Virtual Power Purchase Agreements have emerged as a crucial tool for corporations seeking to meet sustainability goals while managing energy costs in Singapore. This contract type enables buyers to support renewable energy development without requiring physical electricity delivery, making it particularly valuable in Singapore's liberalized energy market. The VPPA structure includes provisions for financial settlements based on market prices, transfer of renewable energy certificates, and compliance with Singapore's regulatory framework, including the Energy Market Authority requirements and Carbon Pricing Act obligations.
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Key Requirements PROMPT example:
Virtual Purchase Power Agreement
"Need a Virtual Power Purchase Agreement for a 50MW solar project in Singapore, where our tech company will be the buyer seeking to achieve carbon neutrality by 2025, with quarterly settlements and REC transfers included."
1. Parties: Identifies the contracting parties (typically generator/seller and buyer)
2. Background: Context of the agreement and objectives of the parties
3. Definitions: Key terms used tHRoughout the agreement including market terminology, calculation methods, and regulatory references
4. Contract Structure: Overview of the virtual PPA mechanism, including strike price and settlement arrangements
5. Settlement Calculations: Formula and methodology for financial settlements, including reference market prices
6. Payment Terms: Payment obligations, timing, mechanisms, and currency considerations
7. Term and Termination: Duration of agreement, renewal options, and termination provisions
8. Force Majeure: Events excusing performance and their consequences
9. Governing Law: Singapore law provisions and jurisdiction clauses
1. REC Transfer Provisions: Used when renewable energy certificates are part of the transaction
2. Carbon Credit Provisions: Arrangements for carbon credit allocation and trading
3. Project Specific Conditions: Specific terms related to the generation facility when VPPA is tied to a specific project
4. Change in Law Provisions: Provisions dealing with regulatory changes affecting the VPPA structure
1. Schedule 1 - Calculation Methodology: Detailed settlement calculations and worked examples
2. Schedule 2 - Facility Description: Technical details of the generation facility including capacity and technology type
3. Schedule 3 - Performance Security: Details of any required security, guarantees, or credit support
4. Schedule 4 - Form of Notices: Template notices for various communications under the agreement
5. Schedule 5 - REC Specifications: Details of REC requirements, tracking systems, and transfer procedures
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