Certain Equity Investors (Designated Investors) may be considered by the State to be sufficiently critical to Project Co's ownership structure (and its ability to meet its obligations through the construction and initial operating period) that they are required to maintain at least their initial ownership level for a specific period. This period is typically up to 2 years after the Date of Final Acceptance, although the State may require or accept a longer or shorter period depending on the circumstances of the Project and the Equity Investors.
The obligation on a Designated Investor to maintain its initial ownership level for the specified period applies notwithstanding anything else, specifically the Permitted Share Capital Dealings and the limitations on the State's right to withhold consent. A Designated Investor cannot reduce its holding in Project Co during the specified period without State consent, and such consent may be given or withheld in the State's absolute discretion.