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Virtual Power Purchase Agreement

Virtual Power Purchase Agreement Template for Denmark

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Key Requirements PROMPT example:

Virtual Power Purchase Agreement

I need a Virtual Power Purchase Agreement under Danish law for a tech company purchasing 100MW of wind power from a new offshore wind project, with settlement through Nord Pool and delivery starting March 2025, including specific provisions for environmental attribute transfers and parent company guarantees.

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Document background
Virtual Power Purchase Agreements (VPPAs) have become increasingly important in the Danish renewable energy market as corporations seek to meet sustainability goals and manage electricity costs. This document type is specifically designed for use in transactions where a corporate buyer wishes to support renewable energy development without physically receiving electricity, instead using financial settlements based on market prices. The agreement must comply with Danish energy law, EU regulations, and Nord Pool market rules, while addressing specific requirements for renewable energy certificates and financial derivatives under Danish law. VPPAs are particularly relevant for companies with significant electricity consumption in Denmark or those seeking to demonstrate renewable energy commitments in the Nordic market. The document includes detailed provisions for price calculations, settlement mechanisms, regulatory compliance, and risk allocation, tailored to the Danish regulatory environment.
Suggested Sections

1. Parties: Identification of the contracting parties (typically the corporate buyer and the project owner/seller)

2. Background: Context of the agreement, including project overview and parties' objectives

3. Definitions: Definitions of technical, financial, and legal terms used throughout the agreement

4. Term and Conditions Precedent: Duration of the agreement and conditions that must be met before the agreement becomes effective

5. VPPA Structure and Settlement: Core mechanics of the virtual PPA, including strike price, reference price, and settlement calculations

6. Payment Terms: Payment obligations, timing, and mechanisms for settlement

7. Metering and Reporting: Requirements for measuring and reporting energy production

8. Environmental Attributes: Ownership and transfer of renewable energy certificates or other environmental benefits

9. Force Majeure: Events excusing performance and associated procedures

10. Default and Termination: Events of default, cure periods, and termination rights

11. Representations and Warranties: Standard and specific warranties from both parties

12. Dispute Resolution: Procedures for resolving disputes under Danish law

13. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

14. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignment

Optional Sections

1. Credit Support: Required when either party needs to provide security for its obligations

2. Change in Law: Included when parties want specific provisions for handling regulatory changes

3. Milestone Requirements: Used when the project is not yet operational to track development progress

4. Project Financing Cooperation: Included when the seller requires buyer cooperation for project financing

5. Market Changes: Added when parties want specific provisions for handling significant market structure changes

6. Curtailment: Required when addressing compensation for grid operator curtailment events

7. Corporate PPAs Specific Provisions: Added when the buyer has specific corporate renewable energy goals or reporting requirements

Suggested Schedules

1. Project Description: Technical specifications of the renewable energy facility

2. Pricing and Settlement Calculations: Detailed formulas and examples of settlement calculations

3. Production Guarantees: Specified minimum production levels and associated damages

4. Form of Guarantees: Templates for any required parent company or bank guarantees

5. Metering Specifications: Technical requirements for metering and monitoring

6. Notice Details: Contact information and notice requirements for both parties

7. Form of Direct Agreement: Template agreement for lender step-in rights if required

8. Operating Parameters: Technical and operational requirements for the facility

9. Insurance Requirements: Required insurance coverage and limits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































































Clauses







































Relevant Industries

Renewable Energy

Manufacturing

Technology

Retail

Financial Services

Industrial

Data Centers

Healthcare

Consumer Goods

Telecommunications

Relevant Teams

Legal

Procurement

Sustainability

Finance

Risk Management

Corporate Strategy

Operations

Environmental Social Governance (ESG)

Treasury

Energy Trading

Compliance

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Legal Counsel

Chief Financial Officer

Risk Manager

Environmental Compliance Manager

Sustainability Director

Power Trading Manager

Corporate Strategy Director

Renewable Energy Developer

Project Finance Manager

Energy Markets Analyst

Procurement Director

Environmental Social Governance (ESG) Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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