The project company is established
The payment can start once the Funds' board or the Funds' investment committee has approved the project, the investment agreements have been furnished with a signature, and the payment terms agreed upon have been fulfilled. The payment terms include a so-called Legal Opinion of a lawyer in the host country. The purpose is to ensure that the project company holds all the necessary licences or that it will be able to obtain them. If not all licences are in place before the payments are required, the Funds will make an individual assessment as to whether a payment can be made anyway, for instance if the Funds have experience from other projects in that country.