The Corporate Power Purchase Agreement template is designed for use in Hong Kong's unique energy market context, where power procurement must align with the territory's regulated electricity sector and environmental policies. This document is typically used when a corporate entity seeks to secure long-term power supply, often from renewable sources, either through physical delivery or financial settlement arrangements. It addresses critical aspects including energy pricing, delivery terms, performance guarantees, and regulatory compliance, while incorporating Hong Kong-specific requirements under the Scheme of Control Agreements and relevant ordinances. The template is particularly valuable for companies pursuing sustainability goals or seeking to manage long-term energy costs in Hong Kong, providing a structured framework for negotiating and documenting power purchase arrangements that comply with local regulatory requirements and market practices.
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1. Parties: Identification of the power seller and corporate buyer
2. Background: Context of the agreement, including facility details and purpose of the PPA
3. Definitions and Interpretation: Key terms, technical definitions, and rules of interpretation
4. Sale and Purchase Obligations: Core obligations regarding energy supply and purchase commitments
5. Term and Conditions Precedent: Duration of agreement and conditions that must be satisfied before obligations commence
6. Energy Output and Delivery: Specifications for energy delivery, measurement, and scheduling
7. Price and Payment Terms: Pricing structure, payment mechanisms, and billing procedures
8. Metering and Recording: Requirements for measuring and recording energy delivery
9. Performance Security: Security deposits, guarantees, or other financial security requirements
10. Force Majeure: Events excusing performance and related procedures
11. Default and Termination: Events of default, remedies, and termination procedures
12. Dispute Resolution: Procedures for resolving disputes under Hong Kong law
13. Confidentiality: Protection of confidential information
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
15. General Provisions: Standard boilerplate clauses including notices, amendments, and assignments
1. Renewable Energy Certificates: Terms for transfer and verification of renewable energy certificates, used when RECs are part of the transaction
2. Carbon Credits and Environmental Attributes: Allocation of environmental benefits and carbon credits, included when relevant to the transaction
3. Grid Connection: Terms relating to grid interconnection and requirements, included for physical PPAs
4. Financial Settlement: Detailed settlement procedures for virtual/financial PPAs
5. Change in Law: Provisions addressing regulatory changes, included for longer-term agreements
6. Insurance: Specific insurance requirements, included based on risk profile
7. Development and Construction: Included when the generating facility is not yet operational
8. Credit Support: Additional credit support mechanisms, included based on parties' creditworthiness
1. Facility Description: Technical specifications of the generating facility
2. Pricing Schedule: Detailed pricing formulae and adjustment mechanisms
3. Operating Parameters: Technical and operational specifications
4. Testing and Commissioning Procedures: Procedures for facility testing and commissioning
5. Metering Specifications: Technical requirements for metering equipment
6. Form of Performance Security: Template for required security instruments
7. Calculation of Liquidated Damages: Methodology for calculating damages
8. Contact Information: Key personnel and contact details
9. Form of Direct Agreement: Template for lender direct agreements
10. Generation Forecasting: Procedures for forecasting energy generation
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