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Power Offtake Agreement

Power Offtake Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Power Offtake Agreement

"I need a Power Offtake Agreement for a 500MW solar power plant in Riyadh, Saudi Arabia, with the Saudi Electricity Company as the offtaker, planned to commence operations in March 2025, incorporating both Islamic finance provisions and Saudi Vision 2030 local content requirements."

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Document background
The Power Offtake Agreement is a crucial document in Saudi Arabia's energy infrastructure development, typically used in independent power projects (IPPs) and renewable energy initiatives. It serves as the primary revenue-generating agreement for power projects, making it essential for project financing and development. The document addresses specific requirements of Saudi Arabian law, including ECRA regulations, environmental standards, and Saudi Vision 2030 objectives. Power Offtake Agreements in this jurisdiction must comply with both international project finance standards and local regulatory requirements, including Islamic finance principles where applicable. The agreement typically covers a long-term period (20-25 years) and includes detailed provisions for power generation, delivery obligations, pricing mechanisms, performance standards, and risk allocation between parties.
Suggested Sections

1. Parties: Identification of the power producer/seller and the offtaker/buyer

2. Background: Context of the agreement, project overview, and relationship to other project documents

3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules

4. Sale and Purchase Obligations: Core obligations regarding power generation, delivery, and purchase commitments

5. Term and Conditions Precedent: Duration of agreement and conditions that must be satisfied before obligations become effective

6. Facility Requirements: Technical specifications, construction requirements, and operational standards for the power facility

7. Testing and Commissioning: Procedures for testing and commissioning the facility

8. Metering and Recording: Requirements for measuring and recording power delivery

9. Pricing and Payment: Tariff structure, payment terms, and invoicing procedures

10. Performance Security: Security requirements including performance bonds or guarantees

11. Operation and Maintenance: Standards for facility operation and maintenance

12. Force Majeure: Definition and consequences of force majeure events

13. Default and Termination: Events of default, remedies, and termination procedures

14. Liability and Indemnification: Allocation of risks and responsibilities between parties

15. Insurance: Required insurance coverage and related obligations

16. Assignment and Change of Control: Rules regarding transfer of rights and change in ownership

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

18. Confidentiality: Protection of confidential information

19. Notices: Communication procedures between parties

20. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments

Optional Sections

1. Islamic Finance Provisions: Required when the project involves Islamic financing structures

2. Government Support: Included when government guarantees or support mechanisms are part of the project structure

3. Environmental Compliance: Detailed environmental obligations when project has significant environmental impact

4. Local Content Requirements: Specific provisions for meeting Saudi Arabia's local content requirements under Vision 2030

5. Grid Connection: Detailed provisions when the facility requires specific grid connection arrangements

6. Fuel Supply Interface: Required for thermal power plants with specific fuel supply arrangements

7. Carbon Credits: Provisions regarding carbon credits or environmental attributes for renewable energy projects

8. Step-in Rights: Included when lenders require specific step-in rights

9. Decommissioning: Required for projects where end-of-life obligations are significant

Suggested Schedules

1. Technical Specifications: Detailed technical requirements for the facility

2. Testing Procedures: Specific procedures for testing and commissioning

3. Minimum Functional Specifications: Required performance parameters and standards

4. Tariff and Payment Calculations: Detailed pricing formulas and payment calculations

5. Form of Performance Security: Template for performance bonds or guarantees

6. Operating Parameters: Detailed operational requirements and standards

7. Grid Connection Requirements: Technical specifications for grid connection

8. Metering Requirements: Detailed specifications for metering equipment and procedures

9. Form of Direct Agreement: Template agreement between lenders, offtaker, and project company

10. Insurance Requirements: Detailed insurance specifications and minimum coverage

11. Form of Construction and Operating Reports: Templates for required periodic reports

12. Dispute Resolution Procedures: Detailed procedures for various types of disputes

13. Environmental and Social Requirements: Detailed environmental and social compliance 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



























































































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Relevant Industries

Energy & Utilities

Power Generation

Renewable Energy

Infrastructure

Project Finance

Construction

Industrial Manufacturing

Oil & Gas

Mining

Petrochemicals

Public Utilities

Government & Public Sector

Relevant Teams

Legal

Finance

Project Development

Operations

Commercial

Risk Management

Compliance

Technical

Environmental

Business Development

Regulatory Affairs

Investment

Project Management

Contract Administration

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Legal Officer

General Counsel

Legal Director

Project Finance Manager

Energy Project Manager

Commercial Director

Business Development Manager

Risk Manager

Technical Director

Operations Manager

Compliance Officer

Environmental Manager

Contract Manager

Project Development Manager

Power Plant Manager

Regulatory Affairs Manager

Investment Manager

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

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