Virtual Power Purchase Agreements have emerged as a crucial tool for corporate renewable energy procurement in the Philippines, particularly following the liberalization of the energy market under EPIRA and the promotion of renewable energy through the Renewable Energy Act of 2008. This document is used when a corporate buyer wishes to support renewable energy development without taking physical delivery of electricity, instead using financial settlements based on market prices and an agreed strike price. The Virtual Power Purchase Agreement includes provisions for renewable energy credits, financial settlement mechanisms, and risk allocation, while ensuring compliance with Philippine energy regulations and financial laws. It's particularly relevant for corporations with sustainability goals and renewable energy targets, offering a way to demonstrate commitment to renewable energy while potentially providing price certainty for a portion of their energy costs.
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1. Parties: Identification of the parties: typically the project company (seller) and the corporate buyer
2. Background: Context of the agreement, including the project details and parties' objectives
3. Definitions: Detailed definitions of terms used throughout the agreement, including Philippine-specific regulatory terms
4. Term and Conditions Precedent: Duration of the agreement and conditions that must be met before the agreement becomes effective
5. Virtual PPA Structure: Core mechanics of the virtual PPA, including settlement process and calculations
6. Pricing and Payment: Strike price, settlement calculations, payment terms, and currency provisions
7. Renewable Energy Credits: Treatment of renewable energy certificates or credits and environmental attributes
8. Metering and Reporting: Requirements for measuring and reporting energy production
9. Force Majeure: Events excusing performance and their consequences
10. Default and Termination: Events of default, cure periods, and termination rights
11. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law provisions
12. Representations and Warranties: Standard and specific representations and warranties from each party
13. Confidentiality: Protection of confidential information and trade secrets
14. Assignment and Change of Control: Rights and restrictions regarding transfer of the agreement
1. Direct Agreement: Required when project financing is involved, establishing rights of lenders
2. Market Reform Changes: Include when there's significant regulatory uncertainty in the Philippine energy market
3. Credit Support: Required when either party needs to provide performance security or guarantees
4. Capacity Rights: Include if capacity rights are relevant to the project and separable from energy rights
5. Insurance: Detailed insurance requirements, if not covered in project documents
6. Local Community Benefits: Required for projects with significant local community impact or CSR components
7. Grid Connection: Include if the buyer has specific interests in grid connection arrangements
1. Project Description: Technical details of the renewable energy facility
2. Calculation of Payments: Detailed methodology for calculating settlement amounts
3. Facility Performance Specifications: Expected generation profiles and performance guarantees
4. Form of Guarantees: Templates for any required parent company or performance guarantees
5. Settlement Procedure: Detailed process for monthly/quarterly settlements
6. Metering Specifications: Technical requirements for metering and monitoring
7. Form of Reports: Templates for production and settlement reports
8. Contact Details: Key personnel and contact information for both parties
9. Philippine Regulatory Requirements: Specific compliance requirements under Philippine law
10. Form of Direct Agreement: Template agreement with lenders if project financing is involved
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