Virtual Power Purchase Agreement

Virtual Power Purchase Agreement Generator for the USA

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Key Requirements PROMPT example:

"Need a Virtual Power Purchase Agreement for a 100MW solar project in Yorkshire, with a 15-year term starting March 2025, including specific provisions for REGO transfers and credit support requirements from our parent company."

Document background

Virtual Power Purchase Agreements have emerged as a key instrument for corporations to meet their renewable energy goals and sustainability commitments. Under English and Welsh law, these agreements enable companies to support renewable energy projects without requiring physical delivery of electricity. The VPPA structure provides price certainty for both generators and corporate buyers while facilitating the development of new renewable energy projects. This document type is particularly relevant in the context of increasing corporate demand for renewable energy and the need for flexible procurement mechanisms that align with existing energy market structures.

Suggested Sections

1. Parties: Identification of buyer and seller, including registered addresses and company details

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

3. Definitions: Key terms used throughout the agreement, including technical and market-specific terminology

4. Commercial Terms: Core commercial provisions including strike price, settlement periods, and volume commitments

5. Settlement Mechanics: Calculation methodologies, payment terms, and settlement procedures

6. Term and Termination: Duration of agreement and circumstances for early termination

7. Force Majeure: Events beyond parties' control and their consequences

8. Governing Law and Jurisdiction: Specification of English and Welsh law and jurisdiction

Optional Sections

1. Environmental Attributes: Treatment of REGOs and other green certificates - used when environmental attributes are being transferred separately from the electricity

2. Project Specific Conditions: Conditions relating to specific renewable project - used when VPPA is tied to a specific generating facility

3. Credit Support: Requirements for guarantees or credit backing - used when credit risk mitigation is required

Suggested Schedules

1. Schedule 1 - Commercial Terms: Detailed pricing mechanisms, volumes, and settlement calculations

2. Schedule 2 - Facility Description: Technical details of the generating facility

3. Schedule 3 - Form of Guarantee: Template guarantee documentation if required

4. Schedule 4 - Settlement Procedures: Detailed procedures for periodic settlements

5. Appendix A - Calculation Examples: Examples of settlement calculations

6. Appendix B - Forms of Notice: Template notices for various communications under the agreement

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
Technology
Manufacturing
Retail
Financial Services

Relevant Teams

Legal
Finance
Sustainability
Procurement
Risk Management
Treasury

Relevant Roles

Energy Procurement Manager
Sustainability Director
Chief Financial Officer
Legal Counsel
Risk Manager

Industries

Electricity Act 1989: Primary legislation governing electricity market regulations and licensing requirements for power generation and supply in England and Wales

Energy Act 2013: Establishes the Electricity Market Reform framework including Contract for Difference provisions relevant to renewable energy projects

Climate Change Act 2008: Sets carbon reduction commitments and renewable energy targets that influence VPPA structures and obligations

Renewables Obligation Order: Regulatory framework supporting renewable electricity generation through certificate trading system

Feed-in Tariffs Scheme: Regulatory mechanism for promoting small-scale renewable and low-carbon electricity generation technologies

OFGEM Regulations: Guidelines and requirements set by the Office of Gas and Electricity Markets for energy market participants

Balancing and Settlement Code: Sets rules for electricity trading and settlement in the UK electricity market

Grid Code: Technical specifications and procedures for connection to and use of the national electricity transmission system

Distribution Code: Technical specifications for connection to and use of electricity distribution networks

Financial Services and Markets Act 2000: Regulates financial aspects of VPPAs including derivative elements and financial conduct requirements

MiFID II: EU directive retained in UK law governing financial instruments and trading requirements applicable to energy derivatives

English Common Law Contract Principles: Fundamental principles of contract formation, interpretation, and enforcement under English law

Sale of Goods Act 1979: Legislation governing contracts for the sale of goods, which may apply to certain aspects of energy trading

Unfair Contract Terms Act 1977: Regulates unfair terms in contracts and limits the extent to which liability can be excluded

Environmental Protection Act 1990: Environmental legislation affecting renewable energy projects and their operations

REGO Regulations: Rules governing Renewable Energy Guarantees of Origin certificates for proving renewable energy sources

UK GDPR: Data protection requirements affecting the handling of personal and commercial data in energy contracts

Competition Law: Regulations preventing anti-competitive practices in energy markets and contract structures

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Authors

Alex Denne

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