A long-term power purchase agreement (PPA) with a creditworthy buyer is the cornerstone of project financing for a utility-scale solar photovoltaic (PV) facility. These are facilities that directly convert solar radiation into electricity. PV PPAs share several similarities with traditional, thermal PPAs, but some differences are key to negotiating them successfully and properly allocating risk. What follows is a brief look at PV PPA risk allocation and selected, material provisions of which lawyers should be aware that are unique to PV PPAs in comparison to thermal PPAs.
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