Model Project Development Agreement Page 7
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88THIS PROJECT DEVELOPMENT AGREEMENT is entered into on [Insert date] between:
(1)
The Department of Electricity Development, Ministry of Energy, Government of
Nepal; and
(2)
[Insert name of the Project Company], a limited liability company incorporated and
registered under the Companies Act, 2063 of Nepal, having its registered office at [Insert
address], Nepal (the "Company"),
each a "Party" and together, the "Parties".
PREAMBLE
HAVING TAKEN INTO CONSIDERATION THE FOLLOWING:
(A)
The GON desires to promote the development of hydropower projects on a
Build-Own-Operate-Transfer basis under the Hydropower Development Policy, 2058.
(B)
The GON has selected the Company to develop and execute the hydropower project at
[Describe location] (as more fully defined in this Agreement), including the Transmission
Line.
(C)
The GON has, pursuant to the MOU, granted the Survey Licences for the Project,
including for the Transmission Line, to [Insert name of the Company or Project Sponsor,
as applicable] upon receiving the applications required in accordance with the Electricity
Act, 2049 (1992 AD) and the Electricity Regulation, 2050 (1993AD).
(D)
The Company has agreed to develop and execute the Project on the terms and conditions
set forth herein and the Transaction Documents and the GON has agreed to support the
Company in the development of the Project as mentioned herein. The Company shall own
and operate the Project for the Term of this Agreement and shall transfer the Project to the
GON free of charge on the expiry of this Agreement.
NOW THEREFORE, in consideration of the mutual covenants and undertakings contained
herein, the Parties have agreed as follows:
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