Due diligence on a renewable portfolio,
in days, not weeks.
M&A Matrix reads the whole dataroom, project by project, and hands back a table where every answer links to the document it came from. Built for both sides of the table.
Due diligence on a renewable portfolio,
The dataroom is where the deal slows down.
Legal, financial, technical, tax, ESG and insurance review still happens by hand, file by file, across hundreds of documents per portfolio. The findings that move a price arrive last, when there is least room left to use them.
Both sides
Two sides, one dataset.
For buyers and investors
Know on day one what you would otherwise learn in week four.
- Red flags surface immediately, not after weeks of reading.
- Screen more opportunities with the same team.
- Compare portfolios on the same grid, project by project.
For developers and sellers
Run the buyer's diligence on yourself before you open the dataroom.
- Your dataroom is classified and structured automatically.
- Find the gaps while there is still time to close them.
- Fewer open questions in the process, less discount for uncertainty.
Timeline
The same deal, on two clocks.
Nepsis Finance has completed an M&A due diligence in 48 hours using M&A Matrix. Everything after that depends on the deal, so we keep it qualitative rather than putting numbers on it.
Manual review
- Weeks of reading before the first complete picture
- Red flags surface late
- Offer built on partial information
- Renegotiation when the findings land
With M&A Matrix
- First complete pass in 48 hours
- Red flags on day one
- Offer built on the full picture
- Human review spent on what actually matters
How it works
How it works
- 01
Upload the dataroom
Point M&A Matrix at the dataroom as it is. No renaming, no reorganising, no preparation pass.
- 02
Documents are classified
Every file is identified and attached to the project or SPV it belongs to, across the whole portfolio.
- 03
A playbook is applied
A playbook is a set of extraction rules and questions. Each question becomes a column. The same playbook runs on every project, and on the next deal.
- 04
You get a traceable table
One row per project or file, one column per question, every answer linked to its source document. Export it and work from it.
What you actually get
Six things M&A Matrix does to a dataroom. Each one produces something you can put in front of an investment committee.
Dataroom · Portfolio · 97 MW
ReadingDocuments processed
3 412
Across 12 projects
Legal1 204
Financial842
Technical610
Tax298
ESG241
Insurance217
Thousands of documents, one pass
Point it at the dataroom as it is. Every file is read, identified and attached to the project it belongs to, across the whole portfolio.
Portfolio 97 MW · Red flags
2 high5 medium11 low
Change of control requires lender consent
Solar 02 · Loan agreement, p.42
Lease expires before the PPA term ends
Wind 01 · Bail emphytéotique, p.7
O&M performance guarantee not assigned
Solar 04 · O&M contract, p.12
Insurance certificate missing for 2025
Hydro 01 · Policy folder
Red flag report
Findings ranked by consequence, not by the order the documents happened to be in. Each one carries the clause it came from.
Portfolio 97 MW · Completeness
7 gapsLeasePermitPPAO&MInsurance
Solar 01100%
Solar 0280%
Wind 0160%
Hydro 0140%
PresentOut of dateMissing
Document matrix completion
What is in the dataroom and what is not, project by project. Sellers find the gaps before the buyer does.
Playbook · Scope
ReusableLegal52 questions
Financial and QoE41 questions
Technical34 questions
Tax22 questions
ESG19 questions
Insurance16 questions
Question set165 questions
Due diligence scope generator
Choose the workstreams and get the question set. The playbook is generated from the documents, and it is reused on the next deal.
Process · Buyer Q&A
24 of 31 draftedIs the land secured for the full PPA term?Ready
Yes on 11 of 12 projects. The lease on Wind 01 ends three years early.
↳ Bail emphytéotique, Wind 01
Are there change of control restrictions?Ready
One. The senior facility on Solar 02 requires lender consent.
↳ Loan agreement, Solar 02
What is the O&M cost per MW?Review
Draft pending: two contracts use a different scope.
↳ O&M contracts, 4 projects
Q&A preparation
Buyer questions drafted against the dataroom, every answer sourced. Sellers stop writing the same reply five times.
Documents · Generate
From analysisRed flag memo
DD report
SPA schedule
Q&A log
Red flag memo · v3
Findings requiring buyer action
Two findings affect completion. The senior facility on Solar 02 requires lender consent on a change of control, and the lease on Wind 01 expires three years before the PPA term ends.
↳ Loan agreement p.42 · Bail emphytéotique p.7
Document generator
Deliverables come out of the analysis instead of being retyped from it. Change a finding and the memo regenerates.
Your playbook, not ours
Every question is editable and every extraction rule is yours. Add the check your team always runs and nobody else thinks of: it becomes a column in the table on the next run, across every project and every deal after it. The judgement your analysts have built up stops living in their heads.
Coming soon
- Valuation
- Scenarios
- Optimisation
Built on the data already extracted, so nothing gets re-entered.
Coverage
Six workstreams, one pass.
The playbooks carry the specifics of French and European solar: S21 tariffs, CRE tenders, grid connection, O&M contracts, leases and promises of sale.
Legal
- Land tenure: leases, promises of sale, easements
- Permits and their appeal periods
- Change-of-control and assignment clauses
Financial and QoE
- Revenue build against the applicable tariff regime
- Debt terms, covenants and DSCR
- Operating cost normalisation
Technical
- Installed capacity against as-built documentation
- Production history against the yield assessment
- O&M scope, obligations and performance guarantees
Tax
- IFER and local tax treatment
- VAT position on construction and operation
- Tax attributes carried by the SPV
ESG
- Environmental permits and impact studies
- Biodiversity and land-use commitments
- Supply-chain documentation
Insurance
- Cover against lender requirements
- Claims history
- Gaps between construction and operational cover
Why the output holds up
What makes the output usable
Speed
A first complete pass in hours rather than weeks. The bottleneck stops being reading and starts being deciding.
Traceability
Every answer carries a link to the document it came from. Nothing in the table is an assertion you cannot check.
Consistency
The same playbook produces the same analysis on every project, and on the next deal. Two analysts, one answer.
Built inside an M&A practice
M&A Matrix was built for Nepsis Finance's own transaction work and is used on live mandates. It was not designed in a lab and handed over.
“On this portfolio our competitors had weeks of head start. With Nepsis we delivered a complete red flag report in 48 hours and submitted our NBO first.”
Finishing the job
The AI does eighty per cent. The rest is a conversation.
Extraction, classification and cross-checking are work a machine should do, and it does them better than a tired analyst at four in the afternoon. What it cannot do is decide what a finding means for your price, or who needs to sign off on it. So the findings arrive somewhere your team can work on them together.
Comments
Argue about a finding next to the finding, not in a thread nobody can find three weeks later.
Tasks and to-do lists
Turn a red flag into something assigned, with an owner and a state. Findings stop being a list and become a plan.
Alerts
The dataroom changes, a deadline moves, a document lands. The people who need to know, know.
Sharing
Bring in counsel, the technical adviser or the lender on the part they need, without emailing a folder.
The point is not to automate judgement. It is to stop spending your best people on document review so they can spend it on strategy.
Connects to the dataroom you already use
M&A Matrix reads the documents where they already are. No export, no re-upload, no second copy of the most sensitive document set you own.
- Box
- Google Drive
- SharePoint
- Intralinks
Working somewhere else? Tell us which platform and we will look at it.
Questions
Questions
How long does due diligence on a solar portfolio take with M&A Matrix?
- Nepsis Finance has completed an M&A due diligence in 48 hours using M&A Matrix. The exact time depends on the size of the portfolio and the state of the dataroom. The first complete pass is measured in hours rather than weeks, and human review then concentrates on the findings instead of on reading every document.
Which due diligence workstreams does it cover?
- Six: legal, financial and quality of earnings, technical, tax, ESG and insurance. Each one is driven by a playbook of extraction rules and questions, so a workstream is covered the same way on every project in the portfolio.
How are answers traced back to source documents?
- Every cell in the analysis table is linked to the document it was extracted from. You open the source to check an answer rather than taking it on trust. Nothing is asserted without a reference.
Can I reuse a playbook across deals?
- Yes. A playbook is a set of rules and questions generated from source documents, and it is designed to be reused. Running the same playbook on a new deal produces an analysis on the same grid, which is what makes two portfolios comparable.
Does it work on a portfolio of SPVs?
- Yes. Analysis runs project by project across a portfolio, with one row per project or file. A portfolio of separate SPVs is the normal case rather than an edge case.
What document formats does it ingest?
- All the usual ones: PDF, Word, Excel, PowerPoint, CSV, and images including PNG and JPG. If something in your dataroom does not go through, email us and we will open it up and work out which model handles it best.
Is M&A Matrix only for buyers?
- No. Sellers use it before opening a process. The dataroom is classified automatically, and running the buyer's own diligence on yourself surfaces the gaps while there is still time to close them.
Try it on your own dataroom
Tell us the shape of your portfolio and we will show you the analysis table it produces. No dataroom needed for a first conversation.