金融

金融

电力采购协议

Jan Borchert, Current Hydro达纳·霍尔先生.

Utilizing a Power Purchase Agreement (PPA) is suitable where the hydro project is owned 和/or operated by one entity, 和 the 商品销售 with load (the entity that is using the electricity) is a different entity. The 商品销售 entity purchases the energy output from the generator entity 和 the revenue from the energy sale is used to finance the 建设 of the project, 有时是由第三方投资者.

PPA介绍

A Power Purchase Agreement (PPA) is a contract that secures a payment stream from an electricity buyer to finance the 建设 和 operation of an independently owned power plant. 在某种意义上, PPA是一种服务合同, where one party is seeking the service of electricity to be provided by the other party. The PPA establishes obligations between the parties relating to the sale 和 purchase of the power generated, 并提出了所需的设计, 建设, 允许, operation 和 maintenance specifications for the generating plant.

PPAs are long-term contracts (typically 15-25 years) where the party buying the power, 谁可能也是水厂的所有者, commits to buy 100% of the energy produced by the hydro plant. The price that the buyer pays for the energy is set at a per kWh rate for the full term which escalates annually.

简单的PPA结构

The Figure above explains the basic PPA structure, where the hydro-site owner (主机的网站) is also the entity that consumes the energy output (商品销售). The hydro-site owner enters into an agreement with the 开发人员, who constructs 和 operates the microhydro plant.

The plant is interconnected with the utility so that any excess generation that is not used by the 商品销售 can be sent to the grid to be used elsewhere. If the plant shuts down for maintenance or doesn’t operate for any reason, the 商品销售 is still connected to the grid 和 able to receive electricity from the utility. The 商品销售 pays the 开发人员 an agreed upon price on a monthly basis, which serves as a revenue stream to recover the cost of 建设.

PPA 102

让2022世界杯下注再深入一点. Because in reality, the PPA model involves numerous legally binding contracts. 例如, 可能会有贷款协议, 投资者协议, 和 the PPA may also include site lease terms 和 access rights to the site, or these may be detailed in inter-related agreements. The figure below demonstrates the level of complexity that can be associated with PPA structures.

复杂的PPA结构

在上面的场景中, a PPA 开发人员 (named MicroHydro) has numerous projects under 建设, with separate subsidiaries for 建设 (MH BuildCo) 和 ownership of the asset after 建设 (MH HoldCo) at numerous 主机的网站s. Additional parties include 建设 lenders, PPA investors, various subcontractors 和 more.

With most PPA structures, no upfront payment is required from the 商品销售. Power produced by the plant may be sold to the 商品销售 at a lower rate than the commercial utility rate the 商品销售 is accustomed to. 这可能是一个非常吸引人的商品销售, who instead pays a monthly agreed upon price for the electricity per kWh for a fixed number of years. Operation 和 maintenance costs are built into the agreed upon per kWh price. There may be early buyout options 和 the 商品销售 may have a choice to renew, purchase the system or have it removed at the end of the term.

在PPA, financing is structured so that the only recourse to the lender is the project revenue, 换句话说, the PPA itself is the source of loan repayment.

Thanks to current energy policy in New York 和 the United States, renewable energy sources are often able to monetize government 激励 提高项目经济效益. These 激励 may include federal, state 和 local tax credits, rebates, 可再生能源证书 和 tax abatement programs, which vary by location 和 technology. Incentives are exploited by the 开发人员 or investor 和 used to help finance the 建设 of the project.

The benefits to the 商品销售 are price stability, affordability 和 a hedge on volatile electricity prices. The 商品销售 will know what their power will cost for the full term of the agreement, which is very different from purchasing electricity from the utility, 谁能在几乎任何时候提高利率. There is usually an economic savings to the 商品销售 和 the environmental claim for using renewable energy. The 商品销售 doesn’t have to make a large capital outlay 和 they don’t have to be an expert in microhydro technology to choose microhydro using a PPA.

下一个步骤

After this rather complex introduction, our next post will talk about the different parties that could potentially be involved a PPA.

你也可以下载2022世界杯下注的完整版 Microhydro PPA报告.


标签: 金融模型, PPA
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