This Virtual PPA template is designed for use in the Danish market where corporate renewable energy procurement is growing significantly. It provides a framework for financial settlements between renewable energy generators and corporate buyers, typically used when physical delivery of electricity is not practical or desired. The document incorporates key Danish legal requirements and EU regulatory considerations, including compliance with REMIT and financial services regulations. It is particularly relevant for international corporations seeking to support renewable energy development in Denmark while managing electricity price exposure. The agreement includes detailed provisions for settlement calculations, market price references, credit support requirements, and regulatory compliance mechanisms, all adapted to the Danish market context and legal framework. This type of agreement has become increasingly important as Denmark continues to expand its renewable energy capacity and corporate buyers seek to meet their sustainability goals.
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Key Requirements PROMPT example:
Virtual Ppa
I need a Virtual PPA agreement under Danish law for a tech company purchasing renewable energy from a 100MW offshore wind farm, with settlement against Nord Pool spot prices and a 10-year term starting March 2025.
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1. Parties: Identification of the contracting parties - typically the renewable energy generator (seller) and corporate buyer
2. Background: Context of the agreement, including reference to the renewable energy project and parties' objectives
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including market-specific Danish energy terms
4. Term and Conditions Precedent: Duration of the agreement and any conditions that must be met before the agreement becomes effective
5. Virtual PPA Structure: Core mechanism of the vPPA including settlement calculations, reference prices, and payment obligations
6. Prices and Payments: Detailed pricing mechanisms, settlement periods, and payment terms
7. Metering and Reporting: Requirements for measuring and reporting energy production and market prices
8. Credit Support: Security requirements and credit support mechanisms
9. Force Majeure: Events excusing performance and their consequences
10. Change in Law: Procedures for addressing regulatory changes affecting the agreement
11. Default and Termination: Events of default, remedies, and termination procedures
12. Liability and Indemnities: Allocation of risks and limitations on liability
13. Confidentiality: Protection of confidential information and permitted disclosures
14. Governing Law and Disputes: Danish law as governing law and dispute resolution procedures
1. Environmental Attributes: Handling of renewable energy certificates or guarantees of origin - optional if these are traded separately
2. Market Communications: Procedures for market notifications and regulatory reporting - needed if parties handle market communications
3. Project Commissioning: Requirements for new projects not yet operational - only needed for projects under development
4. Volume Flexibility: Mechanisms for handling production variations - relevant for variable renewable sources
5. Forecasting Obligations: Requirements for production forecasting - needed if required by market rules
6. Corporate PPAs: Additional provisions for corporate group structures - relevant for corporate buyers with multiple entities
7. ESG Requirements: Environmental, Social and Governance obligations - included if specifically required by buyer
1. Project Details: Technical specifications of the renewable energy project
2. Pricing and Settlement: Detailed calculation methodologies and examples
3. Form of Guarantees: Templates for any required guarantees or security documents
4. Operating Parameters: Technical operating requirements and constraints
5. Communication Protocols: Procedures for operational communications and notifications
6. Metering Specifications: Technical requirements for metering and data collection
7. Form of Reports: Templates for required operational and settlement reports
8. Insurance Requirements: Specified insurance coverage requirements
9. Market Reference Prices: Detailed specification of market price sources and calculations
Authors
Relevant legal definitions
Actual Generation
Agreed Quantity
As-Generated Profile
Available Capacity
Balance Responsible Party
Billing Period
Business Day
Change in Law
Commercial Operation Date
Contract Price
Contract Quantity
Credit Support
Delivery Point
Effective Date
Electricity Law
Environmental Attributes
EU ETS
Event of Default
Facility
Fixed Price
Floating Price
Force Majeure
Guarantees of Origin
Hedge Provider
Initial Period
Insolvency Event
Interest Rate
Market Operator
Market Price
Material Adverse Effect
Metering Point
Nord Pool
Notification Time
Operating Parameters
Payment Date
Performance Security
Planned Maintenance
Project
Project Company
Reference Price
REMIT
Renewable Energy Law
Settlement Amount
Settlement Period
Strike Price
System Operator
Term
Termination Amount
Transmission System
TSO
Unplanned Outage
Volume Adjustment
Agreed Quantity
As-Generated Profile
Available Capacity
Balance Responsible Party
Billing Period
Business Day
Change in Law
Commercial Operation Date
Contract Price
Contract Quantity
Credit Support
Delivery Point
Effective Date
Electricity Law
Environmental Attributes
EU ETS
Event of Default
Facility
Fixed Price
Floating Price
Force Majeure
Guarantees of Origin
Hedge Provider
Initial Period
Insolvency Event
Interest Rate
Market Operator
Market Price
Material Adverse Effect
Metering Point
Nord Pool
Notification Time
Operating Parameters
Payment Date
Performance Security
Planned Maintenance
Project
Project Company
Reference Price
REMIT
Renewable Energy Law
Settlement Amount
Settlement Period
Strike Price
System Operator
Term
Termination Amount
Transmission System
TSO
Unplanned Outage
Volume Adjustment
Clauses
Interpretation
Conditions Precedent
Term
Delivery Obligations
Settlement
Pricing
Billing and Payment
Metering
Credit Support
Force Majeure
Change in Law
Market Disruption
Representations and Warranties
Covenants
Events of Default
Early Termination
Liquidated Damages
Set-off
Assignment
Confidentiality
Notices
Governing Law
Dispute Resolution
Regulatory Compliance
Environmental Attributes
Market Communications
Tax
Anti-Corruption
Data Protection
Insurance
Liability and Indemnification
Third Party Rights
Entire Agreement
Amendments
Severability
Counterparts
Conditions Precedent
Term
Delivery Obligations
Settlement
Pricing
Billing and Payment
Metering
Credit Support
Force Majeure
Change in Law
Market Disruption
Representations and Warranties
Covenants
Events of Default
Early Termination
Liquidated Damages
Set-off
Assignment
Confidentiality
Notices
Governing Law
Dispute Resolution
Regulatory Compliance
Environmental Attributes
Market Communications
Tax
Anti-Corruption
Data Protection
Insurance
Liability and Indemnification
Third Party Rights
Entire Agreement
Amendments
Severability
Counterparts
Relevant Industries
Renewable Energy
Manufacturing
Technology
Data Centers
Financial Services
Retail
Industrial
Energy Trading
Utilities
Consumer Goods
Relevant Teams
Legal
Finance
Procurement
Sustainability
Risk Management
Trading
Treasury
Corporate Strategy
Environmental Compliance
Project Development
Commercial Operations
Energy Management
Relevant Roles
Energy Procurement Manager
Sustainability Director
Legal Counsel
Chief Financial Officer
Risk Manager
Trading Manager
Commercial Director
Renewable Energy Developer
Power Purchase Agreement Manager
Energy Markets Analyst
Corporate Strategy Director
Environmental Compliance Officer
Treasury Manager
Project Finance Manager
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