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Finance Special aD iNvestmeNt NeeDs JoiNeD up tHiNkiNg By Bruce Nelson, ADBA’s financial expert and Director of finance consultants Compass renewables. fast track to fuNDiNg While access to finance is commonly cited as the main reason for an AD project stalling, good investments will always attract funders. As these AD finance experts explain, solid proposals need planning, preparation and persistence. “we talk to a lot of potential AD operators who struggle to get traction in their discussions with funders. similarly, investors sometimes voice doubt as to the entire credibility of some AD proposals coming through their doors. They feel that some proposals don’t address key matters, or focus too much on areas that are not a concern. such approaches, whether due to a lack of comprehensive preparation or a belief that the information is not important, can risk undermining the credibility of the proposal. Potential operators should not underestimate what is important in building a credible financial model and investment case for their plant. The more objective information that can be given, the better a picture a funder can draw, and the sooner everyone knows if it is backable, or what is needed to make it so. It is therefore essential that any AD proposal is as thoroughly prepared as possible, as only those plans which have sensibly considered every key angle of the operation stand a chance of success. “However, for those who haven’t been through a funding process it can be difficult to know just what a proposal should contain. In relative terms, AD is still an emerging market and everyone – developers, funders and advisers alike – is on the same learning curve. we’ve been involved in a lot of AD projects over the last few years and have been fortunate to build up some useful knowledge in this and the broader waste & bioenergy sector, “Poorly developed or under-prepared business plans are a hindrance to investment, particularly for a nascent sector such as AD. while banks and funders are often willing to consider funding standard or common industry sectors, no such luxury is afforded to potential AD operators as the industry is often misunderstood or relatively unheard of within financial circles. It is therefore the applicant’s responsibility alone to ensure that their business plan is as comprehensive and well prepared as possible, making aids such as the Due Diligence Template and the route map particularly welcome. “However, well considered proposals from the AD community are only part of the jigsaw. government and corporate investment in a renewables training programme for bank staff and investment companies, thus increasing understanding of AD amongst the funding community, would be of great benefit. similarly, statistical evidence of average turnover, profit margins, etc from the 60+ commercial plants currently in operation in the uK would help to persuade potential investors that AD is an industry worth supporting. “encouraging existing operators to share their data with the banks, and encouraging the banks to learn more about the AD industry, would undoubtedly boost the number of projects succeeding at the finance stage. until this time, the onus is on potential developers to ensure their business plans are as watertight as possible, making the route map and Due Diligence Template essential tools.” www.compassbusinessfinance.co.uk To access the Due Diligence Template, developed by ADBA and wrAP, go to www.adbiogas.co.uk/resources/ad-strategy-and-action-plan/ “encouraging existing operators to share their data with the banks, and encouraging the banks to learn more about the AD industry, would undoubtedly boost the number of projects succeeding at the finance stage.” Bruce Nelson, Compass Renewables particularly around key stumbling blocks to the development of further plants. we are keen to do our bit to help and wanted to share this learning. That’s why osborne Clarke has developed the route map (a visual aid to help developers prepare and plan for the key potential issues from site issues, through feedstock strategy, to construction matters and more) to try and help good proposals get traction through the funding stage. The route map has also been used to help potential funders with their understanding of the sector’s issues so that all sides are focusing on the right areas to enable continued delivery of successful new plants. creDible proposals are tHe route to success By Dan Wright, a Partner and Head of waste & Bioenergy at international law firm osborne Clarke, members of the ADBA Lawyers and Insurers’ working group. 32 AD & BIogAs News | NoVemBer 2012 www.adbiogas.co.ukPDF Image | UK ANAEROBIC DIGESTION and BIOGAS TRADE
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