Denzel interviewed 12 developers and relevant government agencies, and conducted due diligence of the rural electrification projects, reviewing project developers’ business plans and feasibility studies. He identified power generation and independent grid projects for which a subsidy award could be made, and advised on the likely success of various transactions, identifying obstacles to financial closure. He also identified additional financial and institutional needs required to advance future projects, and drafted a terms of reference for follow-on work by transaction advisors.