Squared Capital engaged a consortium led by K&M to provided advisory services regarding regulatory due diligence and technical due diligence for Project Thor. The consortium, led by K&M and supported by Economica Consultores and Grid Advisors, conducted a thorough review of the legal and regulatory framework for the distribution and commercialization activities of the electricity distribution company. The team also reviewed tariff formulas and provided a general comparison between the new tariff methodology for distribution and the tariff methodology used by the Commission for Electricity and Gas Regulation (CREG) for the current regulatory period, identifying the advantages and disadvantages of each. The consultancy identified the key elements that should be considered for the valuation and identification of risks. Finally, K&M provided a benchmark/comparison of Project Thor versus other utility regulations in Latin America (Brazil, Chile, and Peru). The key issues to be benchmarked include formulas, WACC calculation, and pass-through mechanisms in commercialization.