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Virtual Power Purchase Agreement

Virtual Power Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Virtual Power Purchase Agreement

"I need a Virtual Power Purchase Agreement for a 50MW solar project in Luzon, Philippines, where my tech company will be the corporate buyer with a planned commercial operation date of March 2025, including specific provisions for renewable energy credits and a 15-year term."

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Document background
Virtual Power Purchase Agreements have emerged as a crucial tool for corporate renewable energy procurement in the Philippines, particularly following the liberalization of the energy market under EPIRA and the promotion of renewable energy through the Renewable Energy Act of 2008. This document is used when a corporate buyer wishes to support renewable energy development without taking physical delivery of electricity, instead using financial settlements based on market prices and an agreed strike price. The Virtual Power Purchase Agreement includes provisions for renewable energy credits, financial settlement mechanisms, and risk allocation, while ensuring compliance with Philippine energy regulations and financial laws. It's particularly relevant for corporations with sustainability goals and renewable energy targets, offering a way to demonstrate commitment to renewable energy while potentially providing price certainty for a portion of their energy costs.
Suggested Sections

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

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

3. Definitions: Detailed definitions of terms used throughout the agreement, including Philippine-specific regulatory terms

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

5. Virtual PPA Structure: Core mechanics of the virtual PPA, including settlement process and calculations

6. Pricing and Payment: Strike price, settlement calculations, payment terms, and currency provisions

7. Renewable Energy Credits: Treatment of renewable energy certificates or credits and environmental attributes

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

9. Force Majeure: Events excusing performance and their consequences

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

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

12. Representations and Warranties: Standard and specific representations and warranties from each party

13. Confidentiality: Protection of confidential information and trade secrets

14. Assignment and Change of Control: Rights and restrictions regarding transfer of the agreement

Optional Sections

1. Direct Agreement: Required when project financing is involved, establishing rights of lenders

2. Market Reform Changes: Include when there's significant regulatory uncertainty in the Philippine energy market

3. Credit Support: Required when either party needs to provide performance security or guarantees

4. Capacity Rights: Include if capacity rights are relevant to the project and separable from energy rights

5. Insurance: Detailed insurance requirements, if not covered in project documents

6. Local Community Benefits: Required for projects with significant local community impact or CSR components

7. Grid Connection: Include if the buyer has specific interests in grid connection arrangements

Suggested Schedules

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

2. Calculation of Payments: Detailed methodology for calculating settlement amounts

3. Facility Performance Specifications: Expected generation profiles and performance guarantees

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

5. Settlement Procedure: Detailed process for monthly/quarterly settlements

6. Metering Specifications: Technical requirements for metering and monitoring

7. Form of Reports: Templates for production and settlement reports

8. Contact Details: Key personnel and contact information for both parties

9. Philippine Regulatory Requirements: Specific compliance requirements under Philippine law

10. Form of Direct Agreement: Template agreement with lenders if project financing is involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 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

Power Generation

Manufacturing

Technology

Retail

Banking and Finance

Industrial

Mining

Real Estate

Telecommunications

Food and Beverage

Healthcare

Relevant Teams

Legal

Finance

Sustainability

Procurement

Risk Management

Treasury

Environmental Compliance

Energy Trading

Commercial Operations

Project Development

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Corporate Finance Director

Legal Counsel

Sustainability Manager

Risk Manager

Treasury Manager

Environmental Compliance Officer

Power Purchase Agreement Specialist

Renewable Energy Director

Chief Financial Officer

Project Finance Manager

Energy Trading Manager

Commercial Operations Director

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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