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RPP is able to support our clients during the negotiation process. One key to the profitable development of projects is the efficient negotiation of financeable project documents.
EPC contract (Engineer, Procure, Construct - Contract) - Power projects in energy industries are often delivered by a single lump-sum turnkey engineering, procurement and construction (EPC) contractor. From a financing party's perspective, this model is attractive because there is one point of responsibility under one contract for all of the risks involved in building a complex power project.
In the wind industry, projects are often constructed by owners and developers pursuant to multiple contracts with various parties, including turbine suppliers (including transport) and one or more balance-of-plant contractors. With each of these contractors, owner has contract which was negotiated at different times.
As a result, there can be gaps and overlaps at the interface points among these contractors, with possible holes in the responsibility framework that by default become the owner's responsibility. Lenders must assess these risks and will often be uncomfortable if the owner is taking on risks that are more appropriately or efficiently borne by other parties to the contracts.
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