해외 민자발전프로젝트(independent power project) 거래구조 및각 계약별 핵심쟁점

초록

This article is designed to show a project framework which underpins the financeability of the independent power project (“IPP”). It also identifies key risks related thereto and describes the risks allocation principles, and then briefly deals with key issues in IPP related contracts. Such contracts include concession agreement (or implementation agreement), shareholders agreement, power purchase agreement, EPC contracts, fuel supply agreement, and operation & maintenance agreement. IPP involves project finance so that it is very important to make the deal structure being bankable from lenders’ standpoint. This article also describes primary risks to be identified and dealt with by lenders when considering the IPP. IPP is recently regarded as very important investment scheme from Korean contractors, energy and trading companies, and commercial banks. From Korean contractors’ standpoint, IPP seems to be attractive because they can be nominated as EPC contractor without going through a competitive bidding process. Also, IPP is ideal and suitable for trading and energy companies which have been looking for other investment sector after they failed in oil and gas investment and development overseas. Hopefully, this article would provide various type of entities with a big picture and an issue spotting tool when they consider IPP.

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