The initiative is a global effort to standardise contracts in order to streamline the development and finance of solar projects. Launched in 2016, it brings together leaders in energy, finance and law to define and agree on a standard template for solar project documents that are effective and acceptable to finance institutions. Through simplifying the contractual documents and in turn reducing transaction costs, it is hoped that the industry will attract more private investment.
The latest meeting saw the leaders of the various work streams come together to discuss progress to date and next steps.
“Simplifying the contractual documents is crucial if the industry is to meet the targeted $1.2 trillion investment of private capital into solar by 2030” said Bree Miechel, partner at Reed Smith, who is leading the construction work stream. “The impact of the work we are carrying out to harmonise project documentation and procedures cannot be understated.”