Newsletter-21

288 NEWSLETTER 2016 of such connectivity rate requirements by abolishing the relevant provision. Mergers and Spin-offs of Unlicensed Generation Facilities The Draft introduces several principles on structural changes in unlicensed generation facilities that are of critical importance to inves- tors. According to the Draft 13 , if the generation facility aims to merge with another unlicensed generation facility that is (i) fully owned by the applicant itself, or (ii) within the body of an unlicensed generation facility, which fully owns the applicant, such merger shall be consum- mated in accordance with the legislation in force. In order to com- plete the transaction as such, however, all facilities connected under the merger must each have “provisional acceptance.” The generation facility shall apply to the relevant network operator one month prior to the merger, and inform the operator of the transaction and the process ahead. All necessary actions to be taken under the transaction (merger) shall be conducted simultaneously by the parties to the merger at stake. Moreover, if the unlicensed generation facility aims to partially or fully spin-off, such operation shall be completed in accordance with the requirements of the Regulation 14 . The generation facility shall apply to the relevant network operator, one month prior to the spin- off, and shall inform the operator of the transaction. It is, likewise, required as so required in mergers, that all actions to be taken shall occur simultaneously by the parties of the spin-off. The Latest Announcement Regarding the Exposure Draft amending the Regulation on the Unlicensed Electricity Generation On November 26, 2015, EMRA announced certain additional provisions to be added to the Draft amending the Regulation on the Unlicensed Electricity Generation. The announcement was published on EMRA’s site for the opinion of the market players, investors and experts. 13 Article 31/18. 14 Article 31/19.