Common use of Price Adjustment for ITC Increase Clause in Contracts

Price Adjustment for ITC Increase. If as a result of either the Further Consolidated Appropriations Act, 2020 or a change in Law affecting the ITC that occurs prior to the Commercial Operation Date, Seller is able to qualify for an ITC that is in excess of twelve percent (12%) of the Seller’s eligible basis, then the Price for Buyer’s Percentage Entitlement of Delivered Products in nominal dollars shall be as set forth below; provided, however, that, Seller shall maximize the ITC for which it qualifies to the extent permitted under applicable Law and if, as a result of a change in the requirements for eligibility to qualify for an ITC, Seller cannot qualify for the increased ITC, then the Price shall not be reduced or otherwise affected. The ITC percentage for which Seller qualifies: Price ($/MWh) Energy Only Price ($/MWh) 13% $77.34 $73.47 14% $76.93 $73.08 15% $76.51 $72.68 16% $76.09 $72.29 17% $75.68 $71.89 18% $75.26 $71.50 19% $74.84 $71.10 20% $74.43 $70.70 21% $74.01 $70.31 22% $73.59 $69.91 23% $73.18 $69.52 24% $72.76 $69.12 25% $72.34 $68.72 26% $71.93 $68.33 27% $71.51 $67.93 28% $71.09 $67.54 29% $70.68 $67.14 30% $70.26 $66.75 If the change in Law affecting the ITC (including for these purposes the Further Consolidated Appropriations Act, 2020) occurs prior to the Commercial Operation Date but the implementing regulations are adopted after the Commercial Operation Date, then the provisions for the adjustment of the Price will occur upon the adoption of the implementing regulations, and to the extent the Price is reduced, Seller shall give Buyer a credit against payments due from Buyer under this Agreement equal to the amount of any overpayment by Buyer between the Commercial Operation Date and the adoption of the implementing regulations. In the event the increased ITC for which Seller qualifies is not a whole number percentage, the adjustment to the Price shall be interpolated based on the Price of the two nearest whole number percentages. Notwithstanding any other provision of this Agreement, the Price per MWh for the Products shall never under any circumstances exceed $77.76 per MWh, and the Energy-Only Price per MWh shall never under any circumstances exceed $73.87 per MWh.

Price Adjustment for ITC Increase. If as a result of either the Further Consolidated Appropriations Act, 2020 or a change in Law affecting the ITC that occurs prior to the Commercial Operation Date, Seller is able to qualify for an ITC that is in excess of twelve percent (12%) of the Seller’s eligible basis, then the Price and the Adjusted Price for Buyer’s Percentage Entitlement of Delivered Products in nominal dollars shall be as set forth below; provided, however, that, Seller shall maximize the ITC for which it qualifies to the extent permitted under applicable Law and if, as a result of a change in the requirements for eligibility to qualify for an ITC, Seller cannot qualify for the increased ITC, then neither the Price nor the Adjusted Price shall not be reduced or otherwise affected. The ITC percentage for which Seller qualifies: Price ($/MWh) Energy Only Adjusted Price ($/MWh) 13% $77.34 $73.47 14% $76.93 $73.08 15% $76.51 $72.68 16% $76.09 $72.29 17% $75.68 $71.89 18% $75.26 $71.50 19% $74.84 $71.10 20% $74.43 $70.70 21% $74.01 $70.31 22% $73.59 $69.91 23% $73.18 $69.52 24% $72.76 $69.12 25% $72.34 $68.72 26% $71.93 $68.33 27% $71.51 $67.93 28% $71.09 $67.54 29% $70.68 $67.14 30% $70.26 $66.75 If the change in Law affecting the ITC (including for these purposes the Further Consolidated Appropriations Act, 2020) occurs prior to the Commercial Operation Date but the implementing regulations are adopted after the Commercial Operation Date, then the provisions for the adjustment of the Price and Adjusted Price will occur upon the adoption of the implementing regulations, and to the extent the Price is and Adjusted Price are reduced, Seller shall give Buyer a credit against payments due from Buyer under this Agreement equal to the amount of any overpayment by Buyer between the Commercial Operation Date and the adoption of the implementing regulations. In the event the increased ITC for which Seller qualifies is not a whole number percentage, the adjustment to the Price and the Adjusted Price shall be interpolated based on the Price and Adjusted Price of the two nearest whole number percentages. Notwithstanding any other provision of this Agreement, the Price per MWh for the Products shall never under any circumstances exceed $77.76 per MWh, and the Energy-Only Adjusted Price per MWh shall never under any circumstances exceed $73.87 per MWh.