Diligence Documentation

Once Wunder and a prospective partner agree to financing terms, we will begin our due diligence process! At Wunder, we do our best to make sure that we only request information that we absolutely need at each stage of the process. Our review process is split into multiple steps we can identify any potential issues and work with you to resolve them as soon as possible.

Below you will find a list of the information that we require at each stage of the review and disbursement process. While this list is comprehensive for most projects, Wunder may need to request additional information or documentation to complete the diligence process.

All documentation must be submitted via the Wunder portal. Your portal will include a specific line for each of the documents in the below list that are applicable to your project type (e.g. behind-the-meter, community solar, etc.). The Wunder team will set up a portal walkthrough with each prospective borrower once their data room has been opened.

Letter of Intent

During the LOI phase, Wunder will review the most critical project documentation that secures offtake revenue and site control, confirmation that the project provides financial incentive to all stakeholders, and (for construction-to-term loans) financial health of the project sponsor.

Approval

As you might expect, the approval phase of the process is when the largest portion of diligence documentation is needed. If your project reaches this phase and you do not have some of the requested information, please let us know as soon as possible so that we can determine next steps.

Once a project is approved, Wunder will send loan contracts for signature.

Disbursements

Before each disbursement, Wunder requires some additional documentation. There are documents that Wunder requires before the First Disbursement and documents that Wunder requires before the Final/Term Conversion Disbursement. If you are not seeking construction financing, you will only receive one disbursement, so we will require everything from the First Disbursement and Final Disbursement List before disbursing funds.

Wunder disbursements are handled on a weekly batched basis. For more information on our disbursement process, please review our Disbursement Schedule article. Let us know if you have any questions or concerns about our data requirements.

Key Terms

Borrower: Entity that owns only the specific project that is undergoing due diligence. Wunder's loans are structurally non-recourse because we lend to a Borrower that is a special-purpose entity (SPE) that owns only this one project.
Developer: Entity that owns the Borrower and other solar projects.

Letter of Intent Data Requirements
Offtake Agreement		Please provide the energy sale agreement between the energy customer and the borrower entity. This must be in the name of the borrower entity; if it is not, please provide any relevant assignment agreements or guaranty agreements. The offtake rate specified in an Offtake Agreement must reflect financial incentive alignment between the system owner and borrower in the form of at least 10% savings on energy produced by the solar system. The Offtake Agreement must include the following language: Right to Finance by a third party, permitting Assignment of borrower's rights in the agreement, Personal Property Language explicitly naming the system personal property of the Borrower and ensuring the system is not a fixture of the underlying real property, and Termination Values listed such that the specified termination penalty is greater than the outstanding principal on the loan in every year of the loan term.
Site Control Contract		Please provide the site control contract between the site owner (owner of the property where the system will be located) and the borrower if site control is not provided by the site owner in the Offtake Agreement. This must be in the name of the borrower entity; if it is not, please provide any relevant assignment agreements. The Site Control Contract must either not be terminable by the landlord or, in the event of termination, must specify a termination penalty that is greater than the outstanding principal on the loan in every year of the loan term.
Incentive Documentation		If applicable, please provide proof of acceptance into all applicable incentive programs (SREC, NYSERDA, MA SMART, etc.).
Offtaker Financial History		For behind-the-meter systems only: please provide 3 complete years of income statements, cash flow statements, and balance sheets for the offtaker.
Site Utility Data		For behind-the-meter systems only: please provide 12 months of site utility rate and consumption data. This can come in the form of 12 months of utility bills or 12 months of 15 minute interval data.
Developer’s Current Cash Position		Please provide evidence of the Developer's current cash position. This can come in the form of a recent balance sheet or a screenshot of the entity's bank account.
Approval Data Requirements
Project Details
Project Cash Flow Model		Please provide your cash flow model for the project.
System Design & Engineering
Engineering Designs		Please provide line drawings and other engineering design plans (both electrical and structural) outlining details about the expected system. Must include make, model, and count of panels and inverters, as well as system tilt and azimuth. Final stamped drawings and final as-built drawings will be requested later in the process.
System Production Estimate		Please provide your estimate for the system’s annual production. This can come in the form of a PVSyst report, PVWatts report, Helioscope report, or another production estimate report.
Substantiation of Roof Suitability for Solar		For rooftop systems: please provide substantiation that the roof is suitable for solar (warranty, inspection, engineering report, etc.).
Project Contracts
O&M Agreement		Executed contract between the borrowing entity and the O&M provider detailing ongoing operations and maintenance for the project.
Community Solar Subscriber Agreement(s)		For community solar projects, please provide an example subscriber agreement for the project. We will request executed subscriber agreements later to substantiate subscription milestones.
Community Solar Subscription Management Agreement		Contract agreement with community solar subscription manager who will be providing on-boarding, billing, and subscriber management services.
Installation Contract		Executed contract between the EPC and the borrowing entity for the construction of the system.
Assignment Agreement		If applicable, please provide assignment of all project contracts (Offtake Agreement, Site Control, SREC, EPC, O&M, etc.) to the borrowing entity.
Site Access Enhancement		Please provide proof of a publicly filed memorandum of lease or easement for site access.
Project Ownership Details
System Manager’s Operating Agreement		Please provide the operating agreement of the Manager of the borrower organization.
System Manager’s Articles of Incorporation		Please provide the formation documents of the Manager of the borrower organization as named in the Operating Agreement.
Partner Application for Developer		Please complete Wunder's partner application form.
Partner Application for EPC		Please send Wunder's partner application form to your EPC so that they can complete the form.
Partner Application for O&M Provider		Please send Wunder's partner application form to your O&M provider so that they can complete the form.
Borrower Articles of Incorporation		Please provide the borrower’s formation documents.
Borrower Operating Agreement		Please provide the executed operating agreement for the borrowing entity.
Borrower EIN		Please provider the borrower's EIN in the form of an W9 or SS4 letter.

First Disbursement Data Requirements
Interconnection Agreement		For all offsite consumption projects (Feed In Tariffs, Community Solar, etc.) please provide the executed interconnection agreement. Interconnection Agreements for behind the meter projects will be required at the Final Disbursement. If applicable, the Interconnection Agreement must be signed by the utility.
Invoices		Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred. For equipment invoices, please provide invoices that specify the make, model, quantity, and unit costs of all equipment purchased and provide the invoices from the equipment vendor to the beneficiary.
Proof of Invoice Payment		If Borrower is seeking reimbursement, Wunder requires proof of invoice payment. Please see Wunder's Invoice Support page for more details.
Borrower Bank Account Connection		Please connect the borrower's bank account through Wunder's borrower portal. Please note, we cannot accept For Final Credit bank accounts.
Beneficiary Bank Account and Routing Numbers		Please provide bank account and routing numbers for the beneficiary. Please note, we cannot accept For Final Credit bank accounts.
Liability Insurance		Commercial general liability insurance of at least $1,000,000 per occurrence and $2,000,000 aggregate. Wunder must be named insured: The Wunder Company Address: 1743 Walnut Street, Boulder, CO 80302. The Borrower SPE must be the insured party. The project site address(es) must be identified on the certificate in the description. Please see our Insurance page for more details.
Property Insurance		Property insurance coverage of at least the system replacement (EPC Cost) with a maximum deductible of $25,000. Wunder must be named as loss payee: The Wunder Company Address: 1743 Walnut Street, Boulder, CO 80302. The Borrower SPE must be the insured party. The project site address(es) must be identified on the certificate in the description. Please see our Insurance page for more details.
Permit Package		Please provide all required permits or AHJ approvals, both ministerial and non-ministerial, necessary to construct the solar system. Site address and system size should match with the project if listed.
Stamped Engineering Design Plans		Please provide stamped engineering design plans for the system.
Inspection of Previous System		For EPCs that Wunder has not worked with before, we will require an inspection of two of their previously built systems. Wunder will commission this inspection.

Each Subsequent Disbursement Data Requirements
Invoices		Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred.
Beneficiary Bank Account and Routing Numbers		Please provide bank account and routing numbers for the beneficiary. Please note, we cannot accept For Final Credit bank accounts.
Proof of Invoice Payment		If Borrower is seeking reimbursement, Wunder requires proof of invoice payment. Please see Wunder's Invoice Support page for more details.

Final/Term Conversion Disbursement Data Requirements
As-Built Engineering Design Plans		Please provide final as-built engineering design plans.
Photos of System		Please send Wunder photos of the system to substantiate that the system has reached Mechanical Completion.
Green Tags		Proof of completion of inspection by an Authority Having Jurisdiction (AHJ).
Invoices		Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred.
Interconnection Agreement		For behind-the-meter projects, please provide an executed interconnection agreement for the project. This will be provided at an earlier stage for front-of-meter projects.
Proof of Interconnection		Please provide the Permission to Operate letter from the utility or other proof that the system has interconnected and has authorization to operate.
Substantiation of 100% Subscription		For community solar projects, please provide proof of 100% subscription.
Ongoing Access to Production Monitoring		Please provide Wunder with access to your ongoing production monitoring system. Please assign to am@wundercapital.com.
Wunder-Commissioned System Inspection		Notify Wunder when system has reached Substantial Completion. Wunder will coordinate with you and/or an onsite point of contact to schedule an inspection at Wunder’s cost.
Access to Ongoing Subscriber Base (Community Solar Projects Only)		Please provide Wunder access to monitor subscriber base on an ongoing basis.

As noted above, Wunder may need to request additional information that is not included in this list if project-specific reasons require.

Letter of Intent

Approval

Disbursements

Key Terms

Letter of Intent Data Requirements

Approval Data Requirements

First Disbursement Data Requirements

Each Subsequent Disbursement Data Requirements

Final/Term Conversion Disbursement Data Requirements

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