The Investment Grade Audit.
The audit your bank can underwrite, your CFO can defend, your sustainability rater can verify, and your contractor cannot game.
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IGAs since 2016
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GWh/year
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Cooling Capacity Audited - TonR
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kTon CO2e Baseline Equivalent
What 'investment grade' actually means
Five tiers of audit.
Only one is bankable.
Energy audits sit at the convergence of five international frameworks.
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ASHRAE's Procedures L1-L3 for Commercial Building Energy Audits defines the depth tiers.
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ISO 50002 governs how the audit is conducted.
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ISO 50006 governs how the energy baseline and performance indicators are developed.
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ISO 50015 and IPMVP govern the M&V plan.
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ISO 50049 governs how savings are calculated.
The lower audit tiers satisfy one framework, perhaps two; only the top tier — Investment Grade — engineers an audit that simultaneously satisfies all five, surviving bank diligence, CFO challenge, sustainability-rater review, and post-contract verification.
Tiers of Energy Audit
Walk-through
ASHRAE Level 1
ASHRAE Level 2
ASHRAE Level 3
Investment Grade Audit
Methodology
Visual inspection, utility-bill review, ROM observations
Walk-through
+ Brief survey
+ preliminary energy- use analysis
ASHRAE L1
+ Detailed survey
+ ECM-level cost- benefit calculations
ASHRAE L2
+ Detailed engineering on capital-intensive ECMs
ASHRAE L3
+ IPMVP-aligned baseline
+ pre-defined M&V plan
+ bankable economics
Baseline Sources
* ECM = Energy Conservation Measures, Including Energy Conservation, Energy Efficiency and Renewable Energy
Nameplate & utility bills
Utility bills, benchmarked vs peers
Spot measurements + utility bills
Temporary metering + monitoring
Measured (temporary or permanent metering)
CDD/HDD-corrected,
Statistically Verfied
Dependent Variable Adjusted
Suitable for
Initial screening only
Identifying obvious opportunities
Justifying minor capex projects
Justifying major capex
ESCO contracts, green loans, carbon credits, Taxonomy alignment, Investment decision
Trust Level / Confidence
Rough guess
Indicative
Planning-grade
Engineering-grade
Bankable
STANDARDS CONVERGED AT THE IGA TIER
Below the IGA tier, an audit may satisfy one framework, sometimes two. At the IGA tier, all five converge in a single artefact: ASHRAE PCBEA Level 3 for audit depth; ISO 50002 for audit governance; ISO 50006 for baseline and EnPI development; ISO 50015 with IPMVP for the M&V plan; ISO 50049 for savings calculation. One audit. Five frameworks. One artefact that travels across borders, lenders, and regulatory regimes.
THE 8 MADE IGA METHODOLOGY
Eight phases.
One audit trail.
Scoping & engagement
Define the IGA boundary, energy systems in scope, baseline period, target capex envelope, and decision criteria. Sign a confidentiality and data-access agreement; agree on the deliverable schedule and the M&V option likely to apply downstream.
1
Data acquisition
Architectural and MEP drawings; equipment schedules; commissioning reports; 24-month utility bills; operating schedules; control sequences; sub-meter data; tenant occupancy; production output (industrial); CDD/HDD weather data. Catalogued, time-stamped, and version-controlled in 8 MADE's data room.​
2
Site assessment & metering campaign
Physical walkdown. Equipment inspection against drawings. Operator interviews. Temporary metering deployed at the chiller plant, pumps, towers, AHUs, FCUs, and key sub-meters for a minimum reporting period , sized to capture full load variability.
3
Baseline establishment
Measured energy use disaggregated by end-use and by equipment. Plant-level kW/TonR baseline at part-load and full-load operating points. Regression analysis against driver variables. The baseline is a model not a single number, not an average and ships with the IGA report as a working file.
4
EEM, ECM and REM engineering & analysis
Each measure is engineered to design-development level: scope, scope-boundary, expected kWh and kW saving, Emission Reduction, interaction with other measures, persistence risk, and commissioning requirements.
Savings are bounded never a single point estimate. Measures are ranked by NPV, IRR, simple payback, and lifecycle cost (LCC).
5
EEM = Energy Efficiency Measure, ECM = Energy Conservation Measure, and REM = Renewable Energy Measure
Economic modelling
Working financial model: EEM/ECM/REM-level CAPEX and OPEX inputs, tariff escalation, sensitivity analysis on energy price and operating hours, debt-service coverage at multiple loan-tenor scenarios.
Output: a number a bank can lend against with the assumptions visible and editable.
6
M&V plan & risk assessment
The IGA is pre-engineered to be verifiable. M&V option selected, sample size calculated, accuracy targets stated, reporting cadence agreed. Risk register: technical, performance, persistence, financial, regulatory.
Each risk has an owner and a mitigation. Nothing is left to the implementation phase to discover.
7
Reporting & implementation roadmap
The IGA report. Implementation specification. Procurement-ready ECM packages. DNSH check against Thailand Taxonomy. Carbon-credit eligibility memo where applicable. Presentation deck for board / lender / investment committee. Q&A session with the technical team. The IGA does not end when the report is delivered — it ends when the decision is made.
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Every clause mapped.
No standard cherry-picked.
An IGA's value rests on which standards it is engineered to. 8 MADE maps every phase of the methodology to an internationally-recognised reference. Where a standard is voluntary in Thailand today (Taxonomy, ISO 50015), we still apply it — because the next buyer of your project will.
ASHRAE PCBEA 2nd ed. (2011)
EVO IPMVP Vol I (current edition)
ISO 50002:2014
ISO 50006:2023
ISO 50015:2014
ISO 50049:2020
DEDE / พพ. — Annex A audit format
TGO Emission Factor (current); GHG Protocol Project Quantification Standard
Thailand Taxonomy Phase 2 (published 27 May 2025)
PRACTITIONER CREDENTIALS ON THE IGA TEAM
Professional M&V Analyst — the EVO-administered IPMVP application credential. Examined on Volumes I and III, savings analysis, and M&V plan authoring.
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Professional M&V Evaluator — the EVO-administered credential for independent third-party M&V verification. Required by lenders for binding savings verification in ESPC contracts.​
Energy Efficiency Financing Specialist — the EVO-administered credential for structuring and evaluating the financing of energy efficiency projects: investor-ready documentation, financial risk assessment, and bankable savings cases.party M&V verification. Required by lenders for binding savings verification in ESPC contracts.​
Testimonials
"What changed the conversation for us was the baseline. Before 8 MADE, every energy proposal we received was a vendor's promise. The IGA gave us a measured 0.85 kW/TonR starting point that nobody could argue with — and when the plant reached 0.63, the same data that built the baseline proved the result. For a developer, that's not an energy report. That's an asset document."
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PUNN @ Rama IV, Bangkok, THAILAND
"Retail cooling runs long hours on thin margins, so we had been promised 'savings' many times before. 8 MADE was the first to measure before promising. The IGA told us exactly what our plant was doing hour by hour — and the retrofit that followed cut our plant energy by more than half, verified against the baseline, not against a brochure. Our customers feel the comfort; our P&L feels the difference."​
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YCM Square , Bangkok, THAILAND
"Our headquarters in Japan requires that energy investments follow documented methodology — ISO-aligned, auditable, and reportable to our global ESG programme.
8 MADE's IGA was the first audit we received in Thailand that we could submit to Tokyo without rework. The measurement discipline, the documentation standard, and the engineering courtesy were what we are accustomed to at home. That is rare, and we noticed."​
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a Japanese-headquartered electrical manufacturer, Thailand
"Across hundreds branches, our energy cost was a number we paid, not a number we managed. The IGA programme changed that. 8 MADE measured our representative stores, built a baseline we could apply across the portfolio, and ranked the retrofits by payback — branch by branch. We now make energy decisions the way we make menu decisions: from data."
one of Thailand's largest restaurant groups​
"In a hospital, the question is never only 'how much can we save' — it is 'what can we touch without risk.' 8 MADE's audit team understood pressure regimes, operating-theatre air change rates, and infection-control boundaries before they proposed a single measure. The IGA gave our board a savings case and gave our clinical team a guarantee that nothing clinical would be compromised. Both signed."​
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Leading University Hospital Institution , Darwin, Australia
"We advise on infrastructure and real-asset transactions, and energy retrofit projects have historically been difficult to underwrite — the savings case usually rests on the seller's own engineering. 8 MADE's IGA was different: a measured baseline, a bounded savings range, and an M&V plan written before financial close. We could run diligence on the assumptions instead of arguing about them. It shortened our process by 6 weeks and materially de-risked the structure."​
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a leading Investment Bank, Hong Kong
"When we lend against energy savings, the credit question is simple: will the kilowatt-hours actually appear? Most audits ask us to take that on faith. The 8 MADE IGA arrives with the baseline regression, the confidence range, and the verification plan as part of the loan file — in the structure our credit committee already understands. It is the difference between an energy project we decline and a green-loan asset we book."​
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Awarding Winning Sustainable Regional Commercial Bank, South East Asia
"Public investment must answer to more than a budget — it must answer to the State Audit Office, to procurement regulation, and to the public record. For our building efficiency programme, the 8 MADE IGA gave us a measured baseline established before procurement, so every bidder priced against the same verified starting point, and every baht of claimed savings can be traced to data in the file. That audit trail is what made the project defensible from approval through to closure."​
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an Government Agency, Thailand
"Our group classifies property assets by improvement quality and climate-transition readiness, and that classification feeds both our underwriting and our own portfolio reporting. The 8 MADE IGA gave us what internal scoring never could: an independent, standards-referenced record of the asset's energy performance before and after improvement, with Thailand Taxonomy alignment documented. The asset moved classification tiers on evidence, not on declaration."​
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Head of Real Estate / Group Property, a Global insurance company, regional office Thailand
"Our firm advises clients on sustainability strategy, ESG reporting, and assurance — but strategy needs engineering underneath it, or the numbers don't survive scrutiny. On joint engagements, 8 MADE provides the measured layer: the baselines, the M&V, the verified savings that our reporting and assurance work can stand on. They speak the standards language our methodology requires — ISO, IPMVP, GHG Protocol, Thailand Taxonomy — and they document to the level our quality reviews demand. It is a genuine team: we frame the sustainability case; they make it measurable."​
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Partner, Sustainability & Climate Advisory, a Big Four professional services firm, Singapore-Hong kong-Malaysia-Thailand
"As an energy company, we develop sustainability projects at portfolio scale — and the gap in this market has never been ambition, it has been verification. We work with 8 MADE as the measurement backbone of our development pipeline: their IGA and M&V discipline turns our project concepts into investment cases our board and our partners can commit to. They are not a subcontractor we manage; they are the part of the team that makes the rest of the team's numbers true."​
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SVP, Business Development / Head of Sustainable Solutions], a major Thai energy company
"A district cooling plant has no operating history to measure — the baseline must be engineered before the plant exists. 8 MADE built our pre-construction baseline model directly from the original design: the design-day loads, the equipment selections, the sequence of operations — calibrated into a model that became our contractual reference point. When the plant came online, commissioning data was verified against that model, not against a renegotiated target. Every stakeholder — investor, offtaker, operator — signed the same number before the first pile was driven. That is what removed the disputes before they could exist."​
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Project Director, District cooling SPV / development consortium, Thailand
"We are a small ESCO — strong engineering, but no in-house M&V credentials, and that gap kept us out of every project where a bank was involved. Partnering with 8 MADE changed our ceiling. Their IGA and M&V sit under our performance contracts, so when our client's lender asks who verifies the savings, the answer is an independent, credentialed team — not us marking our own homework.
We have won contracts at 3 times our previous project size because of it."​
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Managing Director, an ESCO Company, Bangkok THAILAND
"Every ESCO in this market carries the same burden: the client's quiet suspicion that the savings are whatever the ESCO says they are. We took that issue off the table by engaging 8 MADE as the independent M&V party on our guarantee contracts. They build the baseline, they verify the result, and our client receives the number from a third party with PMVE-level credentials. Our renewal rate since making this standard practice speaks for itself — and our sales conversations are shorter, because trust is no longer the topic."​
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General Manager, an ESCO Company, Bangkok THAILAND
"At our scale, the constraint is not winning projects — it is satisfying the financing behind them. On our largest performance contract to date, the lender's condition was explicit: savings verification by an independent party, to IPMVP, with credentials they could check in the registry. 8 MADE was the firm in Thailand that met the requirement. They verified against our baseline for 7 years of the contract term, every report accepted by the bank without revision. Independence is not a threat to a serious ESCO. It is what lets the serious ones get paid."​
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Executive Director, a major Thai ESCO