SolRiver Investment Milestone At COD

What Does COD Mean In Solar?

COD, or “Commercial Operation Date”, is the day that the system becomes fully operational and can begin selling power under the terms of the PPA. Typically, SolRiver releases any remaining funding amount when the project meets the COD milestone. This is sometimes known as “COD Finance”.

What is COD Finance?

COD finance is a term for the funding that occurs when a project reaches COD. It is the final capitalization of a project and may also be referred to as “takeout finance”. It funds any remaining construction costs, developer fees, and pays off construction loans. COD financing can combine several capital sources, including term debt, tax equity, and sponsor equity.

Conditions to Reaching COD

At SolRiver, there are a handful of conditions to meeting COD and we strive to make them as transparent as possible from the start.
Our COD Conditions include:

1 Final Completion Reached

The system is mechanically, electrically, and structurally compliant with the EPC agreement.

The system is commissioned according to the proposed system design.
All permits necessary to construct and operate the system have been obtained.
The system passes building inspection by the relevant jurisdiction

2 Final Interconnection Approved

The local utility approved the system to interconnect with the grid and has issued permission to operate.

3 PPA Satisfied

All conditions for selling power under the PPA have been satisfied.

4 PPA Satisfied

A third-party independent engineer confirms that the as-built project specs are consistent with the proposed system specs.

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