CHAPTER IISpecific provisions applicable to grants
Article 6Disbursement of grants
1
The Innovation Fund support, in the form of a grant, shall be disbursed upon reaching the pre-determined milestones.
2
For all projects, the milestones referred to in paragraph 1 shall be based on the project development cycle and shall be at least the following:
a
financial close;
b
entry into operation.
3
Taking into account the technology deployed and the specific circumstances of the sector or sectors in which it is being deployed, additional specific milestones may be determined in the contractual documents.
4
Up to 40 % of the total amount of the Innovation Fund support, including project development assistance, to a specific project shall be disbursed upon financial close or upon reaching a specific milestone preceding financial close where such a milestone has been determined in accordance with paragraph 3.
5
To the extent that the total amount of the Innovation Fund support to a specific project has not been disbursed pursuant to paragraph 4, that amount shall be disbursed after the financial close. It may be partially disbursed prior to the entry into operation and in annual instalments after the entry into operation.
6
For the purposes of paragraphs 4 and 5 of this Article, the total amount of the Innovation Fund support provided to a specific project shall include the amount of the Innovation Fund support provided to that project by way of project development assistance in accordance with Article 13.