How to sell a PV project: process and checklist

Selling a photovoltaic project begins before the listing is published. First, define precisely what is being discussed, organise the documents and separate public information from data disclosed only to an interested investor.

This guide describes how to prepare a project for presentation to the market. It does not replace legal, tax or technical analysis of a specific transaction.

First, establish what you are offering

A project may be sold as shares in a project company or as selected assets and rights. These models differ in review scope, documentation and transaction process. Agree the structure with advisers before discussions with investors.

A public TransakcjeOZE listing is a teaser. It may show the title, reference number, technology, voivodeship and development stage. It should not disclose the seller’s contact details, precise location or data room documents.

Check the project status before publication

The listing should match the documents the seller holds at the time of publication. Prepare a brief status sheet and specify for each area:

• which document supports the information,
• when the document was issued or signed,
• whether the document has amendments or outstanding conditions,
• who is responsible for updating it,
• which issues still require clarification.

If a status is uncertain, state explicitly that it requires verification. A categorical claim without a supporting document may later hinder discussions and due diligence.

Prepare an organised data room

Organise documents by the areas used by investors and their advisers:

• the company and authority to act, registration documents, resolutions and powers of attorney,
• land, legal rights, agreements, amendments and plot-related documents,
• the administrative process, decisions, applications and correspondence,
• grid connection, conditions, the agreement, schedule and correspondence with the operator,
• technical matters, designs, maps, specialist studies and detailed construction documentation,
• commercial agreements, including construction, operation and electricity sale documents where relevant to the project,
• finance and taxes, cost statements, financing and documents required by advisers.

Each file should have a clear name and one current version. A separate document index makes gaps easy to identify without searching the entire repository.

Build a public teaser without disclosing sensitive information

A good teaser answers the investor’s basic questions without opening the data room. It should clearly identify the technology, region, development stage, planned transaction type and a brief description of the status.

Precise location data, documents and contact details remain outside the public listing. TransakcjeOZE discloses further information only through a controlled process.

Add a RES project only after checking that the public description matches the documents and contains no fields intended solely for authorised users.

How discussions proceed

1. The investor compares public listings and selects projects that match its strategy.
2. The parties confirm their interest and the rules for further information exchange.
3. Identifying information and documents enter a controlled disclosure process.
4. The investor and its advisers carry out due diligence.
5. The parties agree the structure, transaction documents and closing conditions.

The Platform helps present a listing and organise initial contact. It does not replace the parties’ advisers or the project review.

Common mistakes when preparing a listing

• the stated project stage does not match current documents,
• different versions of the same document appear in several folders,
• the public listing contains an overly precise location or contact details,
• no document list or identification of outstanding issues,
• the seller answers questions without identifying the source material.

Pre-publication checklist

• define the subject and planned structure of the transaction,
• compare the listing description with the documents,
• separate the teaser from data disclosed through a controlled process,
• organise the data room and document index,
• designate a person responsible for investor questions,
• check how public RES listings are presented,
• read the RES project data room guide.

HWW materials for further reading

The HWW library includes materials on the RES investment process and on comparing asset deals and share deals. Before applying this information to a specific transaction, check current law and the project documents.

What to include in the first project description

The first description should let the reader decide whether they want to look at the project more closely. Give the technology, the location to the extent you may disclose it, the stage of work and what is being sold. Separate documented parameters from planned ones. Indicate which documents are available and which issues have not yet been clarified.

Do not replace permit dates with a general statement that “everything is ready”. For every material statement, point to the document it rests on. Share confidential data in line with the agreed transaction process.