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Confidential · Blu Capital Partners – Energy & Infrastructure Advisory
Lender's Technical Advisor & Technical Due Diligence selection · 38.4 MW onshore wind · Iași, Romania · Non-recourse construction financing ~€53–56m
Eight proposals received in response to the Technical RfP dated 6 April 2026. Firms ordered from lowest to highest core technical-DD fee (EUR-equivalent, excl. VAT & disbursements). Wood quoted in GBP — converted at 1.17 EUR/GBP.
| Firm | WS I – Technical DD | WS II – Energy Yield Assessment | WS III – Environmental & Social DD | WS IV – Construction Monitoring | Core Total |
|---|---|---|---|---|---|
| RINA ConsultingE&S bundled; no explicit CM package | €21,750excl. site visit | Separate | Incl. in TDD | €90–150/h | €21,750 |
| TÜV HellasTravel & per diems included | €25,000travel incl. | Incl. in TDD | €7,500 | €2,900/visit+ €650/cert | €32,500 |
| AFRY ItalyStrong local RO team | €29,500 | €5–7.5kreview / indep. | €17,500+€6k opt. | €6,000/report | €47,000 |
| Everoze PartnersPhased & modular structure | €39,500 | Incl. | €9,500+€4.5k climate | €4.5k/qtr | €49,000 |
| DNV RomaniaBudget-price, overruns at hourly | €45,800 | €6,5003rd-party review | TBD | Separate | €52,300 |
| UL SolutionsEYA + Fin Model incl. in core | €53,100 | Incl.1 mast/1 layout | Not included | Separate | €53,100 |
| Wood GroupOnly GBP quote — FX risk | £55,645≈ €65.1k | £10,859 opt.≈ €12.7k | Not prominent | Separate | ~€65,100 |
| 3E SAExisting Solveo client relationship | €77,675 | Incl.ISO 17025 | Incl. (Plexus) | Incl. | €77,675 |
Totals shown are core technical-DD fees, excl. VAT and disbursements. TÜV Hellas, 3E and AFRY (2-day cap) include travel in the fixed fee; other firms recharge travel separately (see Key Caveats). RINA and UL prices exclude E&S unless added as options. Wood is the only proposal quoted in GBP, exposing Blu Capital to FX risk. Site visits, reliance letters and optional workstreams are excluded from this table and itemised in the Granular Breakdown tab.
Headline takeaways. RINA and TÜV Hellas lead on price; AFRY offers the deepest Romanian reference book and a local team; Everoze is best-in-class on construction-monitoring granularity; 3E and UL are the strongest on EYA methodology (ISO 17025 / proprietary CFD); DNV and Wood carry the most universally accepted lender-reliance brand. 3E is the incumbent Solveo advisor.
Pricing across the four workstreams defined in the Technical Scope of Work. Bar widths are proportional to cost, normalised per workstream (full-scope highest = 100%).
Red-flag review of the 38.4 MW WindStar project: turbines, BoP, permits, grid connection, CfD/PPA, land, contracts (TSA/BoP/O&M/insurance), financial model logic and project schedule.
| Firm | Fee | Scale | Notes |
|---|---|---|---|
| RINA Consulting | €21,750 | Lean scope; local Bucharest team | |
| TÜV Hellas | €25,000 | All-inclusive (travel, per diems) | |
| AFRY Italy | €29,500 | TDD only; E&S separate (€17.5k) | |
| Everoze Partners | €39,500 | Phase-1 TDD; LiveDiligence platform | |
| DNV Romania | €45,800 | Incl. 8h tech support; budget price | |
| UL Solutions | €53,100 | Includes EYA & Financial Model in core | |
| Wood Group | £55,645 ≈ €65,100 | GBP quote; translation client-side | |
| 3E SA | €77,675 | All-inclusive (travel + accommodation) |
Independent P50/P75/P90 yield, wake losses and sensitivity study using on-site met-mast data. Some firms include a review of sponsor's EYA; others re-run full CFD modelling.
| Firm | Fee | Scale | Notes |
|---|---|---|---|
| AFRY Italy | €5,000review | Or €7,500 for full independent EYA | |
| DNV Romania | €6,500review | Proprietary WindFarmer; CFD opt. €9k | |
| TÜV Hellas | Incl. | EYA review bundled in WS I | |
| Everoze Partners | Incl. | Incl. in TDD fee | |
| UL Solutions | Incl.1 mast/1 layout | 3rd-party EYA review opt. €3,000 | |
| Wood Group | £10,859 ≈ €12,700 | Optional independent EYA | |
| RINA Consulting | Separate | Quoted on request; hourly €90–150 | |
| 3E SA | Incl. | ISO 17025 accredited; 20 BD delivery |
EP4 / IFC PS alignment check, biodiversity review, stakeholder engagement, cumulative impact and ESAP. Plexus (3E), in-house (AFRY, Everoze, TÜV) or bundled (RINA).
| Firm | Fee | Scale | Notes |
|---|---|---|---|
| RINA Consulting | Incl. | Local E&S resource at €55/h | |
| TÜV Hellas | €7,500 | EP / IFC PS compliant | |
| Everoze Partners | €9,500 | Climate Risk Assessment +€4,500 opt. | |
| AFRY Italy | €17,500 | +SEP €4.5k, NTS €1.5k opt.; RO biodiversity team | |
| 3E SA | Incl. (via Plexus) | Plexus Energy subcontract | |
| DNV Romania | TBD | E&S scope not priced in proposal | |
| UL Solutions | Not included | UL does not cover E&S on this RfP | |
| Wood Group | Not prominent | Available but not priced as WS |
Post-FC Lender's Engineer role: monthly/quarterly construction progress reports, drawdown certification, WTG take-over inspection and operations surveillance.
| Firm | Unit Fee | Scale (per report) | Notes |
|---|---|---|---|
| TÜV Hellas | €2,900/visit | Travel incl.; €650/drawdown cert | |
| Everoze Partners | €4,500/quarter | + €1.5k/WTG take-over inspection | |
| AFRY Italy | €6,000/report | + €2,000/site visit | |
| 3E SA | Incl. | Bundled in all-in fee | |
| RINA Consulting | €90–150/h | Time-based; no fixed CM package | |
| DNV Romania | Separate | Quoted on Phase-2 scope | |
| UL Solutions | Separate | Quoted on Phase-2 scope | |
| Wood Group | Separate | Quoted on Phase-2 scope |
Price per individual deliverable. All values EUR (Wood converted at 1.17 EUR/GBP). Firm columns follow the same cheapest-to-most-expensive order as the Overview tab.
Competitive Mid-range Premium Included in package Not applicable / not quoted
| Component | RINA | TUV | AFRY | EVZ | DNV | UL | WOOD | 3E |
|---|---|---|---|---|---|---|---|---|
| Turbine & BoP review | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. |
| Permits & grid connection | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. |
| Contract review (TSA / BoP / O&M) | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. | Incl. |
| Financial model review | Incl. | n/a | Incl. | Incl. | Incl. | Incl. | n/a | Incl. |
| CfD / PPA review | Incl. | Incl. | 1,500 | Incl. | Incl. | 2,000 | Incl. | Incl. |
| Site visit (1 × initial) | 2,500 | Incl. | 2,000 | 3,000 | 2,500 | 2,000 | recharged | Incl. |
| Reliance letter (per lender) | ~1,500 | ~1,500 | 7,000 | ~2,000 | 5,000 | 2,500 | TBC | 600 |
| WS I Total | €21,750 | €25,000 | €29,500 | €39,500 | €45,800 | €53,100 | ~€65,100 | €77,675 |
| Component | RINA | TUV | AFRY | EVZ | DNV | UL | WOOD | 3E |
|---|---|---|---|---|---|---|---|---|
| Review of sponsor's EYA | hourly | Incl. | 5,000 | Incl. | 6,500 | 3,000 | — | Incl. |
| Independent EYA (re-run) | on req. | on req. | 7,500 | Incl. | 12,700 | Incl. | ~12,700 | Incl. |
| CFD modelling (opt.) | n/a | n/a | n/a | n/a | 9,000 | n/a | n/a | Incl. |
| ISO 17025 accreditation | No | No | No | No | No | No | No | Yes |
| WS II Indicative | TBD | Incl. | €5–7.5k | Incl. | €6,500 | Incl. | ~€12,700 | Incl. |
| Component | RINA | TUV | AFRY | EVZ | DNV | UL | WOOD | 3E |
|---|---|---|---|---|---|---|---|---|
| Core E&S red-flag | Incl. | 7,500 | 17,500 | 9,500 | TBD | n/a | n/a | Incl. |
| Stakeholder Eng. Plan | Incl. | Incl. | 4,500 | Incl. | — | n/a | n/a | Incl. |
| Non-Technical Summary | Incl. | Incl. | 1,500 | Incl. | — | n/a | n/a | Incl. |
| Climate Risk Assessment | n/a | n/a | n/a | 4,500 | — | n/a | n/a | Incl. |
| WS III Total | Bundled | €7,500 | €17,500 | €9,500 | TBD | n/a | n/a | Incl. |
Indicative scoring across four weighted criteria: Price (30%), Technical Expertise (30%), Local / Romania knowledge (20%), Lender Acceptance (20%). Scores out of 10.
Weighted averages shown. AFRY leads the composite score (8.5) on the strength of its Romanian references and full-scope offering. RINA and DNV tie at 8.2, with RINA winning on price and DNV on technical/lender credentials. 3E is the most technically differentiated (ISO 17025 accredited EYA) but priciest.
Blended and grade-level rates used for out-of-scope work, variations and hourly-billed workstreams. All excl. VAT.
| Firm | Partner / Director | Senior Expert / PM | Mid-level Engineer | Junior / Analyst | Currency |
|---|---|---|---|---|---|
| RINA ConsultingBlended local + int'l | €150/h | €120/h | €90/h | €55/h (local E&S) | EUR |
| TÜV HellasMin. 2h engagement | €950/day | €140/h | €140/h | — | EUR |
| AFRY Italy8h day; CPI escalation | €1,250/day | €1,100/day | €1,000/day | — | EUR |
| Everoze PartnersCap 10 person-hours on Item 1L | €250/h | €220/h | €170/h | — | EUR |
| DNV Romania2026 rate card | €265/h Snr Principal | €231/h Principal | €190/h Senior | €160/h | EUR |
| UL SolutionsTravel-time 75% of rate | €200/h Snr PM | €200/h | €180/h | — | EUR |
| Wood GroupRates quoted in GBP | TBC | TBC | TBC | TBC | GBP |
| 3E SAOnly Senior rate disclosed | — | €150/h | — | — | EUR |
RINA offers the lowest blended rates thanks to its local Bucharest team. 3E looks inexpensive hourly but its scoped fixed fee is the highest. DNV and Everoze run the highest hourly rate cards, which matters most under time-and-materials or scope-change scenarios. Wood did not disclose EUR-equivalent rates.
Commercial & legal terms embedded in each proposal that materially affect the total outturn cost or delivery risk.
Commercial risk flags. DNV's budget-price model and Wood's GBP pricing are the two most material cost-risk items across the bid field. AFRY's CPI escalation only bites if WS IV (operations monitoring) is awarded for multi-year Lender's Engineer services. TÜV's 50% upfront is unusual but may be acceptable given the low absolute fee. RINA's single-comment-round limit should be renegotiated before appointment.
Key Romanian / wind-sector references and proposed team leads per firm. Detailed reference sheets available on request.
