Structuring Bankable Solar PPAs Under Nigerian Tariff Pressure

Bankability is a drafting problem

Solar projects fail in spreadsheets long before they fail in the field. Indexation, step-in rights and curtailment allocation decide who bleeds when tariffs move.

Four features of surviving PPAs

• Hard-currency indexation with local-currency floors
• Termination compensation equal to debt outstanding
• Clear curtailment waterfalls
• Liquidity support sized to real counterparty risk