International Project Finance Law - Essay Example

?International Project Finance Law Economy in Malaysia: The economy of Malaysia shows a rising trend and it is comparatively on open, oriented,and a recently industrialized market economy. The condition plays a significant role other than a declining function in leading economic activities in macroeconomic plans. “Malaysia, a middle-income country, has transformed itself since the 1970s, from a producer of raw materials into an emerging multi-sector economy. Under Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020, and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services”1 In the year 2007, Malaysia’s economy was the 3rd main financial system in South East Asia, and the 28th biggest economy in the world, by purchasing power parity among gross domestic products for the year 2008. In 2010, the gross domestic product per capita of Malaysia was about US$14,700. In the year 2009, the nominal gross domestic product (GDP) was around $383.6 billion, and the nominal GDP per capita was about us$8,100. “The IMF, in its September 2011 World Economic Outlook Report, lowered its forecast for 2012 global growth to 4 per cent, down from 5.1 per cent it had forecasted earlier. By early January 2012, its chief economist had announced that the IMF would on 24 or 25 January 2012 makes a "fairly substantial" cut to its forecast for global economic growth this year”2 Power Purchase Agreements in Malaysia: Power Purchase Agreements are agreements between two parties, the one who creates electricity for the cause of sale and the one who is seeks to purchase electricity. There are different kinds of power purchase agreements. They include the source of energy harnessed from solar power, wind, etc. Financing the project is defined in the agreement, which also identifies applicable dates of the project coming into consequence, when the project starts marketable operations, and an execution date for which the agreement can be abandoned or renewed. Every sale of electrical energy is metered, to provide the buyer and the seller with the exact data regarding the amount of electricity created and bought. The electricity charges are decided upon the agreement between the aforementioned two parties, to give an economic enticement of being a Power Purchase Agreement. “In Malaysia, the power generation sector is principally dominated by three integrated power producer companies: Tenaga Nasional Berhad (TNB), Sabah Electricity Sdn Bhd (SESB) and Syarikat SESCO Berhad (SESCO). TNB and SESB fall under the jurisdiction of the Energy Commission (EC), whilst SESCO is under the jurisdiction of the Sarawak State Government. TNB is the main electricity supplier for Peninsular Malaysia while East Malaysia is covered by SESB (Sabah) and SESCO (Sarawak)”3 In the year1992, Independent Power Producers (IPPs) were permitted to enter the national power generation division, to move the problem of power plant financing from government owned electricity principles to the private sector. The motivations for the IPP programme too came from the prevailing then set back in power generation capability. The openings of five IPP licences were awarded to huge business units. The tariffs for first generation IPPs were as well especially more than those for subsequent IPPs, which helped capital market financing for the initial waive of IPP savings, with the auspicious risk distribution of IPP connected risks. The enduring power purchase agreement (PPA) in which generation facility is sold to TNB insulates the IPP from fuel cost and demand cost risks. Subsequent PPAs have featured lesser tariffs, and an additional balanced distribution of risks with necessary availability targets, and various quantify of demand risk sharing. The strong credit profiles of most of the issuers from this division carry on to be supported by their stable and predictable cash flow generation. “The liberalization of Malaysia’s power sector has been largely instituted in peninsular Malaysia. The power sectors of Sabah and Sarawak have yet to see any substantive reform initiatives, although some private sector involvement in power generation has been sanctioned”4 Following are the important advantages of PPA: 1. No/small up-front price. 2. Capacity for tax-exempt unit to enjoy lesser electricity costs, because of savings passed on from centralized tax incentives. 3. A knowable cost of power of more than 15–25 years. 4. No need to contract with difficult system design and authorized process. 5. No maintenance and operating responsibilities. Process of PPA: Executing power purchase agreement includes many aspects of an industry: energy manager, decision maker, facilities manager, attorney, contracting officer, budget official, real estate manager, safety and environmental experts, and other potential people. But it recognizes that some employees can seize a number of these functions, and it is significant that all the ability put, is occupied early on in the development. The implementation of a PPA necessitates the following process: Classifying Potential Locations: Recognize estimated areas obtainable for PV installation containing any possible shading. The regions may be on the ground. A common rule for solar fittings is 5–10 watts per square foot of working rooftops. Additionally, it is useful to recognize the current cost of electricity. “Issue a Request for Proposal (RFP) to Competitively Select a Developer: If the aggregated sites are 500 kW or more in electricity demand, then the request for proposal (RFP) process will likely be the best way to proceed. If the aggregate demand is significantly less, then it may not receive sufficient response rates from developers or it may receive responses with expensive electricity pricing. For smaller sites, government entities should either 1) seek to aggregate multiple sites into a single RFP or 2) contact developers directly to receive bids without a formal RFP process (if legally permissible within the jurisdiction)”5 Contract Improvement: After a winning bid is chosen, the contracts should be negotiated, as this is a time-sensitive procedure. Additionally to the PPA, between the system owner and the government agency, there will be lease specifying terms for access to the property. Allowing Rebate Processing: The system owner will generally be dependable for filing permits and repayments in a timely method. On the other hand, the government society must not file targets for state level inducements, as there may be limited auction or windows processes. The database of State Incentives for Efficiency and Renewable is a helpful resource to assist and understand the method for the state. Project Design Construction, Procurement and Commissioning: The developer will complete a comprehensive design basis on the term sheet and extra precise dimensions; it then procures, installs, and charges the solar PV tools. The commissioning stage certifies interconnection with the usefulness, and permits system startup. This needs to be done within the timing set by the state inducement. Failure to meet the targets may result in forfeiture of advantages, which will probable change the power price to the government group in the agreement. The PPA should firmly establish realistic developer duties, along with a procedure for formative monetary damages for the breakdown in performance. Purchase Power Agreement Structures: The purchase power agreements are the financial agreements between the companies, and they form a structured sequence with certain kinds of checklists that are within the structures. The purchase power agreement is the agreement which is between the parties associated with certain process within the structure. The purchase power agreement is found to be the best structure that is within the country; the agreements differ from country to country, and the agreement has to undergo certain changes that are within the agreement. “Upon expiration of the PPA, the customer can assume ownership of the system, as per the terms of the PPA”6 The structure of the purchase power agreement consists of the public sector off taker, project agreements, and the project companies, the contracting, service providers which are followed by the sponsors, include the agreements from share holders and the different sub-sponsors which include the same within the structure. “Most IPPs are structured as “enclave” projects,” protected from many sector risks. Their corporate structure is that of a public-private partnership. IPPs are special purpose companies (project companies) built for the express purpose of power generation; hence, their contractual framework is akin to that of project finance. The fundamental principle underlying the contractual framework is to limit, as far as possible, the risks borne by the Project Company. A fundamental assumption is that all parties abide by the terms of their contracts” (Independent Power Producers (IPP) Rating Methodology 2009). The Basic Structure: The basic structure of the purchase power agreement depends on the purchase power agreement within the country, which has also made remarkable changes in the generation of certain structures within the same organization. The first structure deals with the purchase and the sale of the product. This include the capacity or the sales which has to be carried out and how the different transactions are been carried out in the study. The next structure includes the charges that are considered for the study, and the charges incurred depends on the payment of utility charges, delivery charges, and various connection charges that are incorporated in the whole design of work. “To keep pace with the goal of making Malaysia a developed nation by the year 2020, and meet the expected national demand for electricity, the Government has turned to the private sector to supplement the supply of the required generating capacity with the introduction of IPPs”7 The purchase power agreement within the country has also made remarkable changes in the generation of certain structures within the same organization. The operation and planning include the planning for the overall development, and the various kinds of planning for the execution of maximum expansion for the business, with certain kinds of needs in the process. The billings and payments of all necessary factors are also included in them, and they include the settlement and mode of payment. Credits are the major aspect to be considered, and they include the defaults in the study and the net out of the payables for the study. The warranties are also a major aspect of consideration, and they too need to be in focus. “The Power Project Finance (PPF) market, as defined, represents an important segment of the total power market in developing countries. As construction is completed over the next several years, the 72 deals that were concluded between 1994 and 1996 will provide 21 GW of power to countries’ commercial power sectors. Examination of the PPF market shows the following regulatory and financial trends”8 A tough commitment by the host administration to personal influence is a key determinant of action in a country. * Most of the projects have BOO structure and long-term agreement. Other structures and commercial pricing are not frequent. * The majority debt is made available throughout finance and credit improvement from ECAs and MDBs. * There is comparatively little personal risk debt capital. * The country with powerful domestic capital market offers a large part of their own debt necessities. * Project expansion time is significantly shorter in countries with private power familiarity, than in countries with nothing. “A typical PPA may contain the following: Preamble, (2) Definitions and interpretation, (3) Conditions precedent, (4) Development stage, (5) Construction period, (6) Commissioning and entry into commercial service, (7) Plant operation, maintenance and fuel management, (8) Dedication of capacity, availability declaration, (9) Measurement of capacity, availability and energy metering, (10) Capacity charge and payment provisions, (11) Fuel Price provisions, (12) Billing procedures, terms of payment, (13) Insurance, (14) Changes in tax, changes in law, (15) Force Majeure, 6) Termination and buy out provisions, (17) Governing law/dispute resolution, (18) Liability and indemnity, (19) Confidentiality, (20) Representations/warranties/covenants and (21) Miscellaneous”9 Conditions: * Policy for Private Greenfield Capability Development: All countries have recognized rules for green field capacity expansion. With a few possible exceptions, nearly all countries can afford obvious strategy and laws that make easy private power improvement. * Private Authority Track Record: There was omission of private power projects were invested in all 10 countries prior to 1994. While only a little of these pre-1994 projects implicated PPF as clear in this study, this knowledge with private power possession permitted them to experiment private laws, and to display to investors a dedication to private authority. * Organization of a Planned Solicitation Process: All countries are to use the power solicitation processes, and that many of them should occupy worldwide competitive command. In spite of these conditions, there are numerous reasons why countries must decrease the domination of state-owned necessities. Private power investors constantly declare that excluding government supremacy over the power division improve the environment for private power investments. By reducing regulatory risks, developing countries can support private investors to recognize other risks such as utility presentation or foreign exchange. Along with projects with PPAs, the extent of agreements range from 15to 30 years, with an average of about 21 years for BOO project and a regular of 15years for BOT project. For equal type of projects, the extent of the agreements stand firm, and should repay debt. Project sponsor discusses debt requisites, or try as long as possible, but lenders, as a rule, will not extend loans for periods that are longer than the term of the obtained agreement. The various kinds of debt terms that are at the smallest, amount one to two years less than the term of the PPA. After the reimbursement of a project's innovative debt, power prices negotiated under the PPA often diminish. The standard debt to equity ratio in PPF is 74/26, which is equivalent to ratios in newly concluded command deals in the trade market. There is no difference in average debt between regions. Average ratios choose from 70/30 in Malaysian countries, to 75/25 in Asia, and 80/20 in Africa and the Middle East. The various other characteristics that are to be considered are the, * Direct financial support * World Bank guaranty * MDB loan syndication, *Risk assurance. Risks Involved in International Project Finance: The most complex part of executing a successful project is acquiring appropriate and adequate financing. Different types of work require different series of expansion and managing functions, cause exceptional risks, and need different investment constraints. All these include certain levels of difficulty in investing and finance. Types of Risk: There are a number of risks concerned with the entire project, and some happen during the early stage of the project, and some happen after the completion of the project in the process stage. Therefore, the risks of project have a tendency to reduce, as the project accomplishes various stages of achievement. Sponsor Risk: This type of risk includes two types of issues from banks. They are equity commitment, and corporate substance. On corporate substance, the banks act with corporate sponsors, with considerable technical knowledge and financial strength. Concerning equity, loaners usually involve the cost of project, to make sure that the sponsor is dedicated to finish the project at specified time. Supply Risk: This is the risk of obtaining power and resources for the development of the project. The project developer must guarantee the flow of this supply within the limit put by the project financial forecast. Factors such as transportation and storage charges, import and export charges can affect the price of these resources. Technology Risk: This type of risk happens in the production stage of the project. Risk may occur in the following: 1) When the project is designed correctly and any changes in it require higher finance and capacities. 2) If any changes in technology are not planned, then the project might operate at lower capacity, or when the project manager is fails to provide a product or service that is on demand. 3) When any disruption occurs in operating of the machineries. 4) The project might function in a way that breaks the rules of local environment. 5) When it is difficult to carry construction machineries and laborers to a different location, and when orientation and training need to be provided to the newly selected employees in order to function the project. Operating Risk: “The availability of capacity of the plant to produce electricity to generate revenue is another area to consider as there is a minimum requirement under the PPA in order for plants to obtain full capacity payments from the Off-takers. Efficiency as measured by heat control is another condition to be satisfied under PPA. Thus, operational efficiency of a plant is imperative”10 Issuance in Malaysia: Construction and Completion Risk: This is the fundamental risk and for several reasons, the project is in no way finished. Construction risk may occur in the following ways: 1) If a definite sum of money is provided and the project developer becomes bankrupt; or there are various kinds of difficulties that stop the project, then the loaner possibly has to exclude on the assets and resources that are partial, and not give enough cost to improve the incomplete sum of money from the borrower. 2) When the loaner has previously provided finances for the purchase of land and for the early establishment of production, but if the project developer or the borrower does not start production, then the loaner may have to exclude on unprocessed or partly enhanced land that does not have enough rate to cover up the early discharge of financial support. 3) The loaners might have to lease a new business to finish the project and provide extra money to the new developer, and might have to make terms to off-take deal in order to dispel troubles related to the project. 4) The property may be situated in a distant region. As the property is project precise, it may not have any price external to the project itself. Completion risk includes factors and risks such as environmental rule, weather and natural surroundings, disagreement of terms with suppliers, price negotiation during construction, political factors, technical and labor problems. Environmental Risk: 1) This type of risk occurs in the construction and operation stages of the project. 2) There is a risk that the careless use of some objects in construction might pollute the direct environment in which the project is situated. 3) There is the risk that the function of the emission of carbon dioxide might violet the rules of the environment. 4) There is the risk that the delivery of fuel could pollute the environment in which the project is situated. Off Take and Sales Risk: “The off take and sales risk is the risk that the project will fail to generate sufficient cash flow. This is why the sales, or off take risk, is the key risk that banks will look at. Off take agreements such as long term contracts to purchase electricity at fixed prices will substantially eliminate any sales volatility or instability, and will be considered as a positive element by the banks”11 Devaluation Risk: This type of risk occurs from the adverse change of foreign exchange rates. Where local financial markets and hedging market system develop, local loaners are able to expand loans in local currencies, to reduce the devaluation risk for financial projects. Inflation Risk: This risk occurs during the failure of purchasing power due to the special effects of inflation. It is also known as purchasing power risk. 1) “The vulnerable nature of Inflation Risk reveals the sensitivity of a stock to sudden changes in the rate of inflation. 2) The demands of the customers regarding luxury products decline, owing to erosion of the real income by inflation. Subsequently, the stocks of the luxury items tend to become more vulnerable to inflation, thereby increasing the scope for Inflation Risk. 3) Most of the stocks are negatively exposed to Inflation Risk. This is because; a sudden increase in the rate of inflation creates a downward pressure on the prices of the stock”12 Foreign Exchange Risk: This risk occurs due to the improbability that is related to possible modification in the foreign exchange rate. This risk is of two types: Transaction risk and translation risk. 1) Transaction Risks: This occurs due to the improbability related with the values of home currency of transactions that might be influenced by changes in values of foreign currency. 2) Translation Risks: This occurs due to the improbability related with the translation of foreign currency converted into home currency. Political Risk: This type of risk happens in both the construction and operational stage of the project, particularly in the developing countries. It includes: 1) Political violence/terrorism 2) Transferability and convertibility of the currency. 3) Expropriation by the host nation. 4) Unforeseen alteration in rules or malfunctioning of the government in executing tax regulations due to political issues. 5) Taxation and payment of royalty are unilaterally enlarged. 6) Government licenses and approvals necessary to create or operate the project are not concerned. 7) The operation of the project is mattered to the customers or suppliers. Legal Risk: The legal risks to a project developer include insufficient legislative, legal and rigid structures on sales tax, pensions, export & import limits, consequence for non-compliance, health and safety policies. A project cannot be completed without any change in the local law. In the power purchase agreement, the variation in law should be explained and required as a prerequisite to project creation. This risk is an effort to compensate the project loaner and project investor for taking legal risks. How to Overcome Risks: Project finance has turned out to be a critical way of funding various infrastructure projects and is mainly used for the financing of projects in various developing nations. The use of project financing, facilitates shareholders to profit from participating in unreachable, though profitable, investment deals without damaging their creditworthiness. Large scale project finance deals are also normally funded by large, worldwide financial institutions, for example, ABN, Amro, and Citigroup frequently stand for a significant conduit for inward foreign direct investment flows for developing nations which look to diversify their financial system. On the other hand, the difficulty of project financing means that there are certain risks that are faced by the developer of the project. Various types of risks are faced by Malaysia for its power Purchase Agreement Project. “In Malaysia, the energy policy is geared towards cutting down on the use of oil and promoting the use of non-oil indigenous resources such as gas, hydro and coal. Major gas infrastructure developments are being carried out and greater use of gas for power generation is planned”13 A Power Purchase Agreement (PPA) is one of the long term agreements to purchase electricity at a prearranged rate from a 3rd financier. In this agreement, the financier builds up an alternative solar energy scheme on the roof of the clients, parking lot, or land, not out of pocket price to the consumer, but sell power to the consumer at a price normally under the rate of local utility. Conditions for Power Purchase Agreements are generally 15-30 years. In a PPA, the consumer pays for the power created only, not for installation or manufacture of the solar power scheme. This is the best time to take benefit of alterative solar energy schemes for the house, company or organization. “Energy Systems Hawaii, with association with some of our local banks and equity investors, has now offered various finance options for commercial alternative solar energy systems of all type and sizes”14 There is the necessity for the nation to overcome all these problems for proper functioning. One of the methods in which such types of risks are assigned is in a Power Purchase Agreement (PPA) which includes a contract among the power purchaser and power generator. In majority of circumstances, the seller is generally the developer and holder of the technology. The risk associated with Power Purchase Agreement can be controlled either by: Buying a derivative of the credit in the capital marketplaces Entering into various types of public-private partnership (PPP) through the host government Obtaining a guarantee of credit agency (which may effect in broadening the maturity of the loan) Securitizing the loan Reducing the Risks: In spite of the perceived risks, no single ingredient was commonly highlighted from the replies as the most significant reason for delay. It was stated that, away from planning approval, reducing risks to facilitate insurance and finance are to be protected is the next most significant fence highlighted by every developer. The capability of a developer to lift finance is significantly influenced by the perceived risks of every project, and the developer of the project himself. Financial lenders or investors normally need every risks connected with supply of fuel, planning circumstances, power purchase agreements, manufacture & achievement, and method leave rights, skill, and the EPC agreement, mitigated prior to their participation, but not normally prior to project financial close, has been attained. These will also an unavoidable reason for concern to a developer of the project. However, the following approaches have been recommended as methods and means to decrease or eliminate the various risk factors. Follow Record of State: Regarding political risk, the solution lies in having a steady political ambiance of the state in which the project developer is investing the project developer. The reason could be that of the methods of some political leaders which affects the populace with their philosophies. It is expedient that there is a good legal structure like the rule of law in areas to battle the method issues which are politicized. Occasionally, it is obvious that personal philosophies are prepared to take priority over what will be advantageous to the whole state. Another approach to mitigating is to have correct laid down assets and other financial policies in place, which can help out developers of the project decrease or get rid of political risk in an agreement. The knowledge about local area is also very significant. Insurance by Various Agencies of Credit Export and World Bank: The risks associated with the government altering its particular position in terms of law, could be enclosed on the political risk insurance marketplace. On occasion, agencies of export credit facilitate suppliers of the equipment to put up for sale on credit by covering the major part of the credit risk of the buyer. The market for numerous political risk insurance in various developing nations is still small. But in current years, various new risk mitigation tools have become available in the nations. Scheme of Lease-Purchase: “A Power Purchase Agreement (‘PPA’) is a contract between a generator and an electricity supplier that sets down the conditions and pricing that governs the supplier’s purchase of electricity from the generator. The principal terms of a PPA are price, term and certainty. In many ways PPA terms vary in ways, similar to mortgages. • The longer the term a PPA covers, the lower the price is likely to be. • The greater the certainty of the price within a PPA, the lower the price is likely to be”15 The complete package of risk mitigates employed in usual project finance can carry extremely high price, and it can also be too high for smaller types of projects. But some of the ideas of project finance can be employed even in somewhat small projects, with the intention of decreasing risks. Receivable-Based Finance: “The crux of the receivables-based financing structure lies in leveraging contractual obligations within the value chain. Receivables from the power purchaser or receivables from other partners in the chain can be used either as security or for directly meeting the financial obligations related to the renewable energy project”16 Structured Finance Methods: Structured finance can facilitate conquest of some of these barriers, and administer several forms of risks, though not all. Financial risks can be reduced in the course of the amalgamation of certain ingredients into the structure of the financing (e.g. escrow accounts), at the same time as others can be moved to 3rd parties. The changes for shifting risk are improving. For instance, the changes to move risk to the capital marketplace, in the course of securitization, have enhanced very much. Turnkey Manufacture Contract: Regarding manufacture & completion of various risks, a strong Turnkey manufacture agreement is suggested with performance LDs to conquer price and schedule overruns, which could influence the project manufacture & completion. Lenders can also reduce this risk by examining whether or not the numerous contractors' area is fiscally capable, and that their duties are enclosed by performance bonds or other 3rd party sureties. Guaranteed-Price Power Purchase Agreement: There must be long-term assured power purchase contracts for projects to serve as a key constituent that can get rid of the price risks from energy projects. Contracts of the projects must also be drawn, such that banks are provided an outstanding Offtake contract if the other party's (that is, the purchaser’s) financial standing is not sure, and the generator has the capability to set output pricing for the entire period of the agreement. Regarding operations and technology risk, the developer of the project should try to decrease these risks, and so should demonstrate that the technology is not latest, and that it has a high achievement rating. It must also be showed that the contractor in charge of the construction of the project is capable and familiar with the technology. Summary: The stage of administration experience in the case study projects propose three significant results for the equally conventional and option forms of administration risk supposition. At primary stages, the government and the central government body demonstrate a risk in the guarantees, and the risk level provided is very high. This is a reasonable verdict given in detail that the sufficient declaration to a project depends not only on the fullness, but also on the entity assuming risks in the study. Secondly, for various projects, nontraditional kinds of administration risk statements can offer sufficient safety measures for project economics. Market participant appears to be discovering innovative techniques for distributions between diverse government risks units. Thirdly, the tendency in government statements to alleviate risks provides the succeeding projects with moreover the equal level of risk to the government. To a great extent, the trend is very useful to various projects, and for the risk reduction. Recommendations: Avoiding Contract Renegotiation: The new contract renegotiation should be avoided; the lenders and the institutional authorities should provide the much needed support the same, but it is necessary not to renegotiate them. Maintaining Investor Interests: As a new developing country, the relationships with the investors have to be considered, and the interests of the investors have to be considered for the betterment of the same. Implementing Effective Competitive Bidding: The various controversies involved in projects have to abolished, and the exact and the best projects are to be selected. Finding Alternatives Sovereign to Guarantees: The adequate power project will not guarantee exact security and certain other alternatives have to be developed for the same. Reference List Arthur, JW 2009. Analysis of Risks to a Project Developer in a Term Sheet or a Power Purchase Agreement (PPA). Ezine Articles. [Online] Available at [Accessed on 30 March 2012] Babbar, S & Schuster, J 1998. Power Project Finance: Experience in Developing Country. The World Bank. Print. Chapter 4: Policy Framework for Promoting Cogeneration. n.d. Print. Cory et al. 2009. Power Purchase Agreement Checklist for State and Local Governments. National Renewable Energy Laboratory. Available at [Accessed on 28 March 2012] Energy Systems Hawaii. n.d. What is a Solar Energy. [Online] Available at [Accessed on 28 March 2012] Fight, A 2006. Introduction to Project Finance: Essential Capital Markets. Elsevier. Print. Independent Power Producer Ratings. 2011. MARC. [Online] Available at [Accessed on 30 March 2012] Independent Power Producers (IPP) Rating Methodology. 2009. The Pakistan Credit Rating Agency Limited. Print. Inflation Risk. 2010. Economy Watch. [Online] Available at [Accessed on 30 March 2012] Malaysia-Annex. n.d. Agenda Item 10.3- Micro Eco Reform-Att-A-Ann. Print. Malaysian Economic Outlook. 2012. Malaysian Institute of Economic Research. [Online] Available at [Accessed on 29 March 2012] Malaysia Economy Profile 2012. 2011. Index Mundi. [Online] Available at [Accessed on 30 March 2012] Mandal, BR n.d. Audit of Power Purchase Agreements. Print. Naidu, G 1998. Power Sector Reform in Malaysia: Privatisation and Regulation. Pacific Trade and Development Conference. Available at [Accessed on 29 March 2012] Power Purchase Agreement. 2011. Hudson Energy Solar. [Online] Available at [Accessed on 30 March 2012] Power Purchase Agreements (PPAs) for Biomass Projects. 2007. Bioenergy RE_Generation Project: Guidance Note No. 2. Available at [Accessed on 30 March 2012] Report on Infrastructure Financing and Bond. 2007. Japan Bank for International Cooperation. Available at [Accessed on 29 March 2012] Read More