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Finance Special realistic plaNs staND a better cHaNce of success By Claire Kneller, special Advisor, wrAP “Because the AD Loan Fund operates as a ‘lender of last resort’, quite often the proposals that land on my desk are pretty well developed. usually, applicants have already managed to secure at least an offer from a bank or investor and just need that extra injection of cash from the loan fund to make the project viable. However, proposals and business plans sometimes come to me, to colleagues in wrAP or to our business support team which are lacking in detail, missing important sections, overly ambitious or poorly structured. “The financial institutions I work with often tell me that they see an underlying sense of entitlement to lending from applicants because they’re doing something ‘environmentally friendly’ or because they’re a small business (or both!) and that this should make up for holes in the business plan. even if the uK wasn’t in a recession, this attitude wouldn’t help to either secure lending or warm your relationship manager to your application. “Here are three simple tips that would address some of the issues I see regularly: 1. Be realistic with your finances – the first thing wrAP or an investor will do after reading your business plan is stress your cashflows to the limit. Be realistic about the figures that are in there and support them with evidence. use the published data that is available, like the wrAP annual gate fees report, or provide evidence that you have gathered “At the stage of initial funding discussions, potential operators won’t be expected to provide a full answer for every single point. However, showing they’ve at least considered each key area will help to demonstrate their credibility to investors and increase their chances of getting their project off the ground. There are actually a growing number of funders, particularly on the equity side, who have significant knowledge of, and a keen appetite for, AD investment - they very much want to hear from potential developers with robust proposals to take back to their credit committees. while a few poorly prepared proposals in succession can quickly undermine an investor’s confidence in a sector, repeated cogent responses to typical financing questions can likewise continue the current trend of AD becoming an attractive investment proposition to an increasing number of funders. “similar to the ADBA/wrAP Due Diligence Template, the route map is meant to help those delivering or receiving funding proposals. The key objective of all of us involved in the industry is to increase the number of financially credible uK plants being built. By highlighting some of the major stumbling blocks to finance and helping developers to identify potential pitfalls earlier, it is hoped that problems will be more easily identified and rectified, ensuring that proposals are in the best possible shape before funding discussions start. This will in turn increase credibility and confidence within the AD industry, help preserve value in proposals, and hopefully make the journey to breaking ground as swift and as simple as possible.” www.osborneclarke.com yourself. so often, figures are missing from cashflows (how much will it cost you to dispose of plastic contamination for example) or wildly overestimated (e.g. estimates of revenue income from digestate sales). Just one line in a cashflow with unsupported costs or income casts doubt on the whole forecast. 2. Be thorough – use helpful tools like the route map and Due Diligence Template to make sure you have covered all areas. missing sections imply you have not thought about the whole picture which, again, casts doubt on the rest of the proposal. 3. Proof read – a seemingly obvious requirement but often overlooked allowing inconsistencies and mistakes to creep in. Inconsistencies raise questions, which take time and effort to resolve, and mistakes simply look unprofessional. www.wrap.org.uk For more on the AD Loan Fund go to www.wrap.org.uk/funding or contact e claire.kneller@wrap.org.uk “Be realistic about the figures that are in there and support them with evidence. use the published data that is available, like the wrAP annual gate fees report, or provide evidence that you have gathered yourself.” Claire Kneller, WRAP To access osborne Clarke’s route map go to www.bit.ly/QBzHce www.adbiogas.co.uk NoVemBer 2012 | AD & BIogAs News 33 “showing they’ve at least considered each key area will help to demonstrate their credibility to investors and increase their chances of getting their project off the ground.” Dan Wright, Osborne ClarkePDF Image | UK ANAEROBIC DIGESTION and BIOGAS TRADE
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