The changes are primarily related to the changes to the SN II criteria announced 17 October 2023, regarding “sustainability” and “positive ripple effects” becoming minimum requirements, as well as supplementing clarifications and amendments related to i.a.:

• Decisive influence
  Reference to the Norwegian Limited Liability Companies Act (NW: Aksjeloven) included.

• Project concept, including:
  Change of the term “Prequalified solution” to “Project concept”
  
  Deadline for notification of changes or deviations requiring the Government’s consent.
  
  Clarification that consent is not required after detail plan according to both the Offshore Energy Act and the Energy Act has been approved.

• Final Investment Decision
  In addition to external loans being credit approved, shareholder loans and company group loans shall be approved by the board (or equivalent organ)

• Basis for extension of deadline due to lack of approval of detail plans (according to both the Offshore Energy Act and the Energy Act)
  Such approval shall be given within 3 months before the deadline for FID, as long as the application for approval is submitted within the given deadline and the Aid Recipient is not responsible for the delay

• Reference price
  Periods with negative spot price are excluded when calculating the reference price

• Limitation of liability
  Exclusion limited to loss caused by intentional, gross negligent or clearly disloyal circumstances.

• Underlying Change of Ownership before Completion
  Some simplification of language, and approval of ownership change can only be denied with reasonable cause (“saklig grunn”)
  
  Included exemption for transfers of listed shares, provided that it does not result in a change of control of the aid recipient or an owner (as defined)

• Pledging
  Clarified that shares in the aid recipient can be pledged

In sum, there are not many material changes, which also is in line with previous signals from the MPE. The most notable change from the previous draft is that consent to approval of Underlying Change of Ownership before Completion can now only be denied if the MPE has reasonable cause. In the previous version of the CfD, it was explicitly stated that such consent could not be expected before Completion (commercial operations), unless the Government found that there was particular reason for giving such consent.