The Standard PPA and VGF Securitization agreements for the solar projects under National Solar Mission Phase II Batch I have been released and uploaded by the Solar Energy Corporation of India (SECI) on their website.
These documents are of high importance for the stake holders such as developers and bankers/financial institutions as the bankability of the projects will be determined based on these.
The terms and conditions as stipulated in the RfP documents are elaborated here with additions/clarifications on the below points:
- Failure to commission the project within three months of the specified date would encashment of the performance bank guarantees provided by the developer. Failure beyond three months would result in the reduction of the annual electricity tariff paid to the developer by half paisa per kWh per day of delay subject to a maximum delay of 24 months.
-
SECI shall provide to the SPD, in respect of payment of its Monthly Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit.
-
As a Collateral Agreement to provide further support for the SECI’s obligations, the SPD and SECI shall execute Default Escrow Agreement for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the SECI shall be routed and used as per the terms of the Default Escrow Agreement.
As mentioned in the RfS document, the Pre-bid meeting has been scheduled for the various stakeholders on 19/11/2013.
The documents can be downloaded from these links:
No comments:
Post a Comment