Conditions precedent are drawn from the facility agreement and related financing documents. Each requirement needs an accountable party, supporting evidence, review status and final approval. A delayed legal opinion, permit or insurance certificate can prevent the entire facility from becoming available.
Common Solar Project Conditions
- Executed facility, security and intercreditor documents
- Board resolutions, constitutional documents and legal opinions
- Effective PPA, EPC, O&M and equipment-supply agreements
- Land rights, permits and interconnection approvals
- Technical reports and an agreed base-case financial model
- Insurance evidence, project accounts and equity contributions
- KYC, sanctions and beneficial-ownership documentation
Closing Control
The closing manager maintains one authoritative CP register. It records document versions, responsible parties, lender comments and counsel approvals. Outstanding items are escalated according to their effect on the drawdown date.
Administrative coordination can be handled by a sponsor-side PMO. Legal interpretation, enforceability opinions, security perfection and formal waivers must remain with qualified project-finance counsel.
Established Project-Finance Legal Providers
White & Case advises on project development, financing agreements and closing requirements. Its recent work on the Kitt Solar and Energy Storage Project included finance documents and conditions precedent for a financing exceeding $300 million.
Norton Rose Fulbright has a global project development and project-finance practice covering power, renewables, infrastructure and energy-transition assets.
About the Providers
About White & Case
White & Case is an international law firm with a dedicated Project Development and Finance practice. The firm advises sponsors, lenders and institutional investors on the structuring, negotiation and documentation of energy and infrastructure transactions.
Its work can cover facility agreements, security packages, project contracts and the conditions required before closing or initial utilization. Its renewable-energy experience includes utility-scale solar, battery storage and multijurisdictional financings involving commercial banks and development-finance institutions.
About Norton Rose Fulbright
Norton Rose Fulbright operates one of the world’s largest project development and project-finance legal practices. Its team advises project sponsors, lenders and investors across renewable power, infrastructure, mining and other capital-intensive sectors.
The firm states that its projects practice includes more than 350 lawyers across 50 offices. Its work covers development contracts, debt and equity financing, regulatory requirements and the closing process for complex transactions with demanding execution timetables.
Engage Project-Finance Counsel
Review each firm’s project-finance capabilities and contact the provider suited to your solar project’s jurisdiction and financing structure.