ftcr-.1 l9t

CONFIDENTIAL

Dated \'r s- 2014

POWER PURCHASE AGREEMENT

relatlng to the 128MW Freetowngeneration prolect in theRepubllc of Sierra Leone

1

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p!.r IAMEN'l'

TL"il::R HII.T FREETO\,I]:'I

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--1-Ptr' 'i MENT Ll BR ARY

r0lr: :l ;lll.l FRIET0WI'!

Contents

Clause

1 Definitionsandinterpretation...

Page

.,,,.....2

2 Effective Date, lmplomentation of the Generation Proiect and Term 20

22

28

31

34

43

46

Construclion of the Plant.....................

4 Performanc€ Bonds and construction de|ay.......,...

5 Consbuction delays excused by Relief Events

6 Operation of the Plant

7

I

8 Sale a(d p.qrchase of Net Dep€ndabfe'Capacity and Net Output..........,...

10 Othsr obligations

11 Forc6 Maleure Events ........,.....

13 Relnstatement of phlaical damage....

16 Represontations

17 Governing lawand Dispute r€solutlon

Schedule 1 Description of the Plant

Schedule 4 Commissioning and Testlng

14 Earlytormination...

1 5 Offtaker operational step-in.....,,.....,...

50

59

63

65

69

70

71

78

90

s9

18 Miscelianeous.......

Schedule 5 Matering Standards and Testing

Schedule 8 Tariff..

Schedulo 9 lnsurance.............

. 103

100

109

112

114

117

129

132

2

Schedul6 10 Siena Leone Local Content Policy...........,.,...........

Schedule 2 Interconnection Facilities and Connection Point ...........

Schedule 3 Fuel Specifications

Schedule 7 Form of Performancs Bond

Schodule 11 Transfer on terminatlon .................. ...,.,.............. 134

Schedulo 12 Governmenl support provlsions .............,........... 139

Schodule 13 Mileston€ Dates ..............,.,.... 165

Schedule 14 Handback Prov1s1ons.................... ......................166

Schedule 15 Collection Account Einclples.....,., .........,.......,,... 168

Schedule'16 New Transmlssion Faoilities........, .,,,..,............... 169

J

THIS POWER PURCHASE AGREEMENT is dated 2014 and made between:

(1) THE GOVERNMENT OF THE REPUBLIC OF SIERRA LEONE, ACTING BYTHE MINISTRY

oF FINANCE AND ECONOMIC DEVELOPMENT AND BY THE MINISTRY OF ENERGY (the

Gov€rnmsnt);

(2) NATIONAL POWER AUTHORITY, tha body corporate established under the National Power

Authority Act 1982 and having its rogistered office at Elecficity House, 36 Siaka Stevens Street

Freotown, Siena Leone (NPA);

(3) CEC AFRICA (SL) LIMITED (formerly BIuo Flare Power SL (BVl) Limited)a company

incorporated under the laws of the British Virgin lslands (CECA BVI);

(4) CEC AFRICA (SL) LIMITED a company lncorporated undar the laws of Siera Leone (CECA

SL); and

(5) CECA SL GENERATIoN LlMlTEo a company incorporated under th6 laws of Siorra Leone

(the c€norator).

RECITALS

(A) The Government awarded ths Existing Project Documents to CECA BVI in 2011, rvtich

provided for the construction and oporation of new power generation capacity and the

development of the electriclty transmission grid in the Western Area of Siena Leone.

(B) Tha Government, NPA and CECA BVI signed a term sheet dated 14 May 2013 and the

Government, NPA, CECA BVI and CECA SL entered lnlo a memorandum of understanding

daled 14 November 2013, which specified that certain amendments would be made to some of

th6 Existing Project Documants.

(C) At the request of the Government, lhe intention of the Parties is now that this Agreement will

replace ths Existing Project Documents with effoct from the Effective Date in accordanc€ wlth a

deEd of termination to be entersd into belwgen the Parties on or before the Effective Date.

(D) Thls Agreement provides for the construction and operation of the Plant, the sale and purchase

of lhe firm capacity and electrical output of the Plant, the construction of tha New Transmission

Facilities to the Offtaker, fie transfer of the Plant and the New T.ansmission Facilitles to the

Government at lhe end of the Term and certain relaled matters.

(E) The Offtaker acknowiedges that the Generator and ths Shareholders are or will invest and

undertake slgnlficant financial r6sourc€s and risks ln connection Mth the Generation Project.

I

(F) ln recognition of those risks and the economic and social importance of the Generation Project

to Sierra Leone, this Agreement also contains incentives, assurances and protections granted

by the Govemment which are indispensabl6 to the realisatlon of the Generation Proiect.

THE PARTIES AGREE as follows:

1 Definitions and interpretation

1.1 Definitions

ln this Agreement:

Abandons means that the Generator permanently abandons the development or construclion

of Phase I prior to the Phase I Commercial Operation Date, other than where this is due to a

Force Majeure Event or O{ffaker Risk Event;

Affiliat€d O&M Gontractor means any O&M Contractor in which a Sponsor holds a direct or

indirect controlling interest;

Agreement means this Power Purchase Agreement;

Annual Test means the annual performance lest of the Plant undertaken in accordance with

Clause 6.8 (Annual Tests);

Back-up Output Meterlng Systems means the back-up electronic metering systems for

metering Net Output located at the Delivery Point;

Bllling Period means each perlod of one calendar month which falls in whole or in part within

the period starting on th6 Phase I Commercial Operation Date and ending on the last Day of the

Term;

Business Day means a day (other than Saturday or Sunday) on which banks are open forgeneral business in Freetown and London and, if a payment is to be made, which is also a day

on whlch banks are open for general businoss in New York;

Capacity Charge has the meaning given to it in Schedule 8 Cfariff);

Capaclty Short all means, in respect of a Phase, the relevant Contracted Capacity minus tho

Net Dependable Capacity of that Phase as at the date that falls 270 Days after the commercial

operation date for that Phase as established by the coD Test or an Additional rest for that

2

Phase;

Addltlonal Test means an additional performance test of the Plant undertaken in accordance

with Clause 6.9 (Additional Tests);

q

Casually Occurronce means material physioal damage to all or part of the Plant that renders it

unfil for normal operation in accordance with this Agreement;

Change ln Law means any of the following events occurring after the Signing Date:

(a) the enactment, promulgation, issue or commencement of a new Law;

(b) an amendment, modification, extension, replacement, re-enactment or repeal of an

existing Law, including:

O a change in any rate of tax;

(ii) a change in or redenominatlon of the laMul currency of Siena Leone; and

(iii) a change in an exchange rate effected by Law; and

(c) a change having the force of law in the application or lnterpretation of a Law;

Change ol Control means the Sponsors ceasing collectively to

(a) own (whether directly or indireclly) at least 50 per cent of the shares in the Generator; or

(b) have the power (whether by voting rights, contract or otherwise) to appoint and remove

the majority of the members of the board of directors of the Generator or otherwise

control ils atfalrs and policies;

but excluding any such cessation conslsting of tho croation or enforcement of any security

under lhe Finance Documents;

Charge Over Recelvables means the Charge Over Receivables to be entered into between

the Government, tho Grid Operator and the Generator as a Condition Precedent, reflecting the

princlples set out in Schedule 15 (Coilection Account principles);

Claim means a claim in conttact or othenvise, including any claim for breach of conlract,

misrepresentatlon or lndemnification, or puasuant to any common law or statutory rights,

covenant or undertaking arising under or ln connection with any provision of this Agreement;

COD Tssts means the performance test of each of Phase l, Phase ll and Phase lll undertaken

in accordance with Clause 3.13 (COD Tests);

Collection Account has the meaning given to it in the Collection Account Agreement;

Gollec-tlon Account Agreement means the collection Account Agreement to be entered into

between the Government, the Grid Operator, the Generator and an account bank as a

3

condltion Precedent, reflecting the princlples set out in schedule 15 (collectlon Account

Principles);

condi ons Precodent means the condltlons precedent sel out in clause 2.2 (Conditions

Precedent);

Contracted Capaclty means, for each Phase, the net conlracted capacity which the EPC

Conlraclor agrees to doliver in the EPC Contract;

Contract Year means:

(a) the Phase lContract Period:

(b) the Phase ll Contract Psrlod;

(c) the period slartlng on the Phaso lll Commerciat Operatlon Date and ending on the

following 30 June;

(d) each subsequent period of '12 consecutive Months commencing on 1 July which falls in

full or ln part withln the Term;

COD Capacity Shortfall means, in respect of a Phase, the relovant Contracted Capacity minus

the Net Dependable Capacity of that Phase as established by the COD Test or an Additional

Test for that Phase;

Day means eaoh period of 24 hours beginnlng and ending at 00:00;

Dellvery Polnt means the physlcal delivery polnt or points for the electrical output of the Plant

identmed in Schedule 2 (lnterconnection Facllities and Connectlon Point);

Development Costs means:

(a) all costs incurred by or on behalf of the Shareholders as at the Signing Date in

connection with the Existing Agreements, as audited by KPMG and notmed to the

Govemment prior to the Signing Date; plus

(b) all costs incuned by on or behalf of the Shareholders and the Generator in doveloping the

Generation Project and performing their other obligations under the Project Documents

prior to the date of Financial Close for Phase l;

Dispute means any dispute, difference or claim of any kind or type, whether based on contract,

tort, statute, regulalion or otherwise, arlsing oul of, relating to or connected with this Agreement

or its subject matter, existence, negotiation, interpretation, validity, performanoe, breach,

termination or enforceabllity (including non-contractual disputes or clalms), or any operations

4

oarried out pursuant to thls Agreement;

@

Duly Completed means the completion of a COD Test, Annual Test or Additional Test in

accordance with Schedule 4 (Commissioning and Testing);

EDSA means the Electrlclty Distribution and Supply Authorlty to be established und6r the

National Eloclricity Act, 2011;

Effectlve Date means the date on which the Condltions Precedent are satlsfied or waived in

accordance with Clause 2.2 (Conditions Precedent)i

EPC Contract means each engineering, procurement and construction contract for lhe Plant

entered into between the Generator and an EPC Contractor;

EPC Contractor means each contractor that enters into an EPC Contract;

Equity lntersst means any:

(a) shares, warrants, subscriplion rights, equity or other ownership interest or rights in the

capital of the Generator, any Shareholder or any Affiliated O&M Contractor;

(b) voting rights in connection with any of the things referred to in paragraph (a);

(c) loans or financial indebtedness advanced to the Generator, any Shareholder or any

Affilialed O&M Contractor by a Shareholder;

Escrow Account has the meaning given to it in the Collection Account Agreement;

Existing Project Documents means

(a) the Project Framework Agreoment dated 21 July2011 betwson tha Govsrnment and

CECA BVI;

(b) the Power Purchase Agreement dated 21 July 2011 between the Government and CECA

BVI; and

(c) the Grid Development and Management Agreement datad 21 July 2011 betwoen the

Government and CECA BVl, as amended by the GDMA Term Sheet and Amendment

dated 26 March 2013;

Expert Determination means the determination of a Dispute by an expert in accordance with

Clause 17.2(b) (Expert Determination);

Expropriation means:

(a) the expropriatlon, nationalisation, confiscation, forced sals,

compulsory acquisition of:

seizure, annulment or

5

(ii) the whole or any part of the undertaklng of the Generator, any Shareholder or any

Affillated O&M Contractor; or

(iiD the whole or any part of any Equity Interesti or

(b) any act or omission in one or a series of events which directly or indirectly deprives the

Generator, any Shareholder or the O&M Conlraclor of effective control of the whole or

any part of the Generation Proiect or any Equity lnterest constltuting a fundamental right

essential to the overall financial viability of the Generation Project or any Equity lnterest,

by lhe Government or a Government Aulhorlty but excluding any proper exercise of the

Government's rights under the Project Documents to which it is a party;

Finance Documents means all documenls under which one or more lhkd party lenders

(excluding any Shareholder or any of its affiliates) extend finance to the Generator or any

Shareholder for the purposes of each Phase of the Generatlon Prolect and all other documents

entered into in connection with that finance by the Generator or any Shareholder wilh any such

thhd party lenddrs or any security trustee, security agent, bond trustee, escrow agent, political

risk insurer, swap bank or other third party lenders' representative acting in connection with thal

finance;

Finance Party means any person that is a party to a Finance Document other than:

(a) the Generator;

(c) any person who is a party to a direct agreement in their capacity as a counterparty to a

Projecl Document;

Financial Benefit means any reduction in costs or expenses or increase in revenue relating to

the Generation Proiect to the extent that:

(a) they are realised by the Generator as a result of a Change in Law; and

6

Law) exceed US$500,000 or its equivalent any currency;

(D the whole or any part of the right, title and interest of the Generator, any

Shareholder or any Affiliated O&M Contractor in, to and under any tangible or

intanglble property;

(b) any Shareholder or any affiliate of a Shareholder; and

(b) lhe aggregate of all such reductions in costs or expenses or increases in revonue that

have not already been the subject of a claim under Clause 10.9 (Beneficial Change in

@

Financial Close means, in respect of each Phase, the satisfaction or waiver of all conditions

precedent to the first utilisation of financing for that Phase under the Finance Documents;

Forced Outage means any unavailability of the Net Dependable Capacity other than a

Scheduled Outage;

Force Majsure Event means any event or circumstance:

(a) the occurrence or existence of which is beyond the reasonable control of the affected

Party:

(b) which prevents, delays or hinders the affected Party from performing its obligations under

this Agreement;

(c) which is not the direct or indirect result of the affected Party's breach of this Agreemenl;

(d) which does not constilute an Offtaker Risk Event; and

(e) which is not excluded from this definition by Clause 11 .6 (Exclusions from Force Majeure

Events):

Fuel means each of HFO and LFO:

Fuel Committee means the joint steering committee for Fuel procurement established under

Clause 7.2 (Fuel Committee);

Fuel Supplier moans each supplier of Fuel that enters into a Fuel Supply Agreement;

Fuel Supply Agreement means each agreement for the supply of Fuel entered into between

lhe Generator and a Fuel Supplier in accordance with Clause 7 (Fuel);

Generation Project means:

(a) the development, financing, design, engineering, procurement, supply, manufacture,

factory testing, importation, lransportation lo site, site preparation, conslruction, erection,

installalion, permitting, completion, tssting, commissioning, ownership, operation,

maintenance, lesting, repair, insurance and reinstatemenl of the Plant;

(b) the development, financing, design, engineering, procurement, supply, manufacture,

factory tssting, importation, transporlalion to site, construction, erection, installation,

permitting, completion, testing, commlssioning, ownership and maintsnancs of the New

Transmission Faclllties;

7

(c) the sale of the capacity and output of the Plant; and

(d) the transfer of the Plant and the New Transmission Facilities to the offtaker in

accordance with this Agreement;

Generator Event of Default means each of the events or circumslances specified in Clause

14.1 (Termination for Generator Event of Default)

Generator Partles means each of the Generator, its shareholders, directors, officers,

employees, representatives, affiliates, agents, advisors, contractors or licensees and lheir

respective directors, representatives, offlcers and employeos;

Good lndustry Practice means lhe exercise of that degree of skill, diligence, prudence and

foresight that would reasonably be expect€d from skilled and experienced owners, designers or

operators of similar electricity generation and lransmission facilities, which is consistent with

best practices, methods and standards thdt are generally accepled inlernationally from time to

time for similar facilities operating in conditions comparable to those applicable to the

Generation Project, consislent wilh Laws and taking into account factors such as (i) the use of

the latest technology, (ii) the relative size, performance, age and technology of the physical

componenls of the Plant, (iii) the safe, efficient and economic design, construction,

commissioning, operation and mainlenance of the Plant and (iv) lhe specifications in Schedule

1 (Description of Plant);

Good Operating Condltlon means, in relation to the Planl, that it can be operated and

maintained to efficiency and availabilily levels that are consistent with those reasonably

expected for a similar facility operating in a similar climate and of an equivalent age to the Plant,

which has been constructed, operated and maintained in accordance with Good lndustry

Practice and manufacturer's guidelines, except lo the extent that the condition of the Plant is

impaired by any Offtaker Risk Event or Force Majeure Event;

Government Aulhority means:

(a) any central, local or other government authority of Sierra Leone or other political

subdivision of Sierra Leone; and

(b) any court or tribunal or any other entity, instrumentality, agency, authority, board,

corporation, committee, regulatory body, commission or person which is exorcising

execulive, legisiative, regulatory or adminislralive functions of any nature of Slerra Leone,

including the Grid Operator;

Grid means the electricity transmlssion and distribution grid in the area of Sierra Leone knorrvn

as the Weslern Area;

I

Grid Operator means NPA or, with effect from the NPA Res SA;

@/

HFO means heavy fuel oil conforming to the specifications set out in part 2 of Schedule 3 (Fuel

Specifications), as varied in accordance with Clause 3.5 (Finalisation of certain technical

matters);

Hour means a period of 60 consecutive minutes starting on the hour;

lncreased Costs means any increased costs, expenses, losses or reduction in revenue relating

to the Generation Project to the extent that:

(a) they are incurred by the Generator as a result of an Offtaker Risk Event; and

(b) the aggregate of all such costs, expenses, losses or reductions in revenue that have not

already been the subject of a claim under Clause 12.7 (lncreased Costs) exceed

US$500,000 or its equivalent in any currency;

lndependsnt observer means a suitably qualilied engineer appointed by the Government for

the purposes set out in the Agreement;

lnsolvency Event means in relation to a company:

(a) the passing of a resolution for the bankruptcy, insolvency, winding up, liquidation or other

slmilar proceeding relating to that company;

(b) lhat company admits in writing that it is unable to pay its debts as they fall due;

(c) a liquidator, receiver, administrator or other similar person is appointed in respect of that

company or any of its assets;

(d) a Governmenl Authority with jurisdiction over that company makes an order for the

winding up of the company or otherwise conflrming ths bankruptcy or insolvency of lhat

company;

(e) the voluntary filing by that company of a petitlon of bankruptcy, moratorium or other

simllar reliet

except where any such procedure is instituted by that company for the purpose of a fully solvent

reorganlsation;

kwh means kilowatt hours;

Land Agreements means all agreements required by the Generator under paragraph 1.4 (Land

rights and use ofjetty) of Part I of Schedule 12 (Government Support provisions);

Laws means:

I

(a) the Constitutioir of Sierra Leone;

(b) all Sierra Leonean laws, statules, treaties, rules, codes, ordinances, regulations,

standards, bylaws, certilicates, decisions, orders, memoranda, circulars, decrees,

resolutions, directives, rulings, interpretations, approvals, licences and permits of any

Government Authority, and their application, in each case having the force of law in

Sierra Leone; and

(c) judgments, decrees, exocutive aclions, iniunctions, writs, orders or like actions of any

Government Authority, court, tribunal or other administrative, judicial or quasi-judicial

body or tribunal or agency of competent iurisdlction, in each case having the force of law

in Siena Leone; and

(d) any code that regulates the technical or commercial relatlonship between electricity

generators, electricity lransmission or distribution system operators or electricity traders,

suppliers oi consumers in Siena Leone;

LFO means light fuel oil conforming to the specifications set out in part 1 of Schedule 3 (Fuel

Specifications), as varied in accordance with Clause 3.5 (Finalisation of certain technical

matters);

Loss means any loss, assessment, judgment, damage, penalty, flne, liability and reasonable

oulof-pocket expense of any kind (including reasonable legal fees and expenses) incurred or

suffered by a person, but excluding any loss of proflt or indirect loss or consequential damage;

Milestone Dats means each of the milestone dates speclfied in Schedule 13 (Milestone Dates),

as extended by Clauses 3.1 (Financial Close for Phaso l) and 3.8 (Extension of Milestone

Dates);

Month means a calendar month;

Mvar means Megavars;

MW means megawatts;

Net D€pendable Capacity means, in respect of each Hour, the total electrical energy

generation capacity of the Plant

Conditions, as demonstrated by:

int at Referencein MW which is available at the D

'10

Main Output Metering Systems means the main electronic systems for melering Net Output

located at the Delivery Point;

Maintenance Schedule means the schedulo for maintenance and overhaul of the Plant agreed

or determined under Clause 6.3 (Scheduled Outages);

@/

(a) a COD Test for the Phase I Contract Period, Phase ll Contract Period or the Conkact

Year starting on the Phase lll Commerclal Operation Date;

(b) an Annual Test for each subsequent Contract Year; or

(c) if an Additional Test has been conducted, that Additional Test until an Annual Test or

another Additional Test is conducted,

provided that it shall n6ver exoeed the sum of the Contracled Capaoity for the Phases for which

the relevant commercial operation date has occurred;

Net Output means the electrical output of the Plant in kWh at the Delivery Point;

New Transmlssion Facllltles means the transmission lines and substation works, as described

in Scheduls 16 (New Connection Facilities);

Notlce of Dlspute has the meaning given to it in Clause 17.2(a) (Resolution by Consultation);

NPA Restructuring means the transfer of NPA'S electricity supply and distribution business to

EDSA:

Offtaker means lhe Government and the Grid Operator acling on the basis set out in Clause

1 .4 (The Offtaker);

Offtaker Event of Default means each of the evenls or circumstances speci{ied in Clause 14.2

(Termination ,or Offlaker Event of Default);

Offtaker Parties means each of the Offtaker, its shareholders, directors, officers, employees,

representatives, affiliates, agents, advisors, contractors or licensees and their respective

directors, representatives, officers and employees;

Offtaker Rlsk Event means:

(a) delay or failure by a Sierra Leone Counlerparty (including the Offtaker) in performing its

obligations under a Sierra Leone Document (lncluding thls Agreement);

(b) acts of war (whether declared or not), invasion, armed conflict, act of foreign enemy or

blockade in each case occurrlng in or affecting Sierra Leone;

(c) acts of rebellion, riot, insurection, revolution, civil commotion, political violence, public

disorder, act or campaign of terrorism, sabotage of a political nature or political violence

in each case occurring within or affecting Sierra Leone;

11

Non-Technical Disputg means a Djspute which is not a Technical Dispute;

(d) strikes, go-slows, lockouts, politically motivated boycotts or other industrial action in

Sierra Leone subsisting for more than soven consecutive Days;

(e) rationing imposed by a Government Authority;

(0 the presence of any hazardous material, adverse ground oonditions, artificial

underground obrects, archaeological artefact, human remalns or munitions affecting any

Project Slte;

(s) boycott, sanctlons, embargo, freezing of assets or travel advice affecting Sierra Leone,

including any such boycott, sanctions, embargo, freezing of assets or travel advice that is

in effecl as at the Efiective Date;

(h) a Change ln Law;

(D a Permltting Failure;

(D Expropriation;

(k) the unreasonable withholding, unreasonable delay or imposing of unreasonable

conditions on any consent, approval or agreement required from the Offtaker under this

Agreement;

(l) unavailabllity of the Grid, except where caused by a Force Majeure Event; and

(m) any unavailabillty of Fuel at the Plant if caused by an event or circumslance described in

paragraphs (a) to (l) above;

O&M Contract means each operations and maintenance contract for the Plant entered into

between the Generator and an O&M Contractor;

O&M Contractor means each conkactor that enters into an O&M Contract;

Operating Committee means the joint operating committee established under Clause 6.10

(Operating Committee);

Operational Step-ln Event means a fallure by the Generator to operate the Plant for more than

72 consecutive Hours without the prior written consent of the Offtaker, other than as a result of:

(a) a Offtaker Risk Event;

(b) a Force Majeure Event;

(c) a Forced Outage or a Scheduled Outage;

(d) dispatch instructions given bythe Grid Operator;

12

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aruequa 1;;rn pa[ord (15) ec;.r;y f]3 aql ',Quadso.rd pue sqof Euqean 'pazr;ea.raq upf, ropas Euunpe;nueu aql ur sluaul5anur 1eql ainsua ol alqp aq plnom(15) er;r;y 333 peld srql 6url1epur

^g 'ia/v\od 1o por qbrq {anrlrqrqord aqt q1M

6uo;e;arvrod Jo llel aql sem luaurrpadur roleru aq1 'fu1unor aql ur luau4sanulpue uorpnpo.rd asearfur ol lupM lsou elrqM leql puno, seq pup umolaar1ur sJaJnlleJnuet! lelol qlt/v\ ltrPluol u! ueaq seq luaululanoE aql JeeI lsel eql JaAo

'rp3^ tepualpl tuaJrnl aql Jo pue aql aJoJeq6uqea;q-punor6 sprervrol dals lueyodr.ur ue pue pafo.rd eq1 ;o Eursolr leoueuuo1 luapara:d uoqrpuol e sr qllqM uotlpf,Utlpr fueluaurer;re6 slrf,ilos luauura^og

'fu1unor eql Jo slsa.ralur lseq eql ur sr lueuJelppd eroJaq prel luauaer6eaql lpql uorurdo gluauruJanog alll sr lr pue sreai( 7 ;o pouad e JaAo sJasrnpe

lpuolleuralur qr Iq peyoddns luauura^og aql Iq paleqobau uaaq seq Vdd aql

'lau aq ol eaiv ujalsa^ aql ur pueuap palselaroJ aql Molle

lllM pue llrreder palletsur luaJJnl aql ol uorlrppe luergru6rs e sr lI 'euoel e;rars

Jo ropas rarnod aq1 ol elue odrur rrbale4s Jo sr llafo]d (fS) erUlV f,lf eql

fueurun5

'pa[ord aq1 o1 paluerE ueeq alpq yoddns Jualuu]anog puesa rlualu! xel lensn aq1 'fur1od anqualur luau[sa ur q]uauuJanog aql qlrm autl uI

,PARLIAMENT LIBRAF{Jwi

(e) an emergency;

Oporational Step-in Rights means the Offtaker's rights under Clause 15.1(a) (Offtaker Step-in

Rishts);

Opsrating Procedures means tho operaling procedures as agreed and amended from time to

time by the Generator and the Offtaker in accordance wilh Clause 6.11 (Operating Procedures);

Output Charge has the meaning given to il in Schedule 8 (Tarif0.

Output Meterlng Dafect means, in relatlon to an Output Metering System, that:

(a) the Output Metering System is not in service due to maintenanco, repairs or a Relief

Event;

(b) the Output Metering System fails to register;

(c) lhe Output Metering System is found to have a broken seal; or

(d) a test under Clause 6.7(e) (Output Metering) finds that the accuracy of the Output

Metering System is nol within the permitted toleranoes set out in Schedule 5 (Metering

Slandards and Testing);

Output Metering Defect Period means eilher:

(a) the actual period during which an Output Metering System was affected by an Output

Metering Defect; or

(b) if the period refened to in paragraph (a) cannot be determined to the reasonable

satisfaction of the Offtaker, half of the period from the Day on which the Output Metering

System was last lested and found to be accurate to within the permitted tolerance set out

in Schedule 5 (Metering and Testing) to the Day of the current test;

Output Metering Systems means each of the Main Output Metering System and the Back-up

Output Metering System I

Parties means each of the parties to this Agreetnent;

Performance Bond means a standby letter of credit that meets the requiremenls of Clause 4.1

(Performance Bonds);

Permlt means any permil, consent, licence, authorisalion, authority, approval, visa or waiver

from, and filings with, any Government Authority;

13

Permitting Failure means any Permit required by a Proiect Party in conneclion with the

Generalion Project (including any Permit that was issued before the Effective Date):

(a) terminating, being withdrawn, suspended, amended, modified or replaced, other than as

a result of any failure by the Project Party to comply with any conditions on which the

Permit was originally lssued; or

(b) terminating, being withdrawn, suspended, amended, modified or replaced as a rosull of a

failure by the Project Party to comply wlth any condilions on which the Permit was

originally issued, unless the Project Party has boen given prior written notice of the failure

and has not remedied the failure within the maximum period prescribed by Law for

remedlng the failure;

Phase means each of Phase l, Phase ll and Phase lll;

Phase I means the first phase of the new heavy fuel oil/diesel-fired power plant to bs built by

the Generator on the main Project Site with a capacity of 50MW and all associated facilities,

systems and ancillary equipment of the Generator, as described in Schedule 1 (Description of

Plant);

Phase I Commercial Operation Date means the Day immedlalely after the Day on which the

COD Tests for Phase I are Duly Completed;

Phase I Contract Perlod means the period starting on the Phase I Commercial Operation Date

and ending on the Day before the Phass ll Commercial Operation Date;

Phase I Scheduled Commercial Operatlon Dats means the date which falls 18 months after

the date on which Financial Close for Phase I occurs;

Phase I Term means the period starting on the Phase I Commercial Operation Date and ending

on lhe 20s anniversary of the Phase I Commercial Operation Date;

Phase ll means the second phase of the new heavy fuel oil/diesel-iired fuel power plant to be

built by the Generator on the main Project Site with a capacity of 39MW and all associated

facilities, systems and ancillary oquipment of the Generator, as described in Schedule 1

(Description of Plant);

Phase ll Commercial Operation Dats means the Day immediately following the Day on which

the COD Tests for Phase ll are Duly Completed;

Phase ll Contract Period means the period sta[ing on the Phase ll Commercial Operation

Date and ending on the Day before the Phase lll Commercial Operation Date;

14

Phase ll Scheduled Commercial Operation Date means the date which falls 24 months after

the date on which Financial Close for Phase ll occurs;

Phase ll Term means the period starting on the Milestone Date for Financial Close for Phase ll

and ending on lhe 22d anniversary of that date;

Phase lll means the third phase of tho new heavy fuel oil/diasel-fired fuel power plant to be built

by the Generator on the main Project Site with a capacity of 39MW and all associated facilities,

systems and ancillary equipment of the Generator, as described in Schedule '1 (Description of

Plant);

Phase lll Commercial Operation Date means the Day immediately following the Day on which

the COD Tests for Phass lll are Duly Completed;

Phase llt Scheduled Commercial Operatlon Date means the date which falls 24 months after

the date on which Financial Close for Phase lll occurs;

Phase lll Term means the period starling on the Milestone Date for Financial Close for Phase ll

and ending on the 22d anniversary of that date;

Plant means:

(b) for the purposes of Clauses 3.8 (Generalor's main construction obligations), 6.1

(Generator's general operating obligations), and Clause 2.6 (Transfer of Plant on Expiry)

which Include the Generator's obligations to construcl, operate and transfer ownership of

the New Transmission Facililies to th6 Offtaker only, the New Transmission Facilities;

PPA Direct Agreement means any direct agreement relating to this Agreemenl entered into

from time to llme between the Governmenl, the Grid Operator, tho Generator and the Finance

Parties;

Preliminary Termination Notice means a notice properly given under Clause 14.7(a)

(Termination procedure);

Project Documents means:

(a) this Agreement;

(b) the Collection Account Agreement

15

(a) the brand new heavy fuel oil/diesel-fired power plant with a total capacity of 128MW

consisting of Phase l, Phase ll and Phase lll and all associaled facilities, systems and

ancillary equ'lpmenl of the Generator, including the Generator's Fuel transportation and

storage infrastructure, all as described in Schedule 1 (Description of Plant); and

(c) the Charge Over Receivables;

(d) each Fuel Supply Agreement;

(e) the Land Agreements;

(f) each EPC Contract;

(S) each O&M Conkact;

(h) each other document designated as such by the Parties; and

(i) any extension, replacement, supplemenlary or substitute contract for any of the above;

Project Parties means each of:

(a) lhe Generator;

(b) the Shareholders;

(c) each EPC Contractor;

(d) each O&M Contractor;

(e) any subcontractor of any tier of any EPC Conlractor or O&M Contractor;

(f) each Fuel Supplier; and

(s) the Finance Parties;

Project Sltes means all of the land in respect of which the Generator is granted land rights

under the Land Agreements;

Protect€d Assots means any property or assets of lhe Government protected by diplomatic or

consular privileges under public international lawj

Reactive Power means the wattless component of the product of voltage and current, which

the Plant shall provide to or absorb from the Grid and which is measured in Mvar;

Reference Conditions means the reference conditions set out in paragraph 2.2 of Schedule 1

(Description of Plant);

Relief Event means:

(a) a Force Majeure Event in relation to which the Generalor is entitled to relief under Clause

'11 (Force Maieure Events); or

@z'16

(b) an Offtaker Risk Event in relation to which tha Generator is entitled to relief under Clause

12 (Offtaker Risk Events);

Remedy Period means, in relation to a Preliminary Termination Notice, the period of time from

delivery of the Prelimlnary Termination Nolice to the proposed termlnation date properly

specified in the Preliminary Termination Notice or such later date as the Parties may agree;

Shareholders means each of CECA BVI and CECA SL;

Scheduled Outage means any unavailability of the Net Dependable Capaclty that is scheduled

pursuant to Clause 6.3 (Scheduled Outages);

Sierra Leone means the Republic of Sierra Leone;

Sierra Leone Counterparties means each of the parlies to the Sierra Leone Documents other

than the Project Partles:

Sierra Leone Documents means:

(a) this Agreement;

(b) the Collection Account Agreement;

(c) the Charge Over Receivables;

(d) the Land Agreements;

(e) any other documents designated as such by the Parties;

(0 any extension, replacement, supplementary or substitute contract for any of the above;

Signing Date means the date of this Agreement;

SLL means the Sierra Leonean leone, the laMul currency of the Republic of Sierra Leone;

Sponsors means CEC Africa lnvestments Limited (a company incorporated in Mauritius) and

TCQ Power Limited (a company incorporated in the British Virgin lslands);

Target Capacity means 50MW for Phase l, 39MW for Phase ll and 39MW for Phase lll;

Technical Dispute means a Dispute which is specified in this Agresment to be subiect to

Expert Determlnatlon;

Technical Limlts means the technical operating limits of the Plant specitied in Schedule 1

(Description of Plant):

17

Term means the period of time starting on the Effective Date and ending on:

(a) the last Day ofthe Phase lllTerm;

(b) if the Phase lll Commercial Operation Date has not occuned, the last Day of the Phase ll

Term; or

(c) if neither the Phase lll Commercial Operation Date nor the Phase ll Commercial

Operation Date has occurred, the last Day of the Phase I Term,

subject to any extension of where Clause 1 1 .5 (Extension of Term) applies;

Termlnatlon Notlce means a notice prirperly given under Clause 14.7(d) (Termination

procedure);

Transfer Date means the earlier of the last Day of the Term and lhe date on which the

Generator is required lo lransfer the Plant to the Offtaker pursuant to Clause 14.9 (Buy-out);

US$ means the laMul cunency of the United States of America; and

Week means each period of 7 Days beglnnlng at 00:00 on Monday and endlng at 24:00 on

Sunday.

1.2 lnterpretation

ln this Agreement:

(a) lhetable of contents and the headings are inserted for convenience only and do not affect

the interpretation of this Agreement;

(b) references to Clauses and Schedules are to clauses of and schedules to this Agreement

and references to a paragraph or subparagraph are references to a paragraph of the

Clause, Schedule or subparagraph of the paragraph in which the reference appears;

(c) references to this Agreement or to any other document are lo thal document as from time

to llme amended, restated, novated or replaced, however fundamentally;

(d) references to an enactment or Laws are to that enactmenl or Law as from lime to time

amended, re-snacted or replaced, however fundamentally;

(e) references to a person include an individual, flrm, company, corporation, unincorporated

body of persons and any Government Authority;

18

Testing Procedures means the operating procedures as approved and amended from time to

time in accordance with Clause 3.'12 (Testing Procedures);

(f) references to a person include its successors in title, permitted assignees and permitted

tra nsferees;

(S) words importing the plural include the singular and vice versa;

(h) the word "including" shall be deemed to be followed by the words "without limilation"; and

(i) unless otherwise indicated, references to.a time of day are to local time in Sierra Leone.

1.3 Conflict

The Schedules ars an integral part of this Agreement but the provisions of the body of this

Agreement shall prevail lo the extent thsy are inconsistent with any provisions contained in the

Schedules, except that Schedule 12 (Government support provisions) shall take precedence

over the body of this Agreement where remedies are provided under both-

1 .4 The Offtaker

(a) The Government and the Grid Operator ale jolntly and severally liable for the obligations

of the Offtaker under this Agreement.

(b) All notices addressed to the Offtaker shall be addressed to both the Government and the

Grid Operator and all consents, approvals and waivers by the Offtaker under this

Agreement shall require the consent of lhe Government.

(c) Nothing in Clauso 1.4 shall in any way reduce the Government and the Grid operator's

obligations as joint and several obligors in respect of all obligations of the Offtaker under

this Agreement.

(d) Payment to lhe account or accounts specified in an invoice issued under Clause 9.2

(Offtaker invoices). shall discharge lhe Generator's payment obligation to the Offtaker,

whether that accounl or those accounts are accounts of the Government or the Grid

Operator.

(e) ln this Agreement, references to "either Party" are references to ths Government and the

Grid Operator acting jointly on the one hand or to the Generator or the Shareholders on

the other hand.

(f) lf the Grid Operator has continuously performed all of the Offtaker's financial obligations

in compliance with the terms of this Agreement for more than 10 (len) years from the

Effective Date, the Parties will have the right to initiate good faith negotiations on the

possibility of.transferrlng all of the Government's rights and obligatlons under this

Agreement to the Grid Operator. The Parties confirm that the Finance Partles'consent to

19

such transfer will be required and thal a lransfer could only lake place after all the senlor

debl of the Generation Project has been fully repaid.

1.5 NPA Restructuring

(a) The Government shall give the Shareholders and tho Generator at least 60 Days' prior

written notice of the NPA Restructuring, with reasonable detail of the proposal.

(b) The Government shall procure that an NPA Restructuring is effected only ln accordance

wlth Clause '18.'16 (Asslgnment).

(c) The NPA Reslructuring shall not affecl the Government's obligations as joint and several

obligor as set out in Clause 1.4 (The Ofttaker).

1.6 The Shareholders

The Shareholders are Parties to lhis Agreement solely for the purposes of Schedule 12

(Government support provlslons) and, to the extent necessary to give effect to Schedule 12

(Government support provisions), Clause'1, Clause 2 (Effective Date, implementation ol the

Generation Project and Term), I (lnvoicing and payments), 16 (Representations), 17

(Governing law and Dispute resolution) and 18 (Mlscellaneous) shall also apply with respect to

the Shareholders.

2 Effective Date, implementation of the Generation Project and Term

2.1 Effective Date

Clause 1 (Definitions and interpretation), this Clause 2 and Clauses 9 (lnvoicing and payments),

14.8 (Longstop dates), 16 (Representations), 17 (Governing law and Dispute resolution) and 18

(Miscellaneous) shall take effect from the Slgning Date and the balance of this Agreement shall

take effect from the Effective Date.

2.2 ConditionsPrecedent

(a) The Offtaker shall use all reasonable endeavours to satisfy or procure the salisfaction of

the following conditions precedent:

(i) due execution of the Siena Leone Documents by the relevant Sierra Leone

Counterparties; and

(iD ratification of this Agreement by the Parliament of Sierra Leone

(b) The Generator shall use all reasonable endeavours to satisfy or procure lhe satisfaction

of the following condition precedent:

20

(d) The Parties shall keep each olher informed regarding progress in satisfylng the

Conditions Precedent on a regular basls.

(e) Each Party shall disclose to the other Party as soon as is reasonably practicable anything

that will, or is reasonably likely to, prevent any Condition Precedent from being satisfied.

(f) Each Party shall, promplly upon the satisfaction of a Condition Precedent for which it is

responsible, inform the olher Parties of that fact and provide signed originals in the case

of Sieffa Leone Documents or certified copies of documents evidencing satisfaction in the

case of lhe other Conditions Precedenl.

2.3 Right to implement the Generation Prolect

The Government grants to the Generator the right to implement the Generation Project subject

to and in accordance with the Sierra Leone Documents.

2.4 Government support provisions

The Government shall comply with its obligations under Schedule 12 (Government support

provisions.

2.5 Expiry

This Agreement shall expire at the end of lhe Term, unless it is terminaled earlier under Clause

14 (Earty termination) or extended by agreement of the Parties.

2.6 Transfer of Plant on expiry

(a) Upon the scheduled expiry of this Agreement under Clause 2.5 (Explry), Schedule 14

(Handover Provlsions) shall apply.

(b) lf Phase lll is built at a different location from Phase I and Phase ll, the Parties may elect

to transfsr Phase I and Phase ll to the Government upon the expiry of the Phase ll Term.

lf the Parties elect to do so, this Agreement will expire to the extent it relates to Phase I

and Phase ll.

2.7 Survival

(a) Clauses 1 (Definitions and interpretatlon) and 2.4 (Government support provisions), this

forClause 2.7 (Survival) and Clauses 9 (lnvoicing and payments), 10.10 (Liabil

21

(i) due execution of the Sierra Leone Documents by the Generator.

(c) The Parties may waive any of the Conditions Precedenl but only by unanimous wrilten

agreement.

damage to property, death and personal injury), 14 (Early Termination), 15.4(b)

(lndemnity), 17 (Governing law and Dispute resolution) and 18 (Miscellaneous) and

Schedules 11 (Transfer on termlnation), 12 (Government support provislons) (other than

the Surviving Tax Provisions (as defined in Part ll of Schedule 12 (Govemment support

provisions) and '14 (Handover Provisions) shall survive the expiry or early termination of

this Agreement for a further period of 2 years and the Surviving Tax Provisions (as

defined in Part ll of Schedule 12 (Government support provlslon) which shall survive the

expiry or early termination of this Agreement for a further period of 5 years.

(b) Expiry or early termination of this Agreement (or its surviving Clauses) shall not affocl the

accrued rights and obligatlons of the Parties or their rights under any law, Permit or any

other contract.

3 Construction of the Plant

3.1 Financial Close for Phase I

(a) The Generator shall procure that Financial Close for Phase I occurs no later than the

applicabla Milestone Date.

(b) lf the World Bank does not issue a partial risk guarantee for Phase I within 6 months afler

the Effective Dale:

(D the Government shall procure a bankable altemative credil enhancement struclure

for Phase I within 12 months after the Effective Date; and

( ii) the Milestone Oat€ for the achievement of Financial Close for Phase I shall be

extended to 6 months after suoh a bankable alternative credit enhancement

skucture for Phase I is put in place.

(c) lf the Generator does not procur€ that Financial Close for Phase I occurs by the

applicable Milestone Date (as extended by Clause 3.1(b)) but the Generator makes

avallable 10MW of temporary generation capacity to the Offtaker wlth effect from the

Milestone Date in a manner approved by the Offtaker acting reasonably, the Milestone

Date for achlevement of Financial Close for Phase I shall be extended by a further 6

months.

22

3.2 Financial Close for Phase ll and phase lll

The Milestone Dales specified for achievement of Financial Close for Phase ll and Phase lll are

indicative and tha Ganerator shall not be in breach of this Agreement if achievement ofFinancial Close for Phase ll and Phase lll is delayed beyond those dates-

3.3 Notification of Financial Close

The Generator shall:

(a) notify the Offtaker of the date of Financial Close for each Phase promptly after it occurs,

together with written conflrmation from the Finance Parties that each such Financial

Close has occuned; and

(b) provide certified copies of the Finance Documents to the Offtaker no laler than 15 Days

after lhey have been execuled;.

3.4 EPC Contracts and O&M Conlracls

(a) The Mllestone Dates specified for entry into EPC Conkacts and O&M Contracts for each

Phase ars indicative and the Generator shall not be in breach of this Agreement if entry

into those contracts is delayed beyond those dates.

(b) The Generalor shall provide each proposed shortlist of EPC Contractors and O&M

Conuactors to lhe Government and the lndependent Observer. The Government shall

have seven days from the date of receipt of that shortlist to relect by wrltten notice any of

the names on that list but only on reasonable grounds which shail be specified in that

notice.

(c) The Generator shall provide each delailed design for each Phase lo the Government and

lndependent Observer. The Government shall have 28 days to review and comment in

writing on the detailed design to the Generator. The Generator shall have regard to the

comments made by the Government in revising the delailed design and shall respond to

those comments within 7 days of receipt.

(d) The Generator shall provide a copy of each O&M slrategy to the Government and the

lndependent Obssrver. The Government shall have 14 days to comment in writing on

that strategy to the Generalor. The Generalor shall have regard to the comments made

by the Government in revising the O&M strategy and shall respond to those comments

within 7 days of receipt.

(e) The Generator shall not enler into an EPC Contract or an O&M Contract or materially

amend an EPC Conlract or an O&M Contract which, in either case, would have a material

advorse effect on lhe Generation Pro,iect without the prior writton oonsent of lhe Offtaker,

which consent shall not be unreasonably withheld, delayed or conditioned.

(S) The Generator shall not enter into an EPC Contract unless it requires the EPC Contractor

to deliver at least Ihe relevant Target Capacity.

(h) The Generator shall ensure that the Technical Limits agreed with the EPC Conlractor

shall comply with the Grid's technical specilicatlons.

3.5 Finalisation of certain technlcal matters

(a) When the Generator has selected an EPC Contractor for a Phase, the Generator shall,

afler complying with its obligations under Clause 3,4(b) and (c) (EPC Contracts and O&M

Contracts), notify the Offtaker of final:

(i) Technical Limits;

(iD performance curves and other technical parameters that are not given or which are

expressed to be preliminary or indicative in Schedule 1 (Description of Plant),

Schedule 2 (lnterconnection Facilities and lnterconnection Point), and Schedule 10

(New Transmission Facilities);

(iii) Fuel specifications lor HFO and LFO; and

(iv) ContractedCapacity,

for that Phase, which shall be based on actual equipment manufacturer's specifications

and the detailed design for that Phase and which shall be deemed lo replace the

informalion contained in Schedule I (Description of Plant), 2 (lnterconnection Facilities

and lnterconnection Point) and 3 (Fuel Specifications) for all purposes of this Agreement.

(b) The Offtaker shall acknowledge in writing recelpt of lhe final information provided by the

Generator under paragraph (a) promptly after lt is received.

3.0 Phase lll consullation

(a) Within 30 Days after the Phase ll Commercial Operation Date, the Parties shall initiate

discussions as to whether it would be appropriate for Phase lll:

(i) to use alternative technology or fuel supplies; or

(iD to be located at a difforent site.

(f) No comments providod or consents given by the Offtaker under paragraphs (b) to (e)

shall relieve the Generator from its obligations under this Agreement.

(b) The discussions under paragraph (a) shall be concluded within 120 Days after the Phase

ll Commercial Operations Date.

(c) The Parties agree that their discussions under this Clauso 3.6 are not legally binding and

that, unless this Agreement is amended to giv6 sffect to alternative afiangements agreed

pursuanl to paragraph (a), Phase lll shall proceed as currently provided by this

Agreement.

3.7 Notice to proceed

The Generator shall issu€ notice to proceed to the EPC Contractor with respect to each Phase

in accordance with the EPC Contract.

3.8 Exlension of Milestone Dates

(a) lf a Offtaker Risk Event delays tho Generator in achleving one or more Milestone Dates,

the Milestone Dates shall be sxtsnded equitably by agreement between the Parties to

take into account the effect of the Offtaker Risk Event on achievement of the Milestone

Oates.

(b) lf the Parties do not agree on an equitable extension of a Milestone Date within 30 Days

after notice from the Generator to the Offtaker seeking an extension of that dale under

this Clause 3.8, the Generator may refer the matter for Expert Determination.

3.S Generator'smainconstructionobligations

(a) The Generator shall design, engineer, procure, implement, construct, complete, install,

test, commission and develop the Plant:

(ii) so as to achieve the Phase ll Commercial Operation Date no later than lhe Phase

ll Scheduled Commercial Operation Date:

(iii) so as to achieve the Phase lll Commercial Operation Date no latsr lhan the Phase

lll Scheduled Commercial Operation Date;

(iv) in accordance with this Agreement and lhe Sierra Leone Documents;

(v) in accordance with Good lndustry Practice; and

(vi) so that each Phase will have a design life as at its commercial oparation date of

nol less than 25 years.

25

(i) so as to achieve the Phase I Commercial Operation Date no later than the Phase I

Scheduled Commercial Operation Date;

(b) The Generator shall procure that, only brand new parts, equipment and material are used

where those ltems will be incorporated in the Plant.

(c) Any Dlspute with respect to the Generator's compliance with paragraphs (a) or (b) shall

be settled by Expert Determinalion.

lf any technological upgrades become available for the Plant either lhe Government or the

Generator may live written notice to the other. The Parties shall then meet to discuss in good

faith whether or not to implement such upgrades, how the costs will be addressed including how

the benefits of any such upgrades shall be shared b€lween the Parties.

3.11 New Transmission Facilities

(a) The New Transmission Facilities shall be conslrucled in accordance with Schedule 16

and shall be lnspected and signed otf by an engineer appointed by the Grid Operator lo

ensure thal they comply with the specifications set oul in Schedule 16 (New Transmission

Facilities) and Good lndustry Practice.

(b) The Generator shall have no llability whatsoever under this Agreement with respect to the

New Transmission Facilities, other than:

(i) as expressly provided in Clause 3.9 (Generatofs main construGtion obligations);

(iD lhe obligation to undertake rouline maintenance only under Clause 6.1

(Generator's general operating obligations); and

(iiD to transfer ownership of the New Transmission Facilities to the Offtaker in

accordance with Schedule 14 (Handover provisions).

(c) All risk of loss of or damage to the New Transmission Facilities shall rest with the

Offtaker.

(d) The Generator shall undertake work in a timely manner in respect of tho New

Transmlsslon Facilitiss in addition to that referred to in paragraph (a), such as

reinstatement following vandalism, thefl or other physical damage or the conneclion of

high vollage customers directly to the New Transmission Facilities, on a cost plus fifteen

per cent basis. Provided that such work is inspected and signed off by an engineer

appointed by the Grld Operator, all risk of loss of or damage to the New Transmission

Facllities shall remain with the Offtaker.

(e) The Offtaker shall indemnify the Generator in respect of all work undertaken under

that wouldparagraph (d) and all costs and liabilities under the Law or to any third party

3.10 Technologicalandenvironmentalinnovatlon

@/

not have been incurred or arisen had the Generator not been ths owner of the New

Transmission Facilities.

312 TestingProcedures

(a) The Generator shall develop detailed procedures for commissioning each Phase and

conducting the COD Tests, Annual Teits and Additional Tests in consultation wilh ths

EPC Contractor and submit them for the Offtaker's approval no later than 180 Oays prior

to the Phase l Commercial Operations Date.

(b) The Testing Procedures shall be based on the commissioning and testing arrangements

set out in Schedules 4 (Commissioning and Testing) and 6 (Capacity Tests) and other

relevant provislons of this Agreement.

(c) The Generator may request amendments to the Testing Procedures from time to time.

(d) The Offtaker shall not unreasonably withhold or delay its approval of the Testing

Procedures or any amendment to thsm.

3-13 COD Tests

(a) The Generator shall:

(i) conducl the COD Tests for each Phase in accordance with Schedule 4

(Commissioning and Testing) and the Testing Procedures;

(ii) give the Offtaker reasonable nolice of each COD Test; and

(iii). permit the Offtaker's nominated representatives to attend each COD Test

(b) The Offlaker shall

(i) dispatch the Plant as and when reasonably required by the Generator to enable

the Generalor lo commission and optimise the Plant, to conduct each COD Test

and to conduct any olher tests reasonably requlred under each EPC Contract;

(iD take the Net Output associated Mth the commissionlng and optimlsation of the

Plant and the COD Tests;

(i,D pay the Output Charge for the Net Output refened to in paragraph (ii); and

(iv) procure that its nominated represenlatives attending the COD Tests do not

interfere with the performance of. the Generator's obligations under Project

Documents.

27

(c) Any Dispute with respecl to a Party's compliance with lhis Clause 3.13 shall be settled by

Expert Determination.

3.14 Phase I Commerdal Operation Date

The Offtaker and the Generator shall jointly certify in writing that the Phase I Commercial

Operation Date has occurred no later than three days after the Phase I Commercial Operation

Date has been achieved.

3.15 Phase ll Commercial Operation Date

The Offtaker and lhe cenerator shall jointly c€rtify in writing that the Phase ll Commercial

Operation Date has occurred no later than thres days after the Phase ll Commercial Operation

Date has been achieved.

3.16 Phase lll Commerclal Operation Date

The Offtaker and the Generator shall jointly certify in writing that the Phase lll Commercial

Operation Date has occuned no later than three days after the Phase lll Commercial Operation

Date has been achleved.

3.17 Disputes as to completion

Any Dispute as to whether the Phase I Commercial Operation Date, Phase ll Commercial

Operation Date or Phase lll Commercial Operalion Date has occurred shall be settled by Expert

Determination.

3.18 Liquidated damages for Capacity Shortfall

lf there is a Capacity Shortfall for any Phase, lhe Generator shall pay liquidated damages to the

Oftaker equal to the rate of performance liquidated damages per MW of Capaoity Shortfall

under the rolevant EPC Contract, provided that the total amount of liquidated damages payable

under this Clause 3. 18 shall nol exceed five per cent of the contract price under the relevant

EPC Contract.

4 Performance Bonds and construction delay

4.1 Performance Bonds

(a) No later than the date of Flnancial Close for each Phase, the Generator shall deliver a

Performance Bond to the Offtaker whlch complies with the requiremenls of this Clause

4.1. The Milestone Date for Financial Close for Phase I shall not be satisfied unless tho

Generator has Gomplied with its obligations under this Clause 4.1(a).

28

(b) Each Performance Bond shall be denominated in USg in an amount equal to 10 per cent

of the contracl price in respect of lhe EPC Contract price for the applicable Phase as at

the date of issu6 of the Performance Bond.

(c) The Generator shall maintain the Performance Bond until 30 Days after the completion of

lhe COD Tests for the relevant Phase, and th6 Generator shall extend or replace it as

necessary if it is due to expire befors that date.

(d) The Offtaker shall return each Performance Bond to the Generalor:

(i) upon its expiry and replacement by another Performance Bond; or

(ii) no later lhan the expiry date referred to in paragraph (c),

whichever is earlier

(e) Each Performance Bond shall:

(D be a standby letter of credit;

(ii) be in favoui of the Government;

(iii) be substantially in the form specilied in Schedule 7 (Form of Performance Bond);

and

(iv) be issued by a bank approved by the Offtaker, such approval not to be

unreasonably withheld or delayed.

(0 lf the Offlaker has reasonable grounds to doubl lhe ability of a Performance Bond issuing

bank to meet its obligations under a Performance Bond, the Offtaker may request the

Generator to replace the Performance Bond with a Performance Bond issued by another

bank approved by the Offtaker, such approval nol to be unreasonably withheld or

delayed.

4.? Demands under Performance Bond

(a) The Offtaker may:

(D demand payment of the entire amount of a Performance Bond if the Generator has

failed to extend or replace it at least 30 Days before it expires where Clause 4.1

(Performance Bonds) requires the Generator to do so; and

(ii) make one or more demands under a Performance Bond up to any amount due but

unpald by the Generator under Clauses 4.3 (Delay liquidated damages - Phase l),

29

4.4 (Delay liquidatod damages - Phase ll) and 4.5 (Delay llquidated damages -Phase lll) within the periods speclfied in this Agreement;

(b) lf the Offtaker makes a demand under paragraph (a)(l) and the Generator subsequently

provides a replacement Performance Bond, the Olftaker shall immediately pay the

proceeds of the damand to the Generator.

(c) The Generator is not requlred to replenish or replace a Performance Bond following a

demand under paragraph (a).

4.3 Oelay liquidated damages - Phase I

lf the Phase I Commercial Operation Date does not occur on or before lhe Phase I Schedulod

Commercial Operation Date, the Generalor shall pay liquidated damages to the Offtaker of

0.049 per cent of lhe contract price in respect of Phase I undor the EPC Contract as at the date

on whlch the Generator lssued final notico to proceed in respect of Phase I to the EPC

Contractor under the EPC Contract for each Day of delay from and including the Phase I

Scheduled Commercial Operation Date until and including the day before the Phase I

Commercial Operation Date, subject to the cap on liability under Clause 4.6 (Caps on delay

liquidated damagos).

4.4 Delay liquidated damages - Phase ll

lf the Phase ll Commercial Opsration Date does not occur on or before the Phase ll Scheduled

Commercial Operatlon Date, the Generator shall pay liquldated damages to the Offtaker of

0.049 p€r cent of the contracl price ln respect of Phase ll under the EPC Contract as at the date

on which lhe Generator issues final notice to proceed wlth respect to Phase ll to the EPC

Contractor under the EPC Contractor for each Day of delay from and lncluding the Phase ll

Scheduled Commercial Operation Date until and including the day before the Phase ll

Commercial Operation Date, subJect to the cap on liabillty under Clause 4.6 (Caps on delay

llquidated damages).

4.5 Delay liquidated damages - Phase lll

liquidated damages).

lf the Phase lll Commercial Operation Date does not occur on or before the Phase lll

Scheduled Commercial Operation Date, the Generator shall pay liquidated damages to the

Offiaker of 0.049 per cent of the contract price in respect of Phase lll under the EPC Contract

as at the date on which the Generalor lssuos final notice to proceed wlth respect to Phase lll to

the EPC Contractor under the EPC Contractor for each Day of delay from and including the

Phase lll Scheduled Commercial Operatlon Date until and including the day before the Phase lll

Commercial Operation Date, subject to the cap on liability under Clause 4.6 (Caps on delay

(@

4.6 Caps on delay liquidated damages

The total amounl of liquidated damages payable under:

(a) Clause 4.3 (Delay liquidated damages - Phase l) shall not exceed 10 per cent of the

contract price in respect of Phase I under the EPC Contract;

(b) Clause 4.4 (Delay liquidated damages - Phase ll) shall not exceed 10 per cent of the

contract price in respect of Phase ll under the EPC Conkact

(c) Clause 4.5 (Delay liquidated damages - Phase lll) shall not exceed 10 per cent of the

contract price in respect of Phase lll under the EPC Contract.

5 Gonstruction delays excused by Relief Events

5.1 Extension of construction schedule

(a) lf a Rellef Event delays the Generator in achieving the Phase I Commercial Operation

Date, the Phase I Scheduled Commercial Operation Date shall be extended equitably by

agreement between the Parties to take inlo account the effect of lhe Relief Event on

achievement of the Phase I Commercial Operalion Date.

(b) lf a Relief Event delays the G€nerator in achieving the Phase ll Commercial Operation

Date, the Phase ll Scheduled Commercial Operation Date shall be extended equitably by

agreemenl between the Parties to take into account the effect of the Relief Event on

achievement of the Phase ll Commercial Operation Dale.

(c) lf a Relief Event delays the Generalor in achieving the Phase lll Commercial Operation

Date, the Phase lll Scheduled Commercial Operation Date shall be extended equltably

by agreement botween lhe Parties to take inlo account the effect of the Relief Event on

achievement of the Phase lll Commercial Operation Date.

(d) lf the Parties do not agree on an equitable extension of the Phase I Scheduled

Commercial operation Date, Phase ll Scheduled Commercial Operation Oate or Phase

lll Scheduled Commercial Operation Date within 30 Days after notice from the Generator

to the Offtaker seeking an extension of one of lhose dates under this Clause 5.1, the

Generator may refer the matter for Expert Determination.

5.2 Deemed completion - Phase I

(a) lf an Offtaker Risk Event delays the Generalor in achieving the Phase I Commercial

Operation Date, the Offtaker shall pay Capacity Chargss to lhe Generator calculated in

accordance with paragraph (b) from the Day on which the Phase I Commercial Operation

Date would have occurred but for the Offtaker Risk Event until the earlier

31

!

(i) the Phase I Commercial Operation Date;

(ii) the Day on which the COD Test for Phase I is conducted under Clause 3.13 (COD

Tests); and

(iii) the Day on which this Agreement is terminated

(i) the Phase I Commercial Oporation Date shall be deemod lo have occuned for the

purposes of Clause 8.1 (Phase I Net Dependable Capacity) and Schedule 8

(Tariff);

(ii) the Net Dependable Capacity for Phase I shall be deemed to be equal to the

relovant Conlracted Capacity; and

(iii) no deduction from the Capacity Charge shall be madd in respect of Phase I under

paragraph 2.1.3 (Deductlon for Reduced Availability) or 2.2.2 (Deduction for

Reduced Availability of Schedule 8 (Tariff).

(c) lf there is a COD Capacity Shortfall in respect of Phase l, the Generalor shall repay to the

Offtaker the proportion of the Capacity Charges paid by the Offtaker under this Clause

5.2 that is attributable to the Capacity Shortfall in the first Billing Period after the Phase I

Commercial Operation Date.

5.3 Deemed completion - Phase ll

(a) lf an Offlaker Risk Event delays the Generator in achieving the Phase ll Commercial

Operation Date, the Oftaker shall pay Capacity Charges to lhe Generator calculated in

accordance with paragraph (b) ftom the Day on which the Phase ll Commercial

Operation Date would have occuned but for the Offtaker Risk Event until the earlier of:

(D the Phase ll Commercial Operation Date;

(iD the Day on which the COD Test for Phase ll is conducted under Clause 3.13 (COD

Tests); and

(iii) the Day on which this Agreemont is terminated.

(b) Capacily Charges for the periods referred to in paragraph (a) shall be calculated and

invoiced in accordance with this Agreement, except that:

32

(b) Capacity Charges for the periods referred to in paragraph (a) shall be calculated and

invoiced in accordance with this Agreement, except that:

(i) the Phase ll Commercial Operation Date shall be deemed to have occurred for the

purposes of Clause 8.3 (Phase ll Net Dependable Capacity) and Schedule 8(Tariff); and

(ii) the Net Dependable Capacity for Phase ll shalt be deemed to be equal to the

relevant Conlracled Capacity;

(iiU no deduction from the Capacity Charge shall be made in respecl of Phase ll under

paragraph 2.1.3 (Deduction for Reduced Availability) or 2.2.2 (Deduction for

Reduced Availability of Schedule 8 (Tariff).

(c) lf there is a COO Capacity Shortfall in respsct of Phase ll, the Generator shall repay to

the Offtaker the proportion of the Capacity Charges paid by the Offtaker under this

Clause 5.3 that is attributable to the Capacity Shortfall in the first Billing Period after the

Phase ll Commercial Operation Date.

5.4 Deemed complelion - Phase lll

(a) lf an Offtaker Risk Event delays the Generator ln achievlng the Phase lll Commercial

Operation Date, the Oftaker shall pay Capacity Charges to the Generator calculated in

accordance with paragraph (b) fiom the Day on which the Phase lll Commercial

Operation Date would have occuned but for the offtaker Risk Event until the earlier of:

(i) the Phase lll Commercial Operation Date;

(iD the Day on which the COD Test for Phase lll is conducted under Clause 3.13

(COO Tests); and

(iii) the Day on which lhis Agreement is terminated

(b) Capacity Charges for the periods referred to In paragraph (a) shall be calculated and

invoiced in accordance with this Agreement, except that:

(i) the Phase lll Commercial Operation Date shall be deemed to have occuned for the

purposes of Clause 8.5 (Phase lll Net Dependable Capacity) and Schedule 8

(Tariff); and

(iii) no deduction from the Capacity Charge shall be made in respect of Phase lll under

paragraph 2.1.3 (Deduction for Reduced Avallability) or 2.2.2 (Deduction for

Reduced Availability of Schedule 8 (fariff)

33

(iD the Net Dependable Capacity for Phase lll shall be deemed to be equal to the

relevant Contracted Capacity;

(c) lf there ls a COD Capacity Shortfall in respect of Phase lll, lhe Generator shall repay to

the Offtaker the proportlon of the Capacity Charges paid by the Offtaker under lhis

Clause 5.4 that is attributable to the Capacity Shortfall in the tirst Billing Period after the

Phase lll Commercial Operation Date.

5.5 Disputes as to deemed completion

Any Dispute as to when th6 Phase I Commercial Operation Dale, Phase ll Commercial

Operation Date or Phase lll Commerclal, Operation Date would have occurred but for an

Offtaker Risk Event or with respect to the calculation of Capacity Charges or COD Capacity

Shortfall under this Clause 5 shall be settled by Expert Determlnation.

6 Operation of the Plant

6.1 Generator'sgeneraloperatingobligations

(a) The Generator shall operate and maintain the Plant in accordance with:

(D the Law;

(,i) the Siera Leone Documents;

(iii) Good lndustry Practice;

(iv) the Operating Procedures; and

(v) subiect to the Technical Limits, dispatch instructions given by tho Grid Operator in

accordance lhe Operating Procedures and up to tho Net Dependable Capacity.

(b) From and after the Phase I Commercial Operation Date, the Generalor shall, subject to

the Technlcal Limits:

(i) immediately advise the Offtaker of any circumstance or event that could impact the

Net Dependable Capacity;

(iD operate and maintaln the Plant ln such manner so as not to have an adverse effect

on the Offtakefs voltage level, voltage waveform or transmission and distribution

system; and

(iii) install protective relays having ratings and characterislics approved by the Offtaker,

maintain the settings of all such relays at levels acceptable to the Offtaker and not

change the settings of such relays without the prior written consent of Offtaker

which consent shall not be unreasonably withheld or delayed.

,@,

(c) Any Dispute as to the Generator's compliance with paragraphs (a)(iii), (iv) and (v) and (b)

shall be settled by Expert Determination.

6.2 Rsactive Power

(a) The Offtaker may requesl the Generator to deliver Reactive Power in accordance with the

Operating Procedures, provided that the Offtaker shall distribute requests for Reactive

Power amongst the Plant and other generating facilities on a non-discriminatory basis

having due regard for the system-wide voltago profile, unit location, unit availability, line

outages and system demand.

(b) Subject to the Technical Limits and any Scheduled Outage or Forced Outage, the

Generator shall deliver Reaclve Power requested in accordance with paragraph (a).

(c) Where the Offtaker begins collecting payments from its customers for the provision of

Reactive Power, tha Generalor and the Offtaker shall meet as soon as is reasonably

practicable to discuss in good faith what the Offtaker should pay to the Generator for its

supply of Reactive Power.

6.3 Scheduled Outages

(a) The Generator shall develop and maintain a maintenance schedule for the Plant, which

shall:

(i) incorporate, to the extent required by Good lndustry Practice, inspection and

maintenance procedures recommended by relevanl equipment suppliers; and

(iD take lnto account the Oiftaker's seasonal demand for electricity, to the extent that it

can reasonably do so in a manner that is consistent with paragraph (i), by not

scheduling such inspections or maintenance (unless absolutely necessary) during

the period 1 December to 30 June in each year.

(b) The Generator shall submit a draft Maintenance Schedule to the Offtaker no later than g0

Days befora the Phase I Commercial Operation Date is expected to occur and thereafter

at least 90 Days before the sta( of each Contract Year.

(c) The Offtaker may request changes to the draft Maintenance Schedule lo the extent thal

the draft does not comply with paragraph (a).

If the Offtaker does nol request changes to the drafl Maintenance Schedule within 30

Days of submission under paragraph (bi, that draft Maintenance Schedule shalt be the

Maintenance Schsdule for lhe following Contract Year.

(d)

(e) lf the Offtaker requests changes to the draft Maintenance Schedule within 30 Days of

submission under paragraph (b), ths Generator shall within 15 Days of receipt of such

request either incorporate the requested changes in the draft Maintenance Schedule or

request a meeling with the Offfaker to discuss the requested changes.

(0 lf the Parties do not agree changes to the draft Maintenance Schedule that are requested

by the Offtaker under paragraph (c) within 45 Days of submisslon of the Offtake/s

request under paragraph (c), the Offtaker may refer a Oispute as to whether the

requested changes are necessary to ensure that the Maintenance Schedule complies

with the requirements of paragraph (a) for Expert Determinalion.

(s) The Generator shall maintain and overhaul the Plant in accordance with the Maintenance

Schedule.

(h) The Offtaker or the Generator may request lhe olher to agree to reschedule a Scheduled

Outage at any time, such agreement to be at the discretion of that other Party.

(i) Prior to the Phase lll Commerclal Operation Date, the Generator may request additional

Scheduled Outages from time to time in order to accommodale lhe construction and

testing of subsequent Phases.

(j) The Generator shall notify the Offtaker of each Scheduled Outage under paragraph (i) as

far in advance as practicable and the Offtaker shall use its best endeavours to approve

any such Scheduled Outages.

0.4 Scheduling of Net Output

(a) No later than 180 Days before lhe Phase I Commercial Operalion Date is expected to

occur, lhe Offtaker shall notify the Generator of its estimated requirements for Net Output

for each Month of the Phase I Contract Period.

(b) No later than 180 Days before the Phase ll Commercial Operation Date is expecled to

occur, the Offtaker shall notify the Generator of ils estimated requlremenls for Net Output

for each Month of the Phase ll Contract Period.

(c) No later than 180 Days before:

(i) the Phase lll Commercial Operation Date is expecled to occur; and

(ii) the beginning of each subsequent Contract Year,

lho Offtaker shall notify the Generator of its estimated requirements for Net Output for

each Month of the following Contract Year.

@.36

(d) No later than 30 Days beforo the beginning of the Month in which the Phase I

Commercial Operation Date is expecled to occur, the Offtaker shall notffy the Generalor

by courier of its estimated requirements for Net Output for each Week of the fotlowing

Month-

(e) No laler than 30 Days before the beginning of each subsequent Month, the Offtaker shall

notify the Generator of ils estimated requirements for Net Output for each Week of the

following Month.

(f) No later than 12:00 on the Friday before the Phase I Commercial Operation Date is

expected to occur, the Offtaker may notify the Generator by courier of its estimated

requirements for Net Outpul for tho following Week.

(S) No later than 12:00 on each Friday after the Phase I Commercial Operation Date, the

Offlaker may notify the Genorator of its estimated requirements fol Net Output for the

following Week.

(h) No later than 12:00 on every Day beginning with the Day before which the Phase I

Commercial Operation Date is expected to occur, the Offtaker may notify the Generator

by telephone of its firm requirements for Net Output for each Hour of the following Day.

(i) The estimated requirements for Net Output notified by the Offtaker under this Clause 6.4

shall take into account the COD Tests, Annual Tests, Additional Tests and Scheduled

Outages lo the extent lhat they can be ascertained.

0) The estimated requirements for Net Output notified by the Offtaker under paragraphs (a)

to (c) shall not be binding.

(k) ,A month ahead notiflcalion issued by the Offtaker under paragraph (d) or (e) shall be

binding unless it is superseded by a week ahead notification actually received by the

Generator under paragraph (0 or (g) and a wsek ahead nolification under paragraph (0 or

(g) shall be binding unless it is superseded by a day ahead notmcation under paragraph

(h). The prevailing month ahead, week ahead notlfication or day ahead notification shall

be binding except in the case of an emergency.

6.6 Emergencies

(a) The Pades shall incorporate plans for operating the Plant during emergencies in the

Operating Procedures.

37

6.5 Forced Outages

The Generator shall notiry the Offtaker of a Forced Outage as far in advance as practicable and

in any event as soon as a Forced Outage occurs.

(b) The plans refened to in paragraph (a) will include recovery from a local or widespread

electrical blackout and voltage reductlon in order to effect load curtailment.

(c) The Generator shall comply with the omergency procedures contained in the Operating

Procedures.

(d) Al the Offtaker's request, the Generator shall make technical references available to the

Offtakor concerning the Planfs start-up tim6s, black-start capabilitles and minimum load-

carrying capabilities.

(e) During an emergency, the Generator shall deliver such Net Output as the Plant is able to

generate subject to the Technical Limits and in response to dlspatch instructions given by

the Offtaker in. accordance with tho Operating Procedures.

(t) lf an emergency occurs or is continuing during a Scheduled Outago, the Parties shall use

their best efforts to reschedule the Scheduled Outage and, if tho Scheduled Outage has

already begun, lhe Generator shall use its best efforts to expedite completion of the work

to restore Net Output as soon as possible.

6.7 Output metering

(a) The Generator shall give the Offtaker reasonable notice of the lnstallation, reading,

inspection, cleaning, repairing, calibration or replacement of the Output Metering

Systems.

(b) The Offlaker's nominated representatives may witness the installation, reading,

inspectlon, cleaning, repalrlng, calibration or replacement of the Output Metering

Systems.

(c) The Output Metering Systems shall be jointly sealed by the Generator and the Offtaker.

(d) The Offtaker shall procure that its nominated representativss exercising the Oftaker's

rights under paragraphs (b) and (c) do not interfere with the performance of the

Generator's obligations under the Project Documents.

(e) The Generator shall verify the accuracy of the Output Metering Syslems:

(i) at reasonable intervals; and

(iD promptly upon request by the Offtaker.

(f) lf a test under paragraph (e) finds that the accuracy of an Output Metering System is not

within the pormitted tolerance set oul in Sohedule 5 (Metering Standards and Testing) the

@ 38

Generator shall promptly calibrate, repair or replace that Output Metering System so that

it will accurately measure the Net Output.

(S) The Offtaker shall reimburse the Generator for the fair and reasonable costs of any test

undertaken under paragraph (eXii) if the accuracy of the Oulput Metering System is

within the permltted tolerance set out in Schedule 5 (Metering Standards and Testing).

(h) The Generator shall give the Offtaker reasonable advance notice of its intention to read

the Main Output Metering Systems and the Back-up Output Metering Systems and permit

the Offtaker's nominated representatives to attend and witness those readings-

(i) Except when paragraph (j) applies, data from the Main Output Melering Systems shall be

the binding measure of Net Output delivered at the Delivery Point for the purposes of this

Agreement-

0) Except when paragraph (k) applies, if the Main Output Metering Syslems are affected by

an Output Metering Defect, data from the Back-up Output Metering Systems shall be the

binding measure of Net Output delivered at the Delivery Point for the purposes of this

Agreement durjng the Output Metering Defect Period.

(k) lf both Output Metering Systems are affected by Output Melering Defects, the Generator

shall calculate the Net Output delivered at the Delivery Point during the Output Metering

Defect Period based on the following methods, in the following order of priority:

(A) data from an Output Metering Systems adjusted by the percentage error

apparent from a test undertaken under paragraph (e); and

(B) reasonable estimation based on other data sources

(D lf the Generator has issued an invoice based on the wrong measure of Net output

delivered at the Delivery Point, the Generator shall recalculate the Output Payment to

reflect the correct measure of Net Output and shall either credit any reduction or debit

any increase in the Output Payment in the next invoice issued to the Offtaker under

CIause 9.1 (Generator invoices).

(m) Any Dispute as to whether an Output Metering Defect has occurred, the duration of the

Output Metering Defect Period or the reasonableness of the Generalor's delerminalion

under paragraph (k) shall be settled by Expert Determination.

(a) The Generator shall:

3S

6.8 Annual Tests

(i) conduct an Annual Test in accordance with Schedule 6 (Capacity Tests) and the

Testing Procedures no later than 60 Days before the beginning of each Contract

Year, slarting with tho second Gontract Year after the Phase lll Commercial

Operation Date;

(ii) give the Offtaker reasonable notice of each AnnualTest; and

(ill) permil the Offtaker's nomlnated represenlatives to attend each Annual Test.

(b) The Offtaker shall:

(i) dispatch the Plant as and when reasonably required lo enable the Generator to

conduct the Annual Tests ln accordance with Schedule 6 (Capacity Tests) and th6

Testing Procedures;

(ii) take the Net Output associated Mth the AnnualTests;

(iii) pay the Output Charge for the Net Output referred to in paragraph (ii); and

(lv) procure that its nominated represenlallves attending the Annual Tests do not

interfere with the performance of the Generato/s obligations under the Proiect

Documents.

(c) Any Disputo with respect to a Party's complianc€ with this Clause 6.8 shall be settled by

Expert Determination.

6.9 Additional Tests

(a) Additional Tesls may be conducted under this Clause 6.9 al any timo after the Phase I

Commercial Operatlon Date, Phase ll Commercial Operation Dale or Phase lllCommercial Operation Date.

(b) All Additional Tests shall be conducted in accordance with Schedule 6 (Capacity Tests)

and the Testing Procedures.

(c) The Generator may conduct Additional Tests in accordance with this Clause 6.9 and shall

give the Oiftaker reasonable notice of each Additional Test.

(d) The Offtaker may require the Generator to conduct an Additlonal Test in accordance wlth

paragraph (h).

(e) The Generator shall permit the Offtaker's nominated representatives to attend each

Additional Test.

(0 The Offtaker shall:

40@

(i) dispalch the Plant as and when reasonably required to enable the cenerator to

conduct lhe Additional Tesls;

(ii) lake the Net Output assooiated with the Additional Tests;

(iiD pay the Output Charge for the Net Output referred to in paragraph (ii); and

(iv) procure that its nomlnaled representatives attending the Addltional Tests do not

interfere with the performance of the Generator's obligations under the Project

Documents.

(9) Any Dispute ivith respect to a Party's compliance with this Clause 6.9 shall be settled by

Exped Delermination.

(h) Where lhe Offtaker, acting reasonably, believes that the total electrical energy generation

oapacity available at the Delivery Point is less than the current Nel Dependable Capacity,

the Offtaker may, on no less than 7 days' prior written notice, require the Generator to

perform an Additional Test in accordance with Sch€dule 6 (Capacity Tests) and the

Testing Procedures.

6.10 OperatingCommittee

(a) No laler than 180 Days befors the Phase I Commercial Operalion Date is expected to

occur, the Parties shall establish a joint steering commillee, which shall have the

functions set out in Clause 6.'10(c). t

(b) The Operating Commlttee shall consist of one representatlve of the Government, one

representative of the Grid Operator and one representative of lhe Generator-

(c) The Operating Committee shall be a forum for the Parties to share and discuss

information relating to the operation of the Plant under this Agreement (including the draft

Testing Procedures, ihe Operating Procedures and the occurrence of any Otftaker Risk

Event or Force Majeure Event) but shall not be a decision-making body.

(d) The Offtaker shall not (and shall procure that its Operating Committee representatives do

not) seek to control the Generator's operation of the Planl in any way that is not expressly

permitted by this Clause 6.'10.

(e) Any member of the Operating Commillee may convene a meeting of the Operating

Commitlee on 3 Days' notice to all of the other members.

(f) Members of the Operating Committee may attend any meeting of the Operating

Committee in person or by lelephone conference.

41

(S) Meetings of the Operating Committee shall be chalred by a representative of the Offlaker,

shall have a quorum of one representative of each Party attending either in person or by

telephone and shall havs the power to determine its own procedures by unanimous

agreement of the representatives present.

6.11 OperatingProcedures

(a) The Generator and the Offtaker shatl jointly develop written operating procedures for the

Plant and approve lhem no later than 1B0 Days prior to the Phase I Commercial

Operations Date.

(b) The Operating Procedures shall:

(i) be based on the Plant specmcations set out in Schedule I (Description of Planl),

the interconnection facilities set out in Schedule 2 (lnterconnection Facilities and

Connection Point), the metering arrangements set out in Schedule 5 (Metering

Slandards and Testing), other relevant provisions of this Agreement and the

Offtaker's arrangem€nts for control of the Gridi and

(ii) deal with all operational interfaces between Offlaker and the Generalor, lncluding

method of day-tGday communication, key personnel lists, clearances and

switching praotices, outage scheduling, capacity and energy reporting, operalions

log and control of Reactive Power support.

(c) Either Party may request amendments to the Operating Procedures from time to time.

(d) No Party shall unreasonably withhold or delay its approval of the Operating Procedures

or any amendment to them.

6.1? Employment of qualified personnel

(a) With effect from the Phase I Commercial Operation Date, the Generator shall employ (or

procure that the O&M Contraclor employs) sufficient manag€ment, supervisory and other

personnel who are suitably qualified and experlenced to operate and monitor the Plant

and to coordinate operations of lhe Plant with the Offtake/s operation of lhe Grid.

42

(b) The Generator shall ensure thal sufficient personnel are on duty at the Plant 24 Hours a

day, 7 Days a Week commencing with the date on which electrical energy ls flrst

generated by the Plant.

7 Fuel

7.1 Procurement of Fuel

Throughout the term of this Agreement, the Generator shall:

(a) procure Fuel in accordance with this Clause 7;

(b) obtain and maintaln Fuel in quantities sufficient to generate Nel Output associated with

the Net Dependable Capacity at reasonably anticipated levels of dispatch;

(c) obtain and mainlain at least 15 Days' supply of HFO and sufficient LFO to do emergency

starts for 15 Days at the relevant Proiect Site at all times from and after the Phase I

Commercial Operation Date, except when the Generator is directed by the Offtaker to

use that reserve stock;

(d) replenish the reserve stock requirsd to be maintained under paragraph (c) as reasonably

practicable after using any of thal reserve supply;

(e) not procure fuel fiom any entity that has been suspended or debarrad by the National

Public Procurement Authority;

(f) only enter into Fuel Supply Agreements on arm's length terms; and

(S) shall procure the Fuel on a no-gain/no-loss basis.

7 .2 Fuel Committee

(a) No later lhan one year before the Phase I Commercial Operation Date is expected to

occur, the Parties shall establish a ioint steering committee, which shall have the

functions sel out in this Clause 7.2.

(b) The Fuel Committee shall consist of 2 representatlves of the Government, 2

representatives of the Offtaker and 2 representalives of the Generator.

(c) The Fuel Commiftee shall be a forum for the Parties to share and discuss lnformation

relating to the procurement of Fuel under this Clause 7.2 but shall not be a decision-

making body.

(e) Any member of lhe Fuel Committee may convene a meeting of ths Fuel Committee on 3

Days' notice to all of the other members

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(d) The Offtaker shall not (and shall procure.that its Fuel Committee representatives do not)

seek to control the Generator's procurBment of Fuel in any way that is nol expressly

permitted by this Clause 7-2.

(f) Members,of the Fuel Committee may attend any meeting of the Fuel Committee in

person or by telephone conferanco.

(S) Meetings of the Fuel Committee shall be chaired by a representative of lhe Generator,

shall have a quorum of one representative of each Party attending either in person or by

telephone and shall have the powar to delermine its own procedures by unanimous

agreement of the representatives present.

7 .3 HFO Tenders

(a) No later than 6 months before the Phase I Commercial Operation Date is expected to

occur and thereafter no later than 6 months before the expiry of each Fuel Supply

Agreement for HFO, the Generator shall prepare and provide to the Offtaker draft tender

documenls for the procuremenl of HFO for the Plant.

(b) The tender documents prepared by lhe Generator shall

(i) provide for the procurement of HFO for a period of 12 monlhs; and

(ii) seek to optimise HFO cargo sizes to minimise the cost of HFO, subject to the

Plant's available HFO storage capacity as forecast by the Generator, taking into

accounl the scheduling of Net Output (insofar as lt is known) under Clause 6.4

(Schedullng of Net Output).

(c) The Generator shall consider reasonable @mments made by the Oftaker through its

Fuel Committee representatives on the draft lender documents but may advertise and

issue final tender documents at any time at least l0 Days after providing drafts to the

Offtaker in accordance with paragraph (a).

(d) The Generator shall give the Offlaker at least 3 Days' notice of its intention to open

tenders received by the Generator and shall permlt the OfFtake/s Fuel Committee

representatives lo attend and witnoss the opening of the tenders.

(e) The Generator shall prepare and provide the Offiaker with a tender evaluation report as

soon as practicable after the opening of the tenders, identifying:

(D all bidders from whom tenders have been received;

(ii) all bidders from whom compliant tenders have been received'

(iiD the fuel price and terms and conditions offered by each bidder;

(iv) the Generato/s selection of the winning bidder, which shall be on the basis of the

mosl economically advantageous terms offered by the compliant bidders; and

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(v) the Generator's reasons for selecting the winning bidder

(0 Unless the Offtaker notifies the Generator in writing that it objects to the Generator's

selection of the proposed fuel supplier on the basis that the Generator's selection does

nol comply with this Clause 7.3, the Generator may enter into a Fuel Supply Agreement

with the winning bidder on the terms set out in the winning bidder's tender at any time at

least 7 Days after providing the tender ovaluation report to the Offtaker.

(S) The Generator shall provide a copy of each Fuel Supply Agreement to the Offtaker

promptly after it is entered lnlo.

(h) The Generalor shall not terminate or materially amend a Fuel Supply Agreement without

the prior written consenl of the Offtaker, which shall not be unreasonably withheld or

delayed.

7.4 Alternative HFO tender arrangements

lf for any reason a tender for thB supply of HFO under Clause 7.3 (HFO tenders) doos not result

in the conclusion of a Fuel Supply Agreement with a successful bidder or the Generator

reasonably beliaves lhat it will not do so, the Parties shall co-operate fully and in good faith in

the prompt conclusion of alternative procurement arrangements, such as the award of a Fuel

Supply Agreement to a second-ranking bidder or the conduct of an alternalive procurement

process.

7 .5 HFO price hedging

The Parties shall procurs that the Fuel Committee discusses lhe possibility of hedging the price

of HFO after the first anniversary of the Phase I Commercial Operation Date and acknowledge

that lhis would reqlire amendments to this Agreement before any such arrangements could be

implemented.

7.6 LFO

(a) The Generator shall procure LFO in such manner and quantities and at such times as it

sees fit on the most economically favourable terms that are reasonably available at the

time.

(b) The Generator shall keep the Fuel Committee informed of the procurement of LFO under

paragraph (a).

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I Sale and purchase ofNet Dependable Capacity and Net Output

8.1 Phase I Net Dependable Capacity

From the Phase I Commercial Operation Date until the end of the Term

(a) lhe Generator shall make available for dispatch and sell to the Offtaker the Net

Dependable Capacity of Phase l;

(b) the Offtaker shall purchase the Not Dependable Capacity of Phase lfrom the Generator

for the Capacity Charges;

(c) the Generator shall sell and deliver to the Offtaker the Net Output associated with the Net

Dependable Capacity of Phase l; and

(d) the Otftaker shall accept and purchase the Net Output associated with the Net

Dependable Capacily of Phase l,

in each case subject to and in accordance with the othor provisions of this Agreement.

8.2 Payments for Phase lfollowlng expiry of Phase lTerm

From the explry of the Phaso I Term until the expiry of the Term:

(a) only "Corirponent B" of tho Capacity Charge (as set out in paragraph 2.2 of Schedule IfiarifQ) shall be payable in respect of the Net Dependable Capacity of Phase I and shall

be multiplied by a factor of 1.10; and

(b) the Output Charge in respect of each Bllling Perlod shall be payable but:

the factor FDNEm (Deemed Heavy Fuel Oil (HFO) Consumption in GJ) under

paragraph 3.2 of Schedule 8 (Tariff) shall be replaced with lhe actual HFO

consumption (in GJ) for Net Output from Phase I in Billing Period 'm'; and

(i0 the factor FDSm (Deemed Lighl Fuel Oil (LFO) Consumption in GJ) under

paragraph 3.2 of Schedule 8 (Tariff) shall be replaced with the actual LFO

consumplion (in GJ) for Net Output from Phase I in Billing Period 'm'.

8.3 Phase ll Net Dependable Capacity

From the Phase ll Commercial Operation Date until the end of the Term:

(a) the Generator shall maks available for dispatch and sell to the Offlaker the Net

Dependable Capacity of Phase ll;

(i)

@

(b) the Offtaker shall purchase the Net Dependable Capacity of Phase ll from the Generator

for the Capacity Charges;

(c) the Generator shall sell and deliver to the Offtaker the Net Output associated with the Net

Dependable capacity of Phase ll; and

in each case subject to and in accordance wlth the other provisions of lhis Agreement

8.4 Payments for Phase ll following expky of Phase ll Term

From the expiry of the Phase ll Term unlil the explry of the Term:

(a) only "Component B' of the Capacity Charge (as set out in paragraph 2.2 of Schedule B

(Tariff)) shall be payable in respect of the Net Dependable capacity of Phase ll and shall

be multiplied by a factor of 1.10; and

(b) the Output Charge in respect of each Billing Perlod shall be payable but

(i) the factor FDNE. (Deemed HeaVy Fuel Oll (HFO) Consumption in GJ) under

paragraph 3.2 of Schedule 8 (Tariff) shall be replaced with the actual HFO

consumption (in GJ) for Net Outputfrom Phase ll in Billing Period 'm'; and

(ii) the factor FDSm (Deemed Light Fuel Oil (LFO) Consumption in GJ) under

paragraph 3.2 of Schedule 8 (Tariff) shall be replaced with the actual LFO

consumption (in GJ) for Net Outputfrom Phase ll in Billing Period 'm'.

8.5 Phase lll Net Dependable Capacity

From the Phase lll Commercial Operation Date until the end of the Term

(b) the Offtaker shall purchase the Net Dependable Capacity of Phase lll from the Generator

for lhe Capacity Charges;

(c) the Generalor shall sell and deliver to lhe Offlaker the Net Output associated with lhe Net

Dependable Capacity of Phase Ill; and

(d) the Offtaker shall accept and purchase the Net Output associated with the Net

Dependable Capacity of Phase ltl for the Output Charge,

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(d) the Offtaker shall accept and purchase the Net Output associated with the Net

Dependable Capacity of Phase ll for the Output Charge,

(a) the Generator shall make available for dispatch and sell to the Offtaker the Net

Dependable Capacity of Phase lll;

in each case subject to and in accordance with the other provisions of thls Agreement.

8.6 Delivery Point

The Generator shall deliver the Net Output to the Offlaker at the Delivery Point.

a.7 Third party sales

The Generator shall not, without the prior written consent of the OfFtaker, sell, make available or

deliver any part of the capacity or energy of the Plant to any person other than the Offtaker.

8.8 Auxiliary power

The Generator may use electrical energy generated at the Plant lhroughout the Term for its

auxiliary purposes, including construction.

9 lnvoicing and payments

9.1 Generator invoices

The Generator shall deliver an invoice to tho Offtaker within five Business Days after the end ol

each Bllling Period, ltemlsing the Capacity Charges, Oulput Charges (including, by way of an

addendum, the Fuel transportatlon costs (includlng transportation, freight cost, freight loss, port

chargos, demunage, freight levy, lransfer & agency fees, fuel distribution levy, pelroleum levy,

import duty, tax and storage charges)), and olher amounls payable by the Offtaker under this

Agreement in respect of lhat Bllling Period.

9.2 Offtaker invoices

The Offtaker shall deliver an invoice to the Generator within 30 Days after the end of any

calendar month in which liquidated damages or any other amounts palrable by the Generator

under thls Agreemenl, itemising all such amounts payable by the Generator ln rospect of that

Billing Period.

9.3 Form of invoices

All invoices delivered under this Clause I shall be in the form agreed by the Generator and the

Offtaker, which shall contain sufflcient detail to enable the recipient to verify the basis on which

the amounts invoiced were calculated.

9.4 Payment of invoices

Subject to Clause 9.6(b) (Collection Account Agreement), oach party shall pay the undisputed

amount of each invoice delivered to it under this Clause g within 20 Business Days of the Day it

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receives such invoice, by wire transfer ln immediately available funds to such account or

accounts inside or outside Sierra Leone as lhe invoicing Party specifies in the invoice.

9.5 Disputed invoices

(a) lf a Party disputes all or part of any invoice delivored to it under this Clause 9:

(D it shall pay any undisputed part of the invoice in accordance with Clause 9.4

(Payment of invoices);

(iD ln the case of an invoice dlsputed by the Offtaker, the offtaker shall transfer an

amount equal to the disputed part from the Collection Account lo the Escrow

Account in accordance with the Colleciion Account Agreement within 20 Business

Days of the Day it receives such invoice:

(iiD it shall notify the other Party within 14 Days of receipt of the involce, specifying in

detail the grounrlsddEFule: and

(iv) within 10 Business Days of receipt by a Party of a notice under paragraph (iii), the

Parties shall meet at the offices of the Offtaker in Freelown and seek to agree

whether the disputed amounts are payable under this Agreement.

(b) A Party may not dispute an invoice more than 90 Days after the due date of that invoice.

9.6 Collection Account Agreement

(a) The Offtaker shall maintain the Collection Accounl Agreement in full force and effect

throughout the Term.

(b) Payments by the Oftaker under this Agreement shall, where applicable, be made in

accordance with the Collection Account Agreement.

(c) Nothing in the Collection Account Agreement shall relieve the Offtaker of an obligation to

make a payment under thls Agreement.

9.7 Fuel Reserve Account

(a) The Generator and Offtaker shall discuss with the Finance Parties the possibility of

establishing a debt-funded fuel raserve account, the balance of which would be utilised if

the Offlaker does not meet its obligations to pay the Output Charge under Clause 8 (Sale

and purchase of Net Dependable Capacity and Net Output).

(b) For the purposes of releasing any available balance standing to the credit of a fuel

reserve account established pursuant to paragraph (a) only, any undisputed sum that is

due and payable but not paid by the Offtaker under Clause 8 (Sale and purchass of Net

49

Dependable Capacity and Net Output) shall be deemed to be attrlbutable to the Output

Charge.

(c) Nothing in this Clause 9.7 shall relieve the Offtaker of an obligatlon to pay the Output

Charge, ngr to pay interest for late payment of the Output Charge.

9.8 Due date

Each payment to.be made under or in connection with this Agreement shall be paid on the due

date but if that date is not a Business Day, it shall be paid on the next Business Day.

9.9 Goods and services tax

Any applicable value added, sales or goods and services tax shall be paid by the Offtaker to the

Generator at the appropriate rates in addition to the Capacity Charges, Output Charges and

other amounts payable to the Generator under this Agreement wilh such amounls payable on

the later of (a) the dale of payment of the relevant Capacity Charges, Output Charges and other

amounts payable lo the Generator under this Agreement and (b) receipt by the Offtaker of a

valid and approprlate invoice.

9.10 No set-off or deduction

Subject to Clause 9.11 (Gross-up), each paymenl to be made pursuant to the terms of this

Agreement shall be made in full, without any set-off or deduction save as required by Law.

9.1'l Gross-up

(a) Subject to paragraph (c) below if a party making a payment pursuant to the terms of this

Agreement (lhe Payor) is required by Law or the laws of any jurisdiction to make a

deduction from such payment, the amount payable to the recipient of such payment (the

Reclplent) shall be increased to the extent necessary to ensure that, after such

deduction has been made, the recipient receives (after such deduction) a net sum equal

to the amount thal it would have received had no such deduction been required.

(b) lf the Recipient has received an increased payment fiom the Payor under paragraph (a)

and either the Recipient or a related party has receivsd or subsequently receivos a credit

against, relief or remission for tax payable by it, or any repayment of Tax (a Credit), the

Recipient will, in its discretion acting reasonably, establish the amount (if any) which, as a

result of such receipt, it is able to repay to the Payor promptly without putting itself (and,

where the.Credit is received by a related party, it and the related party together) in a

worse position than if no deduction had been required and will pay such amount (if any)

to the Payor as soon as reasonably practicable.

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(c) Paragraph (a) above shall not apply where lhe Recipient is the Offtaker and the

deduction is for or on account of tax imposed by Sierra Leone.

9.12 Currency

(a) Subject to paragraph (b), all payments required to be mads under this Agreemenl shall

be made in US$.

(b) The Generator may issue invoices in SLL or US$. lnvoices issued in SLL shall be

calculated by converting the US$ amount payable under this Agreement from US$ into

SLL at the exchange rate actually available to lhe Generator from its Sierra Leonean

account bank on the date the invoice is issued for an amounl equivalent to the payment

in question. Amounts invoiced in SLL shall be paid in SLL to the Generator's Sierra

Leonean bank account. Amounts lnvoiced in US$ shall be paid in US$ to a bank account

of the Generator outside Sierra Leone.

(c) The Generator will provide tho bank account details for the accounts descrlbed in Clause

9.1(b) in each invoice.

(e) The Generator is irrevocably authorised to convert the amounl received into the correct

currency and to apply the net proceeds in reduction of the Offtaker's liability.

9.13 lnterest for late payment

(a) lf any Party fails to pay an amount payablo in connection with this Agreement (including

an amounl payable under this Clause 9) on the duo date for payment, it will pay interest

on lhat amount from the due date until the date of payment (whether before or after

arbitral award) in accordanco wlth this Clause 9.13.

(b) The rate of interest payable under paragraph (a) shall be the one monlh USg LTBOR

interest rate which would be applicable to a similar amount plus two and a half per cent

per annum, compounded on the last day of each calendar month.

(c) lnteresl is payable under paragraph (a) on the last day of each calendar month or, if

earlier, on the date on whlch the Offtaker pays an amount in respect of which the interest

is accruing.

(d) lf a payment is received from the Offtaker in the wrong currency, thal payment will not

discharge any part of the obligation in respect of which it was made.

(0 The Generator shall have no liability with respect to the timing or rate of conversion into

the conect currency.

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10 Other obligations

1O.1 Compliance with Laws

The Generator shall comply with the Law at all tlmes.

10.2 Minimuminsurancerequirements

(b) lf the Generator fails to obtain or maintain any insurance in accordance with paragraph

(a), the Offtaker shall be entitled to obtaln such insurance at the Generator's cost.

10.3 lnsurancecertificates

The Generator shall provide copies of all insurance certificales for insurances required under

Clause 10.2 (Minimum insurance requirements) to the Offtaker within 30 Days of those

insurances being plac€d or renewed.

10.4 Monitoring

(a) The Generator shall deliver a written monthly report to tho Orftaker within 90 Days after

the end of each Month in a format agraed between the Generator and the Offtaker.

(b) The Generator agrees that, upon reasonable advance nollce to the Generator, duly

aulhorised representatives of the Government, the Grid Operalor or Government

Authorities may inspect the Plant in connection with their performance of, and exercise of

their rights under lhis Agreement, the other Sierra Leone Documents and the Law.

(c) Tho Offtaker shall not, and shall procure that no representatives conducting an inspection

under paragraph (b) interferes with the performance of the Generato/s obligations under

the Prorect Docum6nts.

(d) The Offtak6r shall comply, and shall procure that all representatives conducting an

inspection under paragraph (b) comply with the reasonable instructions of the Generator

or its contractors in relation to safety and security.

(e) Each Party shall keep complete and accurate records and all other data required by each

of them for the purposes of proper administration of thls Agreement and the other Sierra

Leone Documents, including an up-to-date operaling log, and records of:

(a) The Generalor shall obtain and maintaln in full force and effect the mlnimum levels of

insurance cover specified in Schedule 9 (lnsurance) wlth reputable insurers, unless and

to tho extent that such cover is not available on reasonable commerclal terms.

@2

(i) Reactive Power production for each Hour, frequency and 33 kV bus voltage at all

times:

(ii) changes in operating status, emergencies, Scheduled Outages and Forced

Outages;

(iii) any unusual conditions found during inspections; and

(iv) other matters agreed by the Operating Committee

(f) The Offtaker shall have the right, upon reasonable prior wrltten notice lo the Generator, to

examine and/or make copies of the records and data of the Generalor referred to in

paragraph (e) at any time during normal office hours during the period such records and

data are required to be maintained.

(S) All records refered to in paragraph (e) shall be maintained for a minimum of 10 Years

after the creation of such record or data and for any additional length of time required by

Law.

10.5 Sierra Leone Local Content Policy

The Generator shall comply with the requirements set out in Schedule 10 (Sierra Leone Local

Gontent Policy).

10.6 Secondment of employees

The Offtaker and lhe Generator intend to negotiate and enter Into an agreement for the

secondment of staff from the Offtaker to the Generator or the O&M Contractor wilh effect from

the Phase I Commercial Operation Date.

10.7 Security

(a) The Generator shall lake such measures as are required for ths securily of the Plant.

(b) The Ganerator may contract with a private socurily company for the provision of security

guards and surveillance by closed circuit television camoras for the protection of the

Proiect Sites from trespass and any criminal public order offence.

(h) The Generator shall not dispose of or destroy any records vvhere it ls permitted to do so

by paragraph (g) without 12 Months prior witten notice (generally describing the records

or data to be destroyed or disposed of) lo the Offtaker, and the offtaker may receive such

records in lieu of such disposal or destruction by giving at least 30 Days prior notice to

the Generator before to the expiration of the l2 Month period.

10.8 Subconlracts

(a) The Generator may perform its obllgations under this Agreement through subcontractors

of any tier, including each EPC Contractor and each O&M Contractor, provided that the

appointment of any contractor by the Generator or subcontractor by the contractor shall

not relieve lhe Generalor of any of ils obligations or liability ln relation to the Generation

Proiecl under this Agreement or other Sierra Leone Documents.

(b) The Generator shall give at least 30 Oays prior notlce to the Offtaker of any change to the

identity of an EPC Contractor or O&M Contractor.

10.9 Beneficial Change ln Law

(a) lf there is a Change in Law which results in a Financial Beneflt to the Generator, thg

Offtaker shall deliver a notice to the Offtaker within 30 Days of becoming aware of that

Financlal Benefi t, specifying:

(D the cause and amount of the Financial BBnefit that it reasonably considers to be

attributable to the Change in Law; and

(iD the Offtake/s proposed mechanisms for claimlng the benefit of the Flnancial

Benefit.

(b) Within 10 Days of delivery of a notice under paragraph (a), the Parties shall meet at the

offices of the Offtaker in Freetown to discuss the sub.iect matter of the notice and seek in

good faith to agree the amount of the Financial Benefil.

(c) The Generator shall pass the Financial Benefit to the Offtaker by a lump sum payment to

the Offtaker in th€ case of an upfront Financial Bonefit or an adjustment to the Capacity

Charges and/or Output Charges in the case of other Flnancial Benefits, in either case

structured so as to preserve:

(i) the Generator's minimum and average debt service and loan life cover ralios as

forecast immediately prior to the Financial Benefit being realised; and

(ii) the rate of return anticipated by the Generator's shareholders immedlately prior lothe Financial Benefit being realised,

in either case as demonstrated by the Generator's financial model.

(d) lf the Parlies have not agreed the amount of the Financlal Benefit, the reimbursement

mechanism or the calculation under paragraph (c) withln 60 Days of delivery of a notice

under paragraph (a), the Offtaker may refer those matters for Expert Determination.

54

'10.10 Liability for damage to property, doath and personal injury

(a) The Generalor shall hold harmless and reimburse the Offtaker Parties from and against

all Losses to the extent that:

(i) lhose Losses result from damage to property, death or personal injury;

(ii) the damage to property, death or personal injury refer,ed to in paragraph (i) results

from elther the breach of thls Agreement by the Generalor or one or more

negligent acts or omissions of a Generator Party that is connected with the

Generation Project;

(iii) lhose Losses are nol caused by the negligence, masconduct or breach of contract

of any Offtaker Party or the failure of any Offlaker Party to take reasonable sleps to

mitigate such Losses; and

(iv) in relation to Losses resulting from damage to property, the amount of those

Losses does nol exceed US$500,000 (or its equivalent in any currency) arising out

of any one occurrence.

(b) The offtaker shall hold harmless and reimburse the Generalor Parties from and against

all Losses to the extent that:

(D those Losses result from damage to property, death or personal injury;

(ii) the damage to property, doath or personal injury refened to in paragraph (i) results

from either the breach of this Agreement by the Offlaker or one or more negligenl

acts or omissions of an Ofltaker Party or a high voltage customer connected to the

New Transmission Facilities (if any) thal is connocted with the Generation Project;

(iii) those Losses are not caused by the negligence, misconduct or breach of contract

of any Generator Party or the failure of any Generator Party to take reasonable

, steps to mitigate such Losses; and

(iv) in relation to Losses resulting from damage to property, the amount of those

Losses does not exceed US$500,000 (or its equivalent in any ourrency) arising out

of any one occunence.

(c) Each Party shall notify the other Party in writing of any evenl that may result in a Loss

requiring reimbursement under lhis Clausa 10-10 as soon as the first Party becomes

aware of thal event but a failure by the Pa(y suffering Losses to so notify the reimbursing

Party shall not reduce the reimbursing Partys obligations under this Clause 10.'10, except

to the extent that the reimbursed Party's delay increases its Losses.

(d) A reimbursing Partys liability under paragraph (a) or (b) with respect to any Loss

consisling of a third party claim shall arise only upon:

(i) the settlement of lhe Loss by the reimbursed Party with the prior written consent of

the reimbursing Partyi or

and the reimbursing Party shall reimburse the other Party in respect of that Loss within 30

Days after notice from the other Party that it has paid the claim pursuant to that

settlemer , iudgment or award.

10.1 1 Financial model

(a) The Parties acknowledge and agree that as at the Signing Date the Generator's financial

model was indicative only, and that the Generator envisagbs linalising a flnancial model

at Financial Close for Phase land updating it at Financial Close for Phase ll and

Financial Close for Phase lll.

(b) The Parties agree that the financial model will:

(i) accurately and fairly reflect the 128MW Generation Project; and

(ii) be prepared in a manner which reflects best international project finance practice.

11.1 Notice of Force Majeure Event

(a) A Party that is prevented, hindered or delayed in performing any of its obligations under

thls Agreement by a Force Majeure Event shall deliver a notice to the other Party wlthin

10 Days of the dale on which it became aware of the effect of such ovent, or within 10

56

(ii) the giving or making of a judgment or award with respect to the Loss by a court or

tribunal of competent iurisdiction which either cannot be appealed or where the

time limit for lodging an appeal has expired,

(c) The Gonerator shall pmvide the Offtaker with a soff copy of each financial model no laler

than 30 Days after the relevant Financlal Close. lf lhe Oftaker, acting reasonably,

believes that the financial model does not conform with the requirements of paragraph

(b), then the Parties shall meet as soon as is reasonably practicably to discuss in good

faith whether any changes need to be made to the financlal model to make it conform

with tha requirements of paragraph (b). lf the Parties do not reach agreement within 00

Days after the relevant Financial Close, then either Party may refer the matter to Expert

Delermination.

11 Force Majeure Events

@4

Days of the date on which it oughl reasonably lo have known its performance would be

so impacted, specifying:

(i) the event or oiroumstance that Gonstitutes the Force Majeure Event in reasonabls

detail;

(ii) the impact or anticipated impact of the Force Majeure Event on lhe affected Partys

performance of its obligations under this Agreement:

(iii) the affected Party's reasonable estimale of the duralion of impaot of the Force

l\4ajeure Event on the affected Party's performance of its obligations under this

Agreemenl; and

(iv) the steps that the affected Party has taken, is taking or intends to take under

Clause 11.2 (Mitigation).

(b) ll a Paiy does not deliver a notice when required undsr paragraph (a), the protections

available to that Party under this Clause 11 in relation that Force Majeure Event shall

apply only from the time when such a nolice is delivered.

(c) For so long as a Party continues to claim to be affected by a Force Majeure Event, it shall

provide weekly progress reports to the other Party in relatlon to:

(i) the affected Partys reasonable estimate of the length of time its performance will

continue to be affected by such Force Maieure Event: and

(ii) the actions taken and actions proposed to be taken by lhe affected Party in order

to mitigale the impact of lhe Force Majeure Event.

(d) A Party affected by a Force Majeure Event shall notify the other Party immediately in

writing of the time when it conslders the Force Majeure Event to have ended-

'11.2 Mitigation

(a) A Party that is prevenled, hindered or delayed in performing its obligations under this

Agreement by a Force Maieure Event shall:

(i) use its reasonable efforts to mitigate the eflocts of that Force Majeure Event;

(ii) perform such of lts obligations as are not prevented, delayed or hindered by that

Force Majeure Evenl; and

(iiD resume full performance of its obligations under thls Agreement as soon as

reasonably practicable after that Force Majeure Event ceases to prevent, delay or

hinder such performance.

57

(b) Notwithstanding any other provislon of this Agreemenl, a Party shall be entitled to the

protections available to it under this Agreement in relation to a Force Majeure Event only

to the extent that it has complied with its obligations under paragraph (a) in relation to that

Force Maieure Event.

1 1.3 Non-performance excused

(a) Except as provided in paragraphs (b) and (c), a Party shall be excused from performing

its obligations under this Agreement to lhe extsnt that its failure to perform those

obligations is caused by a Force Majeure Event.

(b) The suspenslon of performanco shall be of no greater scope and of no longer duration

than is required by the Force Majeure Event, plus a reasonable additional period to

enable the affected Party to remobilise followlng the dale on which the Force Maleure

Event ceases to render the affected Party unable to perform lts obligations under thls

Agreement.

(c) Nothing in this Clause 11 shall excuse

(i) any failure to pay money; or

(ii) any failure or delay to the extent that such failure or delay would nevertheless have

been experienced by that Party had the Force Maieure Event nol occurred.

11.4 Payments during Force Majeure Events

(a) lf the Offtaker is affected by a Force Majeure Event (including unavailabilily of the Grid or

lhe New Transmission Facilities), it shall continue to pay Capacity Charges in accordance

with Clause 8 (Sale and Purchase of Net Dependable Capacity and Net Output).

(b) Nothing ln this Clause 11 shall require the Offtaker to pay the Output Charge for Net

Output that is not actually delivered in accordance with this Agreement.

11.5 Extension of Term

(a) lf a Force Majeure Event occurs on or after the Phase I Commercial Operation Date and

prevents the Generator from making available the Net Dependable Capacity of Phase l,

the Phase lTerm (and thereby the date on which the Capacity Charge steps down under

Clause 8.2 (Payments for Phase I following expiry of Phase I Term)) shall be €xtended by

a period of time equal to the duration of the Force Majeure Event.

(b) lf a Force Majeure Event occurs on or after the Phase ll Commercial Operation Date and

prevenls the Generator from maklng available the Net Dependable Capacity of phase ll,

nderthe Phase ll Term (and thereby the date on which the Capacity Charge steps d

6@'

Clause 8.4 (Payments for Phase ll folloWing expiry of Phase ll Term)) shall be extended

by a period of time equal to the duration of the Force Majeure Event.

(c) lf a Force Majeure Event occurs on or after the Phase lll Commercial Operation Date and

prevents the Generator from making availabie the Net Dependable Capaclty of Phase lll,

the Phaso lll Term and the Term shall be axtended by a period of time equal to the

duralion of the Force Majeure Event.

'11.6 Exclusions from Force Majoure Events

The following events, circumstances or conditions shall not constilute a Force Majeure Event:

(a) strikes, lock-outs, lndustrial disputes, industrial difliculties, work bans, blockages,

picketing or other industrial action solely or primarily by employees of the affected Party

or its subcontractors of any tier;

(b) any failure to lake into account prevailing ground conditions (including geological

conditions) that should have been toreseen by the use of Good lndustry Practice based

on the information actually available to the Generator as at the Signing Date:

(c) lack of funds due to any commercial, economic, or financial reason, including the

Generator's inability to achieve a satisfactory rale of return;

(d) failure or delay of performance by a subcontractor (including a Fuel Supplier), excepl to

lhe extent that such failure or delay is itself caused by a Force Majeuro Event.

'11.7 Exclusion of general law force majeure principles

No Party shall be excused from performing its obligations under this Agreement by any

unforeseen event or circumstance, nor any event or circumstance beyond its conlrol except as

expressly set out in this Agreement.

12 Offtaker Risk Events

1?j Notification of Oftaker Risk Event

lf the Generalor is prevented, hindered or delayed in performing any of its obligations under this

Agreemenl by an Offtaker Risk Event, it shall deliver a notice to the Offtaker within 10 Days of

the date on which it became aware of the effect of such event or within 10 Days of the date on

which it ought reasonably to have known its performance would be so impacted, specifying:

(a) the event or circumstance that constitutes the Offtaker Risk Event in reasonable detail;

5g

(b) the impact or anticipated impact of the Offtaker Risk Event on the Generator's

performance of its obligations under this Agreement;

(c) the Generator's reasonable estimate of the duration of the Offtaker Risk Event on the

Generator's performance of its obligations under this Agreement;

(d) the action that it has taken, is taking or proposes to take under Clause 12.2 (Mitigation);

and

(e) ils cunent estimale of any Loss that may be caused by the Oftaker Risk Event.

12.2 Mitigation

(a) The Generator shall:

(i) use its reasonable efforts to mltigate the effects of an Offtaker Risk Event;

(ii) perform such of itsrobligations as are not prevented, delayed or hindered by that

Offtaker.Risk Event; and

(iii) resume full performance of its obligations under this Agreement as soon as

reasonably practicable after that OFftaker Risk Event ceases to prevent, delay or

hinder such performance.

(b) Notwithstanding any other provision of this Agreement, tho Generator shall be entitled to

the protections available to it under this Agreement in relation to an Offtaker Risk Event

only to the extent that it has complied with its obligations under paragraph (a) in relation

to that Offtaker Risk Event.

12.3 Non-performanceexcused

(a) The Generator shall be excused from performing its obligalions under this Agreement to

the extent that its failure to perform those obligations is caused by an Offtaker Risk Event,

provided, however, that no relief shall be granled to the Generator pursuant to this

Clause 12 to the extent thal such failure or delay would have nevertholess been

experienced by the Generator had such Offtaker Risk Event nol occuned.

(b) The suspension of performance shall be of no greater scope and of no longer duration

than is required by the Offtaker Risk Event, plus a reasonable additional period to enable

the Generator to remobilise following the date on which the Offtaker Risk Event ceases to

render the Generator unable to perform its obligations under this Agreement.

@.

12.4 Capacity Charges if an Annual Tesl or Additional Test cannot be conducted

(a) lf an Offtaker Risk Event prevents or delays an Annual Test or Additional Test from being

Duly Completed, paragraph (b) shall apply to the calculation of Capacity Charges from

the Day on which the Annual Test or Additional Test would have been Duly Completed

but for the Offtaker Risk Event unlil the earlier of:

(i) the Day on which an Annual Test or Additional Test is Duly Completed;

(ii) the Day on which an Annual Test or Additional Test is conducted but is not Duly

Completed other than due to an Offtaker Risk Event; and

(iii) the Day on which this Agreement is terminated.

(b) Capacity Charges for the period referred to in paragraph (a) shall be calculated and paid

in accordance with this Agreement, €xcepl that the Net Dependable Capacity shall be

deemed to be equal to the Net Dependable Capacity eslablished by the most recent COD

Test, Annual Test or Additional Test Duly Completed before the Generator was affected

by the Offtaker Risk Event.

(c) lf the Net Dependable Capacity established by the next Annual Test or Additional Test to

be Duly Completed after the Generator is no longer affected by the Offtaker Risk Event is

less than the deemed Net Dependable Capacity used to calculate Capacity Charges

under paragraph (b), the Generator shall repay to the Offtaker a proportion of the

Capacity Charges paid by the Offtaker under paragraph (b) attributable to 50 per cent of

the differencd between those two Net Dependable Capacities.

(d) Any Dispute with respect to when an Annual Test or Additional Test would have been

Duly Completed but fo[ an Offtaker Risk Event or the calculation oI Capacity Charges

under this Clause 12.4 shall be seftled by Expert Determination.

(a) lf an Offtaker Risk Event occurs or is continuing afler th6 Phase I Commercial Operation

Date and adversely affects tho Generatofs ablllly to make available the Net Dependable

capacity, paragraph (b) shall apply to the calculation of capacity charges in respect of

each Hour during whlch the Generator's ability ls so affected.

(b) Capacity Charges for the period refened to in paragraph (a) shall be calculaled and

involced in accordance with this Agreement, except that:

(,) the Net Dependable Capacity; or

61

12.5 Capacity Charges if availabilily of Net Dependable Capacity is advercely affecled

(iD if Clause 12.4 (Capacity Charges if an Annual Test or Additional Test cannot be

conducted) also applies in respect of that Hour, the Net Dependable Capacity

established by the most recent COD Tesl, Annual Test or Additional Test Duly

Completed before the Generator was affected by the Offtaker Risk Event,

shall be deemed to be available in respect of each Hour of that period.

(c) lf the Offtaker Risk Event affects only part of the Plant, then the Capacity Charge during

the event shall be the sum of:

(i) the payment described in paragraph (b), pro-rated to re{lect the part of the Plant

affected by the Offtaker Risk Event; and

(ii) the Capacity Charge calculated in accordance with Schedule I (Tariff), pro-rated to

reflect the pari of the Plant not affected by the Offtaker Risk Event-

(d) Any Dispute with respect to the calculation of Capacity Charges undet this Clause 12.5

shall be settled by Expert Determination.

12.6 Output Charges unaffected

For the avoidance of doubt, nothing in this Clause 12 shall require the Offtaker to pay the

Output Charge for Net Outpui that is not actually delivered in accordance with this Agreement.

12.7 lncreased Costs

(a) lf the Generator incurs or believes that it is likely to incur Increased Costs, il shall:

(i) deliver a notice to the Offtaker within 30 Days of becoming aware of such

lncreased Costs or forming such a beliei speciffng:

(A) the cause, nalure and amount or anticipated amount of such lncreased

Costs in reasonable detail;

(B) the steps lhat lhe Generator has taken, is taking or intends to take to

mitigate the lncreased Costs; and

(C) the Generator's proposed mechanisms for funding the lncreased Costs and

for reimbursement of the lncreased Costs by the Offtaker; and

(ii) use its reasonable efforts to mitigate the lncreased Costs

(b) The Generator shall be entitled to the protections available to it under this Clause 12.7

only to the extent that it has complied with its obligations under paragraph (axii).

@v

(c) Within 10 Days of deliverl, of a notice under paragraph (a), the Parties shall meet at the

offices of the Offlaker in Freetown to discuss the subiect matter of the notice and seek in

good faith to agree the amount of lncreased Costs.

(d) The Offtaker shall reimburse the Generator in respect of the lncreased Costs by way of a

lump sum payment to the Generator in the case of lncreased Costs that are capital costs

or by way ol an adjustmeni (o the Capacity Charges and/or Output Charges in the case of

lncreased Costs that are operating costs, in eilher case structured so as to preserve:

(i) the Generator's minirnum and average debt servlce and loan life cover ratios as

forecast immediately prior to the lncreased Costs being incurred: and

(iD ihe rate of return anticipated by the Generator's shareholders immediately prior to

the lncreaseci Costs being incurred,

in either case as demonstrated by the Generator's financial model.

(e) lf the Parties have noi agreed the amount of lncreased Costs, the reimbursement

mechanism or the calculation under paragraph (d) within 60 Days of delivery of a notice

under paragraph (a), the (lenerator may refer those matters for Expert Determination.

13.1 Reinstatementobligation

lf a Casualty Occurence occurs, the Generator shall repair and reinstate the Plant to the extent

required under this Clause 13.

13.2 Financial resources for reinstatement

The Generator shall pursue all rights of compensation and indemnity with respect to a Casualty

Occurrence, compromising such claims as it reasonably sees fit.

13.3 Reinstatementdetermination

(a) As soon as reasonably 1:,r'acticable after a Casualty Occunence occurs, the Generator

shall determine whether the following financial resources are sufficient to enable the

Generator to reinstate the Plant or part of the Plant that is affected by the Casualty

Occurrence on an economically feasible basis:

compensation recoverable from

Occurrence;

third parties with respect to the Casualty(i)

63

13 Reinstatement of phvsical damage

(ii) physical damage jnsurance proceeds available with respect to the Casualty

Occurrence; and

(iii) sums payable by the Offtaker under Clause 12.7 (lncreased Costs) with respect to

the Casualty Ocr;urrence, where it was caused by an offtaker Risk Event,

in each case to ihe e){tent those sums are permitted by the Finance Documents to be

applied to reinstatement.

(b) As soon as reasonablv practicable after a Casualty Occurrence occurs, the Generator

shall notify the Offtaker of its determination under paragraph (a), providing reasonable

detail of the basis of its determination.

13.4 Positivereinstatementdetermination

(a) lf the Generator determines under Clause 13.3 (Reinstatement determination) that the

Plant or part of the Plant affecled by a Casualty Occurrence can be reinstated on a

commercially feasible basis, the Generator and the Offtaker shall use their reasonable

endeavours to agree a programme of reinstatement works.

(b) The Generator shall use its best endeavours to implement a reinstatement plan agreed

by the Parties under paragraph (a).

13.5 Negativereinstatemenldeterminalion

(a) lf the Generator determines under Clause 13.3 (Reinstatement determination) that the

Plant or part of the Plant affected by a Casualty Occurrence cannot be reinstated on a

commercially feasible basis, either Party may terminate this Agreement in accordance

with Clause 14.5 (Termination following Casualty Occurrence).

(b) ll the Offtaker disputes a negative reinstatement determination made by lhe Generator

under paragraph (a), the Offtaker may refer the Dispute for Expert Determination.

13.6 Other remedies unaffected

For lhe avoidance of doubt, nothing in this Clause '13 shall alfect lhe Generalor's other rights

under this Agreemenl, including its right to receive Capacity Charges calculated based on

deemed completion oi lhe Plant or deemed avallability of the Net Dependable Capacity

following a Casualty Occurience caused by an Offtaker Risk Event.

64

I

i

99

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89

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ro :aceld u! Ind s1 ealuereno -,;st.r lErued aql (l)

:roue sqluorx

9 slle] leql alep eq1 [q paqoeor ueaq lou seq I aseqd ]o] asolC lEroueu!:l Jt solued raqlo

eql o] uo[euruJal ,o ecllou ueuuir 6u!^!6 {q lueulaaroy slq] olBurur.ts} ,{eur {ye6 {uy (p)

'uo[eurtxraleQ

Uadxf ol J€Ieu, oql Jeld ^ew

IuEd iaqlle uaql 'slsoo lueurdolara6 slnlllsuoc

lou op sa^allaq JaleUO stll leql qsoc pgolo u! ^up

lo lrelop nr pue ^lln,

lolelaueg

eql ^,tlou

pue slsoC luaudop^ae aql lpne ol s{eo oe a^eLl lleqs luauuJa^o9 aq1 (c)

'ac!olu! ue lo uollBluasa:d 1o s[e6 gg urqy,a

slso3 luaurdola^ao aql lo luoc rod 09 ro] sreploqoreqs aql pue roleieuag aql eslnqureJ

lleqs lueuure^oe eql ueql 'uoddns IpoJC aql ulelqo o1 luaurearov stql rapun suo0eorlqo

sU ql!^ IFuroc ol arnflp] s,]uourura^o9 eql ol olqElnq!4le se^ uo,Jdns llparC aql urelqo

ol oJnlle, aql fi '^Ued raqlo oql ol uoteuruJel ,o acnou ue11mr Oumr6 Iq luauoaJ0v

slql aleurulal ^eu

IUed €qlra 'oleo o^llcej]S aql JollE sqluour (Z[) o^lo ^]

oulllpl

elep eql uo (yoddns llpo], aql':aqle6ol) ernlcnJls luauocuequa llparo a^lleuJolle

apeluBq eql ro ealuereno Isu lerued IUeg ppoM aql peulelqo lou seq lueuruE og eqt ]l (q)

.olPo

ouruors aql laue sqtuou.r Z! ulqllM pel.lncoo lou seq aleo o^!l3e.U:l aql I sarl.led ror.llo

eql ol uolteulurol lo acllou uallu/r 6ur^l0 Aq luetuae.Ey srql steLrural Aeu [ye6 req43 (e)

selep do;s6uo1 A rl

69

tsnl) e Inpaqcs u! lno las suoll

'(suouec4rcadg

eculcads aql ql!/n ^ldruoo

tou soop leqt lanl lcolor (q)

pue :rolerouog aql Iq paulelureu ^cr;od

acuernsul r{ue atertn plnoiu }eq} 6ulqy(ue op lou (0)

:sluorunooc acuBuU oql rapun

llnelap ]o luola ue olnylsuoc ro Jo qcearq ur rolerauag aq1 1nd plnor* 1eq1 6u;qp{ue op 1ou (])

:,1el aql lo qoea]q ur roleJauae aql lnd irlno/'^ leql outql^ue op lou (a)

islqOrU uFdals leuorleJadO a.l) 6utstr.roxa Jo slsoc olqeuoseaJ

s,JaIeUlO aql Jo] uollcnpap ol lcafqns 'luor-uoar6v slql lapun elqe^ed slunoue Jaqlo pue

saoreqC lndlno 'luo^3 urdals leuolleredo eql ]o acuarncio aql o] Joud ^lalerpauull

a;qec1;dde ^lrcedeC

alqepusdaq laN oql uo poseq sa6reqC ^llcedeg ^ed

ol anuquo3 (p)

:sluouncoo lcafoJd aql repun suorlBorlqo s,rolerauae aql ]o lle ujro.pad (c)

:lauuosrad palllenb ^lluopl#ns

lo raqunu eienbape ue r(q pauleluleul

pue palBrado oq ol luBld 6ql oulsnec,{q ourpn;cur 'a3lloerd ^4snput

pooe qlr.4,\ Ildtxoo (q)

Y^e-I olll qlr/v\ Ilduroc (e)

:lteqs JaleUlO aql 'slqoru uFdols lBUo[ejado aql 6u!sroJaxa ul

Llr-dals 6uunp suolleorlqo s,JaIelJlO Z'91

'ssl}led a9uEulJ eql Jo luasuo, uallluvr .ror.:d aql qyrn ueql :aq1o

'luauiaoJov paJlo Vdd oql repun popad uydals ^ue

6upnp s1q6ry ur-da1g ;euo11e:ed6

aql aslcraxo ol anulluoc Jo oslcJaxo 1ou r{eu releg;g aq1 pue lueu:aa:0y lcaJl6 Vddaql iapun slq6u uFdals,se0red eoueull eqt ol pehns are slqorE uFd3ls leuooeJodo aql (q)

'lueld aql lo ocueuerureur pue uo11e:ado

JaAo alel pue alls lueld sr.ll reluo'JoteJguag aql ol ocrlou ,srnoH ?Z lspol le oul^b

rarye 'rieur ra)elgo aql 'sjnseo lua^f u!-dols leuo[erado ue ! '(q) qderoeted o1 lcelqng (e)

slqorg ur-da1g :eyeg6 L 9 t

ul-elals leuollPrado lolElJlo gt

'luourdrnbo 6uuerauaO leql

Jo luaurlearl aql qlrel poo6 u! ssncstp ol lec[ceJd ,{;qeuoseel st sB uoos se loauj 'luoruaoiov

s|q1 1o r{rgdxa Jo uoD"ulr.xtol uo 'lpqs salued aq} '(c)[ e asnplC qll4\ ocueplocce ut pop!^old

uaeq seq ,{lcedec uopereuab lJerodual Jo Ml lO, }l ^ldde

11eqs (suo1s1no.r6 Lanopueg) y1

alnpaqcs pue '(uollEulr.r.uol uo JolsuBJI) I l alnpoqos ur lno las sural oql uo pue ropun pallnboJ

15.3 Generator's obligations durinc, step-in

The Generator shall cooperate with the Otftaker in all reasonable respects in connection with

the exercise of the Operational Step-in Rights but shall not be required to operate or maintain

the Plant whilst the Employer is exercislng the Operational Step-in Rights.

15.4 lndemnity

The Offtaker shall indemnify and hold the Generator harmless from and against:

(a) the reasonable costs oF cleaning and rectifying damage to the Plant caused by the

Offtaker Parties in exercising the Operational Step-in Rights: and

(b) any other Loss incurred or suffered by the Generator in conneclion with the exercise of

the Operational Step-irr Rights.

15.5 End of operational step-in

The Offtaker shall cease to exercise the Operational Stbp-in Rights and the Generator shall

resume the operation and maintenance of the Plant when the Generator has demonstrated to

the reasonable satisfaction of the Offtaker that the Generator is ready and able to resume

operation and maintenance oi the Plant in accordance with this Agreement.

16 Representations

16.1 Governmentrepresentalions

The Government represents to the Generator that the following matters are true in relation itself

as at the Signing Date:

(a) it has the powef to execute this Agreement and to exercise its rights and perform its

obligations under it and has obtained all necessary authorisations to do so;

(b) the person signing ttris Agreement on its behalf has the power and authority to do so;

(c) this Agreement has been validly executed on its behalf;

(d) this Agreement is legally binding on and enforceable against it; and

(e) this Agreement constitutes its private and commercial act

16.2 Representations by other Parties

Each Party (other than the Government) represents to the other Parties that the following

matters are true in relation to itself as at the Signing Date:

@,

(a) it is duly incorporated and validly existing under the laws of its place of incorporation;

(b) it has the power to execute this Agreemenl and to exercise its rights and perform its

obligations under ii and has obtained all necessary internal aulhorisations to do so;

(c) this Agreement has been duly executed on its behalf;

(d) this Agreement is legally binding and enforceable against it;

(e) except as disclosed to the other Parties before the Signing Date, no litigation, arbitration

or administrative proceedings is taking place which could have a malerial adverse effect

on it;

(f) this Agreement constitutes its private and commercial act;

(S) the execution and performance of this Agreement will not violate any laws or orders

binding on it or any of its constitutional documents; and

(h) it is not in default under arry agreement or arrangement to which it is a party or by which it

is bound in any manner that would have a material adverse effect on its ability to perform

its obligations under this Agreement or the validity or enforceability of this Agreement.

17 Governing law and Disprltc resolution

17 .1 Governing law

This Agreement and any Dispute or Claim arising out of or in connection with it or its subject

matter or formation (including llon-contractual disputes or claims) shall be governed by and

construed in accordance with the laws of England and Wales.

17 .2 Dispute resolulion

(a) Resolution by Consultation

(i) ln the event that there arises between the Parties any Dispute, the Party wishing to

declare a Dispute io the olher Party shall do so by a wrilten notice stating the

issues(s) in dispute ("Notice of Dispute").

(iD Within 20 Business Days lrom delivery of a Notice of Dispute, the Parties shall

attempt in good faith to settle the Dispute by negotiations among the authorised

representatives of each Pa.ty which shail inciude at ieast one Senioa Execuiive ot.)

behalf of each P;rrty. A "Senior Executive" means any individual who has

authority to negotiate the settlement of a Dispute or Claim for or on behalf of a

Party

71

,''-/a":

,.j,,.'

ZL

quol ourllos sleualeu ual!J/!\

(sacrroN) !'g! osnelC ur ssarppe 6ql le ^!ed

oulpuodsag eq1 pue r.radxe aq1 qloq

ol lruJqns uadxo aq1lo luatulurodde aql ]o s^po 0g ulqll^^ lleqs ^Ired

ourtertru; aq1 (,r)

'uonecrlddy qcns 10 elep eql uorj s,iep t l. ueqt ralel

lou Jo pouad e ulqlrn Uadxa oql luroddE lleqs VIO-I eq1 (i{qdei{ aq, uo[ec ddv

eql ur luecnddv aql ^q

peger s:alteur ,(ue o1 ,t1der e lue3rlddv eql ol ^doo

snoauellnurs ql!/v\ 'VlCl eql ol puos lpqs sarued ro ^llEd

Jsrllo eql 'uorlmrddv

oql Jo ocrruos lo sfep Z ulqlrl 'sorued Jo Iyed Jeqlo aql ol ^doc

snoouellnuls

q1m '1ledxa aql Ou1celes Jo sesodJnd oql ro, VIC'I oql ,o uo!]u3ue aql ol Ouuq

ol seqsm^ uo0ecllddv aql ouuBur &red eql lBql sJolleur ^ue

lno ouulas pue alndsrp

aql Jo ocuelsunom pue ornleu o$ Ourqpcsap lueuolels Jauq e pue luouJoar6v

srql Jo ^doc

e Oulsolcuo '(uo$Bcllddy oq, alndslg lecluq3al eql aururalep ol

Iodxo ue lurodde ol VlO"l eql ot 6un!m ur ^ldde ^eu

IUed :aq11e 'aotoe os rolpue

laaul ol olqeun a.re salued aql ]l 'uadxa aql aq ol uosrad e uodn aa:6e o1 s,{e6 91

]o pouad e urqlh qlrel poo6 u; ssncslp puE leau lleqs solued oq) 'olqelderJe ]ou

s! uosJed eqt leql ^Ued

6une;y1u1 aq1 sar]llou Jo puodseJ ol s1rel {ye6 oulpuodseg

aql I '€lqeldecce s1 r(ye6 oullelllut otll ^q

pasodold yedxe aq1 raqlaqm

^ued oulelllul aql

^]!lou 'Uedxo ue o] a]ndslo lecluqcal aql fiuruuJqns acllou

uollj/v\ qons ss^lacar l! elep aql Jo sAeO ue^as urql /r 'lleqs Aued Durpuodsau oqf (^D

'Uedxe aql aq ol sasodoJd l! uosled oq] outleulurou

pue uodxe ue ol olndsrc lEcruq3ol oqt oururuqns sr I 1eq1 ouuels sxrlou uolllr,rv\

e q1m (rgre6 Eulpuodsou aql) selued ro ^ued

.rotllo oql apr^o.rd lleqs uedxo oql

ol (i1rEd 6u$e!l!ul aql) alndsrq leelutpal aql lo uolssluqns Buryerlrur [pe4 eq1 (ttt)

'elndsro lecuqcel eql u! pa^lo ul ^Ued

/iue lo rolce4uoo

ro aoAoldua 'lua6e JauJJol e lo Jol3e4uoc Jo 'aelodua 'lua6e ue aq lou lleqs pue

salelar alndslo leouqcal qcns qclqM ol ee.le eql u! esluedxo a^eq lleqs tEdxe eql (l!)

'(q) qde roered srql

ql!/v\ ocuepJocce u! Uadxe ue,{q perr;oser [||eug pue o] poJra]ar aq ;1eqs elndsr6

lmluqcal qcns ueql (uonellnsuoC r(q uo!!nlosa6) (e)7 21 asne13 ! lllri\ eeuepJooee

ul elndslo lecruqcel e a^losar ol alqeun aJe sarued aql ler-l] lua^o aql ul (t)

uo[eurulolao uadx] (q)

{uoue4rqry Aq uonnlosau alndsrq)

(c)Z'l! osnelC ro (uolleulurJalao Uadx=) (q)zzt esnelC qllvr eouEprocoe ul

pa^losar sq ol olndsro aql Jolar ol paBrlua oq lleqs Aued ^ue

uaql 'ouq /v\ ur aaloe

AeuJ sa[.red e[]l sB polred Joouol qcns Jo s^eo ssaulsn8 0z urrll^ seupd ol.ll

1o sanpeluasaldal paslJoqlne oq) Iq poll)as oq louuEo elndsro aq1 1eq luene aq1 u1 (ID

ZL

quol 6ullles slelJoleu uollu^

(sacloN) !'BL esnelC u! sse:ppE eql le []red Burpuodseg oql pue t.radxe eq] q]oq

ol llurqns uadxo aql lo lueurlulodde a$ lo s,(ee 00 ulr.llM lteqs ^ued

6u1euru1 aq1 (,r)

'uooecrlddy qcns 1o olep eql LUor] s^pp Fl ueql ralel

lou lo porrod e ulqlyvr pedxe aql lurodde lleqs VlOl eq1 (rtldog aq1) uoqecrlddy

eql ur lumrlddv a$ ^q

pasleJ sre eu., ^ue

ol ^ldal

e luesrlddv eql ol ^docsnoauBllnurls ql!/vl 'VIC'I eql ol pues lleqs salued ro &Jed .raqlo eql 'uortB?rlddv

or,ll Jo ac!ruas 1o *(ep I urqlrM sorued Jo ^Ued

ror{lo aql o} ^doo

sno€uBllnurls

q1;rn'yadxe aq1 6ugce;es ]o sosodJnd et|l rol VlCl oql jo uorluolre eq1 o1 6ur.rq

ol saqsf'/\ uo[ecrlddv aq] outptu r{yed aql leql eaUEur ^ue

1no 6ur11as pue o}ndslp

aql ,o aouplsuncrc pue eJnleu aql Ourqucsap Juauolels,sr.rq e pue luauroar6v

slql Jo ^do3

e oulsolcuo '(uoJlec1;ddy aq, alndsro leoruqoa-L aql auru,ralop ol

Uedxa ue lurodde o] VIC'I aql ol 6u0tJ^^ ur ^ldde ^eur

IUed roqllo 'oar6p os Jo/pue

laau ol alqeun aJe sorued eqlJl Usdxa aql oq ol uosrad e uodn aa.roe ol sIeO 0|,

,o polJed e urqlh\ ql!e] poo6 ul ssncslp pue laau lleqs seuecl 3ql 'alqeldaoce lou

st uosled eql leql ,!red Ouueruul aql sarltou Jo puodser o1 spel I1;e4 6urpuodsau

aql ,l 'olqeldacce sr ^Ued

6uqe0rul aql ^q

posodo.rd uodxa aql raqlaq/v\

IUed 6ulp0rul oq &[ou 'Uodxa ue ol elndslg lecluq3af eql Dur1rulqns acllou

uallu^\ r.pns so^ro3o.l lr slep aqllo s^e6 uarras ulqlm'llErls A).red ourpuodseu eql (^D

'Uedxa aql aq ol sosodord lr uosJad aql 6u0euruou

pue Uadxa ue ot elnd$O lecluqoal eql 6ul1luqns s! l! teql Dutels aellou uoll!.lm

e qu/v\ (Iued oulpuodsou oql) seued ro ^ued

.rotllo or.{l apr^o.rd ;laqs padxs aq1

ol (^Ued 6u;1e11;u1 aq1) alndsq lecluqcal oql Jo uolssrurqns Duueurur ,!le6 aq1 (ltt)

'alndsrq le3rullcaf aqt ul pa^lo^u! ^lied ^ue

Jo rolcerluoc

ro aalopure 'lua6p Jsruro] e ro Jope4uoo Jo 'ee,(o;dua 'lue6p ue oq lou lleqs pue

soleloJ olndsro lecruqcal qcns qcrq A ol eaie 6ql ur asruadxa a^eq llEqs Uadxe aqf (!D

(q) qda6e:ed stql

tllli ecuepJoccE u! Uadxo ue i{q po^losej {11eu4 pue o} per.ro}a.r eq ;1eqs elndsrg

lecluqcel qcns uorll (uonqlnsuoC ^q

uolplosau) (e)7'21 asnel3 qlr/v\ ocuepJocce

u! alndsro leorurlcal E e^losol ol alqeun aje seued oql leql lua^a sql ul 0)

r-totleutLlJalaolJadxS (q)

'(uorte4rqry Aq uorlnlosou alndsre)

(c)Z'll asnelC ro (uolleuru alog Usdx=) (q)ZZl, asnet3 qlr/n acueprooce ul

pa^losar eq ol elndsro oql ralal ol pallluo aq lleqs ^!Ed ^ue

uaql '0u11r:ar u; aa:6e

^euJ soued aql sB pou6d Jaouol qcns Jo s^eo ssoulsng OZ u!Lll!^ sarued oql

Jo sa Dplu3sajdei pesDoqlne eql Iq poDles aq louueo elndsr0 aq1 1eq1 luaaa aql u| (rrr)

EL

osyv\Jaqlo soplcep Uadxa

aql ssslun 'ssscojd uoqEururalsp lsdx€ eql u! oulledl3ured ]o slsoJ u/v\o sI .leeq

llPqs ^UEd

qcef '6s!/\ raqlo saplcap Uadxa aql ssalun 'sarEqs lenba ur olndsro

lPcluHat oqt ol sa[red oql Iq au]oq aq lleqs uedve 3rll ^q

paxncur slsos llv (flx)

'ssruPd aql

uo ourpurq pue leuu oq lleqs pedxf eql ^q

alndsrc aq) Jo uorleurLuralap aql 'pnp4

.lo rolro lsalueur ]o oge] aql u! Jo salupd eql Aq ourIr/vr ur poaroE asuNaqlo sselun (tx)

ou, pu ersl',,^rou suoreo rqo, ",";;:Tl'Jff Hjl:: fffilff 'J:J:. *, (xD

'lolEJilqre ue se lou Uodxa up se

lce ll!^.\ Uadxe aql pue 'uo[ejlqre ue aq lou lleqs ssacojd uoueulu,r.talap yedxa eqf (!rr^)

'IUed Jaqlo aql ol ^Ued

qcns {q papurqns ^lsnoauellnurs

aq lleqs

uodxo orll ol ^lJed

e ^q

paluuqns s|e1:e1etu [uy a]ep retel e 1e {ye6 :eq1re {qpalluqns uorleulJolul lEuo,ltppe

^ue 'uolloJcslp s,uadxa 3lll ut 'puB pouad

^eo 0e

qcns urqlr^ IUed bulpuodsau aql ^q

pal}luqns uo[eu]olur qcns ^ue

Japrsuoo lletls

Uodxe aql 'IliBd oulleDrul aq1 {q padxe aq} ol papr^ord ler.raleur aq} o} uorltppe ul (I^)

uousod slued ourpuodsau aql ou0Joddns sluounrop ^ue

lo sordoc (C)

pue 'uorlrsod slued ourpuodsau aq] Jo luouolels E (g)

:slndsro lecluqcol aql lo uorlducsop e (V)

:(secuop) |, BI asnel3 ur sse.rppe 3t]t ]e ^Ued

ourlerlul

aql pue I.radxa aqt ol lruqns ^pru

IUed 6urpuodsau oql '(^) qderoErpd ur paqxcsop

slerJaleur aql paDluqns seq IUed 6uqe[ru; aq1 leql alep aql ]o SIBO 0g ulqllM (l^)

uopqsod slpe6 ouleuul aql ouruoddns sluau.,nooplo saldoc (C)

pue :uotllsod s,Iye6 6urlequ; aql ]o luauralels e (g)

:alndslO tecrurlcat aq lo uouducsop e (V)

r',

'e1ndsr6 lecruqcal oql ]o 4lrxalduJoo

pue lunoure aql ol pJeOaJ 6ul^eq 'alepdo.rddp Ilqeuoseal sJop!suoc lradxa

aql se ulJoJ qcns u! suoseal lo luauglels e ulBluoc lleqs uolslcop s,uadxa aql

pue salued aql ol oulu/r^ ur uolslcop Joq Jo slq anssr llEr.ls lredxa a$ luoulurodde

Jor.l ro slq lo alep oqt uroJ] s^ep 06 ueql Jalel lou luo^a luB ur pue'sourpaacoJd

uolleururJolap padxa aq1 ]o uolFlduroc JeUe olqecrlcerd ^lqpuoseaj

sB uoos sV (x)

(xiii) The place of the expert determination shall be London United Kingdom.

(xiv) The language of the expert determination shall be English

(c) Dispute Resolution by Arbiiration

(i) ln the event that ihe Parties are unable to resolve any non-Technical Dispute in

accordance with paragraph (a) (Resolution by Consultation), then Arbitration shall

be invoked by one Party issuing to the othe(s) a notice in writing invoking the

Arbitration (the "l'lotice of Arbitration") the parties shall refer the Dispute to be

finally resolvecl by arbitration as follows:

(A) lf either Sierra Leone has ralified the New York Convention by the date on

which the Notice of Arbitration is served or Sierra Leone has not ratified the

New Yr,rk Convention but the ICSID Centre or the ICSID Tribunal have

declined jurisdiction under Clause 17(2)(c)(i)B below, the Parties shall refer

and finally resolve the non-Technical Dispute by arbitration pursuant to the

Rules oi the London Court of lnternational Arbitration (the'LCIA Rules') in

accordance lvith Glause 17.2(c)(iv) which Rules shall be deemed

incorporatecl by reference into this Clause 17.2(cXiXA); or

(B) lf Sierra Leone has not ratified the New York Convention by the date on

which the albitration is invoked and the ICSID Centre and the ICSID Tribunal

accepl jurisdiction pursuant to the Convention on the Settlement of

lnvestment []isputes between States and Nalionals of other States, done at

Washington, 18 lt/arch 1965 (lhe "lCSlD Convention"), the Parties shall

refer and finally resolve the non-Technical Dispute by arbilration in

accordance with the Arbitration Rules ofthe ICSID Centre, the jurisdiction to

which the Pariies hereby consent and the Rules of which shall be deemed

incorporatecl by reference into this Clause 17.2(cXiXB).

(ii) ln the event that clause '17.2(cXi)B applies, the Parties further agree that:

(A) this Agreemenl is an "inveslment" for the purposes of Article 25 of the ICSID

Convention;

(B) the Grid Operatof is a "constituent subdivision or agency of a Contracting

State" for the purposes of Article 25(1) of the ICSID Convention;

(C) any Dispute shall Lre deemed to be a "legal dispute arising directly out of an

investmenl', for the purposes of Article 25(1) of the ICSID Convention and

the Partles expressly agree not to raise any arguments lo the contrary; and

74

9L

UE ued ro sa[Jed raqlo eql Jo suolleorlqo aql a3]ojro ol JcYpue pren P

[ue,ro luaurecrolua Jo/pue uopluOoca: aql Jo 's6urpasco]d uoneJtlqre oql

Jo ple ur Jepro Jaqlo Jo luar.xl-lcENe lej}rqJe-ord 'uorloun[ur lerlrqre-aJd e onssr

ol uor]3rpsunl sll ,o Unoc lualaduoc,{ue enpdap 01 pue}ur lou op salyed

aql '(^rxc)z'Zf asnelC slr-ll l.1lrr\ acuepJocJe ur uollerlq.re ot nuraarop ^€

(f)

:qsrl6uf aq lleqs soulpoaoord uolle.rllqle aq! Jo aoenouel aqlu.ropoury pe1ru1 'uopuol aq llBLls uo!]erlrqJe eql ]o aceld le6al .ro )eas oq1 (l)

:IUed Jsr.{!a

Jo lsonbar ua$U^ oql le UnoC VlCl aql ^q

polurodde eq llells roleJllqle

pJrql aql 'JolellqJe pumas eql ,o uorleurulou aql ]o slep (09) ^urql

urqp/v\

role4rqie prql e uodn aar6e o1 ;re; sJole4lqre poleulurou ,{ped orq aq1 1g (o)

:solnu VlC"l aq) qll,/v1 ocueprocce

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4

CECA Africa (SL) Limited

c/o TCQ

Mezzanine Floor

Building C16

Airport Road

Abu Dhabi UAE

P.O.B. 128295

Fax 0097126390565

Attention: Mr l(arim Nasser

The Generatr.,r

CECA SL Generation Limited

5'1A Main Motor Road

Wilberforce

Freetown

Sierra Leone

Fax 0023233846148,

Attention: Mr l(arim l.lasser

(b) A notice shall be deemed to have be€n received by a Party:

(0 if sent by ordinary post, on receipt at the current address referred to in paragraph

(a);

(ii) if delivered by hand or sent by registered post or internationally recognised courier

service, on deliver.y at the current address referred to in paragraph (a); or

(iii) if sent by fax, when a successful fax transmission report is generated, unless the

day the transmissiou report is generated is not a Business Day or it is generated

after 17:00 hours at lhe place of the recipient on a Business Day, in which case it

will be deemed to I)e [eLieived on the next Business Day.

(c) lf a Party does not notify the other Parties of a change to its details for service of nolices

in a timely manner, riotices shall be deemed to have been received two days after being

sent to the lasl current details referred to in paragraph (a).

(d) Any notice given in conneciion with this Agreement must be in English.

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anssr lleqs ^ued

oN (c)

'uo11e6;1qo IyleOuap!]uoc e ]o qceerq ur rieql asUwaqlo

Jauueu lerluopuu(xFuou e ul ocrnos Jaqtoue uor, fljed e ^q

parlnbce Jalel (C)

l\ye6 6uraraeer oql lo )lnel ou qonorql

uleuop Jrlqnd aql olu! orxoJ Alluenbesqns Jo uleuop cr;qnd sq1 ur ^pearle

(g)

:uollEtruoJu! ro slueuncop orll6u!^racar {yed eql ol u^ oul ^peaile

(V)

@

18.5 Remediescumulative

No remedy conferred by this Agreement is intended to exclude any other remedy available

under applicable law but:

(a) liquidated damages payable under Clauses 4.3 (Oelay liquidated damages - Phase l),

4.4 (Aelay liquidated damages - Phase ll) and 4.5 (Delay liquidated damages - Phase

lll) shall be the Offtaker's sole remedy for delay in achieving or failure to achieve the

Phase I Commercial Operation Date;

(b) liquidated damages payable under Clause 3.18 (Liquidated damages for Capacity

Shortfall) and deductions from the Capacity Charge under paragraph 2.1.3 of Schedule I(Tariff) shall be tho Offtaker's sole remedies in respect of failure to make available the

Net Dependable Capacity and failure to deliver Net Outpul; and

(c) Clause 14 (Early termination) sets out the only grounds on which lhis Agreement may be

terminated.

18.6 lnadequacy of Damages

Without prejudice to any other rights or remedies that the Parties may have, the Parties

acknouedge and agree that damages alone would not be an adequate remedy for any breach

of the lerms of this Agreernent and they shall be entitled to the remedies of specific

performance or other equitable relief for any threatened or actual breach of the terms of this

Agreement.

18.7 Partialinvalidity

(a) lf any provision or parlprovision of this Agreement is or becomes invalid, illegal or

unenforceable, it shall be deemed modifled to the minimum exlent necessary to make it

valid, legal and enforceable.

(b) lf modiflcation under paragraph (a) is not possible, the relevant provision or part-provision

shall be deemed deleted.

(c) Any modification to or delelion of a provision or part-provision under this Clause 18.7

shall not affect the validiiy and enforceability of the rest of this Agreement.

(d) lf one Party gives notice to the other of the possibility that any provision or part-provision

of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate in good

faith to amend such provision so that, as amended, it is legal, valid and enforceable, and,

to the greatest extent possible, achieves the intended commercial result of the original

provision.

B3,/. -z

/'"'

'lB.B Liability

(a) Except as expressly provided otherwise in this Agreement, no Party shall be liable lo the

other Parties under this /\greement for any loss of profit, loss of contract, loss of

opportunity, loss of produciion, loss of opportunity, Ioss of goodwill, loss of business or

indirect or consequential damage.

(b) Nothing in this Agreement shall exclude or limit the liability of the Parties for fraud or

fraudulent misrepreseniatiol.i, or for death or personal iniury.

1B.9 Amendments

To the extent that no other form is required by applicable law, an amendment to this Agreement

shall nol be effective unless it is ir writing and signed by all of the Parties.

18.10 Waivers

(a) A Party may waive itr rights under this Agreement at any time but such a waiver shall, to

the extent permitted by law, only be effective if it is given in writing.

(b) A failure or delay try a Party to require performance by another Party of any obligation

under this Agreement shall not, to the extent permitted by law, affect the first Party's right

to require performance unless a waiver has been given in accordance with paragraph (a).

(c) A waiver under paragraph (a) shall be limited to the matters expressly set out in wrlting

and shall not be consirued as a waiver of the same right on any future occasion.

1B.i1 Furtherassurances

The Parties shall do all further acts and execute and deliver all further documents as may be

reasonably required to perfolm an(l carry out this Agreement.

18.12 Expenses

Except as otherwise provided ir1 this Agreement, each Party shall pay its own costs and

expenses of executing and performing this Agreement-

'18.1 3 Counterparts

The Parties may execute this Agreement in counterparts, which shall constitute one instrumenl

and each of which shall be deenred to be an original.

B4

lo slq6rr aql ]o uolldecxa aq1 q1r14 (e)

sarued prrql LL'BI

'^ el ^q

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ocJoj ou ]o pue plo^ 'llnu oq lpqs (e) qderbered qllm ^ldruoc

]ou saop leq] luauJsorov slr.ll

lopun suo|leorlqo ro qq6u slr lo hJed e ^q

rarsu?rl Jaqlo lo ]ualuuorsse pa].rodrnd ^uV

(q)

'pallacuec aq Ileqs luauraoJov srql rapun suoueorlqo pue slqolr

s,VdN pue VSGf ^q

pournssB uaaq aABq {eq1 1ualxa oql o} tuaurae.rov

slql rgpun sarued raqlo aql sp.re^ ol suorleorlqo Jaqlln] u.ro{ paseelal

oq lleqs 'luoruoorov srql ol ^Ued

e oq ol aseoc lleqs Vdl{ leq} srsBq aql uo (E)

pue :ro]sue4

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oql ]o lle pue luauaar6y srql o1 ,(pe6 e souro.aq VSOI aqt 1eq1 peptrrord (V)

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puE :sluoumo0

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:leql ldocxe 'sarUed .reqlo sql ]o luasuoc uallu,r,r.togd aql lnoqlrarr

lueuaerov srql Jopun suoBeorlqo ro slq6p sll rslsueJl asr/viraqlo.:o uorsse lleqs ^Ued

oN (e)

lualUuorssv gL Bt

.IlJed roqloue pulq aslMroqlo

ol Jo ^lrEd

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.ro] ^luoqlnero raa,rod 'lq6u aql sJeluoc 1l ul ol pere]ar luauncop

^ue Jou luauaarov s[]].raqlraN (q)

sarlJed jo drqsuo[elau 9I Bl_

'lle^ad llpqs lxal e6en6uel qsr16ul oql 'a6enOuelraqlo Iue olur palelsuprl

s! ]ualuaar6v s!+ I pue ^luo

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aoenouel i,t gl.

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Jo olnlus^ yurof e eleerc ol panllsuo3 ro paloJdralur aq lou lleqs luouraajov srql (e)

:lelusuepunrr rg^e/v\oq 'sJaIBur 6ur/l ollol sq|

lo ^ue ^q

paloolje aq lou llEqs luauoorov srql repun sall.red aql ]o suolleorlqo pue s]q6tJ aql

polsolJeun suo[eorlqo oz Bl

'srJrep orolr ro ouo ol asu 0ur^r6 saJuelsuncjrs Jo los Jaqlo ro qceoJq

'Icuelcgap 'a6?urep 'llefiJoqs oues aql ]o lcodsol ur aouo ueql e:oLr.r ,{lruruepur Jo uognl!}ser

'luaurosrnquleJ 'luau^ed urelqo ro sedeurep JoAocoJ ol poll[uo oq ]ou ]r ]eql sesrOe I ed qopf

^ronocau elqno6 oN 6t Bt

luauae.I6y s1q1 p acueur,ropod-uou Jo acueurojiad sIuedrorllo orll Jo llnsar e sE rnour

^Eru lr sossol

^uE oslrxrulur ol slrojJo olqeuosear {llercreuuoc

osn llr^rr ]r leql sluPua^oc pue saoeuiep aleolltru 01 ,(lnp aq] seq lr leq] sooroe [ye6 qce3

a1e0uy1 o1{n6 B[8t

'Jope4uocqns e ol olqelre^e oq ol lou 6ur^oJd Z L olnpaqos lo ll lred

ul Joj papr^oJd uolssscuog lueneler rtue ]o llnsal e se (,{;lca.rrpur :o ^llcarp)

suo[eollqo

lenlcelluoc qsns Japun rncur ,{eru rolBleuso aql leql ssol ^ue

opnpur pue ol pualxo

p;noqs luauaaloy srql Japun suo[eollqo s,luauruJo^oe aq] Jo qseaJq e Jo, ulelo ol

lq6u s,rolerauoe oql leql uoDualur reql sr tr leql aopaF ou)lce sa[Jed aqf 'Z! olnpaqcs

]o ll lred u! s.rotce4uocqns aql ol popr^ord aq o1 passardxa sp,auaq oql urelqo ol slre]

Jope4uocqns e leql luo^a aql ul ^lrlrqerl

e rncur plnoc l! Llclr..l/,/i ol luensJnd slueuaoueJJp

IenlcErluoc olu! raluo llyv\ rolejauag oql leq) o6pau oulcB olorol.l sallred oq_L sura]

asaql Jo l4auaq eq1 Iofua Jo sJJoluo ol 6661. lcv (seure4 prtql 1o s1q6ty) s1ce4uo3 eq1

Japun lq6!.r ou enpq ll!^ sJolce4uocqns 'enoqe (e) qdeJ6ered ol luensJnd 'luaLuaar6y

srql ol AJed lou are oq/u sJol3ejluooqns uo siuaueq laluoc i)l papuolul aje lueutaejoy

slql ot Z|, olnpaqcs lo ll ped Jo suors!^oJd uleuoc leql aopoF^ou1ce salu"d otll (c)

luourpuaue ^ue

Jo] pernbar lou sr sonted pJlqf aq] ]o )uesuo3 6111 (q)

'sufiol slr ]o ^ue

lo lgauaq arll {olua Jo acroluo ot 6661, tcv (seured pJltlf }o s1q6tg) spe4uo3 aql rapun

lq6u ou seq luauaaJov srql ol &red e lou sr oq& uoslad e (sa1pe6 prlt{I aql ':eqte6ot)

'ulaJaq paUrceds se Z1. olnpaqcs ]o ll )led ]o slllauoq aql ^o[ua

Jo aorolua ol saDred ocueull aql pue rolce4uoC t/!?O ^ue

'tolserluoC Adl ^ue (!lD

puB :uraraql pollloods se Z ! alnpaqcs lo I lred lo sltlauaq aq1 [olua

ro aslolue ol salued asueull oql pue JopErluoC W?O ^ue

'.rol3elluoC a63 r(ue (lD

:orOI asnelC ]o s]llauaq oql ^olua

ro acro]uo o] (ra)lPtlJo aql ueqt

.req1o) serue6 raleulg aql pue (.ro1e:aueg aql ueql raqlo) sanred lolereuee aql (t)

LB

luouraaJov srq] ro ouluuroaq aql le palels alep eql uo oiur poraluo ueaq seq luauaa.r6v srql

'tz'81 osnelc

srql u! suors!^ord aql ql!r\^

^lduloe o] saoroe Jop!^old ae!^ras Jo rolceluoo orll ir (lD

pue :(e) qderoejed urlno las sprepuels 6ql qlr/\ aouEpjoccB ur paJncord aJe Llclqm (ll)

:sural qloual .sure uo ole qctq/v\ (l)

:lca[ord uoDeiauaO

eql Jo luauaaJov slr-ll ol uo|lelal u! sacr^Jos ejneo]d .ro slceJ]uoc o]ur ra]ua Aluo (p)

:(e) qdeJ6eied u! )no ]es sprepuels puB s^/\El aql ol uolleloj

ur sengeluese:der pue sluaoe 'saelo;due 'sJacUUo su 1o 11e o1 6r-r1u1er1 alenbepe eprno:d (c)

:(e) qdBroered ur lno los sprepuels pue s^ el

aq1 qlm acueldujoc a^alqce pue elonjord o1 pauorsap sernpaco.td pue salollod urelureul (q)

:(1661raqursJao 1, uo s ed ur peu6rs) suo4cesue:1

ssgursng lsuoueuralul ur slenr#O cr;qn3 u6reroS ro Iiaque OunequoC uo uopualuoC

aql pue lcv sacltoErd ldnjJo3 uororol salels palrun aql 'OLoZ 1cy r$eqr:g Lropoury

pallun oql '/nel aq] ourpnpur 'scrqle pue lonpuoc ssoursnq ]o spJepuels palda3ce

^lleuolleuJolur pue srvre; uoqldn.uoc-11ue alqecr;dde qU' 3clrelduoc ur ssaursnq slr lcnpuoJ (e)

:lleLls roieraua9 aq1

uoudnJroc pue tuaqlrq 'sclqlf LZ gL

'lueurea:0e raq1o,(ue lo uosJod Iue ^q

qgeorq lo uorsslosar 'uollelpndal 'uoqeutuJal aql (J)

Jo :lualuaarov sll.ll ol ^]red

e se VSOf Iq VdN

1o luaurace;dar aql ro peureeroe reqlo,(ue 1o:a;sue.{ Jaqlo .ro uorlerou '1uauu61sse eq1 (a)

:lueureaJoe raqlo Aue repun suorleorlqo Jo lq6u ^ue

ro uos:ad fue Iq raare^^ aq1 (p)

:luouaaJoe .raqlo ^ue

ro luaulpuoue aql (c)

:luauraaroB Jaqlo ^ue

olur Jalua o1 uosJed i(ue,(q aJnle] aql (q)

:luauooJoB Joqlo ^lre

o1u| uosrad r{ue,{q,{4ue aq1 (e)

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eJEUJE)I elng qeurez sJy! .eurEN

"*ry

:^q passaq!M

qejEhl elele> jo :eureN

luaudolaAa0 clurouorlpue orueu!l ro ,{rlslu;11 aql ,(q 6uqce 'auoa-l eua!s to

"llqndau aqt 10 luauruJa^og

aql lo llBqaq uo pup rol luaudola^ao olr.uouoJf pue acueu!J ,o rolslulU! o|qeJnouoH aql

-Jassejls rol3rn lold :oureN

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auoal eJjals lo /QIoqlnV ra,l od leuollpN aql Jo llEtlaq uo puB '16raue Jo &lslultllaql

^q 6u!l9E 'ouos'I ellals lo cllqndau aql ro luorurlla^oe eql lo leqoq uo pu€ roj auoa"t

EJJa!S lo luaplsord aql lo ao!{O oql lB Uun ^ollod

pu" (6ale.qs oql }o rotsarl0 roruas aql

,(q 1p3y133ggy ue se OflnOiXf

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p"llurl"l uollE raua9 1s v93c lo ]leqaq uo pue loj

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(1S VoSc) po|lrxlt (tS) ec!.rtvCaC lo leqoq uo puE Jol pue (ng vCac) po}lurl-.l fts) e"rrlv C3C lo jleqaq uo pue Jol

| --'--'',@'-''.'''---

-- '_---'

1

Schedule 1

Description of the Plant

Project Overview

The Plant will comprise a number of reciprocating engines utilising Heavy Fuel Oil (HFO) with

an eventual installed capacity of not less than 128 MW net output. The Plant will be developed

in three phases as below:

Phase lliirrirnum Net Capacity (MW) No. of enginesI 50 7

I 39 2t 2

TOTAL 124 11

The preliminary design contemplates that each engine will have a c",p€city of approximately 8

MW for Phase I and approximately 18 MW for Phases ll and lll but the final conflguration will be

as agreed between the Generator and the relevant EPC Contractor. The Plant is primarily

designed to provide base load electrical power and energy within the operating parameters set

by the Original Equipment Manufacturer, but will be capable of mid merit or peaklng duty.

The Plant will be designed to meet World Bank Emission Guidelines for thermal power plants.

The Project is located some 4 l(nr east from the centre of Freetown on existing industrial land

and is immediately to the south of a refinery tank farm and some 500m from the sea. The

general location is shown below.

90

L6

%01^trptunH a^[elau

3692 arnlasduof luarquv

aJe suolllpuoc acuoraleu aqlsuollrpuo3 asuaJaleu

'c"90 puB

CoOZ a6uer aql u! uolleJado Jo, pauorsap oq plnoqs lueld aql teql arnboJ llr^\ uorlecureads lueld

aq1 reo^ aql ra^o %02 sa6era^e ,{llecrd{l {llpltrnq a^rlelar puB C.gz pue gozz uaa^^loq aJe

eururu ^lqluou

eOeJa^V 'Cog'0e pue C"lZ uso^ laq oje eulxeLu a.in1eJadue1 ^lqluour

aoera^V

s/ur 9 ol e uea/i^laq are spaads pu4n a6e.:any

'uJurOOOe paecxo uec uorlelrdrgaJd pnuuV .ioqoloo

pue ^etil

uaan4aq uleJ lsou r.{ll/r^ 'punor-Jea^ Apeals allnb pue ';ecrdo.t1 ere sarnlejadual aql

la^al eas ol osolc pue lse^ , , ogl. pue quou ,12 o80 eprurleJ lP sr u/^olaaJj

sleurlc leJauo9

alls aql le suo!]lpuoc tuolquv

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I

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aql uo ourpuodep rojJp ^eu

oseqd qsBo u! sou!6ua ourlecordlce.r ]o Jaqunu puE azls aql

it ll81.x7 lll pue ll soseqd

; I oseqd

6ullueld 6urr ollol or-ll uo poseq

'ir oleq umoqs sr loe[ord eql ]o ]uaurdote^ap peseqd aql Lro paseq ]nofel eirs leuorsr^ord aqf

'slas role-rauaO eql ol ^lrlpnb

elqEleduoo

]o sr pue Mau pueJq sr luaurdlnbo Arerlxne pue sluauodluoc lueld,o acuEleq e leql aincoid

lpqs (srolcErluooqns lue^alor rorll ro) rolce{uoo 9d= aql Jo ro}ereuoe aql- 'My! 8 punore }o

saurOuo Jolleurs ql!^^ podop^ep eq ol pouueld orE luaudole^ap ]o sa6e1s r(pea eq1 1caford eq1

Jo ssseqd ralel etll ro, alet]dordde s! M!^t 8t pue '^Iced$ A/\! l B|, punole o1 dn sautoue qltar

acualredxe o^eq sJaleur aulOuo luelolal oql saur6uo q3ns Ourppnq pue 6u1u6tsep ul pJoJo.l

ouorls e qlu^ saulouo ou[Ecojdr3oJ ]o sJeJnloernuBU leuol]eura]u! .ro[eu ^q

pepl^ojd aq Il!^ slos

Jolerauao aurouo oullecoJdpal eql l3erluoc Odf auo lapun srseq ^o)luJnl

e uo pol3nllsuo3 sq

ol Alolrl sr eseqd qrea pue ourpplq a^ll|]od[uo3 lpuolleu]olur q,inorq] pacrnos aq llr,r lueld aql

'sa6els Jolleurs ul dn uouels Jo^ od AA1l\ Be I eql Ourplrnq ol palrnslla r\ pue

'lsoc €rulFall uo aaglledu.roc 6u1aq se palgolas uaaq e eq sauroua oulleco.rdlce; paads urn;payy

'oulddols pue ouluels Jo] llo lesalp ql!/t^ 'llo lonl ^^eeq

uo urr ol pouolsap oq llr/n lueld aqf

uolsoo lueld ro/nod oql E

Z6

'souroua 3ql uao \]aq pareqs ore slsels

lsneqxa o^ll sacl^Jas FurJou leqlo pue lusuleaJl lro lanl 's3arlrtrel luenu+a pue luouleollJale/v\ 'sdoqsuo/l/\ ql/v\ 6uole p€p!^oJd eq llr/r r.xoor lolluoc Jer]Lrac V uol]elsqns n)l Ee Joopur oqt

ol salqeo Aq pelcauuoJ are qclq/vr sror.xro]suerl JoleJeuao 9 ol paloauuo3 arp sJoleroueo gurouo

ounecojdlcar uogern6rluoc IeuU aql ul -pauuetd aJe luel aoerols 1ro |en] 1q6r1 relleus e pue luelscrruas e ql

^ lsrllooot sluel ooeJols 1ro 1sn; fueaq o/1 f 'padolo^ap sr oseqd qJeo se papualxa

oq uec qclqm o]!s oql lo oprs qlnos aql uo asnoq aur6ua a;Ours e uo poseq s; uOrsap eq1

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It is planned that the reciprocating engines will be cooled using 'fin/fan' dry coolers, which limits

the water requirement. Water will be drawn from the sea with waste water and slorm water

discharged back into the sea.

The power station will include

Perimeter site fencing and gates

A road way connection to the public highway, plus on site roads, parking with sunshades

and sealed areas

A security building

The refurbishment and reuse of buildings on the site lo create administration offices and

workshop facilities

Heavy oil filtration and treatment plant

Bonded storage for treated heavy oil and diesel oil

Four stroke, turbo-charged reciprocating engine generator sets

11 kV to 33 kV step-up transformers

93

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6

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'Uun elDurs e lo lndlno leu lelol eql ol pellurll aq llr^r\ lrun lenpr^rput ue Jo elnltej

Jo lueld ]o rxalr Jofeu 6l6urs ^ue

]o (dU) ornlE] rxol] ourlnsar lndlno l6u lo ssol leloleleq/\A uorsop Jelnpou e uo poseq oq ll!^4 lueld aql lo uotsap aql telqtssod sr se Je] os ul

'aosllo^ uolssrrusuel} oql lB %0 !T jo a6ue.r 40ello^ eql u!rllU^ olqel!e^e

Il1ng eq o1 pauorssp aq lll^^ suoflpuoo s]els ^peols

Japun lndlno Joi\ od a^0ceoJ stlf

'e6ellol uolss!{.usue4 oql }o %0[T aDuel eql urqlrln aJe ]eql uot]cauuoc

uolsslursuerl le eoello aql u! so6ueq, Aq palcaJJe sq lou llr/v' Iun ouglaeuao ^ue

lo uorllpuoc alels ^peals

lapun lndlno iar od allce eql ]eql os pou6rsep oq lly'^ lueld aq-I

'^Iun ol 6ur66el 9B'0 Jo o6uer aql ur slope; rcrrod

le lueuorlnbsr rei\^od lln] aql Oudlddns Jo alqedec aq ol pou6rsep aq ll! ^

Jole.€uo6 aqf

YoL -l+ loaOUEJ e urqlu pue zH 09 lo

^cuanbo4 e le aleJado

^lpurjou ol pauorsap oq ltrn lueH or]l

'JaJnlcelnuer!

lueudrnb3 leu!6uo aql Iq las srolouered 6u[eJedo ot ulr-ll!/v\ suoltlpuo3 luarqrue

olrs Jo eoueJ o.ruua oql ssoDe ourle.rodo ,o olqedpc oq ol pauolsop aq llr/r luetd 3qI

qloq ol Jo 'lsea oql ol ouruunr eull oulslxa aql ol ]o 'lse/r\

oql ol ouruunJ oull N e0 oulslxo aql qlrl\ 'acror.lc le 'uoUcsuuo3 ^

ollB ol s€ulJolsueJl

dn-dals rolaeueO eql uo4 pauuoc ol seull peoqJo^o pue uorlelsqns nI eg roopu! uV

's.tolce.tluoc 3d3 polcalas aql pue

roleJeuee aql uoa/vqoq paoroe se oq luv\ eseqd qcea lol slueuro.rrnbal ocueuro]led leuu aql

lnq s/l ollol se oJe uolsop fJeurulrlard oql ^q

paleldualuoc sluauarlnbar ocueulrolrod lueld aql

sluauarlnbal! ocuBuuolad lueld ran od

sarlrll3ej prE ts,r!] pue ]o[ol '6urssay!

sr.uooJ lueurdlnba pue urooj lo.rluor e pue lleq auroue uV

ees 3ql ol aoreqcsrp siolaq Jale/\^ ro uo[9ollo3 3q] rol puod uoDe^r3sqo uv

luel(i luaulearl a6e/uas V

Jele^^ elqelod puB rale/ueas paJe)lU Jo,r sluBl

'stsotuso

osla^o.r Jo sueau ^q

sluouraJlnbal Jaleit/\ lueld aql laaur ol urals/is elelu! rolB/v\eas V

v

90

ohlg -l+ I abueJ luaurlsnlpe a0ello^ leululal

%[s-o] doorp JouJa^oe

uoIeu.]oJul/eleq ralsu"red

'srolcBrluoc cdfPelcelas oql pue Jolereuo9 eql uae/r,leq peeJoe se aq r,^ aseqd qceo Jo] slllur-l lecluqsafleuu

oql lnq smollol se eJe uolsep fJeuruilord aql ^q

palelduraluoc slurll le3luqoal lueld aLll

sl!ur!l Ie3!uqe3l

0ur^\olloj peol pue uorlBlnOs

I

's1un uro4 loJlu@ a6el;on pue uollesuaduro, Jamod o^rlgeau

'Durpuelsl pue l.Jels }celE

ssruasoH 6uruurds ^rBpuooas

pue ^rBrlrud

:sacrruag ,&e1;lcuy 0ur,uo;1o1aq 6urprnoJd olqedm aq

lprls uolels aq]'suousnJ]sur qoledsro rapun uollerado tpurou ]o alqedeo 6uraq o] uouppe ul

'srolce4uoc cdf palcalas aql

pue JoleJouog or-ll uoe^qeq paaJoe se eq llvt^ aseqd q3ea ro} s}uor.uoJrnbar leuoqeredoleurl aq1

lnq s ^ollol

sE aJE uolsap fieuru]lprd aql ^q

palelduraluoo sluauaJrnboJ lsuo[e.Edo ]upld orll

slusruor!nbou leuollElado

'apour doorp eoellon ro loJluo3 uorlesuaduoc

doolp e6ello1'lorluoo rolcel Jar od luelsuoC 6ulsn elqellorluoll oq llh\ Ja/dod a^[ceou

'epouj 0urleJedo opoul dootp poods ut Jo 6uueqs

pBol snouoJqsosl 'epo!! ra,\od ro Ml,oulsn elqellorlu0s sq ll!/,^ tndlno Jo/uod e^[cv

'6urddul

lnoqlvv\ uorpaloJ peol %00! E ourpuelsqlrv\ lo olqEder aq lleqs pue suolltpum (du])

u/r op lnqs pue dn uBls 'leu.,rouqe 'lualsueJl losur ol olqe 3q ol pauolsap ag llt/ll lueld aq1

'suo[ecldde Ourlead Jo 1raul-ptu 'peol aseq slqrxag u! asn Jo] puE 'uoqcauuoc prl61o

ssol aql 6u!^^ollol apou pspuels! ul uouBrado ]o olqedec eq ol pau6lsap aq llt^\ lueld aql

'a0euep

lenualod splo^e lBql Jauueur palprluoo pu" elps e ur paulrolad st u/(oplnqs lueldpue paurElureu ore sorlddns rar od lelluasso llB saltddns puo,o ssol e Jo lua^a aql ut leql

ajnsua ol sUeFAs U,!\oplnqs ^9uaoleuro

pue sacr^Jas le[uassa lln] opnlcut llt^ lueld oql

,. ,.,

I

96

'auurer6ojd a9ueualureul pue tuoudlnbaenellns sJnbal !,$ nq unu,xeul q

^ep rod Uels 0Z pue 'suo0negajd leuo ppe lnoqlh ouop oq uB? Iep Jad suels e I

'u6!sap leu!] lo luaujsoJoe ,sauad ol lcelqns pue .]olcerluoC

cd:l jo luaulurodde uodn paultlJalop aq ol :uels llun Jod lro lonl lq6r-llo uorldunsuoc

(suolle1nc;ec

JIJeI olBtrlce] ol srolce4uoC Cdf polcolos aq] qlm\ paoroe oq ll!/\ sanle^ palelnqe,

6u1peo1 pue oinlercduel ]uolqurv qlr!\ sarunc uollcaro3 elBU leaH pue Jo/v\od

saoelno eoueueluleu roleuj rnoq 000'Zl. uoe/\^laq %9 f : uorlepeJoap ale.r leoH

(srseg 191)r{MI/Pl 8098 : peol %001 pue suollrpuoS acuoJaJau le leulrurol Jolereuag lE oleu leaH

I aseqd

'sJotceluoS 3d3 palcslas

aql pue Jolerauag aql uaa/nloq paar6e se oq llrn aseqd qoea ro] sorunC o3ueuJoladleurl

aql lnq smollo, se are u6gsep fueulurlald aq1 Aq pa1eldua1uo3 sa^JnC acuetrro1tod eqJ

sorun9 asuEurJoFad

utru/My\[tZ6g I olej tiurpeofap llun leuroN

u!ur/Mt/! [ ze't ] a1e: 6urpeol lrun IeuroN

spuocas [0e ] au[-u/(op ]run unururtA

salnuruj I I I au0-dn lrun unl'uruly{

salnurur I I ] (C.09<) Aqpuels u]p-^l [!or] peol %00! o] sruu

elnurur [ ! ] (C.09<),{qpuets ure,vr rxoJ} llun e asluor.{cu^s ol aull

Irs]l!un

1ue;d rerrod qcee :o; rea^ jad syels yo Jaqunu uJnurxenl

Lt-

L

I

I

Power and Heat rate v:: Ambient temperature ("C)

@ generator terrnial (lndicative only)10000

9000

8000

7000

5000

5000

4000

3000

2000

1000

0

E50t

Bs00

8400

21 22 tq

60 70

-6FPower [kW]

2a 30 32

..*-Heat Rate lkJlkwhl

34

-L.l-- Power [kW]

Power anel !'le;rt rate vs Load @ generatortelmir,al (lndicative only)

10000

9000

8000

7000

6000

5000

4000

3000

2000

1000

0

9200

9100

9000

8900

8800

8700

8600

8500

8400100

Phases ll & Illl

Heat Rate at Generator Terminal at Reference Conditions and 1007o load : 8514 kJ/kwh

(LHV Basis)

50 80 90

"=FHeat Rate [U/kWh]

Heat rate degradation : 1.5% betvveen 12,000 hour major maintenance outages

97

I

\

i

86

"0"09 "9t

13.) a/nlsaduol luaquv

cc nc"02 "0t

0r0 0

090I

080I

00t 8

ozt I0 I09t 8

08t 8

002I

0zz,g

0rz B

.1

9qo

o

srIao

9t;

sL5

000

009

000

009

m0

o

!l

o

oto

{

00s 9t

(A1uo an;pc;pu g) |e;u.lal .role;aua8 @(3") arnleradual lualquv sn alpJ leaH pue Ja/nod

fe I I : I.rE]s IUn lod lro lonl lq6!l ]o uoltdurnsuoC

(sosodJnd o leJlpur Jol sllun M!\ 9| uo p€seq are esaql) (suogelnclec

guel elplrlne] ol srol3e4uoC Od3 poleelos eq1 qlyu peeL0e sq l1/v\ sonle^ pelElnqel)

6ulpeo-I pue ernleladuel luelquJv q}r\ sa Jnc uoloajjoc aleu leeH pus Jon od

(...pqq $qf )l/I, ol.rrlatp qE p.qFpl--{-

(rJrEEtol %0 ild rred roFB{,rO ppl-{-

"0i

Schedule 2

lnterconnection Facilities and Connection Point

A single circuit 33kV overhead transmission line crosses the site. To facilitate the design and layout of

the Plant, this line will be rerouted in an east west orientation along the northern perimeter of the site.

The Plant will be connected into this line which will be looped in and out of an indoor substation with

metal clad switchgear which will be located on the northern side of the Plant. This will provide a full

'intercept' arrangement with the easterly and westerly connections separately connected to bus bars in

the substation. The rerouting transmission line re-routing, the overhead lines to the substation on the

power slation site and the substation itself will all be designed and built and financed as part of the

power station project.

This arrangement is shown below which includes the present routing of the line across the site as well

as the new routing.

The Delivery Point at which electrical power and energy are supplied to the Offtaker are at the point

where the 33 l(V overhead line is connected to the Plant's substation busbars.

e

,9B,

"'E E

@

@d

@oo@o@

$

Ell

l3lBa,CIPOY'EflEI,JG]I]EERS

lllir!s+rs

E

See Schedule '16 for further technical details

l@f------l

lH:qrnr',l.!t1

@

-tr

(a

I

/-o-.-'--

1

Schedule 3

[:uel Specifications

This data below is based on typical information from an engine maker. The requirements of

diFferent engine suppliers may vary slightly.

Light Fuel OilLight Fuel Oil (LFO) is used fo[ engine slarts- The limits indicated below are based on lhe

demands of ISO 8217:2010(E) standard and covers the fuel categories ISO-F-DMA, DMB and

DMZ.

The limits in the table below are based on the demands of standards and engine specific

requiremenls. Project requirernenls, actual fuel availability or customer preferences may set

other limits on the fuel quality.

The fuel should not include any added substance or chemical waste, which jeopardizes the

safety of installations or adversely affects the performance of the engines or is harmful to

personnel or contributes overall to additional air pollution.

Parameter Limit UnitTest Method

reference

Viscosity

lnjection viscositylllDensityWaterSulphurAshCarbon ResidueFlash point (PMCC)Hydrogen sulfideAcid numberOxidation stabilityPour pointCetane lndexTotal sediment existentby hot filtrationAppearanceLubricity, correctedwear scar diameter

cstat40"C ISO 3104

cStkg/m3 at 15'CY'Yol.% mass7o maSS

lso 3104ISO 3675 or 12185lso 3733ISO 8754 or 14596lso 6245lso 10370lso 2719tP 570ASTM D664lso 12205tso 3016lso 4264lso 10307-1

lvlinimumMaximumMinimum

MaximumMaximumMaximumMaximumMaxirnumMinimum

MaximumlvlaximumMaximumlvlaximumMinimum

Maximum

2112.89000,32,00,010,3602,000,525635o,10l2l

mg/kgMo KOH/os/;r'"C

% mass

Clear and brightMaximum 520 pm lso 12156-1

I LFO is not available lhen rrormal diesel oil as available on the market shall be used.

lll Enoine soecific reouirernenll'?i lf lie sample is clear and with no visible sediment o. water, the total sedlmenl existent and water tests shall not be required

100

2 Heavy Fuel Oil (HFO)

The fuel quality limits before treatment are based on the requirements of

- ISO 8217:2010(E), ISO-F-RMA 10 - R[,'lK 700

Specific emission requirements may set stricter limits for the fuel quality

The fuel should not include any added substance or chemical waste, whioh jeopardizes the

safety of installations or adversely alfects the performance of (he engines or is harmful to

personnel or contributes overall to additional air pollution.

HFO - before treatment:

Parameter Limit Unit Test Methodreference

Viscosity, plant designt3lDensityCCAIWater

SulphurHydrogen sulphideAcid numberAshVanadium

SodiumAluminium + silicon,

cst at 50'Ckg/m3 at 15'C

% Vo!.

% massmg/kgmg KOH/g% massmg/kg

mg/kgnrg/kg

% mass% mass

% massmg/kgmg/kgmg/kg

tso 3104ISO 3675 or 12185ISO 8217, Annex FISO 3733 orASTM D63O4.CISO 8754 or 14596lP 570ASTM D664ISO 6245 or LP 1001ISO '14597or

lP 501 ,|P470llP 501 or lP 4701ISO 104780rtP 501, tP470tso 10370ASTIV] D3279tso 2719rso 30'16lso 10307-2lP 501 or 470lP 5Ol or 470lP 501 or 470

N4aximum

Maximum10060

lvlaximumMaximumMinimum

MaximumMaximumMaximumN4aximumlvlaximum

MaximumMaximumMaximuml\4aximum

MaximumMaximumMaximumMaximumIVlaximum

700'101 08700,5

1

2,00

0,15450

201460300,103015

Carbon ResidueAsphaltenesFlash point (PMCC)Pour pointTotal Sediment exislent agedCalciumZincPhosphorusUsed lubricating oils

['lFO - After treatrrent:

Parameter

lniection viscosity

Water

Sodium

Limit Unit Test Methodreference

tso 3104lso 3104ISO 3733 orASTM D63O4.C1P501 or 1P470

MinimumI\,,laxilnumI\,,laximum

16240,3

cstcst% Vol.

Maximum 30 mgkg

l3l Design specific vatueraJThe fuel shali be free from used lubrlcaling oil (ULO). A fuel shall be considered to contain ULO r,rhen eilher one of thefollowing conditions ls met: Calcium > 30 mgy'lg and zinc > 15 mgy'kg or Calcium > 30 mg/kg and phosphorus > 15 mg/kg

101

ZOL

---)-

6ry6ur 9t urnulxEli\01, ror09dlroSztot osl uocll!s + unlu!ulnlV

1

Schedule 4

Gonrmissioning and Testing

lntroductionThe Generator shall develop a detailed commissioning and testing programme for each Phase

with the scope outlined in this Schedule 4 (Commissioning and COD Testing). Similar

procedures will be followed for each Phase of the Poect.

The programme will lnclude:

. Pre-synchronisationsTests

. Commissioning Tests and

. COD Tests.

Scheduling by the Generator'

The Generator shall provide the Offtaker, on an on€oing basis, relevant information regarding

its programme for testing each Phase. Not less than twenty (20) Days prior to the

commencement of each test programme, the Generator will deliver to the Offlaker in writing the

final programme for testing the relevant Phase, including a tentative schedule for conducting all

tests required for commissioning. The Generator shall advise the Offtaker in writing of any

changes in its final schedule for the testing programme not less lhan seven (7) Days prior to the

commencement of the tests required for commissioning. lf the schedule for any test required

for Commissioning is adiusted after the Generator has provided the Offtaker with the final

testing programme, then the Generaior shall advise the Offtaker not less than forty-eight (48)

hours prior to the commencement of any such test. On each Day beginning with the Day on

which testing commences, the Generator shall provide the Offtaker with a schedule of the tests

to be conducted on the following Day or Days (if such test will continue for more lhan one (1)

Day).

Deferral by the Offtaker

lf the Offtaker is unable to accommodate the schedule for such tesl or tests as provided by the

Generator in the final schedule fol ttre program of tests, the Offtaker will give the Generator

notice within forty-eight (48) houls o[ its receipt of the f]nal schedule for testing of itsrequirements regarding deferral or delay of any Commissioning Tesls for the relevant Phase,

and the Parties will mutually agree on a date for any deferal test or programme of tests. The

Offtaker shail noiify the Generator at the end of any such delay or deferral. No such delay or

deferral shall delay the relevant test or tests by more than ten (10) Days from the date proposed

by the Generator.

3

103

I

roj sprepuels c3l pue osl rfNsv lue^oler eq] uo peseq eq lleqs lsel eqf'(peol eseq %00I)

ucy! le sourqcetx pue luaudrnba lenpr^rpur oql 6u[e]edo ^q

]urod ^ro^rloo

eql lB lndlno ]oN

eql oulJnseaLu Iq peuluJelap aq llul lueld eql ]o eseqd q3eo ]o ^llcedeg

alqepuadae loN aql/{tlcede3 palsal

'slsel aoueuro1lad Our,vrollol

eql Jo lslsuoJ lleqs eseql pue lno pourEc aq l|l/$ s)ssl oo:) ']ueld or{} }o oseqd qceo rolqsal ooc

'elecuueC ouluolsslururoC palalduoc Alnp eql JaIelgO oql ol pora^!pp seLl JoleJoueg

eql pue pauotsslr,lruoC sr lueH aql lo oseqd lue^elor aql ^eO

aql JaUe ^EO

lsJU

oql lo uels 3ql le srnoq 00'00lo se rncco lleqs oseqd qcea rol aleo ouruorsslurruoc aql (q)

'peuolss!rxrxoc eq lPqs lueld aqt ro esBqd teql ueql 'g'9 qderoered

u! paqlDssp slsel Euruolsslururoo eql lo lle pauslles seq luetd eql Jo aseqd e uaqM (e)

e1e6 6uluorssltutuoC'pauo!ssrururoC lueld

-v xauuv

qllM eruepJocop u! slsaj 6uluo!ssrurrroC puB 6u!uolssrLUUroc-ord lno IJIaJ lleqs Jolerauoe oq}

slsaf 0uluo!ss!ururoC

-0'g qdeJoeJed ur peqrJcsop

slsol aql 1no 6u1fuiac orcIoq Ja{eUJO eql ol eclou olqeurJsear o^t6 lleqs lo}eJauog aqluoltec!l!loN

1,,slsoI 6uluorss!urruoC,

aql) 0'9 uolcos ul paqllcsap slsel oql ro (urolaq poglcads elellls acueutoged urnullul{.x

aql oufils[es Iq) uo!]olduroc InJssoccns eq1 6utmo1;o1 peuoissltxurog oq lleqs luBld eq.L (q)

olnperlcs srr.ll ol luensind luEld oLll Jo ouruorssrtuuloc eq) lno ^lle3

lleqs Jolelauag eql (e)

ssacord

slsol Euluolsslultuoc

'qsol qcns lp o Josqo pue lp luasard eq o1fl1un1roddo ue 3^eq tleqs pue (Joelsql slselaJ

Iue pue) slsel qcns lo ocllou sJnoq (rz) rnol-^lue/t^l uBql ssal lou uo^!o aq ||eqs Je)lelgo aqlreleulo Iq uoleruosqo

'prJ9 oql pue lueld aql uaaMloq sltn3.rt3 outddlJUalu! lle a^old (q)

'releulo

atll qu/ur uoBelnsuoc ur Jolelauae aql ^q

paJedaJd souqlas ;onal t-togcalo.td aql ^ruon

(e)

:lleqs roleJaueel etll'slsel 0u!uolss!tuu.roC

sql urolad ol pllg or]l qlr,l ,oaJaql UEd ^ue

ro lueld stl] lo uollezuoltlcufs ol Jotld

slsel uo!lez!uorqcuAS-ord

slsal 6u!uolssluruto9 ol roud 6u;1so1

t'9

v9

e9

L9

s

zb

t',

I

i

/@

4

4.1

4.2

5

5.1

5.2

Testing Prior to Commissioning TestsPre-Synchronization Tests

Prior to synchronization oi the Plant or any part lhereof with lhe Grid to perform the

Commissioning Tests, the Generator shall:

(a) Verify the protection level settings prepared by the Generator in consultation with the

Offtal(er,

(b) prove all inter{ripping circuits between the Plant and the Grid.

Observation by Otftal(er

The Ofltaker shall be given not less than twenty-four (24) hours notice of such tests (and any

retests thereof) and shall have an opportunity to be present at and observe all such tests.

Commissloning Tests

Process

(a) The Generator shall carry out the commissioning of the Plant pursuant to this Schedule

(b) The Plant shall be Corrrmissioned following the successful completion (by satisfying the

minimum performance d'iteria specified herein) of the tests described in Section 5.3 (the

"Commissioning Tests").

Notiflcation

The Generator shall give reasonable notice to the Offtaker before canying out the lests

described in paragraph 5.3.

Commissioning Tests

The Generator shall carry oui pre-commissioning and Commissioning Tests in accordance with

Annex A.

Plant Commissioned, Commissioning Date

(a) When a Phase of the Plant has satisfied all of the Commissioning Tests described in

paragraph 5.3, then that Phase of the Plant shall be Commissioned.

(b) The Commissioning Date for each Phase shall occur as ot 00.00 hours at the start of the

first Day after the Day the relevant phase of the Plant is Commissioned and the

Generator has delivererl to lhe Offtaker the duly completed Commissioning Certiflcate.

COD TestsFor each phase of the Plarri, COD tests will be carried out and lhese shall consist of the

following performance tests.

Tested Capacity

The Net Dependable Capacity of each Phase of the Plant will be determined by measuring the

Net Output at the Delivery Point by operating the individual equipment and machines at MCR

(100% base load). The tesl shall be based on the relevanl ASME, ISO and IEC standards for

fi

6.1

104

-l

s0L

aq ul peol [ue u.ro41n{no peler sso.r6;o luec:ed 0l }o puErxop Jo ssol ueppns e 6urpuelsqllilr

jo elqedec eq ol pelerlsuourap eq osle eqs sseqd qcej luscrad (gZ) eAU

^lua/*l ueql .releero

sr peol lueld oql ]o oseqd leql uo peol aql leql paplaold lndlno peler ssol61o luecred (9) eng 1o

peol ul aseojou! dals E lo alqedec sr eseqd qcee leql aleJlsuourap ol uoleuopun aq llu\ lsal V

saoueqC peol dals ol xolduoC lo asuodsau

:sarunc,!rlrqedec e^lpeer s,€rnlcelnueu,

lolereueo aql red se suollrpuoc a llcEor pue srolcel re^,lod 6un ollo] le ^cuanbaq

pue a6elp

paleJ le aleledo ol Iun qrEa,o puB asEqd qcee aql ]o []lllqedec eql ale.4suouJap lll/r slsat

'srolce4uoc

3df polcolos aql pue JoleJaueg eql ueaalsq paoroe se eq ll!/n eseqd qcee ro; sialaurered leug

aql nq s \ollo, se aJe uolsop fueuluJlald aU ^q

poleEuraluoc saulqedEc leuoneJado lueld oql

lsel IIoPdeO e^lceeu

lua ed O'9 ol luacJad 0 Z rrroJ] palsnlpe 6uraq doorp

eql 'eouel sI Je o peleJlsuorlrep eq ll!r\ JouJa o0 paeds aql Jo uolleJedo eql 'eseqd q3es roluolleJedo JouJe^og au!6ul

'tuaf,red g 0 + lo cllslJalcereqc doorp B q1m e6ello^ pa)er ,o luacled 0 i ,+ ]oa6uej oql Jo^o a6elp rolerouao oql loJluoe ol palerlsuorxop aq lll/v\ UnV aql 'eseqd qcea Jol

dootg (UnV) roteln6ag a6e11o1 clreuolny

'sa.rnpaJoJd 0u[sal aql ur

paeJOE sJnoq lo roqunu aql ueql ssal lou IoJ ra^eosleq^ uolldn.ualu! Aue lnoqlm sonu[uoc lr Jl

^luo palalduoc

^lrJoloEls[es uaaq 6^eq lleqs lsal oqf JaIeUO alll

^q palsonba] se oq llul^ lsal

oql lo srnoq ouruleual aql oulrnp lndlno aqt 'lcEluo3 u! suoucalord aql lle pue slllurl ourleJado

ales sI puolaq luaudlnbo lenpr^rpu! aql oulpeoFe^o lnoqlrv\ sarnpaoor6 6utse1 aq1 u1 paer6e

6u[eJ snonulluoc urnurxeur ]e sJnoq lo Jaqurnu snonu[uoc e epnlcul lllm pue serlrlecrloejd

uje1sr(s uo paseq saJnpaooJd 6u[so1 aql ug paaioe polrad ra]roqs e ro sJnoq Z/ ]o pouad

e roj eq Il!^ unr sql pololduJoC ^lno

eq ol lueld aql ]o eseqd tEql olqeua ol perlslles oq lsnupue slsal OOC eq1 p yed se lno lueld aql ]o oseqd qcee rol pa!,r.rec aq llr,r\ lsel unJ

^Irqerlal V

1sa1 ung {ltpqer;ag

'suolllpuoc

eeueJejau eql ol palceJJos pue uJalsls ouuoleN eql pue uo0Blu6r.ln.rlsul lueld 6ulsn lueld sqt

qo

99

lr'O

e9

]run rad %00 lrun Jad %00 Peo-l unururnl/vlollol of (6urpeet) rE^!\ 6 t uo[eloxa po]ej la ourpeol o^rlcEeJ e]els

^peals/r ollo] 01 (0ur66et) re^n9r'6 uollelcxe poler le ourpeol o^lceai slels ^pealsi ollol 01 o/eg 9 (suo[puoC asuaroJau le) lndlno sso]O Mt/{ %00t

Ilrun/oet 98 0 Ilrun/0el9B'O JOICeJ ralvrod

lll ? saseqd laseqd

z9

range thirty-four (35) percent to hundred (100) percent. The Phase must not trip and must

otherwise renrain in a safe condition.

'106

ANNEX A.

i:(-iIifl,,I (]F COMMISSIONING CERTIFICATE

Project: Location: Date

Customer: Voltage: Frequency:

1 Final Site Commissior.lirig Checks Checked

1.1 Check that all equipment is correctly earthed

1.2 Check that all transformers and switchgear are not in circuit earth position

1.3 Check that all circuii breal(ers are in the open position

1.4 Clear all unnecessary personnel off Plant Site to a safe area

1.5Ensure that all Generatol personnel are verbally addressed and aware of

energization

'1.6Ensure that the Offiaker is fully aware of your intention to energize the

system

2 Final Site Commissionirrg Tests

2.1Close circuit breaker for earthing transformer or neutral earthing resistor

(Only applicable when system is in island mode)

?.?Energize system either by back feed from cuslomers HV or by closing

generator circuit breal<er in island mode

Checl< phase rotation

2.4 Check system voltage

2.5 Check system frequency

2.6 Check inter tripping and inter locks

2.7 Checl( Site ESD shutdown

2.4 Additional testing required pursuant to the PPA

2.9While the system is energized, conduct burden and accuracy tests on lhe

Metering, Back-up L4etering and Telecommunication Systems

Date and Time firstmachine online:

Date and Time last

machine on line:

Total KW Output:

Date and Time:

System voltage: System frequency: Power factor:

107

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On behalf of the Generator, I hereby certify that the Phase [x] has satisfied the

minimal performance standards sufficient to be Commissionsd. Capitalized terms

used herein have the meaning given to them in the Power Purchase Agreement.

By: lprinted name of Generalol Enqineerl

Generator Engineer's signature: /s/

Date: ldatel

On behalf of the Offtaker, I hereby acknowledge receipt of this certificate.

By: lDrinted name Offtakefl

Offt aker's Engineer's signature: lsl

Date: ldatel

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found, and as-left conditions of the Main Output Metering System and Back-up Metering

System, which shall be supplied to both Parties.

Current and voltage transtbrmers shall be tested for ratio and phase angle errors following

manufacture at an accrediled testing station. Test certificates issued by the testing station will

be issued independently to both Parties.

CommunicationsThe Generator shall, prior to the Phase lA Commercial Operation Date, establish and maintain

a telephone hotline between the Generator's conlrol room and the Offtaker's control Cenlre in

accordance with the Operating Procedures.

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uoseer ^ue

Jol s! uolleluoso:d Jol aceld oql 'uogeluesa:d Jol Aep ssoulsnq lsel aql uo ';1 (sseugsnq

slqo uo[dnJJalur ue ut 6u111nse: lo.tluoc slr puo^aq esnec ]aqlo ^uE

ro lnolcol Jo alr4s 'rusrJoJrol

lo lce 'Jel( 'uolparnsur 'uollorxr.uo3 l^lo'lou'poe Jo lcv ue ouraq) Iueg oulnssl eql o1 e;qecr;dde

ernefeu ecrol lo 1uo^e Iue ]o uolle.rnp oql ol pnba s^ep lo jaqunu )eql Iq papualxa aq lllecqeuolne

lleqs alBC uolerrdx3 qons (.otEO uolleJldxf, aq1) [o] uo e.rdxa lleqs llparC ,o rala-l srqJ

'pueueo luouJ^e.j ourpuodsaxoJ aql ut luauruJo^og

oql r(q peglcads lunoJce lueq eg ol spunl alqelre^e ^lelerpaurur

ur lslsue.4 cluorlcale ^q

epeu aq

lleqs rapunaraq lueuura oe aql ol selBtx lueg 6u;nss1 eq1 leq1 sluaul,ied lV (uoltcelal luanbasqns

^ue Jo lellur ue leye .teqleqrvr) pueu;oq luauJAed [ue llurqnse: IBru luaururalog arll 'luauure^og

erll ol pueuoo luau.,^ed atll uJnleJ lleqs pue pueuoc lueul^ed eql peloola, lr ^q^I\

aollou qcns

u! uleldxa lleqs lue€ 6u1nss; eq1 osodJnd qcns lol IueE ournssl aql ol luaurula^o9 oqt ^q

ou[u/v\

ur papr^ord ssaJppe eql le Jo 'luor.uura^o9 aql Jol ulelaq palsrl ssarppe aql le outur/\ ut )uorxu]o^oeaql

^r[ou ^lalerpoLutxr ll/v\ {ue8 ournssl aql 'IparC Jo r6ua] srql ur paLlslqB}se slueura:1nba.t

or.ll lo ^ue

qplr ilduroc ol slle, pueuao luaur^ed aql ,l spun, ur o s]! quv\ ltpaJC ]o Jollo-l

slql repun quau^ed llE a)Eu lleqs lueg 6urnss; aql 'IpsrC ]o raUal srq) ut pautEluoc slueuLetrnba.r

aql sollsllps paluasard uorleluauncop aql leql popr^od pue 'leuoe-1 eJJotSl ut ssaulsnq .lo]

uedo lou s! lu"g ournssl aql qorqi$ uo s^ep ouunp srnoq [ue 0u1pn;cxa 'lueuuJo^og aql ^q

paltrr.uqns

se ^

pueujoo luaur^ed aql qJrq /r ur .rnoq eql raue srnoq (gf) tq6te ^Uo]

ueql l6lel ou spunj alqelte^e

^lalElpsu.rxr ul tuourura^oC eql ol pueueo ]uau^pd outpuodseroo qcea ut palsonboJ spun; aq1 Ied

ol sagJoe lueg oulnssl aqf'[auoo'l erars] ur ssaursnq./o] usdo sr )lueE oulnssl eql uaql sJnoq pue

s[ep 6uunp pauluJqns aq lsnu pueu]oo guau][e6 qcea 'l!pa]O ro rellal srr.ll ]o surel eq] ol l3alqns

'(/v\oleq peuuep se) aleo uo[elldxf aql o.lo]oq lo uo pelltuqns st puelljao

lueur^ed qcns leql pue qdeJOeJBd outpaoard aql ur peqstlqelsa suotsl^old aql ol r.lJoluoo polltuqns

"Electrical Energy" means electrical energy produced, flowing or supplied by an electrical

circuit during a time interval and being the integral with respect to the time of instantaneous

power measured in units of kilor,,ratt hours kWh.

"Fixed O&M Cost Recovery uharge Rate" or'FOMR" means the amount specified by the

Generator in Section 2 oi' Attachment A of this Schedule 8 and applied for Capacity Charge

calculation for a Billing Period

"Forced Outage" is as deiined irl Clause 1.1 of the PPA

"Fuel Gharge" means the amount payable to the Generalor for the cosl of fuel deemed to have

been consumed for the production of Net Output, and for the start-up of Units and is determined

in accordance with Section 3.2..1 of this Schedule I (Tariff).

"Output Charge" means a monthly payment by the Offtaker to the Generator lhat covers the

variable operation and maintenance payment and Fuel Charge, and is determined in

accordance with Section 3 of this Document

"Scheduled Outage" is as defined in Clause 1.1 of PPA.

"Unit" means any separately dispatchable unit of the Plant

118

--t7

-,--/.

1

)

2.'l

Total Payment for Power

The Total payment for Pov/er is determined as follows:

TPm = CCm '1" OCm

CCm = Capaciiy Charge (in US$) for the Billing Period 'm'

OCm = Output Charge (in US$) for Bitting Period 'm'

m = Billing Period

Am = Componerrt A of the Capacity Charge for the Billing Period 'm'

Bm = Component B of the Capacily Charge for lhe Billing Period 'm'

Where:

Capacity Charge

The Capacity Charge has iwo components and is determined as follows

CCm = Anr +Bm

Where:

CCm = Capaclty Charge for the Billing Period 'm'

Component A of the Capacity Gharge

Component A of the rlapacity Charge covers lhe base capital costs of the Project, and is

determined as follows:

Am=CBCm-DRAm

Where:

CBCm = Capital Base rlh3lgq Payment (in US$) for the Billing Period 'm'

DRAm = Deduction frorn CBCm for Reduced Availability (in US$) for the Billing Period 'm'

2.1.1 Capital Base Charge

The Capital Base Charge Pal.,ment (in US$) for the Billing Period 'm' is determined as follows:

CBCm = CCRm * DCrrr * Pl itn -10

1 '19

CCRm = Capilal Cost Recovery Charge Rate (in US Cents/kwh)for Billing Period 'm'

DCm= Dependable Capaciti/ (in MW) for Billing Period 'm'

PHm = total number of Hor.rrs in the Billing Period 'm'

2-1.2 Dependable Capacity

The Dependable Capacity (in IV]VV) for Billing Period'm'is determined as follows:

FDNE-= 1 ->PH.DC,

where

DC1 = Dependable Capacity (in fi4W) for Hour i of Billing Period 'm'

i = each hour in Billing Period 'm'

2.1.3 Deduction for Redlrced ;rvailability

The Deduction from CBCm foi Reduced Availability (in US$) for the Billing Period 'm' isdetermined as follows:

DRAm=CCRm"LCam"10

Where:

LCam = Actual Loss of Nlei Oulput (in kwh) due to Forced Outages in Billing Period 'm'

2.1.4 Actral Loss of NetOutp!rt

The Actual Loss of Net Output due to Forced Outages shall be determined as follows:

JLGam = xpr (UDi. (DC'n - DCr))

UDj = Length of Actual Period of Forced Outages (in hours), as per Availability Notice, for

each Period 'i'

DCj = Capacity (in It/W) oi the Plant available for the Period I' based on the Reference

Site Conditions, after adj(sting only for Forced Oulages as specified in the Availability

Notice, provided thai DCj i; equal to or less than DCm in the applicable Billing Period

Where

120-4

j = Each Period ol Forced Outages (as per Availability Notice)

J = Number oi periods ,)f Forced Outages (as per Availability Notice) in Billing Period 'm'

2.2

J

Gomponent B of the Gapacity Charge

Component B of the Capacit)/ Charge covers the fixed O&M costs of the Proiect, and is defined

as follows:

Bm=FOMPm-DOMi,r

Where:

Bm = Component B of the Capacity Charge (in US$)for the Billing Period'm'

FOlvlPm = Base Fixed rl&lvl Payment (in US$) for the Billing Period 'm'

DOMm = Deduclion from FOI/Pm for Reduced Availability (in US$) for the Billing Period

m

2.2.'l Base Fixed O&ltll Payrnent

Base Fixed O&lvl Payment i,rl the Billing Period 'm' is determined as follows

FOMPm = FOMRm * DCm " r,llm * 10

Where:

FOMRm = Fixed O&lt/ Cost Recovery Charge Rate (in US Cents/kwh) for Billing Period

'm'

2.2.2 Deduction for Reduc€id Availability

The Deduction from FOMPm for Reduced Availability (in US$) for the Billing Period 'm' isdetermined as follows:

DOMm=FOMRm"LCam'lt)

Output Gharge

The Output Charge is determined as follows:

OCm=VOMPm+FCn,

OCm = Output Charge for the Billing Period 'm'

121

zzt

:s/,^ollo] Se poultllJolop SI ,tu, po[ad

6ur r8 q.ee ur lndlno laN lo uollEieuao eql roj uo[dunslro] IO lenl ^^eaH

peuraaq aql

uolldunsuo:) llo lsnl ^^BaH

paurooo Z'Z'e

'/v\olaq9agqdeioeted

u! pauUop se ,ur, polJsd 6ur1;rg ur (srseq AH-t '19/$Sn u!) Olt ]o acrd ='doj-l

'/!\olsq fle'e qderoered

ur paurlap sE ,ru, pouad 6ur11rg ur (srseq nHl 'le/$Sn u!) OJH lo a3ud = udolH

porrcd ourplrg ur qrels ]run lol (19 u;) uorldunsuo3 (Olf ) ltO lonj lq6rl potJeao = uSqJ

',u, polJad

Eurlgrg ur 1nd1ng loN ro] (fe ur) uolldunsuog (OfH) ttO lon:t ^^eoH

peuaoq = ufNgl

',ru, pouad ourllrg ur (gsn ul) lueurIe4 lsoC lanj lelot = @Ol

sJaq,4

('dog't, -sqJ) + edoJH * -INoJ) ='cl:s/nollo] se paurulolap sr ur poljed 0ur11rg ur ($Sn ur) ]uauJ^ed ]so3 Ianl aql

luauAed lsog lanj ['Z'0

ao.reqC lon j Z't

,r-u, pouad 6ut11rg .lo1 (q61ys1ue3

Sn ur) aleu aoreqg r{.lanoceg lso3 acueuaturey! pue uollBjado olqeuen = uuy\lon

,ur, porJad tiurllrg ur tndlno loN = rlpf

00t i ruuwon * LuBl =rldNon

luour^Ed y\go alqBUBn ose€ [ g

,ur, pouad 6ur11g eq1:o1(gg1 uD luau^ed nto alqer.ren osp6 = tud/\OA

:or3qM

,ru, poua6 our1rg eql ro] ($Sn LI) tuau.r^ed )soC lonj = uCj

?'

ainleradurol ]uarquE e6B]a^e eq.L

'IUn Oql ]o rndlno lou e6e]o^E aql

:,u.r, polJed DuIIg ;o rnoq qcea Jo,lceuar

ol perldde Vdd slqt Jo (lueld erll ,o uouducsoo) | alnporlcs ]o B uolcos u! pap!^ord sroleel

uollc€Ioc eleJ leoq s/arnlselnueul eql qlli!\ llun qcea Jo, suotupuoJ eeuoleleu lB rps^ lseiluocqcEa le lueld oql rcl saNnc uouepeloep aql ol ocuoJajal qlr/l puB loe4uoC Cdf aql ql!/!\

acuepjoosB ur peuluJelep se sole.l leeq peol llnl eql Jo srseq aql uo psutuJelap st ,tu, pouad

6un1g ;o r rnoq qcea u! n ltun qcea .ro; (srseq 1p1'1 ue uo qM)upt ur1 igH etag teeH laN arll pue

',ru, polJod ourtlrg ur uno;1 1o roqunN lelol = Hd

',uI, po[ed ourllq ur ]noH qcBa = r

(lueld aqtJo uolldlJosac) ! alnpaqcs;o I uo[oes ur ]no los

se ,u, polJod Durlllg lo Jnoq qoea ur n lrun Jo] (srseq nH-l 'qM)i/pl r.Lr) ole;! teaH loN =:UH

'l!un qgeo ]o sleuruual Joterous6 "Lll

1e pelelau se ,u,poued 6ur1;rg 1o .rnoH qcea u! n lun iiq (qM) u1) uorte:auag pelereue6 1nd1n6 1"x1 j*"3

:aJeqA{

f=t(,l]l.1

" rule]),,Hd3 = ,, ql

sil^ollo, se paururalap sr ,r.u, polJad 6ur11tg ur n lruq Jol pueuo6 lsn1 pauraag aql pue

'.ur, pouad 6url[g ul 6u[erado s]lu{l }o reqLunu lelol = N

']lun ]o Jaqunu = n

'.r1r, porJad 6ur11rg ut n lrun Jol pueua,l lan-l pouraao = n Oj

:eJoq/v\

( . or) NA*ENo.l

/'m/)TZL \\-Z

,7

nzt

saoJeqc soeJols pue xel 'Ilnp Uodur 1{^ol ulnalorlod '^^ol uollnqulstp

lan] 'sao] ^ouo6e

B rolsue.il 'f^al lqolorJ 'ooBrnurap 'sao.rerll) Uod 'ssol lq6raJ] 'lsoc lqolo4'uo!lelrodsue4 ,uJ, pouad 0u!ll!E ur rolerauag oql Iq paseqc.rnd Ojl ,o oclJd aoera^e palqoram

aql se ualel oq lleqs ,ur, porJod oullllE u! (slseq nHl 'le/$Sn ul ''dOJl) Ojt ]o a3ud aqf

tro lanl ]qo!-I Jo aeud 9'z'0

'Jea^ pp4uoc aql Ja^o poseqcJnd olH lo a3!rd ooera^e aql ol luole^lnbo

eq llEqs Jee lcBJluoc aql ur saoleqc lanl ^Hluor.u

,o uorlElnclm aql u! posn olH lo acrJd

[1q1uou a1e6ar66e oql leql qcns 'Jea peJluoC aW ]o r.iluouJ ]sel aq] roJ aOJeLlC lonl OjH aq]

Jo uollelncpc oql ut pasn acl-rd OjH oq) ol opeui aq lleqs luaurlsnlpe ue'sanle^ asaql uaaN\eq

ocualsglp ^ue

]o lua^o ol.ll ul saOJeqC lanJ OIH ^lqluoLu

eql io uorlelnolec oql ur posn OIH

Jo acud ooeJo^e ^lqluor.u

ole6ar66e oql ol poredrxoc pue palelnclee eq lleqs Jeal lce4uoC aq)

ra^o roleJaueg aql ^q

paseqcrnd OIH Jo ocud a6ere e eql 'reo^ loeJluoC qcea ]o pua aql lV

'sa6reqc aOerols pup xpl 'Ilnp Uodu! '^^al un3lo.qacl '^^al uonnqulsrp lsnl 'saal

^cua6e ? reysue.rl '{rra; 1q61a.t1 'a6e::nurep 'sa6Jeqc Uod 'ssol lr-l0re4 'lsoc }tl0ra;i 'uoleuodsuer}

ourpnlcur ,ur, pouad oullrE ur role.reuae aql Iq paseqcrnd OjH lo aerJd ooeia^e palqolan

aql se uolel aq lleqs.ur, poua6 6ur;Ig ur (srseq nHl'le/$Sn u! '-dOlH) OIH;o ecpd aq1

llo fanJ r{^eaH }o aatr<J y'z't

llueld eql ]o uolld csoc) l, olnpaqcs ]o / uolloas u!

lno los se n lun Jo] (slseq nH.l 'l'g ur) Uets llun rad lro lanl lqorl ]o uo[dunsuoC = nSJ

',uJ, po,Jod ourllg u! n lrun ro, slJels ]ueld roqunS 1e1o1= ng11

eloq/\

ngl ,ngt{= "SAJ

se pa^rJep

s! q3rq^ ,t.r, porra6 6ur1p6 ur n llun ,o sdn-Uels lo] uoqdunsuoC lto lonl lq6!l =:SOl

AJAq/!\

'{.sol) '=n ,3 ='ggg

:s/'^olloJ Se pautUuolop st .ru,

pouod 0urllrg q3ea ur tndlno laN ]o uolejauao oql ro] uotrdunsuoC llo pnl tq6tl pauraoc aq1

uolldurnsur-,X ll9 lonl lq6t-l pauao6 0 Z.g

4

At the end of each Contracl '/ear, the average price of LFO purchased by the Generator over

the Contract Year shall be iialculated and compared to the aggregate monthly average price of

LFO used in the calculatk)rr of the monthly LFO Fuel Charges. ln the evenl of any difference

between these values, an adjustment shall be made to the LFO price used in the calculation of

the LFO Fuel Charge ior the last month of the Contract Year, such that the aggregate monthly

price of LFO used in the calculation of monthly fuel charges in the Contract Year shall b€

equivalent to the average price of LFO purchased over the Contract Year-

125

1

Attachment A - AtI eed Values for Capacity Charge Calculations

Capital Cost Recovery Gharge Rate

The Capital Cost Recovery Charge Rate CCR will be used in the calculation of the Payment of

the Capacity Charge, and is defitred as:

CCR = the following rai.es ilr US Cents/kwhl

Fixed O&M Cost Recovery Charge Rate

The Fixed Operation and Maintenance Cost Recovery Charge Rate ("FOMR) to be used in lhe

calculalion of the Capacity Charge is:

FOMR = FOMR Lube + FOMI']_ Fquipment + FOMR Labor

where

FOA/R Lube = 0.24 US Cents/k\l1fr

FOMR Equipment = 0.75 US Cents/kwh

FOMR Labor = 0.64 US Cents/k\A/h

FOMR Lube is to be adjusted annuaily according io the Lube Price lndex, or, if the index is not

available, then another index agreed by the Generator and the Offtaker prior to Financial Close,

or in the event of failure to agree lhen such index or method of calculation as shall be

determined by the Expert as nominated and appointed in accordance with the provisions of

Clause 17 (Governing La\^/ and Dispute Resolution) of the Agreement. The effective value of the

index on Signing Date shall be considered to be the reference index.

FOMR Equipment is to be adjusted annually according 1o the US Consumer Price lndex, or, if

the index is not available, then another mutually agreed index or in the event of failure to agree

mi6-atedthen such index or method o[ t;alculation as shall be determined by the Expert as

126

(a) $0.0537 (five decimal three seven cents) per kWh from the Phase I Commercial

Operation Date, until the occurrence of Phase Il Commercial Operation Date.

(b) $0.0487 (four decimal eight seven cenls) per kWh {rom the occurrence of Phase ll

Commercial Operation Date for a period of 36 months.

(c) $0.0437 (four decimal three seven cents) per kwh from the earlier ol the 36 month

anniversary of the Phase ll Commercial Operation Date and the Phase lll Commercial

Operations Date.

(d) $0.03 (three cents) per l(Wh for Net Output that is delivered by a Phase which is

undergoing a COD Test.

and appointed in acc<-rrdance with the provisions of Clause 17 (Governing Law and Dispute

Resolution) of the Agreemcnt. The effective value of the index on Signing Date shall be

considered to be lhe reference index.

FOMR Labor is to be adjusted annually according to the Siera Leone Consumer Price lndex,

or, if the index is not available, then another mulually agreed index or in the event of failure to

agree then such index or method of calculation as shall be determined by the Expert as

nominated and appointed in accordance with the provisions of Clause'17 (Governing Law and

Dispute Resolution) of ihe Agreement. The effective value of the index on Signing Date shall be

considered to be lhe relerence index.

127

Attachmerrt B - Agreed Values for Output Charge Calculations

1 Variable O&M Cost llecovery Charge Rate

Output Charge calculations will use the following agreed value,

VOMR=OUSCents/kwh

(Zero US cents per kwh)

.i-'/

Schedule 9

lnsurance

PART l: CONSTRUCTION PERIOD

A. Marine and Air Cargo

Cover: All materials, equipment, machinery, spares and other items for

incorporation in the Plant against all risks of physical loss or damage

while in transit by sea or air from any country of oiigin to the Plant site

Sum insured: An amount equal to the maximum value of -any one conveyance,

shipment or storage location

lnsured: The Generator, the EPC Contactor and suppliers to the Generator and

to the EPC Contractor

Period of cover: from the start of shipments to the commercial operation date for each

Phase

B. Consuuction All Risks

The works executed in accordance with each EPC Contract and in the

course of execution, materials and temporary.works, while on the Plant

sites, against all risks of physical loss or damage other than industry

standard exclusions

Sum insured: The reinstatement value of the works as defined and / or contemplated

in each EPC Contracl

lnsured: The Generator, the EPC Contractor and all suppliers and consultants for

their manu'al on site activities only, the Offtaker and the Finance Parties

Period of cover; from notice to proceed under each EPC Contract to the commercial

operation dale for each Phase

Cover:

129

@z

C. Public Liability

Cover:

Limit of Liabilitv:

lnsured:

Period of cover:

D. Miscellaneous

Other insurance required by Law

A. All Risks lnsurance - Fixed Assets

Cover:

Sum insured:

lnsured:

Against legal liability to third parties for accidental bodily injury or

damage to property arising out of the construclion, testing and

commissioning of the Plant

US$ 5,000,000 per occuffence, other than where aggregated in line with

insuranc€ market practice

The Generator, Finance Parties, Generator Parties, all suppliers and

consuliants for their manual on site activities only and the Offtaker

from notice to proceed under each EPC Contract to the commercial

operation date for'each Phase

PART ll: OPERATING PERIOD

All building contents, machinery, stock, fixtures, fittings and all other

personal property forming part of the Plant (but excluding the New

Transmission Facilities) against'All Risks" of physical loss or damage,

including machinery breakdown, other than industry standard exclusions

Full replacemenl value of the Plant, or first loss limit agreed with the

FinaDce Parties

The Generator, the O&M Contractor, lhe Offtaker and lhe Finance

Parties

From the commercial operation date of each Phase to the expiry of the

Term

Period of cover:

130

[rJ01

aq] p fuldxa aL{l ol aseud qcea ro} alep uolprodo prcra[luJoc oLll rro{

Joleuoaql pue soued $ueuH oql 'rolee4uoc yISo e$ 'rcteJauog aql

as4cerd lelreui gcueJnsur ql!/$

a-u!l u! palE6er66B eraq/n ueql laqlo 'ecuerncco fue rcg OOO'OOO'9 $Sn

lueld eql lo acuPuslureur

pup uollErado 'dlqsreur o eql lo lno oulsle s3lued pJlr.ll ol ^Jnful ^ltpoqro seluBd prl.ll lo Auadord ol e6eurep ro] poJnsu! oql lo

^Ilqat le6a-l

'/v\e'l

^q ponnbar se ocueJnsu! raqlo

snoauellecsrr{ o

:E b'516-001Ed

F'5rhsui

pa-ihsqr urns-

:ra^oa

:{rgrqerl orqn6 'C

l'(flfltor L/

I

I

:leql oJnsua 'q

:uo!]eluauoldu!.sl! uo lodal pue ^ctlod ^llllqlsuodssJ

lelcos alelodDc lPnuue ue aredeJd 6

:pa[o]d uo[erauag aL]] o] uo$Plei ul slMs

^resseoau aql odeq Aoql aJaqir sueeuoa'l exats Jo luau^oldtua aql ol acuoJoJaJd a^!6

:ppJluoC Cdf aql u.rJoped ol esn plloc Jolee4uoC

cdl eql qcrqan selllunyoddo 6u[ce4uoc Jo luau^oldtuo 'Alddns uPouos'] eJJslS

&uuept ol lce4uoC 3d3 ue oul Eulraluo ol roud rolcE.AuoC Cd3 posodord sI tlu/n ryo/v\

pup :patoid uolleJsueg ptll ol uollplol u! sueeuoe-l

Errsrs Jo] soDrunyoddo OutoeJluoc :o lusu:{o;dua 'A1ddns }o uollBllllcBJ aql Ir

:lcaford uo[eJauae eql ol uor]elor

u! saflunloddo ourlcerluoc pue ^lddns

o] uollelal ul suEauoe"l eJrars qll/vr 6u!s!ell !

:.ro1 elqlsuodsar leculo ue lulodde 'lueuleeJ6v srql olu! DulJalueJo slep 0gl, u!r.ll!iv\ 'p

:popJe ^e

aq ol sr pe.JluoJ

aql orolaq s^ep Og tseal le stallno elpatu pcol elelJdoJddB puE allsqa ^ Iun ddd aql uo

lcalord uollerauae 6q1 o1 Ounelar ss!]lunyoddo OulpeJ]uoc lmol Euluocdn lp acunouue

oq ^rq'uosear

o,no" u",u^ sa*runloddo.uu,on,"r,'l,ll-11",'j'ffi:i:::liT:ffi,;ul salrunlJoddo oulce.4uoc.ro luau^oldua '^lddns uBauoa] eJ.rors lptluelod uo UodgJ

palrelop e qlr,r luauiura^oC aq1 apnord luauredrov slLll olul oulJaluo ]o s^pp 0Bl, ulqlli 'q

. ifirlrqelrene pue 6urru[ ',llllqerlet '^ltlenb 'eeud lunocoe o]u! 6ut)iBl

'auoel erals ur socJnos Jaqlo uorj olqElre^e asoql o1 enlerr a;qeteduoc:o lenba '.le1aq

Jo are ^oLll

oJaqr\ 'suBouoal eJrols ^q

papr^oJd secrrues ro 'auoe'l BJJoIS u! pocnpoJd

ro paJnlcelnueu slcnpord pue slelJeleul 'luaudtnba ]o asn oql o1 ecue:elald ei'r10

:lleqs rolBJsuac oql 'z

'ssaulsnq

ueeuoar eJJars J ro "ro"1

BJJals ]o uozrllc " sueou ueouoa'I erols o! arnpaqcs srql ul

' Iotlod luoluog leco-I ouoo'I eJJolS

0L olnp€qcs

+

a

c

e

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:o! alnpaqcs slql ut lno los suolleotlqo aql ql!/r^ acuE!ldtuoc

s,ioleJouag aql uo raleulo oql pue roleJouog oqt ol oullodal pue ouuoltuou.t t1t

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at least 80% of the civil works relating to the Generation Proiect are provided

by Sierra Leoleans;

at least 10olo of total capital expenditure for the Generation Project is spent on

contracts with Sieffa Leoneans; and

t. at least 50% of total expenditure on the operation and maintenance of the Plant

is spent on contracts with Sierra Leoneans,

in each case to the extent that they are of better, equal or comparable value to

those available from other sources ln Siena Leone, taking into accounl price,

quality, reliability, timing and availability.

develop and implement (to the reasonable satisfaction of the Government) a tralning and

successlon program:

so that on the second anniversary of the Effeclive Date, atleast three citizens of

Siera Leone are employed as engineers or mid-level managers of the Plant;

so that commencing from the Signing Date, at least three Sierra Leonean

citizens are trained every flve years as ilrofessional operation and maintenance

engineers with the skills necessary to work at the Plant; and

iii. with a view to achieving the below quotas:

lt.

Managerial positions 20%

Middle level positions 50%

l\,4a na gerial positio ns 60%

Middle level positions 80%

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Sieii'a Leoneof

Schedule 11

Transfer on termination

1. Transfer Notice and Termination Payments

The following table sels out the events giving rise to termination of this Agreement after

Financlal Close for Phase I has been reached, the Party that may serve a Transfer Nolice inrespect of each such event and the Purchase Price applicable to each such event.

Termination event Party that may serve aTransfer Notice

Purchase Price

Terminalion under Clause I4.1

(Termlnation for Generator

Event of Default)

The Government Purchase Price A

Termination under Clause 14.2

(Termination for Ofitaker Event

of Default)

The Generator Purchase Price C

Termination under CIause 14.3

(Termination for prolonged

Force Majeure Events)

Generator or Government Purchase Price B

Generator or Government Purchase Price BTermination under Clause 14,4

(Termination for prolonged

Offtaker Risk Events) where the

Offtaker Risk Event is also an

lndirect Offtaker Risk Event

Purchase Price CTermination under Clause 14.4

Oermlnation for prolonged

Offtaker Risk Events) where the

Offtaker Risk Event is not an

lndirect Offtaker Risk Event

Generator or Government

Generator or Government Purchase Price BTerminalion under Clause 14.5

(Termination following Casualty

Occunence)

The Government Purchase Price CTermination under Clause 14.6

(Termination for lncreased

Costs)

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2. Transfer Notice

(b) A Transfer Notice given under paragraph 1 shall require the Offtaker to purchase all of

the Generator's right, title ind interest in the Generation Project in accordance with

paragraph 5 and Schedule 14 (Hand&er Provisions) if this Agreement terminates as a

result of the events giving rise to the termination right.

(c) lf the Generator delivers a Transfer Nolice, the Transfer Notice shall contain a

certification by the Generator of the Purchase Price applicable under paragraph 1.

(d) lf the Generator receives a Transfer Notice, the Generator shall as soon as practicable

calculate the Purchase Price applicable under paragraph I and deliver a notice to the

Offtaker specifying the Purchase Price applicable under paragraph l.

3. Verification of Purchase Price

(a) The Offtaker may at its own expense appoint a firm of independent accountants to verify

the Generator's calculation of the Purchase Price.

(b) The Generator shall permit the Offtaker's independent accountant to access and take

copies of all relevant documents and records in ils possession that are not subject to

professioial privilege and that are reasonably required by the independent accountant to '

verify the Generator's calculation of the Purchase Price.

(c) The independent accountant's verification of the Purchase Price shall be completed

within 60 Days of the Offtaker's receipt of the Generator's calculatipn under paragraph 2

and the Offtaker shall procure that the independent accountant provides a copy of ifs

verification report to the Offtaker at the same time as it is provided to the Offtaker.

(d) lf a copy of an independent accountant's veriflcation of the Purchase Price is not

delivered to the Generator within 60 Days of the Offtaker's receipl of the Generator's

calculation under paragraph 2, lhe Generator's cerlification of the Purchase Price

dellvered under paragraph 2 shall be the conclusive determination of the Purchase Price

for the purposes of this Agreement upon expiry of that 60 Day period.

4, Payment of Purchase Price

(a) lmmediately upon verification or deemed verification of the Purchase Price under

paragraph 3 or upon agreemenl or determination of the Purchase Price pursuant to

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(a) A Party entitlBd to give a Transfer. Notice under paragraph 1 may deliver a Transfer

Notice at any time on or aftar the dale on which a T€rmination Notice is delivered.

@)

Clause 17.2(c) (Dispute resolulion by Arbitration), the Offtaker shall pay the Purchase

Price to lhe Generator in immediately available funds to such account or accounts inside

or outside Sierra Leone as the Generator may specify.

(b) For the avoidance of doubt, Clauses 9.8 (Due date), 9.10 (No set-off oi deduction), 9.,11

(Gross-up), s.12 (Cunency) ani g.l3llnterest for late payment) appty to the payment of

ths Purchase Price

5. Completion of Transfer

Simultaneously with the payment of the Purchase Price under paragraph 4, the Generator shall

transfer all its right, title and interest in the Generation Project to the Government.

6. . De{initions used this Schedule 11

ln this Schedule:

Calculation Date means the date on which this Agreement terminates under CIause 14 (Early

termination);

Equity Return means an amount equal to the net present value as at the Calculation Date of all

dividends and other distributions (other than repayment of the principal of any shareholder

loans) which are projected to be paid by lhe Generator to the Shareholders in the Generator's

curent financial rnodel in respeit of all Phases for the period from the Calculation Date until the

scheduled end of the Term, discounted at a rate of 13 per cent Per annum i

lndirect Offtaker Risk Event means:

(a) acls of war (whether declared or not), invasion, armed conflict, act of foreign enemy or

blockade in each case occurring in or affecting Sierra Leone;

(b) acts of rebellion, riot, lnsurrection, revolution, civil commotion, political violence, public

disorder, act or campaign of terrorism, sabotage of a political nature or political violence

in each case occuning within or affecting Siena Leone; and

Purchase Price means Purchase Price A, Purchase Price B or Purchase Price C, as applicable

undsr paragraph 1;

Purchase Price A means an amount equal to:

(a) the Senior Debt Amount; plus

(e) politically molivated boycotts, strikes, go-slows, lockouts or other industrial action in

Sierra Leone subsisting for more than seven consecutive Days;

(b) the amounls referred to in paragraph (a) of the definition of Termination Costs;

Purchase Prics B means an amount equal tg:

Purchase Price C means an amount equal to:

(d)

(e)

(0

(s)

the Senior Debt Amount; plus

Shareholder Contributions; plus

the Equity Return; plos

Termination Costs:

Senior DebtAmount means:

(h) all amounts required to be paid or repaid by the Generator or by any Shareholder under

the Finance Documents as at the Calculation Date, including prlncipal, interest accrued

but unpaid, prepayment penalties and swap break costs; minus

(i) the aggregate balance standing to the credit of all bank accounts maintained by the

Generator with the Finance Parties (including the debt service reserve, maintenance

reserve and insurance proceeds accounts) other than lhe account from which it may

make distributions to the Shareholders;

Shareholder Contrlbutlons means .the capital of the Generator attributable to the

Shareholders as al the Calculation Date, including share capilal that has not been returned to

the Shareholder by way of a capital reduction and shareholder loans the principal amount of

which has not boen repaid as at tho calculation Date;

Termination Costs means the sum of:

(i) all income, receipts, sales, value added, transfer, property.or olher taxes or any other

costs imposed on the Generator by any Government Authority in. connection with the

transfer of all of the Generator's right, title and interest in the Generdtion Project and the

payment of the Purchase Price; and

(k) all amounts payable by the Generator under each EPC Contract and O&M Contract for

work completed under each EPC Contracl and O&M Contract but not yet paid for by the

Generalor;

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(a) the Senior Debt Amount; plus

(b) 50% of Shareholder Conlributions; plus

(c) Termination Costs;

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Transfer Notice means a notice properly given under paragraph 1

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Schedule 12

Government support provisions

Part I - general Government support provisions

1 Government suppor!

1.1 General Government support

(a) The Govemment shall:

(i) acl and procure that all Government Authorities act in a laMul, timely, reasonable

and non-discriminatory manner in the discharge of all of their powers and

rGponsibilities in relation to the Generation Project and the Project Parties;

(ii) not hinder or lnterfere with and procure that no Governmenl Authorily hinders or

interFeres with the implementation of the Generation Project; and

(b) Where the Government has a procuring obligation under this Schedule 12, that obligation

shall be deemed to be an obligation only to procure lo the extent lhe Government is

legally able to do so.

1.2 . Permits

(a) lssue and renewal of Permits

The Government shall procure that, following a Proper Application by a Proiect Party, the

relevanl Government Authority shall issue,. replace (including fol,owing termination of an

existing Permit) or renew any Permit that ls required by a Project Parly in connection with

the Generation Project in a tirirely manner and on Acceptable PermitTerms.

(b) Cooperation with respects to Permits

lf a Project Party is unable to identify the'Government Authority which is responsible for

issuing a Permit, having used all reasonable endeavours to do 6o,. it may request that the

Govemment identify the relevant Government' Authority and the Government shall

procure that such Government Authority provides full information as lo the requiremenls

and application procedures for the issue, reissue, renewal or amendment of any such

Permit.

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(iii) use its good offices to support their implementation of the Generation Project.

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1.3 Sierra Leone Documents

The Government shall procure that:

(a) if the Generator has fuaived the execution of any of the Sierra Leone Documents as aConditlon Precedent, the Sierra Leone Counterparties duly execute the Sierra Leone

Documents no later than the Milestone Date for Financial Close for Phase l;

(b) al the request of the Generator, the Sierra Leone Counterparties do all further acts and

deliver all further documents as may be reasonably required to carry out the Generation

Project;

(c) none of the Sierra Leone Documents are terminated by the Sierra Leone Counterparties

except as expressly permitted by their terms and the relevant direcl agreement; and

(d) the Sierra Leone Counterparties perform their obligations under the Sierra Leone

Documents in accordance with their terms.

'1.4 Land rights and use ofjetty

(a) The Government shall:

(i) procure that the relevanl Sierra Leonean Counterparty negotiates and enters into a

lease and associated documents for the area of land on.rrhich the Plant will be

situated, as described more particularly in Schedule 1 (Description of the Plant)

within 4 (fouD weeks of the Signing Date and any other leases for fulure siles to be

agreed;

(ii) obtain any related easement or right of ways which are reasonably required by the

Generator for the cohstruction and operation of the Plant and the New

Transmission Facilities; and

(iii) procure that one or more jetties in the Kissy area are available to be used by

international navigation for the delivery of Fuel for the purposes of the Generation

Project from the date that is 12 months after the Financi;l Close for Phase I until

the end of the Term.

1.5 Security

(a) The Govemmenl shall, at the reasonable request of tho Generator provide adequate

security for:

(i) the Plant and the New Transmission Facilities upon the occurrence of unrest,

demonstrations or similar events; and

140

(ii) the transportalion within Siena Leone of critical or high value items for the

Generation ProJect.

1.6 Freetown distribution network

1.7

The Government shall procure that all on{oing intervenlions strengthening the distribution

nelwork in Freetown and its management are completed ln a timely manner.

lmports and exports

The Government shall procure that the Project Parties can:

(a) import without undue delay or hindrance all plant, machinery, equipment, malerials and

fuel required by a Project Party in connection wilh the implementation of the Generatio-n

Project, including by procuring that lar/vful customs inspections are carried out within 14

(fourteen) days of a request by a Project Party; and

(b) export without undue delay or hindrance all plant, machinery, equipment and materials

that are no longer required by a Project Party in connection with the implementation of

the Generation Project.

1.8 lmmlgrationcontrols

The Government shall expedite the issue of visas and work permits to qualifying foreign .

employees and consultants of the Project Parties and their family members..

1.9 Direct Agreements

(a) At the request of the Generator, the Government and the Grid Operator shall negotiate

and, no later than the Milestone Date for Financial Close for Phase l, enter into the PPA

Direct Agreement.

(b) At the request of the Generator, the Government and the Grid Operalor shall promptly

enter into a replacement or additional PPA Direct Agreemenl for any addjlional financing

or reflnancing of the Generation Project.

(c) The Government and-lhe Grid. Operator shall comply with their obligations under each

PPA Direct Agreement.

(d) At the request of the Generator, the Government shall procure that each Sierra Leonean

Counterparty negotiates and, no later than the Milestone Date for Financial Close for

Phase I, enters into a dlrecl agreement with the Finance Parties relating to each Sierra

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Leone Document to which it is a party.

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(e) At the request of the Generalor, the Government shall procure that each Sierra Leonean

Counterparty enters into a replacemenl or additional direct agreement with the Finance

Parties relating to each Sierra Leone Document to which it is a party for any additional

financing or refinanclng of the Generation Project.

(f) The Government shall procure that each Sierra Leone Counterparty complies wiih its

obligations under each direct agreement to whlch it ls a party.

(S) Notwithslanding paragraphs (a) to (e) above, each PPA Direct Agreement and other

direct agreement refered lo in this paragraph 1.9 shall be entered into'on terms that are

reasonably acceptable to the relevant parties.

(h) The Government shall provide all reasonable co-operation to the Generalor and the

Shareholders in relation to their endeavours to achieve Financial Close for each Phase,

including by providing in a timely manner such information, legal opinions and other

documents relating to the Sierra Leone Parlies, the Sierra Leone Documents and their

associaled direct agreements as lhe Generator and the Shareholders may reasonably

requlre.

2. Shareholderobligations

The Shareholders shall exercise their voting rights as shareholders lo procure that the

Generator complies with its obligations under Clause 2.2(b) of this Agreement.

3 Offtaker Risk Events

3-1 Remedies for certain Offtaker Risk Events

Clause 12.7 shall apply with respect to the Shareholders

(a) as if references to lhe Generalor were references to the Shareholders;

(b) as if references lo Increased Costs were references to any increased cosls, expenses,

losses or reduction in revdnue relating to the Generation Project to the extent that:

(i) they are incurred by a Shareholder as a result of an event or circumstance referred

to in paragraphs (a), (S), (h), (i) and (k) of the definition of Offtaker Risk Event; and

(ii) the aggregate of all such cosls, expenses, losses or reductions in revenue that

have not already been the subject of a claim under this pa!'sgraph 3.1 exceed

US$50o,000; and

paragraph (d) of Clause 12.7 shall not apply and the Offtaker shall instead reimburse the(c)

increased costs, expenses, losses or reduction in revenue d{J in paragraph (b).

3.2 No double recovery

The Shareholders may not recover any amount under paragraph 3.1 (Remedies for certain

Offtaker Risk Events) to the extent that:

(a) tha increased costs, expenses, losses or reduction in revenue referred to in paragraph

3.1(b) can be recovered bythe Generator under Clause 12.7 (lncreased Costs); and -

(b) they exceed US$30 million arising out of any single Offtaker Risk Event

4 Partial Risk Guarantee and MIGA cover

4.l Partial Risk Guarantee for Phase I

(a) The Government shall prepare and submit an applicalion to the World Bank for a partial

risk guarantee in respect of the Generation Project within 14 (fourteen) Days following the

Signing Date, in an amount of approximately US$40 million, covering six months'

Capacity Charge (estimated at the Signing Date to be US$l3.94 milllon) and six monthi'

Output Charge (estimated at the Signing Date to be US$20.06 million).

(b) Once submitted, the Govemment shall use its best endeavours to pursue the application

for the Partial Risk Guarantee, including providlng such due diligence information, making

available high-level delegations and entering into all customary documentation required

by the World Bank for the issuance of the Partial Risk Guarantee.

(c) The Generator shall be responsible for the Governmenl's reasonable costs of procuring

the Partial Risk Guarantee, including any application fees and the cost of the Partial Risk

Guarantee.

4.2 Alternative bankable cr€dit support structure

lf the Parties agree on an alternative bankable credit support structure under Clause 3.1(b)

(Financial Close for Phase l), paragraph 4.1 (Partial Risk Guarantee for Phase I) shall apply as

if references to the Partial Risk Guarantee were references to the bankable alternative credit

supporl products.

4.3 MIGA Guaraqtee

(a) The Generator and/or the Shareholders shall prepare and submit an application to the

Multilateral lnvestment Guarantee Agency for a contract of' guarantee for equity

invastmsnts in respect of their investment in Phase I the Generation Project within a

reasonable time following the Signing Date.

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4.4

(b) The Government shall provide all reasonable support to the Generator and the

Shareholders in pursuing the application for the MIGA Guarantee for Phase l, including

providing such due diligence information and making available highJevel delegations as

the Generator may reasonably require. The Generator shall be responsible for lhe-

Government's reasonable costs of providing this support.

Partial Risk Guarantee, alternative bankable credit support structure and MIGA lnsurance

for Phase ll

(a) lf a Partial Risk Guarantee was obtained for Phase l, paragraph 4.1 (Partial Risk

Guarantee tor Phase l) shall apply in relation to the application for a Partial Risk

Guarantee (or increase in the existing Partial Risk Guarantee) to cover six months'

Capacity Charges and Output Charges ln respect of Phase ll and the Government shall

submit the application no later lhan 12 months before the Milestone Date for Financial

Close for Phase ll.

(b) lf an alternative bankable oredit support sJructure was put in place for Phase l, paragraph

4.2 (Alternative bankable credit support structure) shall apply in relation to putting in place

a similar structure or extending the existing structure to cover Phase ll and the

Government shall apply for the applicable credit support products no later than 12 months

before the Milestone Date for Financial Close for Phase ll.

(c) Paragraph 4.3 (MIGA Guarantee) shall apply to Phase ll, mutatis mutandis.

(d) Paragraph 4.1(c) (Partial Risk Guarantee for Phase l) shall apply to Phase ll, mutatis

mutandis

Partial Risk Guarantee, alternative bankable credit support structure and MIGA lnsurance

for Phase lll

(a) lf a Partiat Risk Guarantee was obtained for Phase I and Phase ll, paragraph 4.1 (Partial

Risk Guarantee for Phase l) shall apply in relation to ths application {or a Partial Risk

Guarantee (or increase in the existing Partial Risk Guarantee) to cover six months'

Capacity Charges and Output Charges in respect of Phase lll and the Government shall

submit the application no tater than 12 months before the Milestone Date for Financial

Close for Phase lll.

(b) lf an alternative bankable credit supporl structure was put in place for Phase I and Phase

ll, paragraph 4.2 (Atternative bankable credit support structure) shall jpply in relation to

putting in place a similar structure or extending the existing structure to cover Phase lll

and the Government shall apply for the applicable credit support products no later lhan

12 months before the Milestone Date for Financial Close for Phase lll'

4.5

144

(c) Paagraph 4.3 (MIGA Guarantee) shall apply to Phase lll, mutatis mutandis.

(d) Paragraph 4.1(c) (Partial Risk Guarantee for Phase l) shall apply to Phase ll, mutatis

mutandis.

5 Financial matters

5.1 Availability of forelgn currency

(a) lf and to the extent that US$ required by a Project Party in connection with the

Generalion Project are:

(i) not available to a Project Party on demand in sufflcient amounis for a period of one

week through normal banking channels ln Freetown; or

(ii) not available at the rates generally quoted by commercial banks in Freetown for a

period of one week for US$,

then the Government shall make US$ available to the Project Party in accordance with

paragraphs (A) to (D) below:

(A) through the Bank of Sierra Leone;

(B) at the rate generally quoted by the Bank of Sierra Leone on the Business

Day on whictr US$ are made available to the Project Party;

(C) in immediately available funds lo an account inside or outside Sierra

Leone nominated by the Project Party; and

(D) as soon as practicable and in any case within one week of the Project

Party's request.

(b) The Govemment shall not and shall procure that no Government Authority shall in any

way restrict the conversion of funds from one curency to anolher on behalf of the Project

Parties.

5,2 Funds transfers

The Govemment shall not and shall procure that no Government Authority shall in any way

restrict the transfer of funds by the Project Parties to places outside Sierra Leone in connection

with the Generation Project, other than by the proper exercise of powers under the Sierra Leone

Anti-Money Laundering and Combating of Terrorism Act, 2012.L

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5.3 Foreign currency accounts

The Government shall not and shall procure that no Government Authority shall in any way

restrict the opening, maintaining and operation of bank accounts denominated in any currency

by the Project Parties in connection with the ceneration Project, othei than by the proper

exercise of powers under the Siena Leone Anti-Money Laundering and Combating of Terrorism

4c1,2012.

5.4 Offshore bank accounts

The Government shall not and shall procure that no Government Authority shall in any way

restrlct:

(a) lhe opening, maintaining and operation of bank accounts denominated in any currency

(including SLL) outside Siena Leone by ihe Project Parties in connectlon with the

Generation Project; or

(b) the receipt, holding and payment of funds in any currency (including SLL) outside Sierra

Leone by the Project Parties in connection with the Generation Proiect.

5.5 Currency of financial records

The Govarnment irrevocably authorises the Proiect Parties to maintain and submit to

Government Authorities accounts and financial records denominated in US$ for all official

purposes under lhe Law.

5.6 Co-operation of Government Authorities

The Government$hall procure that all relevant Government Authorities do all Such things as

may be necessary to give full effect to this paragraph 5.

6 Expropriation

6.1 Expropriationprocedures

lf the Government or a Government Authority proposes to carry out an Expropriation, the

Government shall give reasonable prior notice to all of the other Parties, setting out in

reasonable detail its intentions, the property subject to Expropriation and the proposed

Expropriation Date.

6.2 Consequences of Expropriation

(a) CECA BVI may by nolice to the Government require the Government to purchase the

whole of CECA BVI'S Equity Interest if one or more of the following events occurs:

146

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T

ol lcelqns ]ou erB leql uorssessod slr ur spJocej pue slueuncop lue^aleJ lle ]o seldoc

elel pue sse33s oiluelunooce luepuedapu! s,lueuJuJe^oe eql luJad lleqs ng vcSc (c)

'luaur^ed uo[erJdojdxf aql Jo uollelnclBc s,lng VCAO &uo^

ol sluelunoccE luapuadapu! lo r.xru e lurodde esuedxa u/$o slt lB ^Eru

luaururo^oe eql (q)

'(uollPlJdoJdxS lo soouanbosuoC) z 9 tldeJOeJBd Jepun ec!]ou e 6u!re^lep JoUe

alqec[3ejd se uoos se luaui.^ed uo!]elJdoJdxf aql ]o lunotle aql 6ur&uac luauure^oo

elll o) ocllou e re^rlap pue luourled uorleudoJdx3 eql olelnclec lleqs ln8 vc3c (e)

lueur^Ed uollElrdordxf Jo uollpel}Iro^ puE uorlelnrlsC ,'9

'p"t"lnrl"" "q

7 9 qde:6e:ed

'9 qder6aed slql qlli\ acueproccE ul plad pua paulu.ialop

lleqs qorq^ 'luou^ed uolle[doidxf sr.ll sr (uoleudojdx3 ,ro socuenbasuoC)

Jepun lseJelul ,(1gnb3 s,149 V33O,o eloq/vr eql ro, aclJd oseqcrnd oqf

(^!)

luaulAeduollagdordx3 €'g

'ocnou aql ]o Eunr6 eq1:a11e (s^Ep 09 ueql

relel ou lua^e ^ue

ur pue) alqecllc?rd se uoos se lssJelul ^

nb3 s,lng VC3g lo eloq/rrl

oql aseqcrnd lleqs ]ueuru.ro^oe eql '(e) qdEroered rapun ln8 VCfC ^q

ue^16 sr acllou e Jl (q)

's:nc'ao uotleudo.rdx3

,o uouurlep eql lo (q) qdeJoerEd ul ol parJoloJ aouelsuncJlc Jo luo^o {ue (rrn)

reqr ( sa.r n pabo.rd u o lreud oJdxs), ; ff::il11:::ffiTffi;; ::'":::;sr IIadoJd s,Jope4uoC yljg peler[gy [ue;o ped :o oloq^i otll ]o uoleudo.rdx3 ue (n)

:lcaloJd uooeJauoC aql ol palcauuoc ^[caJ!p

s! lEr..ll uncco

,{padold s.ro1cer1uoC f!?O palerl#V riue p ped ro oloq^ aql;o uoneudo.rdx3 ue (,r)

:(saJnpocoJd uolleudordxj) t'9 qderoered repun luauura^o9 aq] ^q

posodord

s! lcaford uoDeJeuag aql ol palceuuoc r{pcarlp st leql ^liadoJd

s.JeploqoJBr.ls

,(ue ro 7 pue 1sa.ra1u1 firnb3 s,.raploqa.reqg e 1o yed lo aloq/r\ oq] ro uollelJdoJdxf uB

isinoco looloJd uollelauoe oql ol palceuuoc ^llcaJlp

sr leql ^Uedold

s,reploqejeqs

Aue ro / pue lsoJolul 411nb3 s,raploqareqs e ]o Ued .ro alotl^1 aql lo uorleudojdx3 ue (!!!)

:(sornpacoJd uollE[dordxf) ['9 qdeJoeJed ]apun ]uorriuJa^og

aql Iq posodord sr

^ljadord s,roleJauoe aql lo Ued Jo eloq^ eql ]o uo4eudo.rdx3 ue (ll)

:sJncco ^Uadold

s,JoleJauoe eql Jo yed .ro elorp,r eq110 uolE[do.]dxf ue (D

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professional privilege and that are reasonably required by the independent accountant to

verify CECA BVI's calculation of the Expropriation Payment.

(d) The independent accountant's verification of the Expropriation Payment shall be

completed within 60 Days of the Government's receipt of GECA BVI's calculation under

paragraph (a) and the Government shall procure that the independent accountant

provides a copy of its veritication report to CECA BVI at the same time as it is provided to

the Government.

(e) lf a copy of an independent accountant's verification of the Expropriation Payment is not

delivered to CECA BVI within 90 Days of the Government's receipt of GECA BVI's

calculation under paragraph (a), CECA BVI'S certification of the Expropriation Payment

delivered under paragraph (a) shall be the conclusive determination of the Expropriation

Payment for the purposes of this Agreement upon expiry of that 90 Day period.

(f) Nothing contained ln, done or omitted to be done under this paragraph 6.4 shall relieve

the Government from its obligation to make an Expropriation Payment when due, nor

delay CECA BVI's right to commence arbilration proceedings.

(S) The Government irrevocably and unconditionally acknowledges that only compensation

calculated and paid in accordance with this paragraph 6 will be fair and prompt

compensatiSn (or meet any other similar requirements) for the purposes of any

investment prolection trealy, Law or other instrument governing an Expropriation.

(h) Nothing in this paragraph 6 shall limit the right of lhe Project Parties to pursue

compensation under any political risk insurance policy or partial risk guarantee or to

terminate this Agreement under Clause '14.2(c) (Termination for Offtaker Event of

Default) of this Agreement.

(i) The Government:

(i) confirms that it is aware that a partial Expropriation may constitute an event of

default or other termination events under the Finance Documents and Project

Documents; and

(iD recognises that the Generation Project is a functional whole and that a partial

Expropriation may have an adverse impact on the whole Generation Project and all

Project Parties,

and therefore unconditionally and irrevocably waives any right to claim that (l)

compensalion calculated and paid in accordance with this paragraph 6 is not a genuine

pre-estimate of the loss incurred by CECA BVI upon an Expropriation of any kind and (ii)

ing its right toCECA BVI is in breach of any duty to mitigate its loss by virtue of exe

14A

require the Government to purchase all of its right, title and interest ln the Generation

Proiect.

6.5 Payment of Expropriation Payment

(a) lmmediately upon verification or deemed verification of the Expropriation Payment under

paragraph 6.4 (Calculation and verification of Expropriation Payment) or upon agreement

or determination of the Expropriation Payment pursuanl to Clause 17.2(c) (Dispute

resolution by Arbitration), the Government shall pay the Expropriation Payment to CECA

BVI in immediately available funds to such account or accounts outside Sierra Leone as

CECA BVI may specify.

(Ul For the avoidance of doubt, Clauses 19.8 (Due date), 9.'10 (No set-oft or doduction), 9.1 1

(Gross-up) and 9.12 (Cunency) apply to the payment ol the Expropriation Payment.

(c) The Expropriation Payment shall bear interest in accordance with Clause 9.'13 (lnterest

for late payment) from the Expropriation Date until the date it is paid in full.

6.6 Completionoltransfer

7 Definitions used in Part I of this Schedule 12

ln Part I of this Schedule '12:

Acceptable Permit Terms means, with respect to a Permit, terms and conditions that:

(a) enable lhe Generation Project to be implemented as contemplated by the Project

Documents;

(c) will only limit the Shareholders' ability to benefit from its Equiiy lnteresl to the extent lhey

are applied in a non-discriminatory manner;

Equlty Return means an amount equal to the net present value as at the Exproprlation Date of

all dividends and other distributions (other than repayment of the principal of any shareholder

loans) which are projected to be paid by tho Generator to lhe Shareholders in lhe Generator's

cunenl financial model in respect of all Phases for the.period from the Expropriation Date unlil

the scheduled expiry of the Term, discountod at a rate of 13 per cenl per annum;

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Simultaneously with the payrnent of the Expropriation Payment under paragraph 6.5, CECA BVI

shall transfer the whole of its remaining Equity lnterest that has not already been subject to

Expropriation to the Governmenl.

(b) enable each Project Party to perform its obligations or exercise or beneflt fully from its

rights under any Project Document or Finance Document; and

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Expropriation Date means, in relation to an Expropriation, the date on which the event or

circumstances constituting the Expropriation first occurs or commence;

Expropriatlon Payment means an amount equal to:

(a) the Senior Debl Amount; plus

(b) the Shareholder Contributlons; plus

(c) the Equlty Return; plus

(d) Termination Costs;

MIGA lnsurance means each guarantee for equity investments to be issued by the Multilateral

lnvestment Guarantee Agency as referred to in paragraph 4 (Partial Risk Guarantee and MIGA

cover);

Pa(lal Rlsk Guarantee means each partial risk guarantee refened to in paragraph 4 (Partial

Risk Guarantee and MIGA covsr);

Propor Appllcation means the submission of an application by a Project Pa(y for a Permit in a

timely manner, accompanied by all relevant application and administration tharges and fees

payable by the relevant Project Party;

Senior Debt Amount means

(a) all amounts required to be paid or repaid by the Generator or by any Shareholder under

lhe Finance Documents as at the Expropriation Date, including principal, interest accrued

but unpaid, prepayment penalties and swap break costs; minus

(b) the aggregate balance outstanding to the credit of all bank accounts maintained by the

Generator with the Finance Parties (including the debt service reserve, maintenance

reserve and insurance proceeds accounls) other than the acaount from which it may

make distributlons to shareholders;

Shareholder Contributions means the capital of the Generator attributable to the

Shareholders as at the Expropriation Date, including share capital that has'not been returned to

the Shareholder by way of a capital reduction and shareholder loans the principal amount of

which has not been repaid as at the Expropriation Date; and

Termination Gosts means all income, receipts, sales, value added, transfer, property or other

taxes or any olher costs imposed on CECA BVI by any Government Authority in connection with

'the transfer of CECA BVI'S Equity lnterest and lhe payment of the Expropriation Payment-

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8 Termination

A breach by the Government of any of its obligatlons under thls Schedule 12 shall constitute a breach

of a material obligation for the purposes of Clause "14.2.

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4 Capital gains The Shareholders, Generator and Finance Parties shall not be

subject to tax in Sierra Leone on any capital gain realised in

relation to the Generation Project, including the sale of all or

part of the business or lhe shares of CECA SL or the

Generator.

5 Employse taxation Employees of the Projecl Parties (excluding {or the purposes

of this paragraph 5 any Fuel Supplier or Finance Parties)

working in connection with the Generation Project who are

citizens of a country other than Sierra Leone and who are not

resident for Tax purposes in Sierra Leone shall be subject to

Tax in Sierra Leone only on their locally recdived income and

shall be taxed on that income at a rate no higher than the

same rale applied to employees with the same tax status in

Sierra Leone of other local companies or, if lower, the rale

applied to employees with the same tax status in Sierra Leone

of non-citizen or non-resident companies. For the avoidance

of doubt, employees of the Project Parties who are citizens of

a country other than Sierra Leone and who are not residenl for

Tax purposes in Sierra Leone and payments to such persons

shall not be subject to NASSIT.

The directors, consultants and employees of the Project

Parties (excluding for the purposes of this paragraph 6

any Fuel Supplier or Finance Parties) working in

cannection with the Generation Project (and the children,

dependants'i spouses and civil partners of each of the

foregoing) shall be entitled to bring into or import, and to

export following or in anticipation of lhe ending of their

period of residence or work such personal and household

effects (lncluding but not exceeding. up to one motor

vehicle per employee or director) in connection with the

same and for any of the same to be promptly processed

through ths port of ehtry or exit, including any customs

procedures, free of all Taxes (other than any prevailing

ECOWAS tax which is currently set at 0.50/o of the value

of the applicable goods), provided that this paregraph

shall not apply to any import or export of motor vohicles

by any consultant.

(b) lf any personal or household effegl-brought lnto the

(a)6 Expatriates

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country by a person free of Taxes under paragraph 6(a) is

subsequently sold within Sierra Leone by that person or

any person connected to them, the Government may then

recover from the buyer of such personal or household

effect such Tax that would have been payablg on import

had the provisions of paragraph 6(a) not applied provided .

that the seller of such personal or household effect shall

notify the Government in writing of the identity of the

buyer and the amount or value of lhe consideration

received for the sale of that personal or household effect.

(c) For the avoidance of doubt all other goods which aie

imported or exported by the directors, consultants and

employees of the Project Parties (and the children,

dependants, spouses and civil partners of each of the

foregoing) and which do not fall under paragraph 6(a)

shall be sub.iect to such Taxes as are applicable from

iime to time under the Law of Sierra Leone and such

admlnistrative practises as are adopted by the

Gove'rnment for the processing of such goods.

7

where an Exempt Project Party is the

recipient of a taxable supply of Plant,

Machinery Equipmeht'or Consumables for

Goods and Services Tax purposes under the

Law of Siera Leone which are required for

use in lhe construqtion, enhancement of

capaiity or overhauling of capacity or (in

respect of a receipt of a laxablo supply of

Consfumables only) the operation of the

Generation Project; or

(2) where a Non Resident Exempt Project Party

is the recipient of a taxable supply of services

in connection with the Generation Proiect,

then th6 supplier making that supply must treat that

supply as if it were a zero-Elted supply for Goods arid

Services Tax purposes and all consequences will follow

for the s the relevant Exempt Project Party as

Goods and ServicesTax

(a) Subject to paragraph 7(d) below

(1)

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if it were such a zero-rated supply. Any taxable supply

which a Non Resident Exempt Project Party is treated as

making by virtue of being a recipient ol a supply of

imported services in connection with the Generation

Project shall be treated as if it were a zero rated supply

for Goods and Services Tax purposes. ln this paragraph

0, the expressions "input tax", "taxable supply" and

"zero-rated" shall have the same meaning as they do in

the Goods and Services Tax Act, 2009.

(b) Notwithstanding paragraph 7(a) above, if and to the

extent that an Exempt Project Party incurs any amount of

lnput tax (other than input tax ialling within paragraph

7(d) below) imposed under the Laws of Sierra Leone in

connection with the Generation Project, the Competent

Authority shall, on that Exempt Project Party's request,

promptly refund the relevant Exempt Project Party in full

for allsuch amounts.

(c) The Competdnt Authority shall pay any input tax refund

.due to an Exempt Project Party unddr paragraph 7(b)

within foyr months of that Exempt Project Party

requesting the refund. lf the Competent Authority does

not pay the input tax refund within that four month time

limit, any amount of unpald input tax refund shall

immediately and to the fullesl extent possible be set-off

against any other Tax which is due and payable by that

Exempt Project Party in Sierra Leone or any Tax

imposed by Sierra Leone which is required to be withheld

at source from any payment made by that Project Party.

(d) Paragraph 7(a) above shall not apply in respect of Goods

and Services Tax imposed on the importation or

purchase of any goods or services, where the provisions

of Paragraph 1(a) shall instead apply and for the

avoidance of doubt where Paragraph 1(a) does not

provide an exemptlon, such import or purchase shall be

subject to Goods and Services Tax in accordance with

the general position under the Laws of Sierra Leone.

(e) For the Purposes of this Paragraph 7 "Exempt Proiect

Parties" comprises only the Generator, Shareholders,

EPC Contraclors, O&M Contrglqrs and the

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Subcontractors and "Non Resident Exempt Proiect

Parties" comprises only Exempt Project Parties that are

not resident for Tax purposes in Sierra Leone and which

do not have a permanent establishment in Sierra Leone.

Subject to paragraph 8(b) below, none of the Finance

Parties nor the Shareholders shall be, or be deemed to

be, resident, domiciled or carrying on business (whether

through a permanent establishment or otherwise) in

Siena Leone solely by reason of the execution, delivery,

performance or enforcement of the Project Documents or

the Finance Documents or in r6spect of the carrying out

of any part of the Generation Project. No Sub Contractor

or EPC Contractor or O&M Contractor who would not

otherwise be resident, domiciled or carrying on business.

lhrough a permanent establishmeni in Sierra Leone shall

be resident, domiciled or carrying on business through a

permanent establishment in Sierra Leone solely by

reason of work which they carry on'in connection with the

Generation Project).

(b) Paragraph 8(a) shall not apply.to remove any liability for

NASSIT, where. the provisions of paragraph 5 shall

instead apply, or act to extend the exclusion set out in

paragraph 'l (a) or 7(a) in respect of any tax on import or

Goods and Services Tax (respectively).

(a)

o The Government hereby irrevocably and unconditionally agreesin the terms of this Schedule:

(a) to waive for the period of the Term plus two years its

righls in respect of Tax insofar as they are inconsislent

with the terms set out in this Part ll of Schedule 12; and

(b) for the period of the Term plus lwo years not to seek to

recover Tax from the Project Parties insofar as sucll

recovery would be inconsistent with the terms set out in

this Part ll of Schedule 12.

Confirmation

10The Parties to thiS Agreement hereby acknowledge and agree

that the exemplions from tax as set out in-this Scdedule t have

been provided solely for the development, operation and fundinil

of the Generalion Projecl and shall not apply for any other

purpose.or in relation to any other activity and no term of this

--

Purpose

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Agreement shall restrict or prevent the Government from

exercising any powers it may have from time to time to

investlgate and ensure the exemptions are being applied in

accordance with this Part ll of Schedule 12.

No double recoveryand no misus€provisions

(a) To the extent that claims can be made (in respect of the

same facls or circumstances) by the Generator both for

breach of the Governments agreement in this Schedule

and also under Clause 12.7 (lncreased Costs) (ignoring

any deminimis threshold on such claims when

determining whether a claim under Clause 12.7 can be

made), then claims cannot be made tor breach of this

Schedule to.the extent that lhe Generator would have

been unable to recover under Clause 12.7 solely by- virtue of the applicable deminimis threshold that applies

to such drtaim.

(b) ln relation to paragraph 7(b) above (payment in respect of

(c)

Goods and.Services Tax) no payment shall be made to I

the extent that the relevant Project Party has already

recovered an amount representing or in respect of such

input tax from a Competent Authority. lf payment is made

under paragraph 7ib) the Project Parties agree to wa ve

their rights to claim for or in respect of such amounts

under Law and agree not to claim for such amounts

'under Law.

The Generator shall ensure that, through the EPC

Contract and the O&M Contract, the EPC Contractor and

the O&M Contractor agree:

(1) to act in accordance with and be bound by the

provisions of paragraphs 1(b),11(b) and 1 1(d)

of this Part 11 of Schedule 12;

(2) procure that the Subcontractors are bound

under the terms of their contracts with the

EPC Contractor and the.O&M Contractor or

other Subcontractors (as applicable) to act in'accordance with and be bouhd by the

provisions of paragraphs 1(b),11(b) and 11(d)

ofthis Part ll of Schedule 12,

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(d)

(e)

and the Generator shall use all reasonable endsavours to

enforco such obligations and require the EPC Contractor

and the O&M Contractor and Subcontractors (as

applicable) to enforce such obligations, and shall use all

reasonable endeavours to give the Government direct

rights to enforce such obllgations against the EPC

Contractor and the O&M Contractor.

Without prejudice to (a),(b). and (c) above or to Clause

18.19, in respect of any liability which may give rise to a

right of a Project Party to recovef damages or oblain

payment, reimbursement, restitution or indemnity

(including through changes in the Tariff) (whether under

this Agreement, any Project Document, rights under Law

or otherwise):

(1) no such liability shjll ue met more than once;

and

(2) to the extent that such liab-ility is satisfied by

way of a claim pursuant to rights other than

those provided in this Schedule, any amount

payable pursuant to this Schedule in respect

of the same matter is reduced accordingly,

and vice versa.

Without prejudice to any other rights and remedies that

the Government may have, in the evint that a Project

Party is found to have failed lo comply with lhe Law

relating to Tax (as modifled by this Schedule), other than

with the express written agreement of the Government,

and:

(1) such Proiect Party or any of their present or

former directors, officers or employees or

consultants was aware that the Project Party

had failed to comply with the Law relating to

Tax (as modified by this Schedule); and

(2) the amount of Tax in Sierra Leone that was not

assessed and which should have been

assesseci had the Law (as modified by this

Schedule)-b6ei-6rrectly applied exceeds in---.

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aggregate (being the aggregate of all such

failures by that Proiect Party)US$300,000, then

that Project Party shall cease to benefit from

the provisions of this Schedule 12 with effect

from the date of the failure that triggered the

operation of this Paragraph 11(e). The Parties

acknowledge that if the Government wishes to

enforce lhe provisions of this.Paragraph '11(e)

the burden of proof in establishing that thls

'Paragraph 11(e) applies shatl in the first

instance fall on the Governm6nt.

(f) ln the event that arrangements are entered into with the

intention of extending the scope of the benefit of the

provisions of Part li of thjs Schedule either to persons

who would not or transactions which would not, absent

such arrangements, be entitled to benefit from the

provisions of Part ll of this Schedule, then the

arrangements are not to achieve that effect and Part ll of

this Schedule shall be applied as if the arrangements had

not been entered into. ln this paragraph "arangements"

includes any agreement, understanding, scheme,

transaction or series of transactions (whether or not

legally enforceable).

(g) This Part ll of Schedule 12 shall not waive, reduce,

remove or limit any liability for or in respect Taxes on or

in respect of petrol, diesel, HFO, LFO or other fuel.

The Generator shall promptly, and in any event within 20

Business Days, notify the Government in writing:

(a) when a person becomes a subcontractor under limb (e) of

the definition of Project Parties, with such nolification to

include (i) the date on which they became such a

subconlractor and (ii) reasonable details of the goods or

services that will be subject to relief, exemption or waiver

in accordance with this Part ll of Schedule 12 (the

'Exempt Llst"); and

(b) when a person ceases to be a subcon

(e) of the definltion of Pro

r under limb

rties for whatever

12 Subcontractors

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JOj secuerldde pue stueetJqnl 'sauossecce pue seJols (q)

Ncelor6 uorleiaueg

alll ol uoleleJ ut ,,1ueudrnb3 pue &eurqceyl 'lgBld,, louollruqsp or.ll 1o (1 o1 (e squirl 1o,(ue ql!^

^le^lsnpxaasn roJ sa3uetldde pue sued aJeds 'souossacJe (e)

1ca[o.t6 uoneraueg aql ]o uolleJedo aq] (luB^atar

arsqi!\) pue lo aJnlsnilse4u! eq1 6uluqelureuL pue 6uUlEdaJ

'luaurdlnba pue lauuosad 6uryodsue.q 'raruod 6upcnpold

'lcslord uolleJouae aq] lo oJnlcn.rlse{ul aql oulredaJd

pue 6urlpuEq 'ourssecold 'oulleore u! ^ueduroC

dql

,iq pasn spoo6 Our/rlollo] aql lluo sueeur salqsunsuo3

'lqnop ,o "ru"O,onr "U, .,", 'U*j'"jl["r:';"':,;':j:

enssr o1 :amod aql . qiun &rJoqlne

^ue pue AIJoqlnV

anue^eu leuolleN aql 'sujolsnC 'sarpoq ^Jolnlels'sllcunoc lecol'uortElrmrl lnoqlr'A'6urpnlcur luauoorov

siql repun suorte6rlqo s,'lsoe lo uoteluaurelduJ!

oql ur pauJacuoo osLr loqlo Jo Joj elqrsuodsoJ s! qc!q^

Ipoq ^ue

pue ]soe sql sueeu solllroqlnv luoladuroC

:alnpaqcs srql ulsuo!lru!rao 0t

luauu:eaog aql Aq ldlacal Jole sAeO ssoursng 0Z

lsr-l ldujaxl ourpoceJd oql ecBldor ol (JolcEJluocqns,o uofluuap

aq1 1o sesodrnd sql Jo]) uele] aq llBqs lsl.i lduax3 pe]epdn

qcns ([) pue ropErtuooqns qcns ]o] zl, alnpeqcs Jo ll led srqt

qlII\ scuEpJocce ul Ja^!e^ Jo uollduexa 'lerlo.r ol leelqns aq ll/v\

leql ssc!ruos lo spoo6 aql p sllelep alqBuoseal qlI\^ lsll ]duJaxfpalepdn eql uleluoc lleqs ec[ou uellu/,^ qcns (r) leql papr^ord

'luouruJe^og aql ol arnou ualllJ/r/r lo IE A ^q

'Jol3e4uocqns

uo^16 e Jo loadsor ur papr^oJd ls!'l lduoxf aql fuessacau

,{lqeuosear se ualp sq appdn ol pa[llus eq leqs ]olereuae oql

'lcBrluocq n s

lue^eler aql lo uqlleuruJJel ro ^rrdxa

eql (Z)

Jo llcEJluocqns lue^alar oql'lapun suolleo!lqo

sl! lle pallllln] 6u!^eq Jo]eerluocqns eql (r)

:,o llnsal e se ol poltull lou lnq oulpnlcu! 'uoseaJ

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use exclusively with any of the of limbs a) to k) of the

definition of "Plant, Machinery and Equipmenf';

provided that, notwithstanding limbs (a) and (b) abov€,

Consumables does nof include foodstuffs..

Goods and Services Tax is a Tax under this Agreement

and means any tax imposed under the Goods and

Services Tax Act, 2009

Plant, Machinery, Equlpmsnt means.all machinery,

plant and equipment used by the Company in erecting,

processing, handling and preparing the infrastructure of

the Generation Project, producing power, transporting

personnel and equipment, and repairing and maintainlng

the inlrastruclure of the Generation Project, including,

without prejudice to the generality of the foregoing:

a) construction materials for the Generation Project

and ancillary facilities;

b) generation plant, including transformerst

c) distribution equipment and vehicles used in and

ancillary to their operations;

d) power generating and distributing equiprrent,

solar panels and flood lights;

e) rescue and medical equipment, mobile and fixed

fire protection equipment;

f) camp equipment, pre-fabricated and

containerised accommodation and olfices,

furniture, communication systems,

communications equipment, computers, printers,

plotters and software;

g) water treatment and storage facilities and

ass-ociated retjculation (including the production of

portable wate0;

h) sewasie treatment andltage facilities and

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associated reticulation;

i) workshop equipmenl including tools sets, working

benches, lifting equipmenl, oxy-acetylene sets,

welding machines, compressors, lathes, milling

machines, cutting machines, grinders, oxy-

acetylene bottles and compressors;

.i) fuel storage, conveying, pumps, piping, handling

and packaging equipment;

Subcontractor means a Person:

(a) who is and continues to be a subcontractor under limb

(e) of the definition of Project Parties: and

(b) in respect of whom the Government has received

notification under paragraph 12(a) above and in

respect of whom no notification under paragraph

12(b) above has been received; and

(c) whose contract (by virtue of which they fall within limb

(e) of the definition of Project Parties) is consistent

with and conforms with the requirements sel out in

paragraph 1 1(c) of Part ll of this Schodule,

provided that, without prejudice to the provisions of

this Part ll of Schedule 12, an entity shall only be

capable of being a Subcontfactor for the purposes of

this Part ll of Schedule 12 in respect of goods and

services listed in the Exempt List provided by the

Generator to the Government in respect of that entity

Tax includes all present and future laxes, charges,

imposts, duties, levies, customs duties, excise, deductions

or withholiJings of any kind whatsoever, or any other tax

or charge havlng the effect of a tax, or any amount

payable on accdunt of or as security for any of lhe

foregoing, by whomsoever on whomsoever and wherever

imposed, levied, iollected, withheld or assessed, together

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Surviving Tax Provlsions means the provisions at

' paragraph 1(b) and ll ofPartll ofSchedule 12.

wilh any penalties, additions, fines, surcharges or interest

relating therelo and Taxes and Taxation shall be

construed accordingly.

General interpretation provisions:

The lerm plant when used in this Part ll of Schedule '12

includes prefabricated fixtures and structures, as. well as

special purpose vehicles such as utllity vehicles, scissor

lifts, service vehicles, personnel carriers, fuel trucks and

rescue vehicles and water trucks.

The term machlnery means machinery consisting of acombination of moving parts and mechanical elemenls,

which may be put in motion by physical or mechanical

force.

A person shall be deemed to be connected with another if

that person is connected with another Within the meaning

of section 1122 ol lhe Corporation Tax Act 2010, or, in the

case of an individual, any person connected with him

within the meaning of sections 252 to 254 of the

Companies Act 2006.

164

Schedule '13

Milestone Dates

on or before the Milestone Dats for Phase I

Financial CloseEntry into an EPC Contract for Phase I

On or before lhe Milostone Date for Phase I

Financial CloseEntry into an O&M Contract for Phase I

Phase I Financial Close 6 months afler the date on which a partial riskguarantee for Phase I is issued by the WorldBank

Entry into an EPC Contract for Phase ll On or before the Milestone Date for Phase llFinancial Close

Entry into an O&M Contracl for Phase ll On or before the Miiestone Date for Phase llFinancial Close

Phase ll Financial Close 6 months after the date on which a partial riskguarantee for Phase ll is issued by the WorldBank or 6 months after a bankable alternativecr6dit enhancement structure is put in place forPhase ll

Entry into an EPC Contract for Phase lll On or before the Milestone Date for Phase lllFinancial Close

Entry into an O&M Contract for Phase lll On or before the Milestone Date for Phase lllFinancial Close

Phase lll Financial Close 6 months after the date on which a partial riskguaiantee for Phase lll is issued by the WorldBank or 6 months atter a bankable alternativecredit enhancement structure is put in place forPhase lll

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Schedule 14

Handover Provisions

At any iime during the last lhree years of the term of this Agreement, the Parties may appoint an

lndependent Engineer to report on whether the Plant has been maintained in accordance with

this Agreement, including any manufacturers' recommendations. Any Party may request such

appointment by written notice to the others proposing the name of a suitable candidate who

shall be a mem[g:r of the lnstitute of lrlechanical Engineers (or the relevant successor

organisation). lf the Parties have not agreed a candidate within 14 days of that notice, such

fallure shall be deemed to give rise to a Technical Dispute.

The Generator shall give all reasonable access to the Plant and all relevant records for the

lndependent Englneer to prepare his report. The parties shall use reasona6le endeavours to

ensure that lhe report is delivered to the Parties within 28 days of the appointment of the

lndependent Engineer.

The Generator shall use its reasonable endeavours to carry out any works required in order to

ensure that lhe Plant is in Good Operating Condition as at the Transfer Date.

On the Transfer Date, the Generator shall transfer free and clear of all liens and encumbrances

all of its right, title and interest in:

'1.4.1 the Plant;

1 .4.2 all stocks of spare parts and other consumables (other than Fuel) relating to the Plant;

1 .4.3 all records relating to the Plant of whatsoever nature;

1.4.4 all ot the Generatods rights, title, interest, liabilities and obligations in and derived from

the agreements relating to the Generation Project which are valid and subsisting and

capable of being transferred by tho Generator to the Offtaker, other than any agreemenls

between the Generator and any of the Shareholders, the Sponsors aird an Affiliate O&M

Contractor;

1.4.5 the benefit of any warranties or guarantees given by third parties in respect of any

property or assets to be transferred to the Offtaker or its designee which are valid and

assignable as at the Traisfer Date; and

1.4.6 any outstanding insurance claims and the benelit of any insurance policies (including the

insurance policies) which are assignable as at the Transfer Date,

to lhe Offlaker, or a person designated by the Offtaker, in consideration of the payment by the

Offtaker to the Generator of US$1 (upon expiry of the Term) or the applicable Purchase_

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1.8

under Schedule 11 (Transfer on termination) (in the case of early terminalion of this Agreement)

(the "Plant Transfer').

1.5 The Plant shall be transferred in Good Operating Condition

Twelve months befor€ the expected Transfer Date (or as soon as possible following delivery of

a Transfer Notice under Schedule 11 (Transfer on termination)) the Generator and the Offtaker

shall each appoint two people who shall be responsible for planning and ihlplementing the Plant

Transfer (the Handover Commiftee). The Generator and the Offlaker shall ensure that their

appointees have lhe appropriate technical skill and experience to perform'this role.

The Handover Committee shall have their initial meeting no laler than 11 months prior to the

expected Transfer Date (or as soon as possible following delivery of a Transfer Notice under

Schedule 11 (Transfer on termination)), and thereafter shall meet no less than twice a month

until the Plant Transfer.

The Handover Committee shall take all such steps as are roasonably practicable to ensure that

Plant Transfer takes place in accordance with this Agreement and shall seek to agree whether

the Generator should continue to procure and maintain stocks of Fuel in accordance with this

Agreemenl or whether those should stocks should be managed doivn.

1.9 On the Transfer Date, the Offtakerlhall purchase all stocks of Fuel held by the Generator. The

Offtaker shall pay the Generator using the av'erage prices of HFO and LFO for the final Contract

Year as referred to in paragraphs 3.2.4 (Pice of Heavy Fuel Oil) and 3.2.5 (Price of Light Fuel

Oil) of Schedule 8 (Tariff) on, and as a condition of, the Transfer Date. The purchase price of

such Fuel is included in the applicable Purchase Price payable under Schedule 11 (Transfer on

termination) where this Agreement is terminated early.

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Schedule 15

Collection Account principles

Parties The Parties and a collection account bank to be agreed by the

Parties

There may be a mechanism for other iQdependent power

producers in the Weslern Area of Sierra Leone to become party,

wlth appropriate decision-making mechanics

Collection Account Throughout the Term, the Grid Operator shall credit all revenue

f'om end-users of electricity in the Western Area of Sierra

Leone to a segregated Collection Account by way of an

automatic weekly cash sweep

Payments from the Collection Account will be made only in

accordanca with a cashflow waterfall, with the Grid Operatofs

approved operating .expenditure ranking first and all amounts

payable to the Generator and other power producers ln the

Westein Area ranking pro rata to the number of MWh generaled

Government liquidity support Each month, the Government shall credit an amount to the

Collection Account equal to any deficit in payments forecast to

be made in accordince with the Collection Account Agreement

cashflow waterfall

PPA Escrow Account The Collection Account Agreement will also govern the Escrow

Account

Charge Over Receivables The Grid Operator will grant a first fixed charge over the Grid

Operatdr's receivables from end users of electricity in the

Western Area of Sierra Leone and the Collection Account in

favour of lhe Generator on custcmary terms for such a

document in Sierra Leone. This security may be shared with

other independent power producers in Sierra Leone

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Schedule 16

New Transmission Facilities

The works will include the upgrade of the lines from the generator site in Kissy tp to the substations in

Blackhall Road and Wellington. The works for Phase I will include:

Kissy Collector Primary Substation: Construction of new station building and equipment

foundations and installation of new 33/11kV 60MVA substation facility at the generation site:

Existing Blackhall Road Primary Substation: Expansion of 33kV switchgear in existing

33/'l 1 kV primary substation;

Existing Wellington Primary Substation: Expansion of 33kV switchgear in existing 33/11kV

primary substation;

33kV Distribution Line: lnterception of the 33kV line from Wellington to Blackhall Road. lf the

line lacks lhe ability to evacuate the requlred power then the same will be upgraded to ensure

this evacuation. ll must be noted that the'upgrade means the running of new lines on the

existing structure that have the ability to cover the shortfall of the existind line.

The Offtaker may seek the assistance of the Generator to connect major commercially viable

customers within a distance of 3km from the Plant at a cost to be negotiated between the

Parties. lt must be noted that lhe Generator will connect to the existing transformers available

at the site of the customers.

Unless otherwise described in the specifications, the Generator's scope of work, in general, shall

include, but not limited to, designr supply,.installation of equipment and materials, civil work, test and

lnspections, lnsurance, transportation to site, including preparation of necessary documents for

custom clearance, and guarantee of lhe equipment and materials.

The scope of work covered by the present tendering shall consist of the design, procurement,

installation and commissioning of the following:

The Equipment for Wallington Primary Substation (hereafter referred to as "P/S")

33kV Switchgear Cubicle

33kV Switchgear Connection Cables

33KV Power Cables

Other installation materials necessary for the above

33kV incoming switchgear(s) connecting to Freelown primary substations, Station services

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Facilities including DC supply facilities of Wellington primary station

The Equipment for Black Hall Road Primary Substation (hereafter referred to as "P/S")

33kV Switchgear Cubicles

33kV Switchgear Connection Cables

33KV Power Cables

Other installation materials necessary for thq above

33kV incoming switchgear(s) connecting to Freetolvn primary substations, Station seryices

Facilities including DC supply facilities of Wellington primary station.

Upgrading of 33/1 1KV feeder to evacuate 15/20MVA

The Equipment for Kissy Collector P/S

33kV Switchgear Cubicles

11kV Switchgear Cubicles

33/1 1kV Step-down Transformer

33kV Earthing Transformer

Station Transformer

33kV Switchgear Connection Cables

33KV Power Cabtes

1 'l kV Switchgear Connection Cables

11KV Power Cables

The Equipment for 33kV Distribution Line

From Kissy Collector P/S to Wellington P/S

From Kissy Collector P/S to Black Hall Road P/S

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Olher necessary auxiliary equipment and materials including DC supply facilities.

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The Equipment for 11kV Distribution Line

From Kissy Collector to the industrial customers

lf Phase ll is located on the same site, lhen the works will include the following

Existing Blackhall Road Primary Substation: Expansion of 33kV switchgear in existing

33/1 1 kV primary substation;

Existing Wellington Primary Substation: Expansion of 33kV switchgear in existing 33/11kV

primary substationi

33kV Distribution Line: Upgrade of the 33iV line from Wellington to.Blackhall Road. lf tne tine

lacks the ability to evacuate the required power then the same will be upgraded to ensure this

evacuation. lt must be noted that the upgrade means the running of new lines on the existing

structure that have the ability to cover the shortfall of the existing line.

Unless otherwise described in the specifications, the Generator's scope of work, in general, shall

include, but not limited to, design, supply, installation of equipment and materials, civil work, test and

inspections, insurance, transpoltation to site, including preparation of necessary documents for

custom clearance, and guaranlee of the equipment and materials.

'The scope of work covered by the present tendering shall consist of the design, procurement,

installation and commissioning of tne following:

The Equipment for Wellington Primary Substation (hereafter referred to as "P/S")

33kV Switchgear Cubicle

33kV Switchgear Conneclion Cables

33KV Power Cables

Other installation materials necessary for the above

33kV incoming switchgear(s) connecting to Freetown primary substations, Station services

Facilities including DC supply facilities of Wellington primary station

The Equipment for Black Hall Road Primary Substation (hereafter referred to as "P/S")

33kV Switchgear Cubicles

33kV Switchgear Connection Cables

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33KV Power Cables

Other installation materiats necessary for the above

33kV incoming switchgea(s) connecling to Freetown primary substations, Station services

Facilities including DC supply facilities of Wellington primary station.

Upgrading of 33/11KV feeder to evacuate 15/20MVA

The Equipment for 33kV Distribution Line

From Kissy Collector P/S to Wellington P/S

From Kissy Collector P/S to Black Hall Road P/S

It must be noted that if Phase ll is located on a separate site then the works related to the

transmission will be done as a variation With GoSL compensating the Generator for the works.

For Phase lll all the works relatei to distribution will be considered a variation and the generator

must be compensated for the same.

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