What a useful Project Passport should contain

A common starting point

Tillerstone uses “Project Passport” to describe a structured project information summary. Its purpose is to make the relevant facts easier to compare and discuss. The term does not imply a statutory certificate, an independent rating or approval of the project.

A useful Passport lets a reader distinguish the current project position, the proposed transaction and the questions that need further work. It should also make clear which version the reader is using and when the information was last reviewed.

Connect each section to a decision

• Project profile. Technology, development position and a non-sensitive description sufficient for the intended audience.
• Ownership and authority. The relevant project entity and the basis on which the contact is authorised to act, disclosed only at the appropriate stage.
• Transaction objective. What the owner is seeking, the contemplated structure and the next decision or milestone.
• Site, grid and permissions. Current arrangements, supporting records, outstanding conditions and important dependencies.
• Commercial assumptions. Clearly identified assumptions, their basis and the questions that remain to be tested.
• Evidence and open items. Sources, dates, limitations and responsibility for clarifying missing information.
• Disclosure conditions. What may be shared, with which recipients and under which agreed conditions.

Keep evidence attached to individual facts

A statement supplied by the seller and a statement supported by a reviewed source document should not look identical. Tillerstone’s evidence vocabulary distinguishes Seller Declared, Document Confirmed, Expert Reviewed, Not Provided and Not Applicable.

Use those descriptions for individual material facts. A document supporting one point does not establish that the whole project has passed due diligence. An expert’s review also has a defined subject, scope and limitations.

Where two records conflict, retain the question rather than choosing the more attractive version. A missing item should remain visibly missing until it is supplied or its relevance is resolved. See the evidence and confidentiality framework for the meaning of each state.

Keep the summary current and controlled

Assign a version and update date. When a material fact changes, update both the summary and its supporting references, and identify which earlier version has been superseded. Keep a record of which version was released to each authorised recipient.

The first external summary need not contain the complete internal record. An approved, non-identifying outline may be enough to assess relevance. Detailed identity and source documents belong in the next agreed stage of the private process.

The result should be a clear basis for questions and next steps, with its limits visible. It is not a promise of financing, a valuation or a recommendation to acquire the project.

Grid and revenue: what the document actually supports

The grid section should show the sequence: technical conditions received, agreement, works completed, outstanding conditions and the next expected milestone. For an operating asset, record available capacity and known restrictions. A document for one stage does not prove completion of the whole sequence.

A revenue model can combine several streams. Day-ahead and intraday describe market segments; a PPA describes a contractual arrangement, while a trader identifies a counterparty role. A Passport should explain how they connect, over which period and with what agreement status. An intention to contract is not a signed PPA; support through the Guaranteed Buyer does not establish cash received.

For BESS, state power in MW, energy capacity in MWh, grid limits, the intended operating mode and revenue streams separately. For a hybrid, consider whether components can use the shared connection simultaneously. Listing potential services does not establish that all revenues can coexist.

An updated status card ties each conclusion to a source, date and scope. Conflicts and gaps remain visible regardless of a materials order. Compare materials deliverables.