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Virtual PPA

Virtual PPA Template for Austria

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Key Requirements PROMPT example:

Virtual PPA

"I need a Virtual PPA agreement governed by Austrian law for a 100MW solar project, where our manufacturing company will be the corporate buyer with a 15-year term starting March 2025, including specific provisions for cross-border settlement within the EU and requirements for Guarantees of Origin."

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Document background
This Virtual PPA template is designed for use in the Austrian market, providing a framework for corporate renewable energy procurement without physical delivery. It is particularly suitable for companies seeking to hedge against electricity price volatility while supporting renewable energy development. The document incorporates essential elements required under Austrian law and EU regulations, including REMIT and MiFID II considerations where applicable. It addresses key aspects such as price mechanisms, settlement procedures, regulatory compliance, and risk allocation between parties. The agreement is structured to accommodate both domestic and cross-border transactions within the EU, making it suitable for international corporations with operations in Austria seeking to meet their sustainability goals through virtual renewable energy procurement.
Suggested Sections

1. Parties: Identification of the contracting parties - typically the generator/seller and the corporate buyer

2. Background: Context of the agreement, including facility details and purpose of the vPPA

3. Definitions: Detailed definitions of technical, financial, and legal terms used throughout the agreement

4. Term and Conditions Precedent: Contract duration, start date, and conditions that must be met before the agreement becomes effective

5. Sale and Purchase Obligations: Core obligations including settlement mechanics, volume commitments, and pricing structure

6. Metering and Reporting: Requirements for measuring and reporting electricity generation

7. Billing and Payment: Payment terms, invoicing procedures, and settlement calculations

8. Contract Price and Settlement: Detailed pricing mechanisms, settlement calculations, and true-up provisions

9. Environmental Attributes: Treatment of renewable energy certificates and other environmental benefits

10. Force Majeure: Events excusing performance and associated procedures

11. Default and Termination: Events of default, remedies, and termination procedures

12. Representations and Warranties: Standard and specific representations by both parties

13. Liability and Indemnification: Allocation of risks and responsibilities between parties

14. Confidentiality: Protection of confidential information and permitted disclosures

15. Governing Law and Dispute Resolution: Choice of law and procedures for resolving disputes

Optional Sections

1. Change in Law: Provisions addressing regulatory changes - include when regulatory environment is uncertain or contract term is long

2. Market Disruption: Procedures for handling market disruption events - include when market is volatile or illiquid

3. Credit Support: Requirements for performance security - include when counterparty credit risk is a concern

4. Planned/Unplanned Maintenance: Provisions for facility maintenance - include when specific operational guarantees are required

5. Assignment and Change of Control: Transfer restrictions and procedures - include when parties anticipate potential corporate changes

6. Insurance: Insurance requirements - include when specific risk coverage is needed

7. Anti-corruption and Sanctions: Compliance with anti-corruption laws - include for international transactions

8. Physical Delivery Fallback: Options for physical delivery - include when physical backup arrangements are desired

Suggested Schedules

1. Facility Description: Technical specifications of the generating facility

2. Pricing and Settlement Mechanisms: Detailed pricing formulas, settlement calculations, and worked examples

3. Production Guarantees: Expected generation profiles and any guaranteed volumes

4. Metering Specifications: Technical requirements for metering and monitoring

5. Form of Guarantees: Templates for any required performance security or parent guarantees

6. Operating Procedures: Detailed procedures for communications, settlements, and dispute resolution

7. Insurance Requirements: Specific insurance coverage requirements and minimums

8. Form of Notices: Templates for various required notices under the agreement

9. Calculation of Liquidated Damages: Methodology for calculating damages for various breaches

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions































































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Relevant Industries

Renewable Energy

Manufacturing

Technology

Financial Services

Industrial

Retail

Healthcare

Data Centers

Telecommunications

Food and Beverage

Automotive

Chemical

Relevant Teams

Legal

Finance

Procurement

Sustainability

Risk Management

Treasury

Operations

Trading

Compliance

Corporate Strategy

Environmental Affairs

Relevant Roles

Chief Financial Officer

Energy Procurement Manager

Sustainability Director

Legal Counsel

Risk Manager

Treasury Manager

Environmental Compliance Officer

Power Trading Manager

Corporate Strategy Director

Renewable Energy Project Manager

Energy Operations Manager

Procurement Director

Commercial Manager

Sustainability Manager

Industries








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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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