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Virtual Power Purchase Agreement

Virtual Power Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Virtual Power Purchase Agreement

"I need a Virtual Power Purchase Agreement for a 50MW operational wind farm in County Kerry, Ireland, with a 10-year term starting March 2025, including provisions for Guarantees of Origin transfer and a two-way settlement mechanism."

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Document background
The Virtual Power Purchase Agreement (VPPA) is a crucial instrument in the Irish renewable energy market, designed for companies seeking to support renewable energy development while managing electricity costs. This document is typically used when a corporate buyer wishes to procure renewable energy without physical delivery, particularly relevant in the Single Electricity Market (SEM) of Ireland and Northern Ireland. The agreement includes detailed provisions for financial settlement mechanisms, renewable energy certificates, generation forecasting, and market price calculations. It ensures compliance with Irish energy regulations, EU directives, and financial services laws while providing corporations with a structured approach to meeting their sustainability goals and managing electricity price risks. The document is especially valuable for international corporations operating in Ireland who want to demonstrate additionality in their renewable energy procurement strategies.
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 including market-specific terminology and calculation methodologies

4. Term and Conditions Precedent: Duration of agreement and conditions that must be satisfied before obligations commence

5. Sale and Purchase Obligations: Core financial settlement obligations, including strike price and settlement mechanics

6. Metering and Payment: Requirements for measuring generation output and payment calculations

7. Generation Forecasting and Reporting: Obligations regarding production forecasts and operational reporting

8. Representations and Warranties: Standard and VPPA-specific representations including regulatory compliance

9. Seller Covenants: Ongoing obligations regarding facility operation and maintenance

10. Force Majeure: Events excusing performance, including grid-related events

11. Change in Law: Provisions addressing regulatory changes affecting the VPPA structure

12. Default and Termination: Events of default, remedies, and termination rights

13. Liability and Indemnification: Allocation of risks and limitations on liability

14. Confidentiality: Protection of commercial and technical information

15. Governing Law and Disputes: Irish law governance and dispute resolution procedures

Optional Sections

1. Development and Construction: Required if the facility is not yet operational, covering construction milestones and requirements

2. Renewable Energy Certificates: Included if RECs or GOs are part of the transaction

3. Credit Support: Required if parties agree to provide performance security or parent guarantees

4. Market Changes: Specific provisions for dealing with Irish electricity market structure changes

5. Grid Connection: Required if specific grid connection obligations need to be addressed

6. Facility Sale or Transfer: Required if change of control provisions are needed

7. ESG Reporting: Environmental, Social and Governance reporting requirements if required by buyer

8. Insurance: Specific insurance requirements beyond standard coverage

Suggested Schedules

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

2. Contract Quantity: Expected generation volumes and any minimum performance requirements

3. Pricing and Settlement: Detailed strike price and settlement calculations, including worked examples

4. Form of Generation Report: Template for periodic generation reporting

5. Form of Guarantee: Template for any required parent company or bank guarantees

6. Operating Parameters: Technical operating requirements and performance standards

7. Metering Specifications: Detailed metering requirements and testing procedures

8. Construction Schedule: If applicable, milestone dates for facility construction

9. Form of Direct Agreement: Template for lender direct agreements if required

10. Calculation of Liquidated Damages: Methodology for calculating various liquidated damages

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
























































































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Relevant Industries

Renewable Energy

Corporate Energy Procurement

Utilities

Manufacturing

Technology

Financial Services

Industrial

Retail

Real Estate

Data Centers

Healthcare

Telecommunications

Relevant Teams

Legal

Finance

Sustainability

Procurement

Risk Management

Environmental Compliance

Treasury

Operations

Commercial

Regulatory Affairs

Energy Trading

Project Development

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Renewable Energy Developer

Corporate Legal Counsel

Financial Controller

Risk Manager

Environmental Compliance Manager

Sustainability Director

Energy Trading Manager

Project Finance Manager

Commercial Director

Head of Power Purchase Agreements

Chief Financial Officer

Operations Director

Regulatory Compliance Officer

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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