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Virtual Purchase Power Agreement

Virtual Purchase Power Agreement Template for Malaysia

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Key Requirements PROMPT example:

Virtual Purchase Power Agreement

"I need a Virtual Power Purchase Agreement for a 50MW solar project in Johor, Malaysia, where my technology company will be the corporate buyer, with the agreement starting January 2025 and including quarterly settlement periods."

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Document background
The Virtual Power Purchase Agreement (VPPA) is increasingly used in Malaysia as corporations seek to meet their renewable energy goals while navigating the complexities of the local electricity market. This document is essential when parties wish to structure a renewable energy transaction without physical delivery of electricity, instead focusing on financial settlement based on the difference between an agreed strike price and market reference price. The agreement is particularly relevant in the Malaysian context where direct power purchase agreements may be restricted, offering an alternative mechanism for corporate renewable energy procurement. It includes comprehensive provisions for regulatory compliance, risk allocation, and environmental attribute transfer, while accounting for the specific requirements of Malaysian energy and financial regulations.
Suggested Sections

1. Parties: Identification of the Generator/Seller and Corporate Buyer/Offtaker

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

3. Definitions and Interpretation: Defined terms, rules of interpretation, and calculation methodologies

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

5. Financial Settlement Mechanism: Core VPPA terms including strike price, reference price, settlement calculations and payment obligations

6. Metering and Reporting: Requirements for measuring and reporting electricity generation

7. Payment Terms: Billing procedures, payment timing, and dispute resolution for payments

8. Environmental Attributes: Ownership and transfer of renewable energy certificates and 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. Governing Law and Dispute Resolution: Choice of law and procedures for resolving disputes

Optional Sections

1. Change in Law: Provisions addressing regulatory changes affecting the agreement, used when regulatory framework is evolving

2. Credit Support: Requirements for performance security, used when parties require financial assurance

3. Trading and Hedging: Additional provisions for complex financial arrangements, used when sophisticated trading mechanisms are involved

4. Development Milestones: Project development requirements and deadlines, used when facility is not yet operational

5. Direct Agreement: Lender rights and step-in provisions, used when project financing is involved

Suggested Schedules

1. Project Details: Technical specifications of the generating facility

2. Pricing and Settlement: Detailed pricing terms, calculations, and settlement procedures

3. Generation Forecasts: Expected generation profiles and any guaranteed output levels

4. Form of Guarantees: Template performance security documents

5. Operating Procedures: Detailed procedures for metering, billing, and communications

6. Form of Reports: Templates for required operational and settlement reports

7. Insurance Requirements: Required insurance coverage and terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Real Estate

Industrial

Retail

Mining

Healthcare

Education

Relevant Teams

Legal

Finance

Sustainability

Procurement

Risk Management

Treasury

Environmental Compliance

Corporate Strategy

Operations

Trading

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Legal Counsel

Chief Financial Officer

Risk Manager

Sustainability Director

Energy Trading Manager

Environmental Compliance Officer

Corporate Strategy Director

Renewable Energy Project Manager

Treasury Manager

Power Purchase Agreement Specialist

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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