Garrad Hassan provides due diligence to Lloyds Development Capital

27th Jan 2010

Garrad Hassan has provided technical advice to Lloyds Development Capital (LDC) as part of the financing of specialist offshore cable installation company, Subocean.

The due diligence services delivered by the renewable energy consultancy's offshore specialists included analysis of the offshore wind market, market demands, and value and risks within the cable installation sector, as well as an assessment of key related risks such as offshore wind tariffs and interlinked cable installation markets.

James Rodger, LDC’s Director in Scotland, commented “LDC is delighted to support Subocean and its management team. Following a series of major contract wins, the company has become a leading player in a sector which is poised for major capital investment over the next ten years. Garrad Hassan's serious practical experience and technical ability in offshore wind, brought us quickly up to speed with a new market that is evolving at pace. Their industry knowledge, awareness of the timelines for each of the major wind farm projects across the UK and Northern Europe, and assessment of the political and commercial factors influencing the pace of market growth, were crucial to our investment decision.”

This project is of high importance for the UK's overall industrial capability to build offshore wind farms. Colin Morgan, director of offshore wind energy at Garrad Hassan, said “We were delighted to have been chosen by LDC to assist it in its first transaction in the renewable energy sector; these types of transaction are relatively infrequent but allow us to utilise our broad understanding of the risks and rewards within the offshore wind industry to provide real impact for the sector.”

Garrad Hassan