Solar Asset Management Software : Why Your Should Invest
All Articles

What is Solar Asset Management Software?

Jan 31, 2022 Best Practices Contract Analytics

Renewable power generation is at an inflection point. Clean energy investment has dramatically increased, and the sheer volume of data and complex contracts surrounding these projects require robust solar asset management systems to track and manage their operations. There is a greater need for compliance and legal analysis, higher demand for comprehensive and easy-to-use asset management tools, and an increased need to support acquisitions, sales, and financing.

Asset Management Software is more than just knowing how many Megawatts an inverter is producing.  It’s also knowing what you are contractually obligated to do with those assets.

With an advanced and efficient solar asset management tool that understands critical renewable energy agreements, asset managers can achieve newfound operational efficiency:

  • obligations in seconds

  • centralize data

  • manage tasks, and answer critical questions from your documents in real-time

  • Increase productivity and minimize risk – substantially.

  • and save a significant amount of time.

Powerful digital asset management systems help streamline financing processes, reduce administrative and legal outsourcing costs, and protect your contractual rights and investments.

Benefits of Using ThoughtTrace for Solar Asset Management

ThoughtTrace is the only software built to automatically extract, classify, and understand renewable energy documents with the built-in expertise of seasoned professionals.

With ThoughtTrace on their side, Asset Managers can leverage Artificial Intelligence to look across all their documents at once, surfacing critical information in minutes. This is vital when onboarding new assets, or responding to a critical event, for example.

Read on to learn how a solar asset management strategy powered by document understanding technology will position your firm to minimize risk and maximize profits as the market demand increases: 

  1. Insights

For your organization to get into a better strategic position, creating a fast and agile process to gain decision-driving information is vital. Whether you’ll need to retrieve specific information- (such as Outage Notification Requirements, Production Guarantees, or Forecasting Requirements) – or get a better understanding of certain concepts (such as Notice Requirements), even the most nuanced or detailed needs become easily accessible.

This can be achieved through ThoughtTrace’s ability to automatically upload, classify, extract, and trigger workflows based on your project governing documents. Our system can handle processing one or two, or even thousands of documents at any given time.

ThoughtTrace strategically puts you in position for faster decision-making across a variety of business scenarios:

  • M&A transactions

  • financing

  • reporting and compliance

  • legal fire drills

  • divestitures

  • power marketing planning & analysis

  • regulatory planning and response

  • downtime response

  • supply chain & construction disruptions

  • …essentially anything that required you to revert back to the documents that govern your business.

  1. Agility 

Market leaders need the agility to reconfigure assets as needed to support changing operational needs. Regulations change as well as compliance, so it is increasingly important to remain flexible and adaptable. ThoughtTrace enables solar asset managers to quickly understand how any of the potential changes could impact your organization. Instead of spending hours or weeks reviewing documents, your team can focus on more strategic items – such as determining how to remain compliant without completely over-hauling processes and procedures. Your organization will be better positioned to respond to external factors and make informed decisions based on facts and data.

  1. Transparency 

As an asset manager, you need a clear view of interdependencies across your business. Whether you’re an investor or a developer, you need to facilitate an environment with continuous visibility into leases, contracts, and agreements.

Renewable energy contracts are complicated, and the volume continues to grow.  ThoughtTrace provides next-level transparency into your documents, eradicating cumbersome manual review and allowing you to instantly search across your entire portfolio to find critical information such as:

  • credit support

  • conditional termination

  • forecasting requirements

  • consent requirements

  • operations and maintenance requirements

  •  system relocation

  •  take-and-pay clauses and

  •  curtailment rights

 

  1. Risk Reduction 

With transparency and instant access to your obligations and contractual requirements, risk management is a much more manageable process. Intelligent asset management fueled by advanced document analytics provides your organization with the knowledge required to get in front of potential risks – hopefully avoiding them entirely, or at minimum reducing the impact they could have on your operations.

Intelligent Solar Asset Management with Document Understanding

ThoughtTrace is the only integrated contract analytics and document understanding system for renewable energy organizations that works on day one and requires no user training. We take the complications out so that you can focus your time and attention on strategic items rather than manual document review and other tasks. Right away, you can ask deeper questions, and gain a better understanding of what your obligations and where value can be added. 

For your organization to get into a better strategic position, accelerating productivity and creating agile processes is vital (and brings operating costs down). We’re here to help – request a demonstration or a free PPA/IA provision summary.

 

.

Sign Up for News & Updates

thomson-reuters-acquires-thoughttrace