A Green Power Purchase Agreement (PPA) is a crucial document for organizations seeking to procure renewable energy in Hong Kong's evolving energy market. This agreement type is particularly relevant given Hong Kong's commitment to carbon neutrality by 2050 and the increasing demand for sustainable energy solutions. The document establishes the commercial and technical framework for renewable energy transactions, incorporating specific requirements under Hong Kong's electricity regulatory regime, including compliance with the Scheme of Control Agreements and Feed-in Tariff schemes. It is typically used when companies seek to secure long-term renewable energy supply, demonstrating environmental commitment while managing energy costs. The agreement covers essential elements such as energy pricing, delivery terms, environmental attributes, and risk allocation, tailored to Hong Kong's unique market structure where two utility companies dominate the electricity supply.
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1. Parties: Identification of the power generator/seller and the buyer/offtaker
2. Background: Context of the agreement, including facility details and parties' objectives
3. Definitions and Interpretation: Definitions of technical terms, green attributes, and contract interpretation principles
4. Sale and Purchase Obligations: Core obligations including delivery and acceptance of renewable energy
5. Term and Termination: Duration of agreement, conditions precedent, and termination rights
6. Green Attributes and Environmental Benefits: Specification of renewable energy certificates and environmental attributes
7. Metering and Reporting: Requirements for measuring and verifying renewable energy generation
8. Price and Payment: Pricing structure, payment terms, and billing procedures
9. Performance Standards: Required technical and environmental performance metrics
10. Force Majeure: Events excusing performance and associated procedures
11. Change in Law: Procedures for addressing regulatory changes affecting the agreement
12. Dispute Resolution: Procedures for resolving disputes under Hong Kong law
13. General Provisions: Standard boilerplate clauses including notices, assignment, and amendments
1. Grid Connection: Required if the facility needs new or modified grid connection arrangements
2. Construction and Development: Include if the generating facility is not yet operational
3. Carbon Credits and Trading: Include if parties wish to address carbon credit allocation
4. Storage Facilities: Required if energy storage is part of the arrangement
5. Community Benefits: Include if project has specific community impact obligations
6. Refinancing Provisions: Include if project financing arrangements may change
7. Buy-Out Options: Include if buyer has option to purchase generating facility
1. Facility Description: Technical specifications of the renewable energy facility
2. Testing and Commissioning Procedures: Detailed procedures for facility acceptance
3. Operating Parameters: Technical operating specifications and requirements
4. Pricing Formula: Detailed pricing calculations and adjustments
5. Performance Guarantees: Specific performance metrics and guarantee levels
6. Metering Specifications: Technical requirements for metering equipment
7. Form of Direct Agreement: Standard form for lender direct agreements
8. Insurance Requirements: Required insurance coverage and limits
9. Environmental Attributes: Detailed description of green certificates and credits
10. Grid Connection Requirements: Technical specifications for grid interconnection
Authors
Relevant legal definitions
Clauses
Relevant Industries
Energy & Utilities
Renewable Energy
Manufacturing
Real Estate
Technology
Financial Services
Infrastructure
Industrial
Commercial Property
Data Centers
Relevant Teams
Legal
Procurement
Sustainability
Finance
Operations
Risk Management
Facilities Management
Environmental Compliance
Corporate Strategy
Technical Operations
Relevant Roles
Energy Procurement Manager
Sustainability Director
Chief Sustainability Officer
Legal Counsel
Environmental Compliance Manager
Facilities Manager
Chief Financial Officer
Risk Manager
Operations Director
Commercial Director
Energy Trading Manager
Project Finance Manager
Technical Director
Regulatory Compliance Officer
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