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Tuesday, 26 May

Contract Standardisation to Underpin Solar

Eversheds is one of a collection of energy, finance and law firms that are joining up to scale up solar energy as part of a new Solar Energy Standardisation Initiative which aims to harmonise project documentation and procedures.

The initiative has been launched by International Renewable Energy Agency (IRENA) and the Terrawatt and aims to spur global solar development by standardising contracts to streamline the development and finance of solar projects.

Country commitments submitted under the Paris Agreement entail roughly USD 1.2 trillion in solar energy investment by 2030. To reach this target, governments must implement efficient regulatory schemes that enable massive development of solar projects – with minimal risk – and allow private investors to enter the market at scale. There is also a need to reduce transaction costs so solar power can penetrate more markets across the globe.

The Initiative will bring together public and private sector stakeholders to define and agree on a standard template for solar project documents that are effective and acceptable by finance institutions.

The first meeting of the Initiative was held in June 2016 in Munich. It aims to share templates and standard documentation by November 2016.

Michelle T Davies, energy partner at Eversheds commented: “Our involvement in this initiative reaffirms our commitment to the clean energy sector. Complex contracts increase the cost of transactions, we are looking to help simplify the contracts and in turn encourage greater market adoption and investment in solar. This initiative aims to create a common industry language across all the assets, contracts or markets that are needed to develop renewable energy projects.”

Picture: A push is underway to harmonise project documentation and procedures

 

Article written by Brian Shillibeer

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