DUBAI: The International Renewable Energy Agency (IRENA) and Terrawatt Initiative (TWI) have teamed up to support the rapid and widespread scale-up of solar energy.
Open Solar Contracts provides freely available standardised contract documentation designed to streamline project development and finance processes for solar PV projects. The contracts are now available for review.
The simple and universally applicable legal agreements make contracting much faster and less costly are aimed at reducing costs, and barriers to entry for small scale developers or those operating in developing countries.
The initiative supports the goals of the Paris Climate Agreement and Sustainable Development Goals. The review phase offers government and private sector renewable energy stakeholders an opportunity to provide feedback on the contracts, ensuring the templates meet market needs.
On the sidelines of IRENA’s 5th Policy Day, which followed the Agency’s 17th Council, IRENA and TWI signed an MoU, further solidifying cooperation between the two organisations.
Open Solar Contracts are products of a rigorous and collective process involving key market-leading energy stakeholders. Backed by several top-tier law firms, the initiative aims to decrease transaction costs, shorten project development timelines and facilitate balanced risk allocation.