The Green Power Purchase Agreement (Green PPA) is a crucial commercial instrument in New Zealand's renewable energy market, designed to facilitate direct procurement of renewable electricity between generators and corporate buyers. This document becomes relevant when organizations seek to secure long-term renewable energy supply, demonstrate environmental commitment, or meet sustainability targets. It specifically addresses the unique aspects of New Zealand's electricity market, including compliance with the Electricity Industry Act 2010, the Climate Change Response Act 2002, and the country's emissions trading scheme. The agreement covers essential elements such as energy pricing, delivery terms, environmental attributes, and performance standards, while incorporating specific provisions for renewable energy certificates and carbon credits. This template is particularly valuable for organizations implementing sustainable energy strategies or developing new renewable energy projects in New Zealand.
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1. Parties: Identification of the power generator/seller and the buyer/offtaker, including registration details and addresses
2. Background: Context of the agreement, including facility details and parties' intentions regarding green power purchase
3. Definitions: Defined terms including technical specifications, green attributes, and market-specific terminology
4. Sale and Purchase Obligations: Core obligations regarding the sale and purchase of electricity and green attributes
5. Term and Termination: Duration of the agreement, conditions for renewal, and termination rights
6. Price and Payment: Pricing structure, payment terms, and adjustments mechanisms
7. Metering and Reporting: Requirements for measuring electricity delivery and environmental attributes
8. Green Energy Certificates: Treatment of renewable energy certificates and environmental attributes
9. Title and Risk: Transfer of ownership and risk allocation between parties
10. Force Majeure: Events excusing performance and associated procedures
11. Default and Remedies: Events of default, cure periods, and available remedies
12. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law
13. Confidentiality: Protection of confidential information and permitted disclosures
14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Development and Construction: For new facilities, includes construction milestones and requirements - used when facility is not yet operational
2. Credit Support: Requirements for performance security or parent guarantees - used for parties with credit risk concerns
3. Change in Law: Mechanisms to address regulatory changes - used in longer-term PPAs or jurisdictions with evolving renewable energy regulations
4. Grid Connection: Responsibilities for grid connection and compliance - used when grid connection terms need specific attention
5. Insurance: Specific insurance requirements - used for larger projects or when required by financiers
6. Curtailment: Terms for reducing or interrupting supply - used in markets with grid constraints or specific operational requirements
7. Carbon Credits: Allocation of carbon credits or offsets - used when parties wish to specifically address carbon market benefits
1. Facility Description: Technical specifications of the generation facility including location, capacity, and technology
2. Testing and Commissioning: Procedures for facility testing and performance verification
3. Pricing Mechanism: Detailed pricing calculations, adjustments, and examples
4. Operating Parameters: Technical and operational requirements including availability and performance standards
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Green Certificate Requirements: Detailed requirements for renewable energy certificates and reporting
7. Form of Performance Security: Template for any required performance bonds or guarantees
8. Generation Forecasting: Requirements and procedures for production forecasting
9. Contact Details: List of key contacts and authorized representatives for both parties
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