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Virtual Power Purchase Agreement

Virtual Power Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Virtual Power Purchase Agreement

"I need a Virtual Power Purchase Agreement for a 50MW solar project in Luzon, Philippines, where my tech company will be the corporate buyer with a planned commercial operation date of March 2025, including specific provisions for renewable energy credits and a 15-year term."

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Document background
Virtual Power Purchase Agreements have emerged as a crucial tool for corporate renewable energy procurement in the Philippines, particularly following the liberalization of the energy market under EPIRA and the promotion of renewable energy through the Renewable Energy Act of 2008. This document is used when a corporate buyer wishes to support renewable energy development without taking physical delivery of electricity, instead using financial settlements based on market prices and an agreed strike price. The Virtual Power Purchase Agreement includes provisions for renewable energy credits, financial settlement mechanisms, and risk allocation, while ensuring compliance with Philippine energy regulations and financial laws. It's particularly relevant for corporations with sustainability goals and renewable energy targets, offering a way to demonstrate commitment to renewable energy while potentially providing price certainty for a portion of their energy costs.
Suggested Sections

1. Parties: Identification of the parties: typically the project company (seller) and the corporate buyer

2. Background: Context of the agreement, including the project details and parties' objectives

3. Definitions: Detailed definitions of terms used throughout the agreement, including Philippine-specific regulatory terms

4. Term and Conditions Precedent: Duration of the agreement and conditions that must be met before the agreement becomes effective

5. Virtual PPA Structure: Core mechanics of the virtual PPA, including settlement process and calculations

6. Pricing and Payment: Strike price, settlement calculations, payment terms, and currency provisions

7. Renewable Energy Credits: Treatment of renewable energy certificates or credits and environmental attributes

8. Metering and Reporting: Requirements for measuring and reporting energy production

9. Force Majeure: Events excusing performance and their consequences

10. Default and Termination: Events of default, cure periods, and termination rights

11. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law provisions

12. Representations and Warranties: Standard and specific representations and warranties from each party

13. Confidentiality: Protection of confidential information and trade secrets

14. Assignment and Change of Control: Rights and restrictions regarding transfer of the agreement

Optional Sections

1. Direct Agreement: Required when project financing is involved, establishing rights of lenders

2. Market Reform Changes: Include when there's significant regulatory uncertainty in the Philippine energy market

3. Credit Support: Required when either party needs to provide performance security or guarantees

4. Capacity Rights: Include if capacity rights are relevant to the project and separable from energy rights

5. Insurance: Detailed insurance requirements, if not covered in project documents

6. Local Community Benefits: Required for projects with significant local community impact or CSR components

7. Grid Connection: Include if the buyer has specific interests in grid connection arrangements

Suggested Schedules

1. Project Description: Technical details of the renewable energy facility

2. Calculation of Payments: Detailed methodology for calculating settlement amounts

3. Facility Performance Specifications: Expected generation profiles and performance guarantees

4. Form of Guarantees: Templates for any required parent company or performance guarantees

5. Settlement Procedure: Detailed process for monthly/quarterly settlements

6. Metering Specifications: Technical requirements for metering and monitoring

7. Form of Reports: Templates for production and settlement reports

8. Contact Details: Key personnel and contact information for both parties

9. Philippine Regulatory Requirements: Specific compliance requirements under Philippine law

10. Form of Direct Agreement: Template agreement with lenders if project financing is involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Actual Energy Output
Adjusted Strike Price
Affiliate
Agreed Quantity
As-Generated
Assignment
Balancing Settlement
Banking Day
Base Rate
Billing Period
Business Day
Buy-Out Payment
Calculation Period
Change in Law
Commercial Operations Date
Commissioned
Competent Authority
Contract Quantity
Contract Year
Credit Rating
Credit Support
Deemed Generated Output
Defaulting Party
Delivery Point
Department of Energy
Direct Agreement
Effective Date
Electricity
Energy Regulatory Commission
Environmental Attributes
Event of Default
Expected Commercial Operations Date
Facility
Financial Close
Fixed Amount
Floating Amount
Floating Price
Force Majeure Event
Generator
Good Industry Practice
Governmental Approvals
Grid
Grid Connection
Grid Operator
Initial Period
Insolvency Event
Installation
Interconnection Facilities
Interest Rate
Letter of Credit
Lenders
License
Liquidated Damages
Loss
Market Operator
Market Price
Material Adverse Effect
Metering Device
Minimum Credit Rating
Monthly Settlement Amount
National Grid Corporation of the Philippines
Net Settlement Amount
Non-Defaulting Party
Operating Parameters
Operational Security
Parent Company Guarantee
Party/Parties
Payment Date
Performance Security
Planned Maintenance
Project
Project Documents
Project Site
Prudent Operating Practice
Reference Market Price
Renewable Energy Certificate
Renewable Energy Law
Representatives
Settlement Period
Strike Price
System Operator
Tax
Technical Specifications
Term
Termination Date
Trading Day
Trading Interval
Transaction
Transfer Rights
Transmission System
Unit
WESM
WESM Rules
Clauses
Pricing
Payment
Settlement
Force Majeure
Termination
Default
Representations and Warranties
Covenants
Conditions Precedent
Term
Regulatory Compliance
Metering
Environmental Attributes
Renewable Energy Credits
Change in Law
Dispute Resolution
Governing Law
Confidentiality
Assignment
Notices
Performance Security
Credit Support
Market Disruption
Grid Connection
Generation Requirements
Reporting
Record Keeping
Insurance
Indemnification
Limitation of Liability
Change of Control
Anti-corruption
Taxes
Set-off
Financing Cooperation
Market Reform
Local Content
Community Relations
Business Ethics
Data Protection
Intellectual Property
Relevant Industries

Renewable Energy

Power Generation

Manufacturing

Technology

Retail

Banking and Finance

Industrial

Mining

Real Estate

Telecommunications

Food and Beverage

Healthcare

Relevant Teams

Legal

Finance

Sustainability

Procurement

Risk Management

Treasury

Environmental Compliance

Energy Trading

Commercial Operations

Project Development

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Corporate Finance Director

Legal Counsel

Sustainability Manager

Risk Manager

Treasury Manager

Environmental Compliance Officer

Power Purchase Agreement Specialist

Renewable Energy Director

Chief Financial Officer

Project Finance Manager

Energy Trading Manager

Commercial Operations Director

Industries
Electric Power Industry Reform Act of 2001 (EPIRA): Primary legislation governing the electricity sector in the Philippines, establishing the framework for the power industry structure and regulation
Renewable Energy Act of 2008 (Republic Act No. 9513): Provides the framework for renewable energy development and utilization, including incentives and market mechanisms
Civil Code of the Philippines: Governs general contract formation, obligations, and commercial relationships under Philippine law
Securities Regulation Code (Republic Act No. 8799): Regulates financial instruments and derivatives, which may be relevant to the financial settlement aspects of VPPAs
Philippine Competition Act (Republic Act No. 10667): Ensures fair market competition and prevents anti-competitive practices in energy trading and contracts
Energy Virtual One Stop Shop Act (Republic Act No. 11234): Streamlines the permitting process for power generation projects, which might affect the underlying power generation facility
Philippine Clean Air Act of 1999: Environmental legislation that may impact the operation of the underlying power generation facility
DOE Department Circular No. DC2020-10-0021: Provides guidelines for the commercial operations of the Wholesale Electricity Spot Market (WESM), relevant for power pricing and trading
BSP Regulations on Derivatives: Central bank regulations governing derivative transactions, which may apply to the financial settlement structure of VPPAs
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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