Virtual Power Purchase Agreements have emerged as a crucial tool for corporations seeking to meet their renewable energy goals while managing market risks. This contract type allows organizations to support new renewable energy projects without requiring physical delivery of electricity. The VPPA structure, commonly used in U.S. markets, provides a hedge against electricity price volatility while enabling renewable energy project development. It includes provisions for financial settlement, renewable energy credits, and risk allocation between parties, making it particularly suitable for companies with sustainability targets and distributed energy loads across multiple regions.
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1. Parties: Identification of contracting parties including legal entity details
2. Background: Context of the agreement and high-level objectives
3. Definitions: Key terms used throughout the agreement including market terms, settlement mechanisms, and technical specifications
4. Product Structure: Details of the virtual PPA structure, settlement mechanisms, and pricing methodology
5. Term and Termination: Duration of agreement, conditions for termination, and early termination rights
6. Settlement Process: Calculation methodology, payment terms, settlement frequency, and true-up provisions
7. Force Majeure: Provisions for unforeseeable circumstances preventing performance
8. Representations and Warranties: Standard and specific warranties relating to capacity, authority, and compliance
9. Events of Default: Circumstances constituting default and corresponding remedies
10. Governing Law: Applicable law and jurisdiction for dispute resolution
1. REC Transfer: Terms for renewable energy credit transfers, tracking, and verification
2. Project Financing Provisions: Specific provisions required by project lenders including step-in rights
3. Development Milestones: Project development timeline, requirements, and consequences of delays
4. Credit Support: Requirements for guarantees, letters of credit, or other security
5. Change in Law: Provisions addressing regulatory changes affecting the agreement
1. Project Description Schedule: Technical specifications of the renewable energy facility including location and capacity
2. Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustment provisions
3. Settlement Procedures Schedule: Detailed procedures for monthly/quarterly settlements including calculation examples
4. Form of Guaranty: Standard form of parent company guarantee or other credit support documentation
5. Operating Parameters Schedule: Technical operating requirements, constraints, and performance standards
6. Insurance Requirements Schedule: Required insurance coverage, limits, and certificates
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