Lenders

What we do

Torvane assesses the project conditions relevant to the lender’s initial credit decision. The work examines the technical, delivery, cost, schedule, project-document, completion, and counterparty assumptions supporting the financing case.

Work performed

• Review project scope, technical configuration, design maturity, delivery strategy, key interfaces, construction approach, commissioning sequence, and stated completion requirements
• Review the project estimate, cost basis, quantities or allowances where available, contingencies, escalation, risk provisions, remaining uncertainty, sources and uses, and relationship to the financing case
• Review the schedule basis, critical path, key milestones, long-lead equipment or materials, construction sequence, commissioning and testing milestones, target completion date, and relevant schedule dependencies
• Review key project agreements from a technical, delivery, and completion-risk perspective
• Review contractor, key supplier, operator, and other material counterparty capability, experience, resourcing, delivery obligations, and dependencies as relevant to the project
• Identify technical, delivery, cost, schedule, project-document, and completion risks; consider risk allocation, mitigants, residual exposure, and matters requiring lender conditions or further information

What you receive

• Lender Technical Due Diligence Report
• Credit Committee Technical Summary
• Project Risk Register
• Cost and Schedule Review
• Project-Document and Risk-Allocation Matrix
• Conditions-Precedent Technical Schedule
• Lender Questions, Assumptions, and Information-Gap Log

What we do

Torvane reviews the technical, delivery, completion, and project-document requirements that support the financing and identifies the conditions and information that require confirmation or monitoring through closing and construction.

Work performed

• Review financing-related technical schedules, definitions, milestones, completion tests, reporting requirements, reserve assumptions, and project-specific conditions relevant to the mandate
• Review consistency between the financing framework and the technical, cost, schedule, completion, performance, and reporting provisions in key project agreements
• Review technical conditions precedent and conditions subsequent related to project documents, permits, land or site rights, insurance, construction readiness, contracts, approvals, completion support, and other technical matters defined by the financing
• Identify conditions requiring lender confirmation before close, conditions requiring post-close monitoring, and conditions where further evidence or clarification is required
• Identify technical information requirements for lender reporting, drawdown review, change notification, completion assessment, and post-completion monitoring
• Provide technical input to lender questions and transaction discussions without providing legal interpretation, legal advice, or credit recommendations

What you receive

• Technical Conditions and Financing Alignment Memorandum
• Conditions-Precedent Technical Tracker
• Project-Document Consistency Matrix
• Completion-Test and Milestone Review
• Post-Close Technical Monitoring Plan
• Lender Decision Notes and Information Requirements Schedule

What we do

Torvane provides the lender with an independent view of reported and observed project condition during construction, with attention to progress, cost, schedule, procurement, completion, and emerging risks relevant to lender exposure.

Work performed

• Review reported physical progress, site observations where included in the mandate, construction status, work-front availability, key interfaces, and evidence supporting reported progress
• Review schedule updates, milestone status, critical path, near-critical activities, delay events, recovery measures, forecast completion date, and implications for completion support or financing assumptions
• Review cost reports, commitments, forecast final cost, changes, claims, contingency draw, cash-flow forecasts, funding requirements, and cost-to-complete assumptions
• Review procurement status, long-lead items, supply-chain conditions, manufacturing and delivery status, contractor and supplier performance, workforce conditions, and material constraints
• Review borrower, contractor, and project reports for consistency, traceability, exceptions, and emerging issues relevant to lender exposure
• Update the Project Risk Register and identify material conditions requiring lender awareness, further information, action, or escalation

What you receive

• Construction Monitoring Report
• Site Visit Record, where site observation is included
• Progress-to-Baseline Assessment
• Cost, Contingency, and Forecast Review
• Schedule, Milestone, and Completion-Date Assessment
• Procurement and Material Conditions Summary
• Updated Project Risk Register
• Material Issue and Early-Warning Notice, where required

What we do

Torvane assesses whether a draw request is supported by the evidence required under the financing and the engagement mandate. The work considers progress, cost, budget, conditions, and use of proceeds, but any authority to recommend, verify, or certify a draw is defined expressly in the mandate.

Work performed

• Review draw requests, supporting cost documentation, progress evidence, borrower certifications, contractor applications, budget reports, cash-flow forecasts, and other materials specified in the drawdown protocol
• Compare requested disbursement with reported and observed physical progress, approved budget, forecast cost to complete, eligible expenditure, approved project baseline, and applicable financing requirements
• Review whether technical conditions, project milestones, lender conditions, consent requirements, and information requirements relevant to the draw have been addressed
• Identify unsupported, deferred, conditional, ineligible, or insufficiently evidenced amounts and specify additional information or actions required
• Review implications of the draw request for remaining funding requirement, contingency, liquidity, projected funding gap, and forecast completion
• Provide a drawdown recommendation, verification, or certification only where expressly included in the mandate and authorized by the financing documents and engagement terms

What you receive

• Drawdown Review Report
• Physical Progress and Cost Reconciliation
• Eligible-Cost and Use-of-Proceeds Review
• Drawdown Conditions and Exceptions Schedule
• Updated Cost-to-Complete and Funding Requirement Commentary
• Drawdown Recommendation, Verification, or Certificate where included in the mandate

What we do

Torvane assesses whether a material change has altered the technical, cost, schedule, contractual, completion, or funding basis of the lender’s original credit position. The work provides an independent lender-focused view of the changed condition, the borrower’s stated response, and the information required for lender consideration.

Work performed

• Review scope changes, design changes, change orders, delay events, claims, contractor or supplier distress, procurement disruption, cost escalation, funding pressure, revised schedules, and revised completion forecasts
• Assess effects on cost to complete, contingency, funding requirement, forecast completion date, completion support, project agreements, performance obligations, and financing assumptions
• Review borrower recovery, mitigation, re-baselining, funding, or remediation plans for coherence, evidence, resourcing, dependencies, and remaining exposure
• Identify information required to assess waivers, consents, amendments, reserve actions, additional funding, extensions, or escalation within the lender’s governance process
• Provide an independent lender-focused view of the changed condition, the borrower’s stated response, residual risks, and matters requiring lender consideration
• Do not direct project recovery or substitute for borrower, contractor, legal, credit, or restructuring responsibilities

What you receive

• Material Change Assessment memorandum
• Cost-to-Complete and Completion-Date Review
• Revised Risk and Mitigation Assessment
• Independent Review of Borrower Mitigation Plan
• Lender Consent, Waiver, Amendment, or Reserve Technical Considerations memorandum
• Lender Action and Information Requirements Register

What we do

Torvane assesses evidence relevant to completion and identifies outstanding technical, performance, documentation, operating, warranty, permit, or other matters that may affect the lender’s continuing exposure. The work is lender-focused and does not replace contractual completion mechanisms.

Work performed

• Review completion definitions, completion tests, milestones, certificates, punch-list or defects position, outstanding works, and evidence required under the applicable financing and project-document framework
• Review construction completion, commissioning status, performance testing, reliability or availability testing where applicable, completion evidence, and conditions relevant to completion support, conversion, or reserve changes
• Review operating readiness, operator mobilisation, operations and maintenance arrangements, warranties, guarantees, insurance, permits, and material post-completion obligations insofar as they affect lender exposure
• Identify outstanding conditions, documentation, tests, defects, claims, obligations, or dependencies that may affect technical completion, operational commencement, performance, or ongoing financing risk
• Review matters relevant to post-completion monitoring or a post-construction evaluation where included in the mandate
• Provide a lender-focused assessment; do not accept work, certify project completion, direct commissioning, or replace contractual completion mechanisms unless expressly authorized

What you receive

• Completion and Operations Review memorandum
• Completion-Test and Conditions Review
• Outstanding Works, Defects, and Documentation Register
• Operating-Readiness and O&M Mobilisation Observations
• Warranty, Guarantee, Insurance, Permit, and O&M Status Schedule
• Post-Construction Evaluation Report, where included
• Lender Completion Briefing and Action Register