How does the revised PPOA differ from the 2020 version?

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The revised PPOA keeps the 2020 framework but adds amendments needed to make it financeable in 2024.

The revised Power Purchase and Operating Agreement is said to be based on the 2020 PPOA that had already been approved by both PREPA and PREB. The change is that it will include the necessary amendments to reflect the new market realities of 2024 and make the project financeable.
The 2020 PPOA is the starting point

The revised document is not a fresh agreement from scratch. It uses the 2020 PPOA as the base version, which had previously received approval from both PREPA and PREB.

That means the structure already exists, but it is being updated rather than replaced.
The main change is financeability in 2024

The stated difference is the addition of amendments needed to make the project financeable under 2024 conditions. No specific amendment terms are identified, but the purpose of the changes is clearly tied to current market realities.

The update is described as necessary because the 2020 terms are being adjusted for the financing environment in 2024.
The revised version is still being worked on

The revised PPOA is still in progress, and PREPA has not yet submitted it to PREB for final approval. Only after PREPA Board and PREB approval are secured will it go to the FOMB for consideration.

That means the comparison with the 2020 version is not yet a final, completed document comparison, but an update process based on the earlier approved framework.
The new filing path is different from the earlier process

Once formally submitted, the revised PPOA will be filed under the settlement with PREPA, not through the current RFP or tranche process. That settlement is linked to the FOMB’s refusal to approve Montalva and 13 other renewable energy legacy projects in 2020.

The company also says the September 1, 2023 PBJL letter predates the October 3 settlement with PREPA, so the new conditions from that settlement are not reflected in the FOMB’s April 24, 2024 letter.

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How does the revised PPOA differ from the 2020 version?

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