The Prepaid Power Purchase Agreement is a specialized contract used in the Canadian energy market when a power purchaser wishes to secure long-term power supply through an upfront payment structure. This arrangement provides price certainty for the purchaser and upfront capital for the generator, making it particularly attractive for new power generation projects or long-term supply agreements. The document incorporates federal and provincial regulatory requirements, addresses technical and operational aspects of power generation and delivery, and includes specific provisions for prepayment mechanisms, performance guarantees, and risk allocation. It's commonly used in renewable energy projects, industrial power procurement, and large-scale commercial operations where securing long-term power supply is crucial.
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Key Requirements PROMPT example:
Prepaid Power Purchase Agreement
"I need a Prepaid Power Purchase Agreement for a 50MW solar facility in Ontario, with a 15-year term starting March 2025, including provisions for Indigenous consultation and environmental attributes transfer, where the purchaser will prepay 30% of the total contract value."
1. Parties: Identification of the power generator/seller and the purchaser
2. Background: Context of the agreement, including facility details and purpose of the prepaid structure
3. Definitions: Defined terms used throughout the agreement, including technical and commercial terms
4. Prepayment Terms: Details of the prepayment amount, timing, and any associated conditions
5. Power Purchase Obligations: Commitment to supply and purchase power, including quantity and availability guarantees
6. Delivery Points and Transmission: Specification of where power will be delivered and transmission responsibilities
7. Pricing and Payment Adjustments: Price structure, true-up mechanisms, and adjustment provisions
8. Metering and Measurement: Requirements for measuring delivered power and maintaining accuracy
9. Operating Procedures: Day-to-day operational requirements and communication protocols
10. Force Majeure: Events excusing performance and associated procedures
11. Default and Termination: Events of default, cure periods, and termination rights
12. Dispute Resolution: Process for resolving disputes between parties
13. Governing Law: Applicable law and jurisdiction
14. General Provisions: Standard legal provisions including notices, assignment, and amendments
1. Environmental Attributes: Handling of renewable energy credits and environmental benefits, used when facility generates renewable energy
2. Credit Support: Additional financial security requirements, used when credit risk needs to be managed
3. Construction and Development: Provisions for facilities not yet operational, used for new power generation projects
4. Indigenous Rights and Consultation: Provisions addressing Indigenous peoples' rights and consultation requirements, used when relevant to project location
5. Change in Law: Mechanisms for addressing regulatory changes, used in longer-term agreements
6. Interconnection Requirements: Technical requirements for grid connection, used when seller responsible for interconnection
7. Storage Provisions: Terms for energy storage capabilities, used when facility includes storage technology
1. Schedule A - Facility Description: Technical specifications of the power generation facility
2. Schedule B - Prepayment Schedule: Detailed breakdown of prepayment amounts and timing
3. Schedule C - Operating Parameters: Technical operating specifications and requirements
4. Schedule D - Delivery Point Specifications: Technical details of power delivery points
5. Schedule E - Metering Specifications: Technical requirements for metering equipment
6. Schedule F - Form of Generation Forecast: Template for production forecasting
7. Schedule G - Performance Guarantees: Detailed performance metrics and guarantees
8. Appendix 1 - Contact Information: Key contacts and notification details
9. Appendix 2 - Required Permits: List of required regulatory permits and approvals
10. Appendix 3 - Insurance Requirements: Required insurance coverage details
Authors
Relevant legal definitions
Actual Delivered Energy
Affiliate
Agreement Year
Applicable Law
Available Capacity
Billing Period
Business Day
Canadian Prime Rate
Commercial Operation Date
Contract Capacity
Contract Price
Control
Delivery Point
Dispatch
Effective Date
Electrical Energy
Environmental Attributes
Event of Default
Facility
Force Majeure Event
Good Industry Practice
Governmental Authority
Grid
Grid Code
Initial Prepayment Amount
Interconnection Agreement
Interconnection Facilities
Lenders
Market Price
Metering Equipment
Minimum Generation
Operating Parameters
Operating Procedures
Outage
Performance Security
Permitted Transfer
Point of Interconnection
Power Purchase Price
Prepayment Account
Prepayment Balance
Prepayment Security
Project
Project Documents
Prudent Utility Practice
Reactive Power
Regulatory Approvals
Related Party
Required Commercial Operation Date
Scheduled Maintenance
Security Interest
Settlement Period
System Emergency
System Operator
Term
Transmission Provider
Transmission System
True-up Payment
Affiliate
Agreement Year
Applicable Law
Available Capacity
Billing Period
Business Day
Canadian Prime Rate
Commercial Operation Date
Contract Capacity
Contract Price
Control
Delivery Point
Dispatch
Effective Date
Electrical Energy
Environmental Attributes
Event of Default
Facility
Force Majeure Event
Good Industry Practice
Governmental Authority
Grid
Grid Code
Initial Prepayment Amount
Interconnection Agreement
Interconnection Facilities
Lenders
Market Price
Metering Equipment
Minimum Generation
Operating Parameters
Operating Procedures
Outage
Performance Security
Permitted Transfer
Point of Interconnection
Power Purchase Price
Prepayment Account
Prepayment Balance
Prepayment Security
Project
Project Documents
Prudent Utility Practice
Reactive Power
Regulatory Approvals
Related Party
Required Commercial Operation Date
Scheduled Maintenance
Security Interest
Settlement Period
System Emergency
System Operator
Term
Transmission Provider
Transmission System
True-up Payment
Clauses
Interpretation
Definitions
Payment Obligations
Prepayment Terms
Power Purchase Obligations
Delivery Conditions
Technical Requirements
Performance Standards
Metering and Measurement
Interconnection
Operating Procedures
Scheduling and Dispatch
Title and Risk Transfer
Representations and Warranties
Force Majeure
Change in Law
Default and Termination
Liability and Indemnification
Insurance
Assignment and Transfer
Confidentiality
Dispute Resolution
Environmental Compliance
Regulatory Compliance
Indigenous Rights
Security Interests
Credit Support
Notices
Governing Law
Records and Audit
Health and Safety
Emergency Procedures
Intellectual Property
Anti-Corruption
Data Protection
Amendments
Severability
Entire Agreement
Definitions
Payment Obligations
Prepayment Terms
Power Purchase Obligations
Delivery Conditions
Technical Requirements
Performance Standards
Metering and Measurement
Interconnection
Operating Procedures
Scheduling and Dispatch
Title and Risk Transfer
Representations and Warranties
Force Majeure
Change in Law
Default and Termination
Liability and Indemnification
Insurance
Assignment and Transfer
Confidentiality
Dispute Resolution
Environmental Compliance
Regulatory Compliance
Indigenous Rights
Security Interests
Credit Support
Notices
Governing Law
Records and Audit
Health and Safety
Emergency Procedures
Intellectual Property
Anti-Corruption
Data Protection
Amendments
Severability
Entire Agreement
Relevant Industries
Energy & Utilities
Renewable Energy
Manufacturing
Mining
Data Centers
Industrial Processing
Commercial Real Estate
Banking & Finance
Technology
Infrastructure
Relevant Teams
Legal
Finance
Procurement
Operations
Risk Management
Sustainability
Treasury
Technical Services
Environmental Compliance
Regulatory Affairs
Commercial
Project Management
Relevant Roles
Chief Financial Officer
Energy Procurement Manager
Power Trading Director
Legal Counsel
Risk Manager
Commercial Director
Sustainability Officer
Project Finance Manager
Operations Director
Regulatory Compliance Officer
Energy Manager
Treasury Manager
Contract Administrator
Technical Operations Manager
Environmental Compliance Manager
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