Construction-Ready Project definition
Construction-Ready Project means any Project that has: (i) commenced construction as evidenced by a PEG LP Entity having (A) closed the financing for such construction or (B) issued a notice to proceed in accordance with the applicable construction agreement; or (ii) in PEG Inc.‘s reasonable determination, reached the status of being capable of commencing construction, which reasonable determination may be based upon, among other things, whether or not (x) there are requisite material project agreements in full force and effect (including a long-term power sales agreement and an interconnection agreement), (y) all requisite real estate rights and permits for construction are in full force and effect and (z) substantially negotiated equipment supply and other construction agreements are in full force and effect and sufficient to achieve and sustain commercial operations if performed in accordance with their terms; and, in each case of the foregoing (i) and (ii), there has been no violation of, default under or event that with or without notice or the passage of time or otherwise would constitute a violation of or an event of default under any such project agreements, real estate rights, permits or construction agreements.
Construction-Ready Project means any Project that (i) is (A) ready to close construction financing with commercial financing parties or (B) ready to, or has, issued a full notice to proceed under an Engineering, Procurement and Construction contract; or (ii) (x) has all material project agreements required to construct, operate and maintain the Project (including an interconnection agreement and a long-term power sales agreement at pricing that supports the closing of financing for construction of the Project), (y) has all requisite real estate rights and (z) has obtained all governmental approvals required for that stage of construction and such governmental approvals are in full force and effect.