The Corporate PPA is designed for use in New Zealand's electricity market where corporate buyers seek to secure long-term electricity supply, often to meet sustainability goals and manage energy costs. This document type has become increasingly important as organizations commit to renewable energy targets and seek price certainty in their energy procurement. The agreement includes essential provisions required under New Zealand law, including compliance with the Electricity Industry Act 2010 and the Electricity Industry Participation Code. It addresses key aspects such as energy pricing, volume commitments, generation source specifications, and risk allocation between parties. The Corporate PPA structure accommodates both physical delivery and financial settlement arrangements, depending on the parties' requirements and market conditions.
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1. Parties: Identification of the power producer/seller and corporate buyer
2. Background: Context of the agreement, including facility details and parties' objectives
3. Definitions: Definitions of technical, commercial, and legal terms used in the agreement
4. Term and Commencement: Duration of the agreement, conditions precedent, and commencement date
5. Sale and Purchase Obligations: Core obligations regarding electricity supply and purchase, including minimum supply commitments
6. Price and Payment: Pricing structure, payment terms, invoicing, and dispute procedures
7. Metering and Reporting: Requirements for measuring and reporting electricity generation and consumption
8. Operating Requirements: Standards for facility operation, maintenance, and performance
9. Force Majeure: Events excusing performance and associated procedures
10. Default and Termination: Events of default, remedies, and termination rights
11. Liability and Indemnities: Risk allocation between parties and liability limitations
12. Dispute Resolution: Procedures for resolving disputes between parties
13. Confidentiality: Protection of confidential information and permitted disclosures
14. General Provisions: Standard boilerplate clauses including notices, assignment, and governing law
1. Environmental Attributes: Provisions regarding renewable energy certificates and environmental benefits, used when green energy attributes are specifically traded
2. Change in Law: Mechanisms for addressing regulatory changes, included for longer-term PPAs
3. Insurance: Specific insurance requirements, included when not covered by general operating requirements
4. Performance Security: Requirements for performance bonds or guarantees, used for larger or higher-risk transactions
5. Grid Connection: Provisions regarding grid interconnection responsibilities, included when relevant to risk allocation
6. Development and Construction: Included when the generating facility is not yet operational
7. Forecasting and Scheduling: Detailed provisions for production forecasting, included for variable renewable energy sources
1. Facility Description: Technical specifications of the generating facility
2. Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustments
3. Operating Parameters: Technical and operational specifications for the facility
4. Testing and Commissioning: Procedures for facility testing and performance verification
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Form of Performance Security: Template for any required performance bonds or guarantees
7. Planned Maintenance Schedule: Schedule of planned maintenance periods and procedures
8. Contact Details: Key contact persons and details for both parties
9. Form of Direct Agreement: Template agreement for lender step-in rights if required
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