Client-specific pilot concept · Synthetic asset · July 2026

The client already knew how to register and trade certificates. The missing service was deciding which projects were worth onboarding—and what had to be fixed before registration.

After a discussion with an environmental-attribute platform, Felix built a 500 kW hybrid mini-grid pilot that connected REC eligibility, meter boundaries, diesel separation, monthly reconciliation, commercial scenarios and project-finance treatment. The organisation was real; the asset and assumptions were deliberately synthetic because no live project file had yet been supplied.

500 kWac synthetic hybrid asset10-sheet Excel modelExecutive pack and pilot proposal30-day readiness workplan

The commercial gap

Registry onboarding started too late in the project lifecycle

By the time an asset reaches registration, several of the hardest problems may already be embedded in its contracts, meter design and operating data. A registry team can identify the defect, but the commercial cost may already have been incurred through retrofit, delayed issuance or disputed attribute ownership.

The pilot was designed to move the platform upstream: screen the economics before onboarding, expose EPC and contract defects before construction closes, reconcile hybrid generation and show whether certificate cash changes the financing case.

Analyst note

The central question was not “how many RECs can the plant produce?” It was “can the owner prove title to each eligible MWh without double claiming it—and will any lender give that cash value before a buyer contract exists?”

Why a synthetic asset was appropriate

The client had not yet supplied an SLD, meter schedule, month of raw generation data or the relevant PPA. Rather than inventing a “live case”, Felix used a labelled synthetic asset to demonstrate the workflow and define the exact evidence required for a paid pilot.

Where the asset failed the readiness test

The weakest workstream was legal title, not generation

WorkstreamScorePrimary blockerEvidence required
Legal and rights51.3%Attribute clauses and no-double-claim positionExecuted contract matrix and signed claims memorandum
Technical and metering74.3%Issuer acceptance and calibration evidenceMarked-up as-built SLD, meter class, serials, CT/PT ratios and certificates
Data and verification73.3%No controlled month-close and exception processRaw-data archive, reconciliation, approval workflow and exception log
Registry and market95.0%Local fees and binding buyer terms still openIssuer process note and two comparable buyer or broker quotes
The finding

A positive REC NPV did not make the revenue bankable. The base case kept uncontracted certificate cash outside CFADS, so minimum DSCR remained 1.23x rather than improving through an unsupported revenue assumption.

Thirty-day path to readiness

Actions linked to decisions

31 July
Confirm local issuer process and fees - unlock budget and timing.
5 August
Validate renewable/diesel meter boundary - unlock issuer-acceptable data.
7 August
Complete environmental-attribute contract matrix - unlock eligibility position.
10 August
Approve no-double-claim and beneficiary memo - unlock marketable certificates.
14 August
Approve monthly data and exception protocol - unlock auditable issuance requests.
21 August
Obtain two buyer or broker quotes - unlock commercial price floor.
24 August
Issue final investment screen - unlock client go/no-go decision.

What made the proposal commercially useful

The output became a service architecture, not only an Excel workbook

The executive pack translated the model into six modules the client could sell or use internally:

  • REC investment screen: stop uneconomic or ineligible assets consuming onboarding effort.
  • EPC readiness review: identify meter and data defects before construction handover.
  • Generation reconciliation: separate renewable and diesel output and create an issuer-ready month-close pack.
  • Project-finance overlay: test CFADS, DSCR, debt recognition and valuation.
  • Portfolio analytics: show readiness, blocked value, issue ageing and next owner.
  • Market-access readiness: compare buyer requirements, price, vintage, settlement and redemption terms.
Why this is not presented as a live asset

Every project, tariff, price, cost, debt and operating input was synthetic. The genuine work was the client-specific problem framing, model architecture, evidence request, readiness logic, action plan and proposed commercial service.

The next meeting ask

Convert the synthetic demonstration into one live five-day assessment

The pack ended with a practical request: provide one anonymised live asset, its single-line diagram, meter schedule, one month of raw generation data and the relevant PPA or customer agreement. That evidence would allow the synthetic screen to become a real eligibility, commercial and financing assessment.

Human layer

The work did not claim issuer approval, legal title or a market price. Those decisions require the relevant issuer, contracts, meter evidence, buyer terms and human review by the responsible professionals.

REC and environmental-attribute work

Need to know whether an asset is worth onboarding before registration work begins?

Share the contracts, meter arrangement, generation data and intended market route. The initial screen should identify the hard gates and realistic commercial value.

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