The Virtual Power Purchase Agreement (VPPA) is designed for use in New Zealand's electricity market where corporate buyers seek to support renewable energy development while managing electricity costs and achieving sustainability goals. This agreement type is particularly relevant when the buyer cannot or does not wish to take physical delivery of electricity but wants to secure long-term price certainty and environmental benefits from renewable generation. The document includes provisions for financial settlement mechanisms, renewable energy certificate transfers, and risk allocation, all structured within New Zealand's regulatory framework. It addresses key aspects such as price hedging, generation guarantees, and environmental attributes, while ensuring compliance with both electricity market rules and financial market regulations. The VPPA structure is especially suitable for large corporate consumers looking to meet sustainability targets and manage electricity price volatility through long-term financial arrangements with renewable energy generators.
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Key Requirements PROMPT example:
Virtual Power Purchase Agreement
"Need a Virtual Power Purchase Agreement for a 50MW solar project in Canterbury, New Zealand, with a 15-year term starting March 2025, including provisions for both renewable energy certificates and carbon credits, with quarterly settlement periods."
1. Parties: Identifies the contracting parties - typically the generator/seller and the corporate buyer
2. Background: Sets out the context of the agreement, including project details and parties' objectives
3. Definitions: Defines key terms used throughout the agreement
4. Term and Conditions Precedent: Specifies contract duration and conditions that must be met before the agreement becomes effective
5. Financial Settlement Mechanism: Details the strike price, settlement calculations, and payment obligations
6. Renewable Energy Certificates: Addresses the treatment and transfer of renewable energy certificates or attributes
7. Metering and Reporting: Specifies requirements for measuring and reporting electricity generation
8. Billing and Payment: Sets out invoicing procedures, payment terms, and dispute resolution for payments
9. Force Majeure: Defines force majeure events and their consequences
10. Default and Termination: Specifies events of default, remedies, and termination rights
11. Liability and Indemnities: Allocates risks and establishes liability limits
12. Confidentiality: Protects confidential information of both parties
13. Dispute Resolution: Establishes procedures for resolving disputes
14. General Provisions: Includes standard boilerplate clauses like notices, assignments, and governing law
1. Credit Support: Required when either party needs to provide financial security or guarantees
2. Change in Law: Included when parties want specific provisions for handling regulatory changes
3. Market Disruption Events: Added when parties want specific provisions for handling electricity market disruptions
4. Planned Maintenance: Included when parties want to specify how planned maintenance periods affect settlements
5. Carbon Benefits: Added when carbon credits or benefits are part of the agreement
6. Project Finance Provisions: Required when the project is financed and lender provisions are needed
7. Insurance: Included when specific insurance requirements need to be detailed
8. Forecasting and Scheduling: Added when generation forecasting obligations are required
1. Project Details: Technical specifications of the renewable energy facility
2. Financial Settlement Calculations: Detailed methodology for calculating settlements and worked examples
3. Metering Specifications: Technical requirements for metering and monitoring
4. Form of Generation Report: Template for periodic generation reporting
5. Form of Invoice: Template for monthly settlement invoices
6. Operating Parameters: Technical operating parameters and performance standards
7. Key Personnel: Contact details for key personnel from both parties
8. Form of Direct Agreement: Template agreement for project finance parties if applicable
9. Credit Support Requirements: Details of any required credit support arrangements
Authors
Relevant legal definitions
Actual Generation
Agreed Quantity
As-Generated Price
Availability
Balancing Period
Banking Day
Billing Period
Business Day
Change in Law
Commercial Operation Date
Contract Quantity
Contract Year
Credit Rating
Credit Support
Deemed Generation
Delivery Point
Electricity Market
Environmental Attributes
Event of Default
Facility
Financial Close
Fixed Price
Force Majeure Event
Generation Shortfall
Good Industry Practice
Grid
Initial Delivery Date
Insolvency Event
Interconnection Agreement
Interest Rate
Lenders
Liquidated Damages
Market Price
Market Reference Point
Metering Data
Minimum Generation Guarantee
Net Generation Output
Operating Parameters
Planned Maintenance
Project
Project Documents
Prudent Operating Practice
Renewable Energy Certificates
Settlement Amount
Settlement Period
Strike Price
Term
Termination Date
Transmission Loss Factor
Transmission System
Unplanned Outage
Virtual Generation
Agreed Quantity
As-Generated Price
Availability
Balancing Period
Banking Day
Billing Period
Business Day
Change in Law
Commercial Operation Date
Contract Quantity
Contract Year
Credit Rating
Credit Support
Deemed Generation
Delivery Point
Electricity Market
Environmental Attributes
Event of Default
Facility
Financial Close
Fixed Price
Force Majeure Event
Generation Shortfall
Good Industry Practice
Grid
Initial Delivery Date
Insolvency Event
Interconnection Agreement
Interest Rate
Lenders
Liquidated Damages
Market Price
Market Reference Point
Metering Data
Minimum Generation Guarantee
Net Generation Output
Operating Parameters
Planned Maintenance
Project
Project Documents
Prudent Operating Practice
Renewable Energy Certificates
Settlement Amount
Settlement Period
Strike Price
Term
Termination Date
Transmission Loss Factor
Transmission System
Unplanned Outage
Virtual Generation
Clauses
Interpretation
Conditions Precedent
Term
Project Development
Facility Operation
Generation Obligations
Metering
Price and Payment
Settlement
Environmental Attributes
Credit Support
Force Majeure
Default
Termination
Liability
Change in Law
Assignment
Confidentiality
Dispute Resolution
Representations and Warranties
Insurance
Notices
Market Disruption
Scheduling and Forecasting
Performance Security
Reporting
Compliance with Laws
Anti-corruption
Boilerplate
Governing Law
Project Finance
Carbon Credits
Maintenance
Grid Connection
Risk Allocation
Financial Settlement
Title and Risk
Records and Audit
Conditions Precedent
Term
Project Development
Facility Operation
Generation Obligations
Metering
Price and Payment
Settlement
Environmental Attributes
Credit Support
Force Majeure
Default
Termination
Liability
Change in Law
Assignment
Confidentiality
Dispute Resolution
Representations and Warranties
Insurance
Notices
Market Disruption
Scheduling and Forecasting
Performance Security
Reporting
Compliance with Laws
Anti-corruption
Boilerplate
Governing Law
Project Finance
Carbon Credits
Maintenance
Grid Connection
Risk Allocation
Financial Settlement
Title and Risk
Records and Audit
Relevant Industries
Renewable Energy
Power Generation
Corporate Energy Procurement
Manufacturing
Technology
Financial Services
Industrial
Retail
Mining
Data Centers
Healthcare
Education
Relevant Teams
Legal
Sustainability
Procurement
Finance
Risk Management
Environmental Compliance
Operations
Treasury
Commercial
Strategy
Energy Trading
Relevant Roles
Chief Sustainability Officer
Energy Procurement Manager
Corporate Renewable Energy Manager
Chief Financial Officer
Sustainability Director
Power Purchase Agreement Manager
Environmental Compliance Manager
Energy Trading Manager
Risk Manager
Legal Counsel
Commercial Manager
Project Finance Manager
Operations Director
Renewable Energy Developer
Corporate Strategy Director
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