Funded by a USTDA grant, Rev-Up Solar Ventures engaged Bates White, who subcontracted K&M Advisors to support a feasibility study for the development of a 200 MW Solar PV + Battery Energy Storage System (BESS) power plant in Solwezi, Zambia. The project aims to supply clean, reliable electricity to Zambia’s industry and households and potentially power two critical mineral mines in the Democratic Republic of the Congo. This initiative addresses Zambia’s increasing energy demand and challenges in hydropower generation caused by climate change. The study will provide technical and financial recommendations to guide the project’s implementation, marking USTDA’s second BESS initiative in Zambia following a prior study in the Sesheke District.

K&M Advisors contributed extensively to the project by supporting the development of a detailed Work Plan, participating in the kick-off meeting and site visit in Zambia, and providing inputs for the Inception Report. K&M conducted a comprehensive Preliminary Grid Connection Study, assessed the project site, performed a Solar Resource and PV Yield Analysis, and developed the Battery Energy Storage Value Proposition with a Battery Dispatch Model and system sizing recommendations.

K&M reviewed Zambia’s regulatory framework, created a Regulatory Process Document, and prepared a Compliance Matrix to ensure regulatory alignment. The team provided strategic input on commercialization options for the project and completed the Project Preliminary Design Information along with a Full Grid Connection Study to evaluate technical integration into the national grid.

To support engineering design, K&M carried out topographical, geotechnical, and hydrological studies, including 10 borings to provide essential site data for EPC contractors. A thorough Technology Analysis of solar modules, inverters, battery storage systems, and trackers was completed, followed by the development of Basic Engineering Designs and Technical Specifications.

K&M developed a comprehensive financial model and provided detailed capital and O&M cost estimates to assess the project’s financial viability, utilizing commercial assumptions provided by Bates White. Additionally, K&M prepared a full Environmental and Social Impact Assessment (ESIA) for submission to ZEMA and identified potential U.S. manufacturers and suppliers for project equipment and services.

Lastly, K&M consolidated all findings into the project’s Final Report, covering all technical, financial, regulatory, and environmental aspects, ensuring a robust foundation for the successful development of the Solar PV + BESS power plant in Zambia.

The World Bank engaged K&M Advisors to assess the conceptual role and economic viability of Pumped Hydropower Storage (PHS) within the Southern African Power Pool (SAPP). The objective of the study was to identify and quantify the costs, benefits, and overall value of PHS in enhancing energy security, improving climate resilience, and supporting a low-carbon energy transition in the region. The findings from this assessment are intended to inform and guide policy decisions by SAPP member governments regarding the development and integration of PHS projects into their energy strategies. This effort supports the region’s broader goals of sustainable energy development and long-term reliability of power systems.

K&M Advisors executed a comprehensive analysis to evaluate the feasibility and strategic value of PHS in the SAPP region. The team began by conducting an extensive literature review of global and historical developments in PHS projects to understand best practices and technological advancements. Additionally, K&M reviewed Integrated Resource Plans (IRPs), power system development plans, recent power system modeling studies, and the SAPP Plan to assess the current and future energy landscape in the region.

To gain critical insights, K&M conducted stakeholder interviews with key SAPP utilities and institutions to identify regional energy challenges and opportunities where PHS could add value. The team evaluated how specific benefits of PHS, such as providing flexible energy services, supporting the integration of variable renewable energy (VRE) sources, improving energy security, and offering ancillary services, could directly address SAPP’s operational needs. Special attention was given to the interplay between PHS and VRE across diverse climate zones and weather dependencies in the region.

K&M also applied economic analysis principles and leveraged best practice modeling frameworks to assess the financial viability and value proposition of PHS projects. The final deliverable included clear conclusions on the role and economic viability of PHS within the SAPP markets, along with actionable policy and planning recommendations for member governments to facilitate informed decision-making on PHS development.

WEB contracted K&M to assist WEB in evaluating the feasibility of integrating Offshore Wind resources in Aruba. In this assignment, K&M is responsible for researching offshore wind design considerations, identifying offshore wind sitting and configurations viable for Aruba, and calculating the levelized cost of electricity (LCOE) of various offshore wind scenarios. Topics covered in the offshore wind design research include siting considerations (water depths, distance to shore, wind speeds, spacing, and shipping routes), substructure types, wind turbine sizing and transmission options, and estimated CAPEX and OPEX for key offshore wind components. Based on these factors, K&M will perform high-level sitting analysis for Aruba and develop cost estimates for wind farms of three sizes, including a discussion of the indicative BESS capacity that should be added to WEB’s grid to provide sufficient operating reserves for each scenario. Based on these results, K&M will estimate the LCOE generated by each offshore wind / BESS scenario. K&M shall deliver its findings in a PowerPoint presentation to WEB staff.

A private client contracted K&M to assist in evaluating the feasibility of integrating Offshore Wind resources in the Caribbean.

In this assignment, K&M is responsible for researching offshore wind design considerations, identifying offshore wind siting and configurations viable for the Caribbean, and calculating the levelized cost of electricity (LCOE) for various offshore wind scenarios. Topics covered in the offshore wind design research include siting considerations (water depths, distance to shore, wind speeds, spacing, and shipping routes), substructure types, wind turbine sizing, transmission options, and estimated CAPEX and OPEX for key offshore wind components. Based on these factors, K&M will perform a high-level siting analysis for the Caribbean and develop cost estimates for wind farms of three sizes, including a discussion of the indicative BESS capacity that should be added to the client’s grid to provide sufficient operating reserves for each scenario. Based on these results, K&M will estimate the LCOE generated by each offshore wind/BESS scenario. K&M will deliver its findings in a PowerPoint presentation to the client’s staff.

CIFI has recently formalized a mandate agreement with Zenith Energy Corp. S.R.L. to provide financial advisory, structuring, and arranging services aimed at raising approximately US$105 million in senior debt. This financing is intended to support the construction and operation of a solar plant located in the Dominican Republic. As part of this initiative, K&M has been appointed by CIFI to conduct financial due diligence for the project, which involves a 101 MW Solar PV and a 25 MW Battery Energy Storage System (BESS) facility.

For this due diligence assignment, K&M will develop and manage a Financial Model that adheres to industry best practices, drawing on the firm’s extensive experience in financial modeling for non-recourse or limited recourse financings. This model will be designed to be detailed, functional, user-friendly, and specifically tailored to meet the needs of international project financing. Key components of the Financial Model include an income statement, balance sheet, and cash flow statement, alongside comprehensive financial projections. The model will also feature forecasts for critical financial metrics such as revenue, expenses, and profitability, and include a debt sizing mechanism based on the Debt Service Coverage Ratio (DSCR). Additionally, the model will provide sensitivity analysis to examine the effects of variable changes on financial outcomes and scenarios to explore various potential future conditions.

The U.S. Trade and Development Agency (USTDA) is sponsoring the Global Procurement Initiative: Interstate Clean Energy Procurement Program for India. This program consists of multiple activities a virtual workshop, which will train participants on clean energy procurement practices.
The workshops are designed to investigate how to integrate best-value determinations and international best practices in public procurement for India’s clean energy sector. The trainings will specifically explore value-based procurement mechanisms designed to achieve optimal results from public procurements in the energy sector using advanced value and quality-based procurement methods. The aim of the workshops is to improve technical capacity in developing technical specifications, utilizing life-cycle cost analysis (“LCCA”), and creating non-price criteria for evaluation factors. This Program will also provide a platform for cross-border knowledge sharing in the procurement of renewable energy.
K&M was engaged by the Business Council for International Understanding (BCIU) to develop and deliver USTDA-funded training sessions on international procurement best practices and practices to achieve value for money in the clean energy sector. K&M delivered two webinars listed below, including (i) preparation of presentation slide decks, (ii) development of responses for prospective Q&A, and (iii) conducting each webinar:

• Bidding Process for the Procurement of Power: This session discussed bidding process for the procurement of renewable energy in India, covering the regulatory framework and guidelines, power market structure, and modes of procurement, and comparison with examples in emerging markets.
• Variable Renewable Energy Power Purchase Agreements: This session discussed overview of PPA for procurement, key obligations and clauses in PPA, and considerations for developing a bankable PPA for VRE and ESS projects.

WWF hired K&M to conduct a comprehensive training program for Wington on Financial Modeling for Renewable Energy (RE) Projects. This virtual training is designed to equip Wington with the skills to develop a financial model that aligns with the Caribbean Development Bank’s (CDB) standards. The program is structured into two parts, spread over three days. Part 1 focuses on the core components of a financial model for RE projects, addressing crucial aspects like the levelized cost of electricity, financing requirements, annual electricity output, impact of varying assumptions, and key financial indicators such as Internal Rate of Return and EBITDA margin. This section includes detailed instructions on modeling various phases of project development, capital and operational expenditures, revenue generation, financial statements, and essential financial and operational indicators. Part 2 offers a practical walkthrough of the financial model K&M developed for Wigton, illustrating the model’s modules, data sources, calculations, interrelations, and application in sensitivity analysis.

FortisTCI plans to increase the amount of electricity generated with solar PV that it uses to supply its customers in TCI. K&M has been engaged by FortisTCI to develop a robust estimate of the amount of electricity that can be generated with solar PV systems that are economically feasible in TCI. This will inform: (i) the targets FortisTCI sets for generating electricity with renewable energy (RE); and (ii) the energy and capacity FortisTCI will need from other sources, such as natural gas, to reliably meet the demand from its customers. As part of an initial assessment of solar PV on TCI, K&M will conduct a review of the existing GIS data and other relevant information, conduct site visits to Provo, North Caicos, Middle Caicos, South Caicos, Gran Turk, and Salt Cay, and will develop a dynamic financial model for solar PV. This will inform FortisTCI on the total amount of land available that can be used to install utility-scale solar PV systems, the total amount of electricity that can be generated with economically feasible solar PV systems, and the average levelized cost of electricity (LCOE) generated with economically feasible systems.

In this assignment, K&M holds several key responsibilities. Firstly, they are tasked with conducting a comprehensive review of the existing Geographic Information System (GIS) data and other pertinent information. Secondly, K&M is required to carry out site visits to multiple locations, including Provo, North Caicos, Middle Caicos, South Caicos, Gran Turk, and Salt Cay. Additionally, a pivotal aspect of their role is the development of a dynamic financial model tailored for solar photovoltaic (PV) systems. This model will serve to inform FortisTCI about crucial factors, such as the total available land for utility-scale solar PV installations, the potential electricity generation capacity of economically viable solar PV systems, and the average Levelized Cost of Electricity (LCOE) associated with electricity produced from these economically feasible systems. These responsibilities collectively contribute to the strategic planning and decision-making process regarding solar PV initiatives.

Utilities Aruba is undertaking several transformational initiatives to decarbonize the energy and water sectors in Aruba. These initiatives include a proposal to create a Hydrogen Valley where energy from a new solar PV facility would power the grid and produce green hydrogen for local uses and eventually for export. Green hydrogen would be used to power fuel-cells in buses, taxis, port and airport vehicles, hotels, and public buildings. The green hydrogen would also be blended with natural gas to power reciprocating engines that supply power to the grid.

K&M will conduct economic modeling of the solar PV plus green hydrogen project proposed to understand its impact on the energy cost to Arubans. K&M will also perform independent due diligence on the technology proposed. K&M will provide assistance exploring and applying for capital grants that could reduce the solar PV + green hydrogen project’s costs. The economic modeling work will also estimate the grant amounts required to make the cost of the green hydrogen project competitive with the alternative options.