Monday, June 26, 2023 6:03:09 PM
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2. CONTRACTS AND AGREEMENTS (HYFI/POWGEX)
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2.1. COGTA Guidance Memorandum (11 April, 2023) provided for PowGex and Metbank, the key points of which are:
2.1.1. Funding: COGTA is allocated Embedded Generation funding by National Treasury to give to qualifying municipalities. COGTA has already allocated more than R47 Billion ($2.56bn USD) to various municipalities to acquire embedded generation. All the municipalities who have been allocated the funds to acquire embedded generation have not spent those funds due to lack of embedded generation service providers. We will be excited to facilitate a Power Purchase agreement between the municipalities and PowGex.
2.1.2. Municipal Power Purchase Agreements: COGTA will be allocating another R89 Billion ($4.84bn USD) to municipalities for embedded generation in this coming financial year of 2022/2023. We can collaborate with Metbank and PowGex to secure the Power Purchase Agreements from the municipalities that have already been given the embedded generation funds.
2.1.3. Participation of provincial governments: COGTA will facilitate the participation of provincial government through our provincial COGTA offices.
2.1.4. NERSA Permits (National Energy Regulator of South Africa): COGTA will also facilitate the necessary permits from NERSA as to ensure the PowGex and Metbank Solar Energy projects are compliant.
2.1.5. National Treasury Approvals: We will facilitate the participation and necessary approvals from National Treasury. We will ensure that each project is allocated necessary fiscal obligation by National Treasury.
2.1.6. DTI (Department of Trade and Industry) Incentives: COGTA will facilitate the allocation of DTI industrial development incentives to PowGex South Africa.
2.1.7. Training Assistance: COGTA will also facilitate the allocation of Training Assistance Funding to PowGex by the Department of Labor.
2.2. Contract Assignment Agreement Acceptance (11 April, 2023) between PowGex and Metbank, the key points of which are:
2.2.1. METBANK will coordinate with the Electricity Ministry, Treasury and/or any other relevant Ministry or Department, and/or Municipals to either:
2.2.1.1. Provide to POWGEX a Government Backed Power Purchase Agreement; and/or
2.2.1.2. Provide to POWGEX a Sovereign Treasury Guarantee backing a financial bond structure arranged by POWGEX and the funder; and/or
2.2.1.3. Provide to POWGEX a Sovereign Treasury Guarantee backing a financial structure created by POWGEX and the funder; and/or
2.2.1.4. Provide to POWGEX a Treasury Letter stating how the fiscal obligations (relating to this project) will be met by the South African Government.
2.3. Power Purchase Agreement(s): POWGEX will provide HYFI with an executed PPA, or an executed Memorandum of Understanding for a PPA(s) including a deadline for their completion, which outlines:
2.3.1. Off-taker (Eskom or similar);
2.3.2. Agreement duration;
2.3.3. Price Per Kilowatt Hour;
2.3.4. Estimated volume; and
2.3.5. Any other significant conditions.
2.4. Treasury Guarantee(s): POWGEX will provide HYFI with an executed undertaking to provide a Sovereign Guarantee(s) for all loan and bond issues, or an executed Letter of Intent to provide Sovereign Guarantee(s), including a deadline for its completion, which outlines:
2.4.1. Nature of the Sovereign Guarantee(s)
2.4.2. Value of Sovereign Guarantee(s)
2.4.3. Duration of Sovereign Guarantee(s) ; and
2.4.4. Any other significant conditions.
GLTA
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