An independent auditor is engaged to verify the correctness of selected key information in the ECOHZ GO² product.
ECOHZ Renewable Energy Foundation is a separate legal entity with the sole objective of managing and optimizing a portfolio of loans to renewable power projects in the ECOHZ GO² product. The foundation will ensure total transparency and irrefutable verification.
When a new power plant project is completed, the top financing-loan will gradually be repaid to ECOHZ Renewable Energy Foundation, which will relend that capital to new power plant projects. In this way we are creating a multiplier effect on the Foundation’s lending base that will accelerate the construction of renewable energy capacity in Europe.
In order to verify the correctness of selected key information in the prospectus and the cash flow connected with the financing of the new power plant project, an independent third party will confirm information accuracy. ECOHZ Renewable Energy Foundation and PwC have signed a verification agreement.
PwC verifies key information given in prospectusregarding
- That license to operate the new power plant is granted
- Estimated annual GWh production according to granted permission
- Estimated construction period
- That the project owner has been permitted a conditional bank loan that is granted provided that sufficient equity and/or top financing is available.
ECOHZ Renewable Energy Foundation is responsible for the selection and transferal of data from the license- and loan application to the GO2 prospectus. Auditor’s responsibility is to express an opinion on whether the selected data are transferred and reproduced faithfully in the GO2 prospectus. PwC conduct their work in accordance with International Standard on Assurance Engagements (ISAE) 3000 – “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”.
PwC also verifies the money flow through the value chain from the GO2 customer to the new power plant project.
Verified information about the construction progress is provided to the GO2 customers for their discretional communication and reporting use.
When the new power plant starts feeding electricity into the grid, Statnett, the publicly owned system operator, will issue Guarantees of Origin through the NECS register for that production.