M&A DILIGENCE ACROSS A MULTI-GW HYBRID SOLAR+BESS PIPELINE
Sector: Hybrid Solar + BESS
ISO: ERCOT and MISO
Scale: Multiple early-stage acquisition targets
Schedule: CODs ranging 2028–2030 (as evaluated during diligence)
Client: A privately held independent power producer evaluating early-stage renewable acquisition targets
Service Lines: M&A Diligence
The Challenge: Multiple early-stage hybrid solar+BESS acquisition targets across ERCOT and MISO, with CODs ranging 2028–2030. Each target carried a different maturity level across nine workstreams; real estate, title curative, permitting & environmental, interconnection, owner's engineering, procurement, EPC, offtake, and finance. Go/no-go decisions had to be made on a deal timeline without a standing internal diligence team to run all nine workstreams in parallel across every candidate.
CGP's Role
Diligence workstream management — Managed diligence across all nine workstreams — real estate, title curative, permitting & environmental, interconnection, owner's engineering, procurement, EPC, offtake, and finance — for each target, overseeing completion of the underlying deliverables.
Diligence infrastructure — Built and maintained the data room, RFI log, risk register, and diligence schedule for each transaction so findings were traceable and auditable.
Interconnection Review – Performed review of interconnection related materials and issued memo summarizing current status, risks and timeline
Constructability and Design Review – Performed review of site and preliminary design to validate constructability, design assumptions, EPC costs and schedules.
Critical path management — Tracked critical-path items through LOI negotiation, flagging schedule risk to deal timing early enough to act on it.
Go/no-go recommendation — Synthesized findings from all nine workstreams into a clear, defensible go/no-go recommendation for each target.
Outcome: The structured diligence framework gave the client a repeatable, defensible basis for go/no-go decisions across a multi-project pipeline spanning two ISOs. Based on the diligence findings, the client ultimately elected not to pursue these specific targets — avoiding further capital commitment on assets that didn't meet its risk and return threshold, while establishing a diligence process it can reuse on the next opportunity.