What we hand over, and in what form.

The shares in the project company — and with them everything held in its name: lease or option agreement, grid connection offer and contract, building permit, expert reports, EPC quotes. The advantage is that nothing has to be transferred individually and approved by third parties. The price is the history: you take the company with everything it has ever done. That is why the corporate and tax review weighs more heavily here than in an asset deal.

Everything needed to start construction: secured land, a signed grid connection contract, planning permission, detailed medium-voltage design, unit certificates for the components, EPC quotes with price and schedule commitment and a complete financial model. What is not in place is the investment decision — the buyer makes that. Development risks are therefore cleared; construction, procurement and market risks remain. The full list of evidence per stage is on Development stages.

Eight folders, identical across all projects: company, land, grid, permits, technology, construction, economics, law and tax. Each folder has a stage from which it is complete — the grid folder with the connection offer, the technology folder with RtB. We keep it from the first site assessment onwards, not towards the transaction; that is the difference between documentation and later reconstruction. Access after a confidentiality agreement.

That a lender considers the revenue side robust over the loan term and the execution to meet the standards its advisers test. In practice, four things: certifiability under VDE-AR-N 4110 is built into the design from the start, components have unit certificates and documented warranty terms, the EPC contract has price and schedule commitment with securities, and every assumption in the financial model names a source. The most common reason a technically sound project fails in financing is the fourth point.

From secured land as co-development, from the grid connection offer as a forward purchase, from permits or RtB as a share or asset deal. The earlier the entry, the lower the valuation and the higher the development risk carried: residual risk to commissioning is still 70 to 85 per cent at secured land, and 5 to 12 at RtB. These are experience values from our own work, not market statistics — all eight stages are set out on Development stages.

On handover at RtB: construction and procurement risk, supply chain and schedule risk, certification risk up to the declaration of conformity, and market risk on revenues across the whole term. Plus two regulatory items with dates: the grid fee exemption under section 118(6) EnWG applies only to plants commissioned by August 2029³, and the future AgNes regime is scheduled to take effect on 1 January 2029.⁴ We therefore model projects in two variants, with and without a future capacity charge.

Smaller than a corporate developer's. We are a boutique developer, not an asset holder with a three-digit megawatt portfolio; we say so here because due diligence would establish it anyway. What is in development is shown with the stage reached in the project portfolio. Greenfield sites are not counted there: a pipeline figure built from unsecured land is not a statement but an intention.

As a rule the buyer, through the operator of their choice. Technical and commercial asset management are part of what we do, though — if a buyer wants to keep the developer through the operating phase, that is a separate agreement and not automatic. What is handed over in every case is the documentation: plant certificate, declaration of conformity, commissioning protocol and the connected energy management system.