From mid-2015, we got involved in drafting of an energy conversion agreement (ECA) for Thermal Power Plants Holding Co (TPPH), a subsidiary of the Ministry of Energy of the Islamic Republic of Iran. The aim was to satisfy ever-growing demand of electricity in Iran through foreign investments. Our proposed draft is now being used by TPPH as the approved format for the negotiation of the ECAs with foreign investors including Korea Electric Power Corporation (KEPCO), Hyundai Engineering & Construction Co., Ltd., Hyundai Engineering Co., Ltd., Daelim Energy and their lenders including KEXIM. We have been negotiating the ECAs, on behalf of TPPH, with the Korean investors for the following projects:
- Zanjan 4 Combined Cycle Power Plant – 500 MW – H Class
- Neyzar Combined Cycle Power Plant – 500 MW – H Class
- Bafgh Combined Cycle Power Plant – 500 MW – H Class
In mid-2015, we also got embarked on the negotiation with Unit International Enerji A.Ş. and Clifford Chance (their legal consultant) for the development of a number of combined cycle power plants with total capacity of 5,000 MW on BOO basis. The negotiation was completed on February 2017 and TPPH awarded the ECAs for the first two projects in the following list. The other projects will be awarded to Unit International Enerji A.Ş. accordingly.
- Zahedan Combined Cycle Power Plant – 880 MW – F Class
- Saveh Combined Cycle Power Plant – 1200 MW – H Class
- Ahvaz Combined Cycle Power Plant – 1200 MW – H Class
- Qasr-e-Shirin Combined Cycle Power Plant – 880 MW – F Class
- Sufian Combined Cycle Power Plant – 1200 MW – H Class
- Drafting of the Energy Conversion Agreement including the Contract Agreement, General Conditions, Specific Conditions and the tables;
- Providing technical, commercial, financial and legal advisory services during the whole process until the ECAs are signed;
- Performing and leading negotiations with international developers; and
- Supporting TPPH to justify the reasonable modifications and comments of the developers and their lenders so that bankable ECAs are finalized.