The Corporate PPA is essential for organizations seeking to secure long-term electricity supply while potentially meeting sustainability goals in Denmark. This document type has gained significance with the growth of renewable energy projects and corporate sustainability initiatives in the Danish market. It is particularly relevant for companies with significant electricity consumption looking to lock in electricity prices and secure green energy supply. The agreement must navigate Danish energy sector regulations, including the Electricity Supply Act and Renewable Energy Act, while also considering EU energy market rules. A Corporate PPA typically includes detailed provisions on energy delivery, pricing mechanisms, regulatory compliance, and risk allocation, with specific attention to Danish market conditions and grid requirements. The document is crucial for both renewable energy generators seeking project financing and corporate buyers pursuing energy security and sustainability objectives.
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Key Requirements PROMPT example:
Corporate PPA
I need a Corporate PPA governed by Danish law for a 15-year term starting March 2025, where my manufacturing company will purchase electricity from a new offshore wind farm, with particular focus on price hedging mechanisms and sustainability reporting requirements.
1. Parties: Identification of the power producer/seller and corporate buyer
2. Background: Context of the agreement, including facility details and parties' objectives
3. Definitions and Interpretation: Key terms, calculation methodologies, and interpretation rules
4. Sale and Purchase Obligations: Core obligations regarding electricity sale and purchase, including volume commitments
5. Term and Termination: Duration of agreement, conditions for extension and early termination rights
6. Price and Payment: Pricing mechanism, payment terms, invoicing, and dispute procedures
7. Metering and Communications: Requirements for measuring and reporting electricity generation/consumption
8. Credit Support: Security requirements, parent company guarantees, or other credit support mechanisms
9. Force Majeure: Definition and consequences of force majeure events
10. Change in Law: Procedures for addressing regulatory changes affecting the agreement
11. Liability and Indemnities: Allocation of risks and limitation of liability provisions
12. Confidentiality: Protection of confidential information and permitted disclosures
13. Governing Law and Disputes: Choice of Danish law and dispute resolution mechanisms
14. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignments
1. Green Certificates and Environmental Attributes: Used when the corporate buyer wants to claim environmental benefits and certificates
2. Private Wire Arrangements: Included when direct transmission line between generator and buyer is established
3. Forecasting and Scheduling: Required for projects where generation forecasting is crucial for operations
4. Construction and Commissioning: Included when the generating facility is not yet operational
5. Grid Connection: Required when specific grid connection obligations need to be allocated
6. Performance Guarantees: Used when specific generation performance levels are guaranteed
7. Buy-Out Rights: Optional provisions for the corporate buyer to purchase the generating facility
8. Insurance: Detailed insurance requirements when not covered in general obligations
1. Facility Description: Technical specifications of the generating facility
2. Pricing Mechanism: Detailed pricing calculations, adjustments, and examples
3. Operating Parameters: Technical and operational requirements for the facility
4. Metering Specifications: Technical requirements for metering equipment and procedures
5. Form of Direct Agreement: Standard form for direct agreements with lenders
6. Communication Protocols: Procedures for operational communications and notifications
7. Performance Testing: Testing procedures and acceptance criteria
8. Form of Parent Company Guarantee: Standard form of parent company guarantee if required
9. Planned Maintenance Schedule: Schedule of planned maintenance periods and procedures
10. Grid Connection Details: Technical specifications for grid connection
Authors
Relevant legal definitions
Actual Generation
Affiliate
Agreement
Annual Contract Quantity
As-Generated
Availability
Balancing Responsible Party
Banking Day
Base Price
Billing Period
Business Day
Buyer
Change in Law
Commercial Operation Date
Commissioning
Competent Authority
Confidential Information
Contract Price
Contract Year
Credit Rating
Credit Support
Deemed Generation
Defaulting Party
Delivery Point
Direct Agreement
Dispatch
Effective Date
Electricity
Energinet.dk
Energy Attribute Certificates
Environmental Attributes
Event of Default
Expected Generation
Facility
Financial Close
Floor Price
Force Majeure Event
Generation License
Good Industry Practice
Governmental Authority
Grid
Grid Code
Grid Connection Agreement
Grid Connection Point
Grid Operator
Guaranteed Commercial Operation Date
Insolvency Event
Interconnection Facilities
Law
Lender
Maintenance Schedule
Market Price
Metering Device
Minimum Guaranteed Output
Network
Network Operator
Non-Defaulting Party
Operating Parameters
Operational Procedures
Parent Company Guarantee
Planned Maintenance
Power Purchase Agreement
Project
Project Documents
Prudent Operating Practice
Reactive Power
Renewable Energy Certificates
Replacement Energy
Required Permits
Scheduled Maintenance
Security Package
Seller
Settlement Period
Site
Specified Facility
System Emergency
System Operator
Take
Target Commercial Operation Date
Technical Specifications
Term
Termination Date
Transmission System
Unit
Volume Weighted Average Price
Affiliate
Agreement
Annual Contract Quantity
As-Generated
Availability
Balancing Responsible Party
Banking Day
Base Price
Billing Period
Business Day
Buyer
Change in Law
Commercial Operation Date
Commissioning
Competent Authority
Confidential Information
Contract Price
Contract Year
Credit Rating
Credit Support
Deemed Generation
Defaulting Party
Delivery Point
Direct Agreement
Dispatch
Effective Date
Electricity
Energinet.dk
Energy Attribute Certificates
Environmental Attributes
Event of Default
Expected Generation
Facility
Financial Close
Floor Price
Force Majeure Event
Generation License
Good Industry Practice
Governmental Authority
Grid
Grid Code
Grid Connection Agreement
Grid Connection Point
Grid Operator
Guaranteed Commercial Operation Date
Insolvency Event
Interconnection Facilities
Law
Lender
Maintenance Schedule
Market Price
Metering Device
Minimum Guaranteed Output
Network
Network Operator
Non-Defaulting Party
Operating Parameters
Operational Procedures
Parent Company Guarantee
Planned Maintenance
Power Purchase Agreement
Project
Project Documents
Prudent Operating Practice
Reactive Power
Renewable Energy Certificates
Replacement Energy
Required Permits
Scheduled Maintenance
Security Package
Seller
Settlement Period
Site
Specified Facility
System Emergency
System Operator
Take
Target Commercial Operation Date
Technical Specifications
Term
Termination Date
Transmission System
Unit
Volume Weighted Average Price
Clauses
Interpretation
Conditions Precedent
Sale and Purchase
Delivery Obligations
Term and Termination
Price and Payment
Metering
Billing and Settlement
Credit Support
Construction and Commissioning
Operating Obligations
Maintenance
Force Majeure
Change in Law
Representations and Warranties
Environmental Attributes
Grid Connection
Performance Standards
Insurance
Default and Termination
Liability and Indemnity
Assignment and Transfer
Confidentiality
Dispute Resolution
Governing Law
Notices
Anti-Corruption
Data Protection
Counterparts
Amendments
Waiver
Severability
Third Party Rights
Entire Agreement
Conditions Precedent
Sale and Purchase
Delivery Obligations
Term and Termination
Price and Payment
Metering
Billing and Settlement
Credit Support
Construction and Commissioning
Operating Obligations
Maintenance
Force Majeure
Change in Law
Representations and Warranties
Environmental Attributes
Grid Connection
Performance Standards
Insurance
Default and Termination
Liability and Indemnity
Assignment and Transfer
Confidentiality
Dispute Resolution
Governing Law
Notices
Anti-Corruption
Data Protection
Counterparts
Amendments
Waiver
Severability
Third Party Rights
Entire Agreement
Relevant Industries
Renewable Energy
Manufacturing
Technology
Industrial Production
Data Centers
Retail
Food and Beverage
Pharmaceuticals
Telecommunications
Commercial Real Estate
Relevant Teams
Legal
Procurement
Sustainability
Finance
Operations
Risk Management
Environmental Compliance
Energy Trading
Corporate Strategy
Technical Operations
Relevant Roles
Chief Sustainability Officer
Energy Procurement Manager
Legal Counsel
Chief Financial Officer
Sustainability Director
Commercial Director
Risk Manager
Operations Director
Project Finance Manager
Environmental Compliance Manager
Energy Trading Manager
Procurement Director
Technical Operations Manager
Corporate Strategy Director
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