Virtual Power Purchase Agreements have emerged as crucial instruments in Saudi Arabia's evolving renewable energy landscape, supporting the Kingdom's Vision 2030 goals for sustainable energy development. This document type is typically used when corporate buyers wish to support renewable energy projects without physically taking delivery of the electricity, instead using financial settlements based on market price differences. The Virtual Power Purchase Agreement includes detailed provisions for price calculations, settlement mechanisms, and risk allocation, all structured to comply with Saudi Arabian law and regulations. It is particularly relevant for international corporations operating in Saudi Arabia who wish to meet their global sustainability commitments while navigating local legal requirements. The agreement must address both conventional power market principles and Islamic finance considerations, incorporating appropriate provisions for Shariah compliance where required.
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1. Parties: Identification of the parties: Generator/Seller and Virtual Buyer
2. Background: Context of the agreement, including facility details and purpose of the VPPA
3. Definitions: Key terms used throughout the agreement, including market price references and settlement calculations
4. Term and Conditions Precedent: Duration of agreement and conditions that must be met before the agreement becomes effective
5. Virtual Purchase Obligations: Core obligations regarding the virtual purchase and sale of electricity output
6. Pricing and Payment: Strike price, settlement calculations, and payment mechanisms
7. Metering and Reporting: Requirements for measuring and reporting electricity generation
8. Environmental Attributes: Treatment of renewable energy certificates and other environmental benefits
9. Force Majeure: Events excusing performance and their consequences
10. Default and Termination: Events of default, remedies, and termination rights
11. Security Requirements: Credit support and security obligations of the parties
12. Representations and Warranties: Standard and specific representations by both parties
13. Dispute Resolution: Procedures for resolving disputes, including Saudi law requirements
14. Governing Law: Application of Saudi Arabian law and jurisdiction
15. Miscellaneous: Standard boilerplate provisions adapted to Saudi law requirements
1. Shariah Compliance: Required if any party requires Islamic finance principles to be applied
2. Currency Risk Allocation: Required for cross-border transactions with different currencies
3. Change in Law Provisions: Detailed provisions for regulatory changes in renewable energy sector
4. Interface with Physical PPA: Required if the generator has a separate physical PPA
5. Proxy Generation: Optional provisions for using proxy generation data instead of actual generation
6. Capacity Rights: Optional treatment of capacity rights if relevant to the market
7. Local Content Requirements: Required if project must meet Saudi Arabia's local content requirements
1. Facility Description: Technical details of the renewable energy facility
2. Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustment provisions
3. Form of Financial Security: Templates for required guarantees or security instruments
4. Settlement Procedures: Detailed procedures for calculating and processing settlements
5. Metering Specifications: Technical requirements for metering and monitoring
6. Form of Direct Agreement: Template for direct agreements with financiers if required
7. Operating Parameters: Technical specifications and operating requirements
8. Notices and Contact Information: Contact details and notice requirements for all parties
9. Form of Guarantees: Templates for parent company or performance guarantees
10. Calculation of Environmental Attributes: Methodology for calculating and allocating environmental benefits
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