Virtual PPA

Virtual PPA Template for Ireland

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Key Requirements PROMPT example:

"I need a Virtual PPA agreement for a technology company buying renewable energy from a 75MW wind farm in County Cork, with commercial operations starting in March 2025, targeting a 15-year term with quarterly settlements and specific provisions for environmental attributes transfer."

Document background

This Virtual PPA template is designed for use in the Irish market where corporate buyers seek to support renewable energy development while managing electricity price risks. The document is particularly relevant in the context of Ireland's growing renewable energy sector and corporate sustainability commitments. It provides a framework for financial settlement between generators and corporate buyers, without physical electricity delivery, while ensuring compliance with Irish energy market regulations and EU financial instruments legislation. The agreement typically includes detailed provisions for price calculations, settlement mechanisms, change in law provisions, and market disruption events, making it suitable for both experienced renewable energy developers and corporate buyers entering the renewable energy procurement market. This structure has become increasingly important as organizations seek to meet their sustainability goals while managing energy costs in the Irish market.

Suggested Sections

1. Parties: Identification of the parties: typically the renewable energy generator (seller) and the corporate buyer

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

3. Definitions: Detailed 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. Financial Settlement Mechanism: Core vPPA provisions including strike price, reference price, settlement calculations, and payment terms

6. Metering and Reporting: Requirements for measuring and reporting energy generation and calculations

7. Representations and Warranties: Standard and specific warranties from both parties regarding capacity, authority, and compliance

8. Force Majeure: Events excusing performance and related procedures

9. Change in Law: Provisions addressing regulatory changes and their impact on the agreement

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

11. Dispute Resolution: Procedures for resolving disputes, including governing law and jurisdiction

12. Confidentiality: Provisions protecting confidential information and permitted disclosures

13. Notices: Communication procedures and contact details

14. General Provisions: Standard boilerplate clauses including assignment, amendments, and entire agreement

Optional Sections

1. Credit Support: Required when either party needs to provide financial security; includes guarantees or credit requirements

2. Environmental Attributes: Optional section for handling renewable energy certificates or other environmental benefits

3. Insurance: Detailed insurance requirements, included when specific coverage needs to be mandated

4. Project Financing Cooperation: Include when the generator requires support for project financing arrangements

5. Forecasting and Scheduling: Required when specific generation forecasting obligations need to be imposed

6. Market Changes: Include when operating in evolving markets or where significant market changes are anticipated

7. ESG Reporting: Optional section for environmental, social, and governance reporting requirements

8. Anti-Gaming Provisions: Include when there's a need to prevent manipulation of generation or pricing

Suggested Schedules

1. Schedule 1 - Project Details: Technical specifications of the renewable energy facility

2. Schedule 2 - Financial Settlement Calculations: Detailed methodology for calculating settlements, including formulae and examples

3. Schedule 3 - Metering Specifications: Technical requirements for metering and measurement

4. Schedule 4 - Form of Generation Report: Template for periodic generation and settlement reports

5. Schedule 5 - Contact Details: Detailed contact information for various notice types and purposes

6. Schedule 6 - Form of Direct Agreement: Standard form for lender direct agreements if required

7. Appendix A - Form of Parent Company Guarantee: Standard form of parent company guarantee if required

8. Appendix B - Initial Settlement Price: Details of price calculations and adjustment mechanisms

9. Appendix C - Operating Parameters: Technical operating parameters and requirements

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

Financial Services

Industrial

Retail

Healthcare

Data Centers

Telecommunications

Food and Beverage

Relevant Teams

Legal

Finance

Sustainability

Procurement

Risk Management

Treasury

Corporate Development

Environmental Compliance

Energy Trading

Operations

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Legal Counsel

Chief Financial Officer

Risk Manager

Sustainability Director

Energy Trading Manager

Corporate Development Director

Environmental Compliance Manager

Treasury Manager

Power Purchase Agreement Manager

Renewable Energy Project Manager

Chief Legal Officer

Head of Energy Strategy

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