Tundra Advisory was founded in 2008 as the sole advisor to the Spanish Taiga Mistral fund, conducting wind farm projects in Poland on its behalf. Currently, we also provide services to other investors – our purpose is to be a leading investment manager on the Polish market of renewable energy sources. Working as an Investor distinguishes us from typical advisors. We know Investors needs and tasks performed by us are perceived from the perspective of the entire project, not a specific service to be provided.

In the first years of operation, we focused on looking for attractive projects to be implemented, their verification and takeover. At the same time, during the development of projects, we introduced changes aimed at their optimization. The result of these activities was the construction of three most prospective projects: WF Kobylnica, WF Subkowy and WF Nowotna.

41,4 MW

18 turbines

Kobylnica

Siemens SWT 2,3 MW; rotor diameter 101 m; tower 100 m

We participated in the development of the project from an early stage of investment preparation for implementation. The project subsequently obtained the necessary decisions and permits, including: location and environmental decisions, consent to the implementation of the investment and the building permit.

We conducted tenders for engineering works, negotiations with the wind turbine supplier and we finalized other necessary project contracts. Construction of the farm began at the end of 2010. In December 2011 the project was commissioned and we have been managing until today.

Project Finance 256M PLN

We performed finance structuring in the total amount exceeding PLN 256 million (including VAT facility).

8 MW

4 turbines

Subkowy

Gamesa G90 2,0 MW; rotor diameter 90 m; tower 100 m

We participated in the development of the project from an early stage of investment preparation to its implementation. The project obtained the necessary decisions (location, environmental, etc.) and permits.

We were also responsible for conducting tenders for construction works as well as delivery, installation and service of wind turbines. We supervised the construction as a Contract Engineer and are currently managing the wind farm in the operation phase.

Refinancing and EU funds

The project has been granted the EU subsidy in the amount of PLN 14,2 M within Operational Programme Infrastructure and Environment, 9.4. We have signed the subsidy agreement and settled the grant in later periods.

The project was refinanced after the completion of the construction phase, based on a bank promise.

We have been developing two large solar farm projects in central Poland, each with a target capacity of up to 10MW. We secured the land necessary for the implementation of the investment and we also obtained location and environmental decisions.

40 MW

20 turbines

Nowy Dwór Gdański i Stegna

Vestas V110 2,0 MW; rotor diameter 110 m; tower 95 m

We carried out a comprehensive project purchase process. We were responsible for tender procedures for the performance of construction and electrical works as well as the supply and service of wind turbines. We signed the necessary contracts for the implementation of the project and supervised the construction and now we focus on project`s management.

Project Finance, EU funds and NFOŚiGW

We have coordinated the proces of obtaining a subsidy from Operational Programme Infrastructure and Environment, as a part of  9.4. program Production of energy from renewable sources, and also from NFEP&WM (National Fund of Environmental Protection and Water Management) within the Green Investment System (GIS) in the total amount of PLN 48M. We proceed with the settlement process for both subsidies.

We structured financing of Project Finance for the purposes of project implementation.

As part of our cooperation we performed analyses for 5 projects ready for construction and participating in auctions, with a total capacity of approx. 40MW. The scope of work included the assessment of the land ownership status, location, connection and environmental issues, as well as analysis of the obtained building permits together with their technical documentation. The purpose of the analysis was to support the client with decision about entering the Polish market.

In order to adapt to changing market conditions, we have restructured our debt. The change of the Creditor allowed the optimization of financing conditions.

In response to adverse legislative and market changes, we have reorganized our portfolio of wind farms. Thanks to this, we secured stable funding conditions for the projects.

We conducted due diligence of existing projects with a total capacity of 180 MW for external entity. The analysis covered the financial and technical aspects, as well as the issue of the land ownership status.

Since commissionig of the first wind farm, we have efficiently managed projects striving constantly to optimize them. Our key achievements include:

• optimization of portfolio operating costs resulting in savings of 15% annually (O&M service, insurance, costs arising from PPAs, consultancy services and others);
• average turbine availability at 99%;
• close relations with contractors – local authorities, local communities, land owners, financing institutions, service providers;
• efficient management of the project company’s finances, including its working capital;
• flexible revenue stream management, corresponding to the Investor’s needs;