This Virtual PPA template is designed for use in New Zealand's electricity market where corporate buyers seek to support renewable energy development while managing their electricity costs. The document is particularly suitable for large corporate consumers looking to hedge against electricity price volatility and demonstrate their commitment to sustainability, without physically taking delivery of electricity. The agreement includes comprehensive provisions for financial settlement, environmental attributes, and risk allocation, all tailored to comply with New Zealand's regulatory framework. It addresses key requirements under the Electricity Industry Act 2010 and Financial Markets Conduct Act 2013, while providing flexibility to accommodate specific project requirements and corporate objectives. This document type is typically used when the renewable energy generator and corporate buyer are operating in different regions of New Zealand's electricity market, or when physical delivery is impractical or undesired.
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1. Parties: Identifies the contracting parties - typically the generator/seller and the corporate buyer
2. Background: Sets out the context of the agreement, including the renewable energy project details and the parties' objectives
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Term and Conditions Precedent: Specifies the contract duration, start date, and any conditions that must be met before the agreement becomes effective
5. VPPA Structure and Settlement: Details the financial settlement mechanism, strike price, and reference price arrangements
6. Metering and Reporting: Specifies requirements for measuring and reporting generation output and market prices
7. Billing and Payment: Sets out invoicing procedures, payment terms, and dispute resolution for payments
8. Credit Support: Describes required financial security arrangements and credit requirements
9. Environmental Attributes: Addresses ownership and transfer of renewable energy certificates or environmental benefits
10. Force Majeure: Defines force majeure events and their consequences
11. Default and Termination: Specifies events of default, remedies, and termination rights
12. Liability and Indemnities: Allocates risks and establishes liability limitations
13. Dispute Resolution: Sets out procedures for resolving disputes
14. Confidentiality: Protects confidential information
15. General Provisions: Contains standard boilerplate clauses including governing law, notices, and assignment
1. Physical Delivery Option: Include when parties want the option to convert from virtual to physical settlement
2. Facility Construction and Commissioning: Include for projects not yet operational to address construction milestones and requirements
3. Market Disruption Events: Include when specific market disruption scenarios need special treatment
4. Refinancing Provisions: Include when project refinancing flexibility is required
5. Change in Law Provisions: Include when specific regulatory change risks need to be addressed
6. Insurance Requirements: Include when specific insurance obligations need to be imposed
7. Grid Connection Requirements: Include when specific grid connection obligations need to be addressed
1. Project Details: Technical specifications of the renewable energy facility
2. Pricing and Settlement Calculations: Detailed methodology for price calculations and settlement
3. Form of Generation Guarantee: Standard form of any generation performance guarantee
4. Credit Support Requirements: Detailed credit support obligations and calculations
5. Operating Parameters: Technical operating requirements and parameters
6. Form of Direct Agreement: Standard form of direct agreement with financiers if required
7. Metering Specifications: Technical requirements for metering and measurement
8. Planned Maintenance Schedule: Schedule of planned maintenance periods
9. Form of Guarantee: Standard form of parent company guarantee if required
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