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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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