900 documentos, 37 proyectos, 48 horas: un informe de red flags antes que nadie
Cómo un IPP revisó de forma exhaustiva un data room solar brownfield entero y presentó su oferta no vinculante el primero, frente a competidores con ventaja.
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What happened
A renewable IPP went after a brownfield portfolio of 37 solar projects, around 120 kWc each, with 900 documents in the dataroom and several bidders already four weeks ahead. The team produced a complete red flag report across legal, insurance and technical in 48 hours, and submitted its non-binding offer first.
Why the usual approach does not fit
Nine hundred documents is not a bigger version of ninety. The dataroom spanned about fifty distinct document typologies: planning permits, land deeds, grid connection contracts, insurance policies, technical surveys. Each typology needs its own analysis grid, somewhere between ten and thirty specific questions, to surface red flags, inconsistencies and gaps. Reading them all by hand inside the bid window is not a stretch, it is arithmetic that does not work.
The usual answer is sampling: review 100 to 200 documents and extrapolate. That is how a red flag survives into the offer. And the NBO is not only a price, it needs valuation scenarios driven by merchant power price, P50 and P90 production and three-month Euribor, which is several more days of senior analyst time.
What we did
Classified the dataroom. Every document was automatically assigned a typology: building permit, O&M contract, third-party liability policy, geotechnical survey and the rest.
Applied a prompt library per typology. Ten to thirty type-specific prompts run automatically per document type to extract critical information and cross-check data between documents. Tasks were tracked in Monday.com, analyses ran on Nepsis across several LLMs, and everything was logged and auditable.
Fed the findings straight into the red flag report, structured by axis across legal, insurance and technical, consolidating identified risks, documentary gaps and priority watch points.
Ran the DCF in parallel, with sensitivities on merchant price, production and three-month Euribor, generating multiple price hypotheses for the NBO.
The result
| Before | With Nepsis | |
|---|---|---|
| Red flag report turnaround | Two to three weeks | 48 hours |
| Documents reviewed per deal | 100 to 200, sampled | 900, exhaustive |
| NBO turnaround after the dataroom | Five to seven days | 24 hours |
| Deals analysable per year, same team | Baseline | Ten times |
| DCF valuation scenarios | One, manual | Multi-hypothesis, automatic |
| Risk of missing a red flag | High, document fatigue | Low, systematic coverage |
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. Reviewing 900 documents would never have been possible in-house in that timeframe.
M&A Director, renewable energy investment fund
Speed is the headline. Coverage is the thing that changes outcomes: no red flag slips past an exhaustive analysis grid, so the offer is sharper, better argued, and submitted first.