Utility-scale solar projects have become increasingly important in the renewable energy sector, providing large amounts of clean electricity directly to the national grid. By working with utility companies to supply clean energy to consumers, utility-scale solar developers are instrumental in meeting clean energy goals and accelerating the transition toward a more sustainable and renewable energy future.
Utility-scale solar projects are characterized by their significant scale, typically exceeding 5MW, which is equivalent to over 125,000 solar modules. These solar projects involve significant complexities, from legal and financial considerations to project management and asset management. To effectively navigate these challenges, utility-scale developers require a comprehensive solar solution that includes solar accounting software.
Blu Banyan’s SolarSuccess solution is built on the NetSuite platform, bringing solar-specific functionality to a leading integrated cloud business software suite. Let’s explore six essential areas where utility-scale solar developers can leverage the advantages of a comprehensive solution that unifies all departments, including tying solar project management and accounting together to drive operational success.
Holistic Project Management
Utility-scale projects are complex, encompassing a lengthy development cycle that often spans 2 to 5 years. These projects involve hundreds of project actions, a multitude of documents, and intricate budgets. With costs typically exceeding $100 million, efficient project management is paramount. While there are various project management tools to choose from, Blu Banyan’s SolarSuccess solution stands out by offering seamless integration of project management with NetSuite’s accounting capabilities.
SolarSuccess goes beyond conventional project management by providing customized forms and tools specifically tailored to meet the needs of solar companies. Designed with the solar industry in mind, it offers a comprehensive range of features including milestone-based invoicing, accounts payable, commissions, deferred revenue, and work-in-progress accounting. These functionalities are specifically designed to address the financial complexities and project dynamics that are inherent to the solar industry.
SolarSuccess seamlessly integrates budgeting with both the General Ledger and project actions, ensuring precise financial reporting. For utility-scale developers that use Excel for extended budgeting and financial reporting, SolarSuccess also offers a partner integration to sync these templates with NetSuite’s accounting system. Unlimited budget versions empower developers to analyze and compare actual and budgeted figures with ease and accuracy.
Smooth Ownership Transitions
Utility-scale projects undergo multiple ownership transfers, each representing different stages and investor groups. These transfers involve transitioning the project from the developer to the entities responsible for financing, asset management, and ongoing operation. SolarSuccess and NetSuite streamline this process by facilitating seamless ownership transfers within a single system. This integration ensures the smooth transition of accounting information and documentation, simplifying the complex web of ownership transfers.
Comprehensive Asset Management
Managing utility-scale solar assets efficiently is crucial for long-term success. Being built on NetSuite, SolarSuccess provides all the essential functions that allow developers to monitor and manage their assets effectively. In addition, SolarSuccess is the only solution that offers asset management tools for the operating entity in the same system as the other entities. This unique capability empowers streamlined operations and seamless coordination.
By consolidating asset management tools in a unified system, SolarSuccess enables comprehensive oversight and optimized performance across all entities involved in a utility-scale solar project. The benefit is enhanced operational efficiency and improved financial visibility, ultimately maximizing returns on investment and ensuring the long-term success of utility-scale solar projects.
Enhanced Cash Management
Efficient cash management is vital for utility-scale developers, considering the substantial financial investments required throughout the project lifecycle. With a comprehensive solution that ties budgets, revenues, and expenses directly to the project plan, you gain clear visibility into cash flow. This allows financial teams to make informed decisions, optimize resource allocation, and ensure the project remains on track financially.
Robust Audit Trail for Legal Compliance
Given the significant investments and multiple parties involved, utility-scale developers must maintain a clear audit trail to address potential legal disputes. SolarSuccess and NetSuite help developers navigate these challenges by providing a comprehensive audit trail. Recording budget versions, project actions, approvals, and associated documentation provides a record of transparency and accountability. This robust audit trail can be instrumental in resolving disputes related to project timelines, contractual obligations, and approvals.
Unparalleled Financial Management and Legal Compliance
In addition to the main legal entities that hold the utility and development corporations, utility-scale developers also need to establish additional legal entities, known as Special Purpose Entities (SPEs), for each project. These entities serve crucial roles in the financing, construction, and long-term operation of each utility-scale renewable energy project.
Unlike some of the lighter accounting solutions on the market, which require a license for every entity, NetSuite allows for unlimited legal entities and levels of financial consolidation. This comprehensive structure allows utility-scale developers to effortlessly manage all the complex financial consolidations they require for their projects.
Are you Ready to Level Up?
The success of utility-scale solar projects depends on effective project management and seamless coordination across various stages. Together, SolarSuccess and NetSuite emerge as an indispensable solution for utility-scale developers, offering unmatched financial management, project coordination, asset management, and legal compliance functions. Developers can streamline operations, gain financial visibility, and ensure the smooth execution of utility-scale solar projects from inception to operation.
Are you a utility-scale solar developer looking to streamline your operations and maximize the success of your projects? Contact Blu Banyan today today to learn more about how our comprehensive solution can help you achieve financial visibility, optimize project coordination, and ensure efficient asset management. With Blu Banyan as a trusted ally, utility-scale developers are empowered and supported in the drive toward clean, sustainable energy on a massive scale.
