해외 민자발전사업에서 전력구매계약의 주요 쟁점과 관련 계약서들에 미치는 영향

초록

Given that power projects are most essential where there is a power shortage in the market, these projects often represent a pioneering level of investment and financial complexity in these markets. The power purchase agreement, or PPA, is the central contract for any independent power generation project. This article explains the context for the PPA and sets out key considerations for drafting and negotiating the PPA, including but not limited to (i) the considerations involved in securing financing for a power project, (ii) the tariff structure, purchase obligations and other key financial provisions of a PPA, (iii) the risks associated with an independent power project and how such risks are typically allocated and mitigated under the PPA and other relevant contracts, (iv) other key provisions in the PPA, with a particular focus on provisions related to force majeure, and default and termination, and (v) the lender’s step-in right in case of any default and a nature of the right. This article further analyzes how the PPA impacts other related contracts, such as EPC contract, coal supply agreement, and operation & maintenance agreement, and focuses on interfaces between the PPA and the respective contract.

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