The evolution of Lender’s Technical Advisors

As wind projects have grown in size and complexity, so has the need to evolve beyond traditional technical due diligence. Simply assessing the technical risks is no longer enough and as such, Lender’s Technical Advisors play an even greater role in helping both project sponsors and lenders to navigate the financial process efficiently.

 

A changing landscape 

It’s no secret that the wind industry has transformed significantly over the past decade. Only ten years ago, offshore wind projects were mostly confined to a handful of maturing markets such as those in Germany, Denmark and the UK. These projects utilised well-understood technology and consistent financing structures. This was helped by a more forgiving economic environment driven by higher electricity price subsidies, and lenders did not need to scrutinise commercial viability as closely. 

Now, the landscape is very different. Tighter economic margins, new markets and rapidly advancing technology means projects must make innovative and often untested decisions to maintain project viability. As the sector rapidly evolves, it faces greater uncertainty, requiring a much deeper and more active level of technical due diligence. We can no longer simply fall back to what is considered ‘market standard’ - what has worked and what was commercially viable a decade prior is unlikely to be the case now. 


Leveraging LTA expertise 

In light of this, we are extending our role and expertise to ensure projects are successfully prepared to reach financial close. We work by helping project teams to avoid missteps, such as launching to the lender market prematurely, or making strategic decisions that could raise concerns amongst lenders. Our goal is to help projects and lenders reach financial close in the most efficient way possible, and this typically begins with early engagement - ideally six months to a year before bank launch. This is how we can assess project maturity, ensure tendering timelines align, and identify potential issues well in advance to allow time for mitigating lender risk. 

After bank launch, our role evolves significantly. While we continue working closely with the project team, we also shift our reporting focus towards engaging directly with lenders. This transition means we take on a more critical role, highlighting where risk still exists and what further action still needs to be taken. Throughout the engagement we are challenging the project where necessary to ensure that it meets lender expectations. While we act as representatives of the lenders, this process ultimately benefits the project itself - the goal is to ensure that the project is seen as robust, well-structured, and bankable, with minimal red flags that could create unnecessary delays. During our journey with clients in our role as LTA, we are not looking for an exhaustive list of weaknesses, but instead, we complete our assessments to shape out a well-managed, cohesive project that can stand up to scrutiny. 

Our deep understanding of our clients’ projects allows us to produce concise issues-focused reporting, cutting through unnecessary detail and ensuring that lenders receive precisely the information they need. By working closely with the project teams we can help our clients understand lender requirements, and are able to provide an accurate and holistic view of the residual risks to lenders. Unlike traditional LTAs that can generate 400-page reports filled with masses of content, our objective is to continuously improve and distil our findings into a shorter report that delivers maximum clarity and impact. This is possible because we actively stay ahead of what banks and other lenders are looking for in an ever-changing market - it’s a culmination of experience in this space. 

“As projects grow in size and complexity, the need to evolve beyond traditional technical due diligence has grown - assessing the technical risks alone is no longer enough.”

Will Sheard
Director of Site, Yield and Transaction Advisory

Accelerating towards financial close 

By ensuring this rigorous yet streamlined approach, we can significantly accelerate the path from bank launch to financial close, often reducing the timeframe to just 3-6 months. Our expertise means that we can advise clients on the right moments to engage lenders. We then use lender feedback to focus the guidance we give to the project, and offer our due diligence to minimise uncertainty and finalise the commercial proposition.  

Our preparation work prior to bank launch is critical to keeping the second phase of the process efficient, ensuring that everyone knows what to expect, that no surprises arise, and that all parties remain confident in the project’s readiness. We are able to confidently respond to lender queries with a comprehensive understanding of the project and demonstrate, on behalf of the client, how risk has been mitigated in the development stage. 

This approach is particularly valuable in emerging offshore wind markets such as APAC, where some projects have faced unexpected challenges. Some developers have initially assumed that building projects in Taiwan, for example, would be as straightforward as they are in the UK. However, differences in regulatory frameworks, supply chain maturity, and lender expectations have created hurdles that require a more sophisticated and proactive LTA approach. By applying our decades of experience in this space, we help projects navigate these complexities and achieve financial close with success. 


A successful track record 

Our structured approach ensures that at each critical milestone in the transaction, such as at bank launch and financial close, the project is well-positioned for successful financing approval. We provide experienced senior assistance to guide project teams, helping them anticipate lender requirements, optimise risk assessments, and avoid unnecessary delays. We also have access to our engineering support teams and our technical experts also have direct hands-on experience to appropriately advise the project throughout many stages. This proactive approach has underpinned our successful track record with a range of clients, including Equinor, Northland Power, SSE, Mitsui, Oceanwinds, RWE and many more.  

For what is a relatively low additional cost in the grand scheme of an offshore wind build, our involvement can deliver significant value, easily saving 10 times the cost of our services by reducing uncertainties, streamlining processes, and avoiding costly delays. By integrating our expertise early and working closely with project teams, we help create a robust, financeable project that instils confidence in lenders and sets the stage for long-term success. 

Over the last 10 years, Ramboll has established itself as a market leader in Lenders’ Technical Advisor (LTA) services. In November 2024, Ramboll acquired K2 Management, adding the team’s extensive track record and expertise in due diligence to Ramboll’s slate, establishing a new global team that has advised lenders to the world’s most complex and large-scale offshore wind projects.

Written by Will Sheard, Director of Site, Yield and Transaction Advisory

Involved in major wind energy projects across the globe

From Lender's Technical Advisory to Construction Monitoring - Ramboll has been involved in major onshore and offshore wind energy projects across the globe.

Supporting financial close of Hai Long offshore wind farm

Location: Changhua County, Taiwan
Year of completion: 2023
Client: Mitsui & Co., Ltd., and Northland Power Inc.
Service provided: Lender’s Technical Adviser (LTA) and Lender’s Environmental and Social Adviser (LESA): Carrying out technical due diligence to ensure a thorough understanding of the project's construction, performance, and safety including managing the necessary considerations for local communities and habitats, adhering to Taiwanese regulations.

Dogger Bank: 3.6 GW of energy to power 6 million homes

Location: Northeast coast, UK
Year of completion: ongoing
Client: Dogger Bank Wind Farm
Service provided: technical advisory and construction monitoring services across all three phases: Dogger Bank A, B, and C. Conducted comprehensive technical due diligence, assessing project design, delivery, and operational plans to support financial close. Following this, the team was appointed to a four-year construction monitoring role, ensuring that permitting, design, manufacturing, and construction expenditures progress in line with project lenders’ assumptions.

Pioneering Poland's Offshore Wind Sector with Baltic Power

Location: Baltic Sea, Poland
Year of completion: 2023
Client: Northland Power
Service provided: Lender's Technical Advisor (LTA): conducted comprehensive pre-construction technical due diligence covering all aspects of project design, permitting, and construction readiness. Support project sponsors and a syndicate of 25 financial institutions during the project’s successful EUR 3.78 billion debt financing process - Poland’s first offshore wind project finance transaction.

Meet our Transaction Advisory team

Reach out to our expert team if you’d like to discuss how Ramboll can help you along your project.

Will Sheard

Director of Site, Yield and Transaction Advisory

Jochen Gassert

Head of Transaction Advisory

About Ramboll

Who we are

Ramboll is a global architecture, engineering, and consultancy company, delivering expertise and sustainable solutions. Founded in Denmark in 1945, Ramboll today operates across 35 countries and employs 18,000 experts.

We combine deep local insight and experience with a global knowledge base to create sustainable societies and drive positive change for our clients.

Based on more than 35 years of experience in the wind industry, we offer a full range of services that cover the entire life cycle of a wind farm, from planning and project development to design, procurement, implementation, operation & maintenance, and finally to decommissioning.

Our interdisciplinary team of more than 900 off- and onshore wind experts are at the forefront of innovative energy solutions, offering a breadth of experience in both established technology and emerging concepts.

Our portfolio includes the successful completion of off- and onshore wind projects in more than 40 countries.

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