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40% 35% 30% 25% 20% 15% 5% ADSCR 10% IRR 25% 1,50 1,45 1,40 1,35 1,30 1,25 1,20 1,15 1,10 1,05 1,00 between the participants, represented by the numbers (1) to (8) within the web: (1) The shareholders of the project consortium enter into a “shareholder agreement,” which governs the relationship among them and describes how the project will be managed. There is considerable scope for conflict of interest to arise between the role of shareholders as investors and as contracting parties with the company. (2) Shareholders attempt to maximize the stake of low-cost loan up to an 80-20 debt-to-equity ratio. Recently a 169-MW natural gas–fired, combined cycle merchant plant in the United States achieved a 100% debt financing (Burr, 1998). Hence, lenders provide substantial amounts of money through a “loan agreement.” The lender’s security is limited to the revenues to be received by selling the electricity to the purchaser/utility. Here, an export credit agency can facilitate to minimize the debt cost by providing securities in terms of “guarantee agreements”. (3) An agreement is made between the general contractor and project company for a fixed price design-and-build- contract, called a “turnkey contract” which implies some of the risks. Financing is facilitated if a general contractor takes responsibility for the design risk for a longer period than he would under a standard construction contract. The equipment suppliers will operate as a “subcontractor” to the general contractor during the construction period, but can also enter in a “spare part contract” during the life of the project. (4) The insurer can mitigate some of the project’s risk in BLOT build, lease, operate, transfer BOD build, operate, deliver BOL build, operate, lease BOO build, own, operate BOOST build, own, operate, subsidize, transfer BOOT build, own, operate, transfer BRT build, rent, transfer BTO build, transfer, operate DBOM design, build, operate, maintain DBOT design, build, operate, transfer FBOOT finance, build, own, operate, transfer Table 2: Possible IPP Models (Zur, 1997) terms of a “insurance contract” by providing funds for some period of time if there are machinery break-downs or solar field failures which reduce the available capacity. (5) In the “operating agreement” the lender has to be assured that an experienced operator will be available in an early stage. The operating company can make a considerable contribution to the design process, helping to ensure that the plant will be operated in the most efficient way given existing cost constrains. (6) The “offtake contract” or power purchase agreement (PPA) is the key contract, because it addresses the concern that Figure 2 : Results of Debt/Equity Sensitivity Analyses 15% Equity Share 30% IPP projects require a tailor-made financing solution that represents a major challenge for all parties involved, especially equipment suppliers. Providing tailor-made financing concepts is typically a major challenge for any equipment supplier but those who are successful gain a lead against other players in the electricity supply industry. However, IPP projects require the risk to be allocated among participants, especially to the equipment suppliers. This means that equipment suppliers are becoming equity investors in the projects and often provide some guarantee for project performance. STRUCTURE OF IPP MODELS In view of the flexibility of the IPP structure and its variants, the legal and company structure differs from project to project. A detailed list of different IPP-models can be found in Table 2. The most common IPP models are BOO (build, own, operate) and BOOT (build, own, operate, transfer), hence we will only focus on these two approaches. Generally, IPP models such as BOO and BOOT are essentially a concession or global service contract offered by a government and financed and undertaken by private investors. Thus, BOO/BOOT models involve long-term relationships that require trust between those two parties. The heart of each IPP project is the “project company” which is normally established in the host country. It is desirable that the equipment suppliers, the fuel supplier, the plant operating company and the power purchaser/utility are taking a share within the project company. In a typical IPP model the equipment vendors and developers will typically design and construct a project under a turnkey contract for the project owner. The structure of a typical BOOT project — if there is a typical one — is shown in Figure 3. A BOOT project involves a number of important contractual arrangements 20% Copyright © 1999 by ASME IRR ADSCRPDF Image | Financing Solar Thermal Power Plants
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