The Contract For Differences PPA is a specialized agreement used in the UAE's evolving energy market to facilitate power generation projects while managing price volatility. This document type is particularly relevant for renewable energy projects and independent power producers operating under the UAE's energy regulatory framework. The agreement establishes a mechanism where a generator sells electricity into the market but receives a guaranteed price through a contract-for-differences structure, with the counterparty paying the difference when market prices are low and receiving the surplus when market prices are high. The document must comply with UAE federal laws, relevant emirate-level regulations, and often needs to accommodate Islamic finance principles. It typically includes comprehensive technical specifications, performance standards, and detailed payment mechanisms suitable for project finance requirements.
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1. Parties: Identification of the Generator/Seller and Offtaker/Buyer, including full legal names and registration details
2. Background: Context of the agreement, including project description, facility details, and regulatory framework
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including technical and financial terms specific to CFD mechanisms
4. Term and Conditions Precedent: Duration of the agreement and conditions that must be satisfied before the agreement becomes effective
5. CFD Payment Mechanism: Detailed explanation of the strike price, reference price, and payment calculations
6. Metering and Settlement: Requirements for measuring electricity output and calculating payments
7. Facility Construction and Commission: Obligations regarding construction, testing, and commissioning of the power facility
8. Operating Requirements: Performance standards, maintenance requirements, and operational procedures
9. Force Majeure: Events constituting force majeure and their consequences
10. Default and Termination: Events of default, cure periods, and termination rights
11. Representations and Warranties: Standard and specific warranties from both parties
12. Dispute Resolution: Procedures for resolving disputes under UAE law
13. Governing Law: Specification of UAE law as governing law and related legal provisions
1. Carbon Credits and Environmental Attributes: Include when the project involves renewable energy and carbon credit trading
2. Grid Connection: Include when the generator is responsible for grid connection arrangements
3. Local Content Requirements: Include when there are specific UAE local content obligations
4. Islamic Finance Compliance: Include when the project involves Islamic finance structures
5. Change in Law Provisions: Include detailed provisions when regulatory changes are a significant concern
6. Security Package: Include when additional security arrangements are required
1. Facility Description: Technical specifications of the power generation facility
2. Testing and Commissioning Procedures: Detailed procedures for facility testing and acceptance
3. Payment Calculations: Formulae and examples of CFD payment calculations
4. Operating Parameters: Technical parameters and performance requirements
5. Form of Direct Agreement: Standard form of direct agreement with lenders
6. Metering Specifications: Technical requirements for metering equipment and procedures
7. Grid Code Requirements: Applicable grid code compliance requirements
8. Form of Performance Security: Template for performance bonds or guarantees
9. Commissioning Schedule: Timeline and milestones for facility commissioning
10. Insurance Requirements: Required insurance coverage and limits
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