WARRANTIES & GUARANTEES
Warranty Guarantees
The Component Warranties in respect of the Components shall apply in respect of defects in design, material and workmanship and be for the warranty periods listed in the table below
Components Manufacturer Warranty (Years)
PV Modules
RECOM PV module, Bifacial Double Glass, Mono-crystalline. HalfCut. RCM-700-8DBHM
12 years for limited product warranty, 25 years for power warranty for monofacial Products, 30 years for power warranty for bifacial Products or such other period as may be agreed between the Contractor and the Manufacturer, which shall commence on the date of installation of the relevant Product at the Site.
InverterTransformer Stations
Combiner Boxes
RECOM Zeus, String Solar Inverter RCM 275TP-M-HV. Siemens/ABB for Transformers.
SolarDeck, SolarTech
5 years following delivery or 6 years after production (whichever occurs sooner).
Minimum of 2 years following delivery of the Product.
Structure
Std hot deep galvanized structure by Nextracker, Ideematic or other approved suppliers.
10 years for coating and 20 years in total
Cables
Std approved cable manufacturers like Risin etc.
2 years
The Component Warranties shall be on terms no less beneficial to the Owner than is consistent with Good Solar Industry Practice. All Component Warranties must be assignable to the Owner and/or the Lenders without the prior consent of the manufacturer
Plant performance and performance ratio (PR) guarantee
SOLARIS will issue a Bank Guarantee for the full amount of the Advance Payment, drawn upon a Tier 1 EU Bank.
Furthermore, a Warranty Bond of 5% for Performance Liquidated Damages for the first 3 months of operation will be issued. Liquidated damages will be limited to the actual loss of revenue for the applicable period, as determined by the PR test at Intermediate Acceptance Test (IAC). Potential future loss of revenue will be determined by the second year PR test at Final Acceptance Test (FAC) due to potentially lower performance (if any) of the system based on the agreed PR Levels (see table below). Overall liquidated damages will be capped at 5% of the contract value. Guaranteed Performance Ratio to be finally determined after final detailed design has been performed.
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MILESTONES
Upon the monthly progress of each Milestone or partial delivery, the Contractor shall be entitled to be paid the corresponding Milestone Payment as follows
of the complete design of civil works, electrical works and mounting system works, that will trigger full scope of procurement. Site Preparation Fencing, tree removal, internal roads and any required land preparation for mounting systems.
system, trenching, AC/DC cabling, inverters, transformers, PV Modules, assembly panels, switchgear, meters, weather stations, etc…. Provisional
After quality testing completion before readiness of grid connection
EPC Proposal 2023 EPC Proposal 7
Milestone Term Definitions Term Definition
Completion
Installation
Detailed Design
Mounting
Commercial Operation Date (“COD”)
No Milestone Amount (% of Contract Volume) 1 Advance Payment 10% 2 Detailed Design & Site
20% 3 Mounting System Supply 15%
Modules & Inverters
20%
Balance of Equipment
15% 6 Installation & Medium voltage
15% 7 3 months after
5%
Preparation
4
arrival to site
5
(incl. medium voltage scope)
scope
Provisional COD
Professional Team Approach
“We only employ subcontractors that are local to projects and are experienced in problem-solving in the most challenging scenarios on behalf of our clients”
Ali Maani
CHIEF OPERATIONS OFFICER
Our team has diverse talents, extensive knowledge, and an unwavering passion for sustainability.
Together, we embark on a mission to harness the boundless potential of renewable energy sources, reducing carbon emissions, mitigating climate change, and paving the way for a brighter, greener, and more sustainable future for generations to come.
We all share in a commitment to building a world powered by clean energy, where innovation knows no bounds, and our dedication knows no limits
Capabilities
Greek Native Speakers
Highly-experienced industry experts
Project Management Focus
9 2023 EPC Proposal 9
SUBCONTRACTORS & SUPPLIERS
SUBCONTRACTORS
Approved Subcontractor
Dimkat Construction - https://dimkat.com/
Strikos Power - https://strikos.gr/
Alergo H&S - http://www.alergo-mce.com/
TBEA - https://www.tbea.com/tbea/en/index.html
CGCC - http://www.cggc-unpower.cn/en/
SUPPLIERS
Approved
Approved Subcontractor Work
EPC Services; Civil & Earthworks Construction
Electromechanical Services
Health & Safety Services
HV and Sub-station works
HV and Sub-station works
RECOM PV Modules (Bloomberg BNEF Tier 1)
RECOM Inverters
Siemens, ABB, TBEA or OEM Transformers
Nextracker, Ideematic or OEM
IEC certified vendors
Xinhui, PnTech,Yichang... etc or equiv.
ABB, HYUNDAI or other IEC approved
ABB, Nexans
Mounting Structure
Other BoS (Cables, monitoring equipment, CCTV). Tier 1 according to international standards. Made in EU
Oil immersed tanks, Switchgear, PT/CT, Switching, protection relays, control room according to SLG
Cables, Joints & Trays
ABB, Siemens, Hyundai Switchgear, protection relays
Tracker 1P27
HV and Sub-station
HV and Sub-station
HV and Sub-station
10 EPC Proposal 2023
Nature
Supplier Approved Supplies
of Works
HV & SUB-STATION WORKS
HV switchgear and circuit breakers installed to control the flow of electricity, isolate faulty circuits, and provide protection in case of electrical faults.
and works within the substation:
a) Incoming and Outgoing Circuit Breakers; b) Instrument Transformers - used to measure current and voltage for monitoring and protection purposes. c) Power Transformers – to step up or step down voltage levels as needed. d) Protection and Control Systems - Protective relays, control panels, and communication systems used for monitoring and controlling the substation's equipment. e) Grounding Systems f) Metering and Monitoring Equipment - for measurement of power generated / transmitted to the grid and monitor substation performance.
Prior to grid connection we will evaluate the solar farm's impact on the grid, including load flow studies, short-circuit & protection coordination studies
We will ensure compliance with the grid code and standards mandated by the utility company and relevant regulatory authorities, including meeting
Safety protocols to be implemented during the installation and ongoing operation of the HV equipment and substations, including safety training for personnel
testing and commissioning will be carried out to verify that all equipment and systems are functioning correctly and safely. This includes functionality tests, insulation resistance tests, and protection coordination tests
Detailed records, including as-built drawings, equipment manuals, and testing reports, will be maintained and submitted as required by regulatory authorities and the utility company
HV & SUB-STATION WORKS – SPECIFIC ASSUMPTIONS
Assumption is made to exclude the following unusual and unforeseen conditions & challenges.
1. Environmental Factors:- Unusual weather events (extreme heat, cold, storms, or prolonged periods of rain); Unforeseen geological conditions (unexpected rock formations or unstable soil). 2. Geopolitical and Regulatory Issues:- Changes in government regulations, permitting delays, additional compliance requirements; Political instability or changes in leadership
3. Supply Chain Disruptions:- Global supply chain disruptions, (pandemic, trade disputes, or transportation blockades). 4. Unforeseen Contamination:- The discovery of hazardous materials or contamination at the construction site. 5. Wildlife and Environmental Conservation:- Encounters with protected wildlife or conservation areas near the construction site. 6. Cultural and Archaeological Discoveries:- Uncovering historical or archaeological artifacts during excavation. 7. Unanticipated Utility Conflicts:- Unexpected conflicts with existing utility lines, pipelines, or underground infrastructure. 8. Labor Shortages:Local labor shortages or strikes can disrupt construction activities and lead to schedule delays. 9. Economic Volatility:extreme fluctuations in currency exchange rates, inflation, or economic crises. 10. Force Majeure Events:- events such as earthquakes, tsunamis, volcanic eruptions, or other natural disasters. 11. Cybersecurity Threats:- deliberate cyberattacks on project management systems, equipment controls, or communication networks can disrupt operations and pose security risks.
12. Unavailability of Key Resources:- Unexpected unavailability of critical resources, such as specialized equipment, skilled labor, or technical expertise, can lead to project delays. 13. Material Shortages or Price Escalation:- Sudden shortages or price escalations of construction materials. 14. Supply Chain Import/Export Restrictions:- unforeseen trade restrictions or customs delays related to the import or export of equipment and materials. 15. Pandemic-Related Impacts:- Ongoing or new pandemics.
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Equipment Type Note 1 Step-up Transformers, MV Collector System & Inverters Included in the “inside the fence” EPC Price 2 Switchgear & Circuit Breakers
3 Substation Included
components
4 Grid Connection Point HV cables or conductors 5 Grid Studies & Impact Assessments
6 Grid Code Compliance
levels,
7 Safety Measures
8 Testing & Commissioning
9 Documentation & Reporting
requirements for voltage
frequency, and grid stability
and the use of appropriate personal protective equipment
Comprehensive
EPC Proposal 2023
GENERAL TERMS & ASSUMPTIONS
A Final Acceptance Plant commissioning + Warranty Period = Final Acceptance
B Validity of the offer 30 days from offer date
C Taxes and duties
D Logistics, transportation, storage and customs clearance (if applicable)
E Accordance with the relevant laws and conditions for developing and constructing the aforesaid a renewable energy solar projects
All VAT and additional taxes and duties will be carried by the investor/owner.
Responsibility of SOLARIS and included in the GC price Inverters & Modules delivered to site by Client at his cost.
The Customer has obtained the permits, i.e. any permissions and approvals required for the implementation and completion of the Project until Acceptance and will provide EPC with copies of or access to these permits
A binding GC contract shall include normal commercial arrangements in relation to:
F Legal Provisions
Applicable Laws and Jurisdiction; Dispute Resolution; Ownership of Intellectual Property; Assignment; Force majeure; Changes in Law; Changes in Market Rules; Confidentiality
The offer is furthermore subject to the following T & Cs:
Site Conditions:
• Final layouts, further survey results as detailed topographic, wind, geological conditions and power load studies etc.
• No predrilling or concrete shoes needed for structure foundation.
• Standard wind condition: max. 3600 kPa wind pressure.
• Normal earthquake risk: low to lower medium risk. Higher earthquake risk regions may require specific quakeproof structure, module fixation and foundation (substations, transformers etc.) design and material.
Delivery and Shipment Conditions:
• INCOTERMS: DDU, excl. (Import) VAT and any import or stamp duties and handling charges, if applicable.
G
Commercial Conditions (TBA under HoTs):
• Advanced Payment and step by step milestone payments conditional upon counter-performance (delivery and works) to be agreed
• Performance bond to be agreed
• Performance Ratio Guarantee based upon P50 prediction (see below pp.14-15)
• Warranty bond TBA
HV & Sub-station Works
• The HV & Sub-station costs proposal covers standard connection terms and works. Any unduly onerous T&Cs applied by the Greek TSO will be charged accordingly. Note that the final HV connection terms have not yet been issued for this specific project and if they depart from ‘wellestablished’ terms i.e. unusual or abnormal grid connection terms, then additional costs may be incurred which must be covered by the Owner Such abnormal grid connection requirements may relate to (list not exhaustive): Voltage Ride-Through (VRT); Harmonic Compliance; Power Factor Correction; Dynamic Line Rating; and Grid Code Compliance.
12 EPC Proposal 2023
PRICE BREAKDOWN
EPC Proposal 13
Description Qty. Cost (€) Total (€) 1 RECOM PV module, Bifacial Double Glass, Mono-crystalline. Half-Cut. RCM-700-8DBHM 116.0 380,000 44,080,000 2 RECOM Zeus, String Solar Inverter RCM 275-TP-M-HV, Array Monitor, Logger & DC cabling 4,670 967.27 4,517,164 3 Engineering, Constr. Inspect., Train., Logger & Online monitor. APP setup 600,000 1 600,000 4 Single-Axis Tracking 8,250 1,500 12,375,000 5 Drilling & Foundation Block 150 63,200 9,480,000 6 Off road Transport, Land Preparation, Site Civil, Fence, Lighting & Buildings 7,980,000 1 7,980,000 7 Hot galvanized Support structure, Clamps, Cut & Punch 1.25 12,500,000 15,625,000 8 AC, Grid Con. (30kV Bay, Each 2 MVA), Monitor, Meter & Com. 65,000 140 9,100,000 9 Electrical Works 25,000 140 3,500,000 10 Constr. Site, Installation, Insurance 9,500,000 1 9,500,000 11 400 kV Substation 140 MVA Bay, Oil immersed tanks, Switchgear, PT/CT, Switching, protection relays, control room according to SLG. 5,500,000 2 11,000,000 12 400 kV XLPE cabling, joints, trays, switchgears, protection relays, construction according to IEC std 3,500,000 1 3,500,000 14 Import tax & custom duty 3% 3,502,715 2,479,800 15 Contingencies 2% 2,335,143 1,653,200 16 Guarantee costs, Bank fees 3% 3,502,715 2,479,800 17 Project Management & Business Margins 10% 11,675,716 8,266,000 152,273,453 97,538,800 572,457 366,687 Note: Total Installed Capacity 266,000,000 W Panel Capacity 700 W Inverter Capacity 275,000 W EUR Power Delivery at HV level substation outside fence of PV farm. 48,597,164 Total Turn-Key Costs (Excl. Modules & Inverters) (EUR/MWp) Fee Total Turn-Key Costs (Incl. Modules & Inverters) Total Turn-Key Costs (Excl. Modules & Inverters) Total Turn-Key Costs (Incl. Modules & Inverters) (EUR/MWp) 82,660,000
PV FARM PERFORMANCE GUARANTEE – KEY TERMS
1. Warranty. EPC guarantees that during the term of the PPA the System will generate the guaranteed kilowatt-hours (kWh) (“Guaranteed kWh”) of energy to Client set forth as follows:
a. Commencing on the fifth anniversary of the Commercial Operation Date, if at the end of each successive sixty (60) month anniversary thereof, the cumulative Actual kWh (defined below) generated by the System is less than the Guaranteed kWh, then EPC will send Client a refund check equal to the difference between the Guaranteed kWh and the cumulative Actual kWh multiplied by the Guaranteed Energy Price per kWh. EPC will make that payment within thirty (30) days after the end of the relevant calendar year.
b. Commencing on the fifth anniversary of the Commercial Operation Date, if at the end of each successive sixty (60) month anniversary thereof the Actual kWh is greater than the Guaranteed kWh during any sixty (60) month period, this surplus will be carried over and will be used to offset any deficits that may occur in the next true up period.
2. Exclusions. The Warranty does not apply to any repair, replacement or correction required due to the following:
a. someone other than EPC or its approved service EPCs installs, removes, re-installs or repairs the System;
b. Destruction or damage to the System or its ability to safely produce energy not caused by EPC or its approved service EPCs while servicing the System (e.g., a tree falls on the System);
c. Client’s failure to perform, or breach of, Client’s obligations under the PPA to the extent such failure or breach impacts System production (such as if Client modifies or alters the System);
d. Client’s breach of this Agreement including being unavailable to provide access or assistance to EPC in diagnosing or repairing a problem or failing to maintain the System as stated in the Solar Operation and Maintenance Guide;
e. any Force Majeure Event (as defined below);
f. a power or voltage surge caused by Client or any party or event not within EPC’s control, including a grid supply voltage outside of the standard range specified by the Utility;
g. Any System failure not caused by a EPC breach under the PPA (e.g., such as making roof repairs); or
h. Theft of the System
3. Force Majeure. If EPC is unable to perform all or some of its obligations under this Agreement because of a Force Majeure Event, EPC will be excused from whatever performance is affected by the Force Majeure Event, provided that:
a. EPC, as soon as is reasonably practical, gives Client notice describing the Force Majeure Event;
b. EPC’s suspension of its obligations is of no greater scope and of no longer duration than is required by the Force Majeure Event; and
c. No EPC obligation that arose before the Force Majeure Event that could and should have been fully performed before such Force Majeure Event is excused as a result of such Force Majeure Event.
“Force Majeure Event” means any event, condition or circumstance beyond the control of and not caused by EPC’s or Client’s fault or negligence. It shall include, without limitation, failure or interruption of the production, delivery or acceptance of electricity due to: an act of god; war (declared or undeclared); sabotage; riot; insurrection; civil unrest or disturbance; military or guerilla action; terrorism; economic sanction or embargo; civil strike, work stoppage, slowdown, or lock-out; explosion; fire; earthquake; abnormal weather condition or actions of the elements; hurricane; flood; lightning; wind; drought; the binding order of any governmental authority (provided that such order has been resisted in good faith by all reasonable legal means) the failure to act on the part of any governmental authority (provided that such action has been timely requested and diligently pursued); unavailability of electricity from the utility grid, equipment, supplies or products; and failure of equipment not utilized by EPC or under its control.
EPC Proposal 2023 14
FAO: Hamlet Tunyan, CEO
