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COMMERCIAL & FINANCIAL ASSET MANAGEMENT

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End-to-end administration and compliance of the Asset with all relevant obligations (regulatory, contractual, legal, administrative, commercial, environmental) on behalf of the SPV, along with the conversion of operational data into useful and understandable financial information, including by way of indication the following:

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Contract Management

Managing business relationships with the counterparties of all related SPV contracts (ie. EPC, O&M, Grid operator, Offtaker, Aggregator, Bank, Insurance, Landowner, etc.), including sourcing of major suppliers/ service providers (e.g. O&M, security, insurance, ancillary services, utilities, consultancy), relationship management, liaising with suppliers in case of non-compliance or claims and in general supervising contract compliance from the commercial/ financial perspective, such as notifying, filing and reporting. Record head of terms of all contracts concluded through proper software tool, while conducting regularly a comprehensive review.

Adding value by having a 360º perspective of the operational business, financial performance and the supplier’s contracts in place, deeply understanding the project’s needs and trying to get individual contracts in order to ensure maximum business optimization (scale effect, avoid single sourcing).

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Revenue & Cost Control

Control of revenues and expenses through rigorous monitoring of invoices and payments, along with submission of notifications (e.g. Planned/ Unplanned Outages) as required, with respect to Offtake Agreement administration, if applicable.

 

In particular, with respect to the revenues, confirming the reading of the meters based on the information collected on site by the O&M Team, validating and comparing it with the billing issued by the electricity purchaser, including the following activities:

  • Calculation of revenue corresponding to energy generation using the production data downloaded from the production meters

  • Verification of the production data read and registered as well as the issuance of relevant invoices and self-billing invoices, if applicable.

  • In case differences occur between the actual energy produced and the energy registered, processing of the corresponding claims and following up until the claims are completely resolved.

  • If incidences that arose affected the reading of production meters, coordination of necessary actions to guarantee the accurate invoicing of the energy fed into the grid.

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Financial Control & Reporting

Periodic financial reporting, including but not limited to consolidated financial statements based on International Financial Reporting Standards (IFRS), as well as Local Accounting Standards, while overseeing the preparation of the annual budget forecast and updating it with actual data, analyzing the deviation between the forecast and actual data. The annual budget forecast includes:

  • Monthly estimation of OPEX, including but not limited to lease, O&M, AM, insurance, security, PV monitoring, utilities and bank fees.

  • Monthly estimation of production and revenues, according to the technical data and/or or project finance

  • Financial expenses

  • Taxes

  • Tangible fixed assets depreciation costs.

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Accounting/ Bookkeeping

 Assistance knowledgeable in local market practices 

  • Registration of invoices and updating of books based on the provisions of the Local Tax and Accounting legislation

  • Monthly closing and reconciliation of Accounts

  • Archiving of invoices and company documents

  • Supporting the Regular Audit

  • Drafting of a monthly Report based on the Group's information standard (Reporting Pack)

  • Advise on financial and accounting matters in the daily operations and matters that may impact the accounting operation of the project company

  • Other filings (e.g. contracts submission, real estate filings, etc.)

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Corporate administrative services (CoSec)

And general management services, including coordination and drafting of minutes of general assembly and board of directors' meetings.

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Cash flow management & Treasury

Ensuring continuously sufficient cash balance by:

  • providing an at least 12-month rolling cash flow statement (forecast vs. actual)

  • managing accounts payable with respect to payments under SPV’s contracts (O&M, surveillance, land lease, security, monitoring, etc.), as well as receivables, providing notices to the Asset Owner for authorization as required

  • managing repayments of shareholder loans (interest and principal) and any other distributions to SPV’s shareholders

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Debt management

Comprehensive understanding of the financing contract and the bank loan requirements, either for equity/ debt or for project finance type of funding, elaborating the necessary periodic deliverables and ensuring meeting the corresponding requirements. 

Assisting the Owners and/ or Investors in case of re-financing during the operational phase of the Asset, by feeding the refinancing due diligence process demonstrating an improved operational risk profile, as applicable, leading to better lending terms.

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Tax management

Tax preparation, filing and administration with respect to VAT/VIES, Withholding taxes and Income tax filings, while coordinating the work between the Accounting and Tax Service, complying with local tax authorities, providing simple tax support by Visiting tax office when required and checking if the deliverables required by the local tax authority are met, including payment of taxes.

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Land lease management
  • Managing the key long-term relationship between the landowner and the Asset Owner, including potential land lease agreement issues, such as any alteration needed in the plant, site access, as well as vegetation control.

  • Ensuring compliance with local legislation with regards to land alterations (planning permit).

  • Assessing the land lease’s annual price indexation.

  • Renegotiate contract extension and/or amendment as necessary.

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