Development of Policy, Legal, and Insitutional Framework for - ppiaf

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Development of Policy, Legal, & Institutional Framework for the PPP Program in Malawi Final Report MODEL POWER PURCHASE AGREEMENT (PPA) Introduction Following preparation and evaluation of Proposals, the successful Bidder will enter into the Power Purchase Agreement with PPC. The Model PPA is interdependent, with interlocking, back-to-back provisions to transfer project risks to the parties according to the risk allocation expectations of the market. Subject to a party exercising early termination rights or the Term being extended or reduced in accordance with the provisions of the Model PPA, termination will occur on the thirtieth anniversary of the Commercial Operation Date. The Model PPA shall be governed by and interpreted in accordance with the Indonesian law. Disputes not amicably resolved shall be referred to the agreed expert. Overview of Model PPA General The following paragraphs of this Section 3.2 list some features of the Model PPA. The list is intended only as an introduction and shall not take precedence over the Model PPA. The Power Purchase Agreement The parties to the PPA are the Seller and PPC. The PPA relates to the sale and purchase of capacity and energy from the Plant and provides for, amongst others: Division of the PPA Term into a Preliminary Phase, a Construction Phase and an Operating Phase; Satisfaction of the Conditions Precedent, including provision of the Performance Security Stage I and Performance Security Stage II (Performance Security), and achieving Financial Close, by the specified Financing Date; Preliminary Phase obligations of the Seller, include: - execution of the Project Documents; - preparation of Preliminary Special Design; - preparation of the Health and Safety Plan and Environmental Assessment and Management Plan. Construction Phase obligations of the Seller, include: - construction of the Plant in accordance with the Minimum Functional Specifications; - construction of the Interconnection Facilities; THE INSTITUTE FOR PUBLIC-PRIVATE PARTNERSHIPS 170
Development of Policy, Legal, & Institutional Framework for the PPP Program in Malawi Final Report - construction of the Special Facilities; - energising, synchronising, Uniting and testing the Plant; - implementing the Health and Safety Plan and Environmental Assessment and Management Plan Operation Phase obligations of the Seller, include: - operating and maintaining the Plant; - complying with Operating and Dispatch Procedures and Rules, and Dispatch Instructions; Exclusive right of PPC (or its successor) as Buyer to purchase capacity and electrical energy from the Plant throughout the Operating Phase. Liquidated damages for: - failure to achieve the Required Commercial Operation Date; - breach of performance warranties Payments to the Seller including: - Capacity payment; - Energy Payment - Start-Up Allowances. Obligation of the Seller to maintain specified insurances; Provision for early termination in specified circumstances with buy-out. INSTRUCTIONS TO BIDDERS Introduction Bidding Environment Generation to be provided by the Plant is a key component of PPC’s Long Term Generation Expansion Plan for the Java Grid and the failure to complete the Project by the Required Commercial Operation Date would result in the dispatch of higher cost generation. The bidding and award procedures and evaluation criteria have been structured to maximise the likelihood of achieving the Project milestone dates. Proposals that promise a smooth, swift and assured process for executing the Model PPA and achieving Financial Closure will be favoured. THE INSTITUTE FOR PUBLIC-PRIVATE PARTNERSHIPS 171
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31 March 2007 Mr. Constantine Chiko
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Development of Policy, Legal, and Insitutional Framework for - ppiaf

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