Diligence Documentation

At Wunder, we do our best to make sure that we are only requesting information that we absolutely need at each stage of the process. Our review process is split into multiple steps so that if there is an obvious red flag in your application, we can identify it right away.

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

Initial Review

In order for Wunder to successfully complete an initial review of your project, a Project Submission is generally all that is needed. However, you may get an email requesting clarification before receiving your Preliminary Offer. Login to submit an application. For more information about the submission process see Submitting a Project for Financing

Approval

As you might expect, the approval phase of the process is when most of the 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 whether exceptions can be made or if we'll need to wait until those documents are available before proceeding.

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 Disbursement. There are also documents that Wunder requires at each Milestone Disbursement to demonstrate milestone completion (Equipment Procurement, Mechanical Completion, and Substantial Completion). For example, if the First Disbursement is also the Mechanical Completion Disbursement, we will need all of the documents from the First Disbursement list as well as any additional documentation required at the Mechanical Completion milestone before disbursing funds. 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, as well as a System Inspection that will be commissioned by Wunder. For more information on our disbursement process, please review our Disbursement Milestones and Disbursement Schedule articles. Let us know if you have any questions or concerns about our data requirements.

Approval Data Requirements
Project Cash Flow Model	Please provide your cash flow model for the project.
Site Utility Data	This is only required for behind-the-meter systems. For site utility data, we are seeking 12 months of 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.
Offtaker Financial History	Please provide 3 complete years of income statements, cash flow statements, and balance sheets for the offtaker.
Engineering Designs	Please provide line drawings and other engineering design plans (both electrical and structural) outlining details about the expected system. Note: final stamped drawings and final as-built drawings will be requested later in the process
Panel & Inverter Info	Please provide information about the quantity, brand, and model of panels and inverters being used on the project.
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.
Offtake Agreement	Please provide the energy sale agreement between the energy customer and the borrowing entity. Also, please provide any relevant assignment agreements or guaranty agreements.
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. Also, please provide any relevant assignment agreements.
Incentive Documentation	If applicable, please provide proof of acceptance into all applicable incentive programs (SREC, NYSERDA, SMART, etc.).
Borrower Manager’s Cash Position	Please provide evidence of the Borrower Manager's current cash position. This can come in the form of a recent balance sheet or a screenshot of the entity's bank account.
Borrower Manager’s Articles of Incorporation	Please provide the formation documents of the Manager of the borrower.
Borrower Manager’s Operating Agreement	Please provide the operating agreement of the Manager of the borrower.
Community Solar Subscriber Agreement (s)	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..
Partner Application	Please complete Wunder's partner application form, and send the form to the O&M provider and EPC so that they can also complete the form.
Construction Contract	Executed contract between the EPC and the borrowing entity for the construction of the system.
Borrower Articles of Incorporation	Please provide the borrower’s formation documents.
Borrower Operating Agreement	Please provide the executed operating agreement for the borrowing entity.
Assignment Agreement	If applicable, please provide assignment of all project contracts (Offtake Agreement, Site Control, SREC, EPC, O&M, etc.) to the borrowing entity.

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.
O&M Agreement	Executed contract between the borrowing entity and the O&M provider detailing ongoing operations and maintenance for the project.
Substantiation of Roof Suitability for Solar	Please provide substantiation that the roof is suitable for solar (warranty, inspection, engineering report, etc.).
Inspection of Previous System	For EPCs that Wunder has not worked with before, we may require an inspection of one of their previously built systems. Wunder will commission this inspection.
Borrower SS4	Please provider the borrower's EIN in the form of an SS4 letter.
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.
Photo of Borrower Financial Point of Contact’s Driver’s License	Please provide a photo (not a photocopy) of the borrower financial point of contact's driver's license. Please ensure that all 4 corners of the license are visible in the photo.
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.
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.

Equipment Procurement Disbursement Data Requirements
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.
Stamped Engineering Design Plans	Please provide stamped engineering design plans for the system.

Mechanical Completion Disbursement Data Requirements
Permits	If Wunder is disbursing at the Mechanical Completion project stage, please provide all applicable building permits for the project.
Photos of System	Please send Wunder photos of the system to substantiate that the system has reached Mechanical Completion.
Invoices	Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred.

Substantial Completion Disbursement Data Requirements
System Inspection	Wunder will commission an inspection of the system. We schedule the inspection once we have been notified that the system has reached Substantial Completion.
Green Tags	For systems that Wunder does not inspect, we will need proof of completion of an Authority Having Jurisdiction (AHJ) inspection.
Invoices	Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred.

Final Disbursement Data Requirements
As-Built Engineering Design Plans	Please provide final as-built engineering design plans.
Invoices	Please provide invoices from the beneficiary (entity receiving funds from Wunder) to the borrowing entity for all project costs incurred.
Interconnection Agreement	Please provide an executed interconnection agreement for the project.
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.
Memorandum of Lease	Please provide proof of a publicly filed memorandum of lease.
Collection Account Beneficiaries' SS4 or W9	Please provide the Collection Account Beneficiaries' SS4 or W9 for the collection account.
Collection Account Beneficiaries' Bank Account and Routing Numbers	Please provide bank account and routing numbers for the Collection Account Beneficiaries' (no for final credit bank accounts accepted).
Substantiation of 100% Subscription	For community solar projects, please provide proof of 100% subscription.
Access to Ongoing Subscriber Base (Community Solar Projects Only)	Please provide Wunder access to monitor subscriber base on an ongoing basis.
Relevant Documentation Related to Waterfall Configuration	Please work with your Wunder representative to set up the waterfall configuration on the collection account.

Please note that we may need to request additional information that is not included in this list

Initial Review

Approval

Disbursements

Approval Data Requirements

First Disbursement Data Requirements

Equipment Procurement Disbursement Data Requirements

Mechanical Completion Disbursement Data Requirements

Substantial Completion Disbursement Data Requirements

Final Disbursement Data Requirements

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