Deliverability of the funding package

Account will be taken of the level of commitment of Funders to the funding package proposed.  Any pre-conditions in the funding arrangements will be assessed, as will any proposals for refinancing during the Contract Period.  In particular, financing structures will be evaluated by assessing:

•  Proposed Contract delivery vehicle

•  Debt/equity split

•  Terms and conditions of financing and degree of conditionality attached

•  Terms and conditions relating to any guarantees and other security required to realise financing (including liability caps)

•  Level of third party income assumed

•  Project/Equity IRR.