Virtual PPAs have emerged as a crucial tool for corporate renewable energy procurement in markets where direct physical PPAs may be challenging or impossible. This Virtual PPA template is specifically designed for use in Hong Kong, accommodating the territory's unique energy market structure and regulatory framework. The document provides a comprehensive framework for financial settlement between renewable energy generators and corporate buyers, including detailed provisions for price mechanisms, environmental attributes transfer, and risk allocation. It's particularly relevant for companies seeking to meet their sustainability goals while operating within Hong Kong's regulatory environment. The agreement includes all necessary provisions to comply with Hong Kong's Securities and Futures Ordinance, as Virtual PPAs are essentially financial derivatives.
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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: Defined terms including Settlement Period, Strike Price, Market Reference Price, Contract Quantity
4. Term and Conditions Precedent: Duration of agreement and conditions that must be met before agreement becomes effective
5. Settlement Mechanics: Calculation and payment of settlement amounts, including payment timing and netting provisions
6. Price and Payment Terms: Strike price, adjustment mechanisms, invoicing and payment procedures
7. Generation and Metering: Requirements for measuring and reporting electricity generation
8. Environmental Attributes: Ownership and transfer of renewable energy certificates or other environmental benefits
9. Force Majeure: Events excusing performance and associated procedures
10. Default and Termination: Events of default, cure periods, and termination rights
11. Representations and Warranties: Standard and specific warranties from each party
12. Covenants: Ongoing obligations of the parties
13. Change in Law: Procedures for addressing regulatory changes affecting the agreement
14. Dispute Resolution: Procedures for resolving disputes, including governing law and jurisdiction
15. Confidentiality: Protection of confidential information
16. General Provisions: Standard boilerplate provisions including notices, amendments, assignment
1. Carbon Reporting: Optional section for detailed carbon accounting and reporting requirements, used when buyer has specific ESG reporting needs
2. Facility Development Obligations: Used when contract is signed before facility completion, detailing construction and commissioning requirements
3. Credit Support: Required when either party needs to provide performance security or parent guarantees
4. Market Interface: Details of interaction with electricity market operator, needed in more complex market environments
5. Forecasting and Scheduling: Required when generation forecasting obligations are important to the buyer
6. Insurance: Detailed insurance requirements, typically included for larger projects or when required by financiers
7. Local Content Requirements: Include when project must meet specific local content or employment requirements
1. Project Details: Technical specifications of the generating facility
2. Pricing and Settlement Calculations: Detailed formulas and examples for settlement calculations
3. Generation Forecasts: Expected generation profile and any guarantees
4. Form of Guarantees: Template for any required parent company or performance guarantees
5. Metering Specifications: Technical requirements for metering and reporting
6. Form of Direct Agreement: Template agreement with project lenders if required
7. Operating Parameters: Technical and operational requirements for the facility
8. Insurance Requirements: Detailed specification of required insurance coverage
Authors
Relevant legal definitions
Clauses
Relevant Industries
Renewable Energy
Power Generation
Financial Services
Manufacturing
Technology
Retail
Real Estate
Data Centers
Industrial
Mining
Telecommunications
Relevant Teams
Legal
Finance
Sustainability
Procurement
Risk Management
Treasury
Environmental Compliance
Corporate Development
Operations
Energy Trading
ESG
Relevant Roles
Chief Sustainability Officer
Energy Procurement Manager
Legal Counsel
Chief Financial Officer
Sustainability Director
Risk Manager
Treasury Manager
Environmental Compliance Officer
Power Trading Manager
Corporate Development Director
Renewable Energy Project Manager
ESG Manager
Finance Director
General Counsel
Commercial Manager
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