory services to clients operating regionally and internationally in the fields of cleantech investments, mergers and acquisitions, business development, and project finance.

Inea Consulting Ltd. is a leading player in Central, Eastern, and Southeastern Europe, with a proven track record of delivering technical due diligence and related advisory services. We are committed to driving the transition to sustainable energy and contributing to a greener, more sustainable future.

For more information on the company’s services related to technical due diligence, please view here: Due Diligence and Advisory