2.56  Financial Model (clause 53)

At Financial Close, the audited Financial Close Financial Model for the Project will be determined and will constitute the financial baseline for the Project.

Thereafter, the Financial Close Financial Model can only be varied on the occurrence of any of the following Model Variation Events:

•  a Refinancing;

•  permanent adjustment to the Service Payment (for example, following a Reviewable Services process);

•  Augmentations; or 

•  other events if agreed between the State and Project Co.

Throughout the PV Standard Project Deeds, references to the Financial Model means the Financial Close Financial Model, as it may be updated for any Model Variation Event. 

The Review Procedures should permit the State to reject a variation to the Financial Model in circumstances where the State considers (acting reasonably) that the updated Financial Model would have unintended consequences (refer to section 3.2)