The Project involves the procurement of solar PV facilities with energy storage systems on a PPP basis through international competitive bidding. The Project will be designed, built, financed, operated and maintained by an Independent Power Producer (IPP), which will be the first IPP in the country. The power from the solar plant will be purchased by Palau Public Utilities Corporation based on 20-year Power Purchase Agreement, with the option of extending the term by an additional 5 years.
ADB is the transaction advisor for the Project. ADB has appointed Synergy Consulting as the Financial, Economic & Commercial Expert for this Project. Synergy’s support includes:
- Assisting on all financial aspects of the project including bankability of PPA, risk allocation for the project, payment and security mechanism under PPA;
- Assisting in reviewing and updating tender documents;
- Supporting in the entire tender process from bid evaluation, clarifications, negotiations and award till the execution of the project agreements; and
- Providing project monitoring support during the project implementation period.
This project is another milestone for Synergy in its successful journey in the renewable energy sector and government / off taker side procurement advisory business.