Zelya Energy

Zelya Energy acts on behalf of operators, investors, and lenders for photovoltaic power plants in various fields of expertise related to energy and finance.

The experience of the industry and the photovoltaic market

Our team has intervened on several hundred MW (the largest projects reaching nearly 150 MW), providing support and experience in regulatory issues, site selection, development, connection, or the delivery and assembly of photovoltaic equipment.

Understanding the expectations of the financiers

Our teams are responsive and have excellent writing skills, essential for both project finance actors and private equity investors.

Once all the risks are identified, our recommendations also include the conditions precedent of investment that will control them.

Precise support, to facilitate the acquisition

The due diligence is to validate the technical and regulatory assumptions that feed the financial evaluation model of a company or a project: what is the real and producible deposit of the solar power plant? what is its availability rate? is the connection to the electricity grid optimal? are the inverters adapted? is the extension or renovation project adapted to the type of deposit and environment?

The technical and regulatory expertise of our consultants gives them the critical ability to analyze business plans, pilot audits necessary for checking the installations, and issue an opinion on the quality of operations and maintenance.

This expertise plays a crucial role in the serene assessment of risks associated with an acquisition, for the protection of our clients by recommending them suspensive investment conditions, and to adequately feed the elements of economic models that form the base of their evaluations.

Due diligence, photovoltaic solar park audit

Nature of interventions

Validation of the site, deposit, choice of equipment and connection and assembly scheme

Analysis of administrative procedures, building permits and environmental constraints

Validation of assumptions of producible and sales tariffs

Modeling and financial valuation

Performance analysis, risk of failure, insurance and O&M conditions

Recommendations on the conditions precedent of investment

Our services for investors

Regulatory due diligence

Technical due diligence

Study of connection conditions to electrical networks

Performance and risk of failure study

Financial evaluation

Due diligence provider, audit of photovoltaic solar park

Regulatory Due diligence


The regulatory due diligence consists of assessing the regulatory risks for the new purchaser and formulating recommendations on the possible additional steps that it is necessary to carry out, as well as the suspensive clauses to secure the rights of the new owner of the solar power plant which holds various construction and / or operating authorizations.

It includes the review of the following documents:

for the operation of the power plant: operation declaration or operating authorization order

for the connection of the power plant to networks: technical and financial proposal or connection agreement, grid access contract

for the construction or operation of the installation: the building permit (including the analysis of the application file, impact study depending on the size, public inquiry ...), other required administrative authorizations

for making land available and securing access: leases, access easements, compensation agreements, ownership titles ...

for the benefit of purchase obligation tariffs: regulatory conditions, the purchase obligation certificate delivered, the purchase obligation contract signed with EDF Obligation d’Achat, invoices

operation contracts, completeness of O&M contracts, insurance policies

Content / Deliverable

Based on the analysis of these documents, a report is delivered. It contains an assessment of regulatory risks, recommendations on additional steps to be taken, and on suspensive clauses to secure the rights of the future purchaser of the project or the photovoltaic power plant.

Zelya Energy gives an opinion on:

the consistency of the information they contain, relatively to the contractor and the project

the missing parts, possible amendments to be made

recommendations on suspensive clauses to ensure the relevance and quality of the asset to acquire or finance

Technical audit and diagnostic performance and maintenance of photovoltaic solar park

Technical due diligence


The technical due diligence complements the regulatory due diligence. It aims to confirm the technical characteristics and quantify the uncertainties and risks related to the expected production.

More precisely, it aims to:

More specifically, its objectives are:

identify possible inconsistencies between the design and conditions of production, operation, and maintenance

confirm general technical features: resource, losses, efficiency, availability, production

assess the uncertainties and risks that could negatively affect these technical features

propose realistic assumptions for the financial evaluation model

advise, list and rank the appropriate suspensive conditions accompanying the purchase offer

Content / Steps

To determine the production to consider and evaluate the uncertainties and risks of variation of its value, we:

collect and analyze key documents: equipment supply contracts, operation and maintenance, insurance, connection and network access, resource study and production, etc

analyze technology, deposit and provide a critical eye on the overall equipment sizing

examine the deposit study and producible

analyze the technical clauses of contracts: efficiency, availability and gross production, guaranteed and insured

make recommendations and pilot the possible additional audits and on-site tests to be carried out