The Virtual Power Purchase Agreement (VPPA) is a crucial instrument in the Irish renewable energy market, designed for companies seeking to support renewable energy development while managing electricity costs. This document is typically used when a corporate buyer wishes to procure renewable energy without physical delivery, particularly relevant in the Single Electricity Market (SEM) of Ireland and Northern Ireland. The agreement includes detailed provisions for financial settlement mechanisms, renewable energy certificates, generation forecasting, and market price calculations. It ensures compliance with Irish energy regulations, EU directives, and financial services laws while providing corporations with a structured approach to meeting their sustainability goals and managing electricity price risks. The document is especially valuable for international corporations operating in Ireland who want to demonstrate additionality in their renewable energy procurement strategies.
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Key Requirements PROMPT example:
Virtual Power Purchase Agreement
"I need a Virtual Power Purchase Agreement for a 50MW operational wind farm in County Kerry, Ireland, with a 10-year term starting March 2025, including provisions for Guarantees of Origin transfer and a two-way settlement mechanism."
1. Parties: Identification of the Generator/Seller and Corporate Buyer/Offtaker
2. Background: Context of the agreement, including project details and parties' objectives
3. Definitions and Interpretation: Defined terms including market-specific terminology and calculation methodologies
4. Term and Conditions Precedent: Duration of agreement and conditions that must be satisfied before obligations commence
5. Sale and Purchase Obligations: Core financial settlement obligations, including strike price and settlement mechanics
6. Metering and Payment: Requirements for measuring generation output and payment calculations
7. Generation Forecasting and Reporting: Obligations regarding production forecasts and operational reporting
8. Representations and Warranties: Standard and VPPA-specific representations including regulatory compliance
9. Seller Covenants: Ongoing obligations regarding facility operation and maintenance
10. Force Majeure: Events excusing performance, including grid-related events
11. Change in Law: Provisions addressing regulatory changes affecting the VPPA structure
12. Default and Termination: Events of default, remedies, and termination rights
13. Liability and Indemnification: Allocation of risks and limitations on liability
14. Confidentiality: Protection of commercial and technical information
15. Governing Law and Disputes: Irish law governance and dispute resolution procedures
1. Development and Construction: Required if the facility is not yet operational, covering construction milestones and requirements
2. Renewable Energy Certificates: Included if RECs or GOs are part of the transaction
3. Credit Support: Required if parties agree to provide performance security or parent guarantees
4. Market Changes: Specific provisions for dealing with Irish electricity market structure changes
5. Grid Connection: Required if specific grid connection obligations need to be addressed
6. Facility Sale or Transfer: Required if change of control provisions are needed
7. ESG Reporting: Environmental, Social and Governance reporting requirements if required by buyer
8. Insurance: Specific insurance requirements beyond standard coverage
1. Project Details: Technical specifications of the renewable energy facility
2. Contract Quantity: Expected generation volumes and any minimum performance requirements
3. Pricing and Settlement: Detailed strike price and settlement calculations, including worked examples
4. Form of Generation Report: Template for periodic generation reporting
5. Form of Guarantee: Template for any required parent company or bank guarantees
6. Operating Parameters: Technical operating requirements and performance standards
7. Metering Specifications: Detailed metering requirements and testing procedures
8. Construction Schedule: If applicable, milestone dates for facility construction
9. Form of Direct Agreement: Template for lender direct agreements if required
10. Calculation of Liquidated Damages: Methodology for calculating various liquidated damages
Authors
Relevant legal definitions
Actual Generation
Affiliate
Agreement Date
Annual Contract Quantity
As-Generated Profile
Availability
Balancing Market
Bank Holiday
Billing Period
Business Day
Buy-Out Payment
Calculation Period
Change in Law
Commercial Operation Date
Commissioned
Competent Authority
Contract Price
Contract Year
Credit Rating
Credit Support
Curtailment
Day-Ahead Market
Deemed Generation
Delivery Point
Development Period
Effective Date
EirGrid
Electricity License
Environmental Attributes
ESB Networks
Event of Default
Expected Commercial Operation Date
Facility
Final Settlement
Financial Close
Floating Amount
Force Majeure Event
Generator License
Good Industry Practice
Governmental Authority
Grid
Grid Code
Grid Connection Agreement
Grid Operator
Guarantee of Origin
Guaranteed Commercial Operation Date
Initial Settlement
Insolvency Event
Interconnector
Interest Rate
Invoice
Licensed Bank
Liquidated Damages
Market Operator
Market Price
Market Rules
Metering Equipment
Minimum Performance Requirement
Monthly Report
Net Output
Notification
Operating Parameters
Planned Maintenance
Point of Connection
Project
Project Documents
Prudent Operating Practice
Reactive Power
Receiving Party
Reference Price
Regulatory Requirements
Relevant Authority
Renewable Energy Certificate
Replacement Price
Required Authorizations
SEM
SEMO
Settlement Amount
Settlement Period
Site
Strike Price
System Operator
Term
Termination Date
Trading Period
Transmission System
Unit
Virtual Contracted Quantity
Affiliate
Agreement Date
Annual Contract Quantity
As-Generated Profile
Availability
Balancing Market
Bank Holiday
Billing Period
Business Day
Buy-Out Payment
Calculation Period
Change in Law
Commercial Operation Date
Commissioned
Competent Authority
Contract Price
Contract Year
Credit Rating
Credit Support
Curtailment
Day-Ahead Market
Deemed Generation
Delivery Point
Development Period
Effective Date
EirGrid
Electricity License
Environmental Attributes
ESB Networks
Event of Default
Expected Commercial Operation Date
Facility
Final Settlement
Financial Close
Floating Amount
Force Majeure Event
Generator License
Good Industry Practice
Governmental Authority
Grid
Grid Code
Grid Connection Agreement
Grid Operator
Guarantee of Origin
Guaranteed Commercial Operation Date
Initial Settlement
Insolvency Event
Interconnector
Interest Rate
Invoice
Licensed Bank
Liquidated Damages
Market Operator
Market Price
Market Rules
Metering Equipment
Minimum Performance Requirement
Monthly Report
Net Output
Notification
Operating Parameters
Planned Maintenance
Point of Connection
Project
Project Documents
Prudent Operating Practice
Reactive Power
Receiving Party
Reference Price
Regulatory Requirements
Relevant Authority
Renewable Energy Certificate
Replacement Price
Required Authorizations
SEM
SEMO
Settlement Amount
Settlement Period
Site
Strike Price
System Operator
Term
Termination Date
Trading Period
Transmission System
Unit
Virtual Contracted Quantity
Clauses
Interpretation
Conditions Precedent
Term and Duration
Development and Construction
Testing and Commissioning
Sale and Purchase
Delivery Obligations
Metering
Billing and Payment
Settlement Calculations
Market Operations
Generation Forecasting
Performance Standards
Facility Operations
Maintenance Requirements
Grid Connection
Regulatory Compliance
Environmental Attributes
Force Majeure
Change in Law
Representations and Warranties
Covenants
Credit Support
Default
Termination
Liability and Indemnification
Insurance
Assignment
Confidentiality
Notices
Dispute Resolution
Governing Law
Anti-Corruption
Data Protection
Announcements
Market Disruption
Renewable Energy Certificates
Price Adjustments
Performance Guarantees
Records and Audit
Conditions Precedent
Term and Duration
Development and Construction
Testing and Commissioning
Sale and Purchase
Delivery Obligations
Metering
Billing and Payment
Settlement Calculations
Market Operations
Generation Forecasting
Performance Standards
Facility Operations
Maintenance Requirements
Grid Connection
Regulatory Compliance
Environmental Attributes
Force Majeure
Change in Law
Representations and Warranties
Covenants
Credit Support
Default
Termination
Liability and Indemnification
Insurance
Assignment
Confidentiality
Notices
Dispute Resolution
Governing Law
Anti-Corruption
Data Protection
Announcements
Market Disruption
Renewable Energy Certificates
Price Adjustments
Performance Guarantees
Records and Audit
Relevant Industries
Renewable Energy
Corporate Energy Procurement
Utilities
Manufacturing
Technology
Financial Services
Industrial
Retail
Real Estate
Data Centers
Healthcare
Telecommunications
Relevant Teams
Legal
Finance
Sustainability
Procurement
Risk Management
Environmental Compliance
Treasury
Operations
Commercial
Regulatory Affairs
Energy Trading
Project Development
Relevant Roles
Chief Sustainability Officer
Energy Procurement Manager
Renewable Energy Developer
Corporate Legal Counsel
Financial Controller
Risk Manager
Environmental Compliance Manager
Sustainability Director
Energy Trading Manager
Project Finance Manager
Commercial Director
Head of Power Purchase Agreements
Chief Financial Officer
Operations Director
Regulatory Compliance Officer
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