How to Keep your Renewable Energy projects on track and on budget

Renewable energy developers and owner operators in the solar and wind sector typically go through the following 3-step process to evaluate, develop and operate their assets. To get maximum return on investments, developers must stay on top of a project's resources, finances and milestones. Furthermore, each project must be analyzed to determine areas of improvement, enhance financial models, and identify risks that can then be applied to future projects. Typically, these projects are managed using Excel spreadsheets, emails, paperwork and others, leaving data scattered.

With an ERP system, such as Arbox HAP®, that is specifically geared towards renewable energy companies, an operator can manage their projects from inception to completion, all in one place. They can have a single repository for all files and data that can be shared across relevant parties including staff, stakeholders and partners. Below we describe how projects can be better managed with Arbox HAP®®.

The Arbox HAP® platform helps renewable energy companies manage their project life cycle from assessment, financial modeling, project management, design, procurement, document management to live monitoring their assets. The platform includes smart analytics that allow benchmarking, pattern analysis, comparison of projects, forecasting models, estimates vs. actuals and smart visuals.

HAP logo
HAP logo

A renewable energy project goes through these steps when being developed:

1. Feasibility evalutation: This first phase determines if the project is technically and financially feasible. The outcome of this step is a decision on whether to continue investing in a promising project or to end one that's unviable.

2. EPC Management: The facility is designed, financing is secured, regulatory approval is obtained and the plant is finally built. This is a challenging step where managing people's time and project data is key.

3. O&M Management: Once fully built and feeding electricity into the grid, the plant has reached the operations phase. Financing firms must track the performance of their existing investments to make sure they continue to make informed decisions. To make these assets as profitable as possible, O&M groups should be monitoring individual component performance and run preventative maintenance activities to avoid costly downtime.

With a flexible customizable cloud based web application, a renewable energy developer can reduce their capex through time savings, optimizing processes and smart decisions derived from analytics.