The deal you approved and the asset you own are different deals. The difference happened in the change orders, and nobody can show it to you.
Between underwriting and the finished asset sit four hundred pages of contract and a hundred and fifty change orders, read only by people paid by the hour to read them. The returns changed in there. No system held the pro forma and the change register on the same record.
32.5%
of the negotiated bargain survived construction
MODEL-DERIVED · solar development model · $8,125,000 of $25,000,000
Negotiated bargain$25,000,000
Change orders, priced−$9,400,000
Delay & liquidated damages−$4,100,000
Scope carried by owner−$3,375,000
Survives construction$8,125,000
Money moves. Time does not.
Exhibits · all real, all from publicly filed contracts
| $10.00FILED DOCUMENT · countersigned change order | An arithmetic error of ten dollars, inside an $811,000,000 contract. The record catches what no summary would. |
|---|---|
| $646,936,000 → $827,156,405FILED DOCUMENT · Sabine, 56 signed steps | Guaranteed completion unchanged at 1,247 days. Money moves. Time does not. |
| 7 rowsFILED DOCUMENT · 2015 utility solar EPC | Delay at $20,000/day capped at 40% of price. Tariffs unpriced. The ITC cliff split by cause. A contract is a ledger of risks with holders and prices. |
| $16,405,113.66FILED DOCUMENT · schedule of values, foots exactly | Three of every five dollars lands in the array field. The money lands somewhere real. |
| GAPCLOSES ON · contractor prices Amendment 2 scope | A gap is an answer with a closing event, not a blank. |
The market described the product before the product had a page
- “tracking deliverables, schedules, payments due, managing change orders”
- Cypress Creek Renewables · job posting
- “administering owner rights”
- NAES · job posting
- “manage 2–3 EPC partner relationships”
- Prologis · job posting, across 60+ projects
Where the money lands
Array field · modules, racking, tracker$9,843,068
Electrical collection & inverters$2,624,818
Civil, roads, grading$1,476,460
Substation & interconnection$984,307
General conditions, bonds, fee$1,476,460
Foots exactly$16,405,113.66
We checked every change order for the one thing that usually slips through: the moment the schedule was actually changed. The count is loading. We are correcting them one filed document at a time, and the count above is read live from the record.
Enter the recordNo sign-in. The demonstration stays public.