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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

More pathways

Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

More pathways

Book a demo

Pricing

Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Pricing

Ready to get started?

Book a demo

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PPA Price Risk and Force Majeure

PPA Price Risk and Force Majeure

Lachlan Tait

15 years: Renewable energy & project finance lawyer

In the final video of this series, Lachlan expands on the area by outlining two more sector-specific challenges: PPA price risks and the impacts of COVID-19 as a force majeure event.

In the final video of this series, Lachlan expands on the area by outlining two more sector-specific challenges: PPA price risks and the impacts of COVID-19 as a force majeure event.

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PPA Price Risk and Force Majeure

9 mins 1 sec

Key learning objectives:

  • What are PPA price risks?

  • What are the impacts of COVID-19 as a force majeure event?

Overview:

In this video, we look at how contracts can be used to help overcome some of the challenges faced by renewable energy projects. We also examine how to ensure that force majeure clauses are drafted consistently across project contracts.

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Summary

What are PPA price risks?

PPAs that were agreed in the past when prices were higher can become relatively expensive, or "out of the money". These PPAs increasingly face the risk of the buyer seeking to renegotiate the price. A bankable PPA must exclude any contractual scope for price renegotiation except in limited circumstances. Aggressive buyers may go so far as to withhold payments or performance of other obligations in order to build leverage and force a renegotiation.

What are the impacts of COVID-19 as a force majeure event?

Covid and related lockdowns and border closures have had and continue to have huge impacts on industrial activity and supply chains around the world, as well as on electricity consumption and oil prices. One contractual impact of Covid has been a multitude of force majeure claims. Force Majeure clauses are designed to exempt a party from liability for breach of contract, where the party's breach is due to an event like Covid. Covid has been a major test for force majeure clauses, as well as for projects and project lenders. The impacts of Covid should be unforeseeable and unavoidable.


Access to relief should remain subject to standard conditions. Contracts must be both bankable in themselves and in interfaces with other contracts. Lenders are still key stakeholders and their interests must also be protected.

 

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Lachlan Tait

Lachlan Tait

Lachlan Tait is a lawyer specialising in renewable energy and project finance, and has been for 15 years. For the last 5 years he has worked in-house with renewable energy developers active across a range of jurisdictions, including both developed and emerging markets. He has participated in the negotiation, documentation and closing of numerous renewables project financings, involving a wide range of lenders including smaller national banks and international commercial banks.

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