How an Energy Consulting Company Profitably Collaborates on Confidential Projects Using a Virtual Data Room

Solas Energy Case Study

Solas Energy Business Challenge

Solas Energy Consulting is focused on providing consulting services for sustainability, renewable energy solutions and climate change in the areas of utility scale wind power, solar power and run-of-river hydro. Their expertise spans project development, including major equipment procurement; business development advisory services in the area of acquisitions, divestitures, joint ventures, financial and technical project due diligence; and climate change policy analysis. Their deep understanding of renewable energy and climate change issues dates back to the 1990’s, and this experience can help renewable energy companies navigate through the many issues associated with Climate Change policy, Corporate Sustainability and project development. Dealing regularly with highly confidential documents on behalf of their clients, Solas Managing Director, Paula McGarrigle, and President, Evelyn Carpenter, understood well, the value of a Virtual Data Room solution. When they formed Solas, they knew a data room would be a required part of their infrastructure to deliver confidential advisory services. They evaluated 6 potential data room providers, before choosing Firmex. Security, usability and tracking/reporting features were of particular importance, but how the vendors priced their offerings also had the potential to impact their business. Energy projects are characterized by large amounts of documents and multiple transactions. Data room providers that priced on a per data room or per page basis left uncertainty in how to price the projects that Solas undertook. Firmex offered an unlimited use subscription pricing model which ensured cost certainty. “When you are handling multiple projects on behalf of a client, you quickly learn that the data room provider you use can impact your bottom line,” noted Ms. McGarrigle.

“When you are handling multiple projects on behalf of a client, you quickly learn that the data room provider you use can impact your bottom line.”

Paula McGarrigle Managing Director Solas Energy Consulting

Profitably Collaborate on All Confidential Projects

Solas runs all their confidential projects on Firmex. They use the Firmex Virtual Data Room to manage windfarm development, EPC contracting, and even carbon offset trading. Having a very streamlined tool that is flexible enough to manage a variety of projects has improved the productivity and profitability of the Solas team. Advanced reports give visibility into how deals are progressing while also maintaining comprehensive audit records. Solas has quadrupled their business since they began and attribute their growth and ability to scale with it, in part, on the tools they have chosen to support their business. “Having the right tools has enabled Solas to deal more professionally and better service our clients,” mentioned Ms. McGarrigle.

Firmex: Delivers Commitment to Customer Success

Solas has been a Firmex client since their inception. When asked why they continue to choose Firmex, Ms. Carpenter responded, “The Firmex Virtual Data Room is very easy to use and that is important, but we continue to do business with Firmex because we enjoy dealing with the company.” Solas recognized a difference in how Firmex approached their customers from the beginning when they received their initial introductory setup training call. Since then, they have always been pleased with the support they receive. “Firmex makes us feel like we are a VIP customer, every time we deal with them,” admitted Ms. Carpenter, “and that attention to our business helps us be more successful.”



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