Letter of Commitment
Once a project has been given final approval by the Technical Review Committee (TRC), AEPC will issue a letter of commitment as per a standard format. The letter will be addressed to the Developer and express the decision of AEPC to support the project.
Upon receipt of the letter, the Developer shall provide evidence to demonstrate that he/she has the funding sources available to cover the Total Project Cost. If this evidence has been provided during the DFS stage, the ICE will confirm the evidence and, if the check is satisfactory, the letter of commitement shall include a statement acknowledging that evidence has already been provided and approving the start of construction.
Who issues it?
AEPC will issue the letter of commitment to the Developer.
Timeline and Review
The letter of commitment will be issued within 2 days of the TRC meeting. The Developer is then given 90 days to compile all evidence to demonstrate that he/she is capable of covering the Total Project Cost. If evidence is provided within 90 days of issue of the letter, the Developer can proceed to start the Project with one of the Pre-Qualified Construction Companies.
Procedure upon Expiry
If the Developer fails to compile the financing evidence within 90 days from the letter issue date then the letter will expire and the commitment for AEPC support will be revoked. The Developer may gather the evidence required and reapply as soon as possible. The letter of commitment will expire after 90 days. Further delays in the provision of evidence may imply that the project would lose priority against other compliant projects, so the Developer is encouraged to submit the evidence as soon as possible as funding is provided on a first come first served basis.