The Virtual Power Purchase Agreement (VPPA) template is designed for use in the Indonesian market where corporate entities seek to support renewable energy development while managing their electricity costs and environmental goals. This document type is particularly relevant when physical delivery of electricity is not feasible or desired, enabling corporate buyers to claim environmental benefits while the generator sells electricity into the grid. The agreement complies with Indonesian regulatory requirements, including the electricity law framework and investment regulations, while incorporating international VPPA best practices. It includes comprehensive provisions for financial settlements, environmental attribute transfers, risk allocation, and dispute resolution, adapted to the Indonesian legal context. The document is structured to accommodate project financing requirements and includes necessary provisions for regulatory compliance, making it suitable for both domestic and international participants in Indonesia's renewable energy market.
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1. Parties: Identifies the contracting parties - typically the power generator/seller and the corporate buyer
2. Background: Sets out the context of the agreement, including the project details and parties' objectives
3. Definitions: Defines key terms used throughout the agreement
4. Term and Conditions Precedent: Specifies contract duration and conditions that must be met before the agreement becomes effective
5. Commercial Terms: Defines the strike price, settlement mechanics, and payment obligations
6. Settlement Process: Details the calculation and timing of financial settlements between parties
7. Metering and Reporting: Specifies requirements for measuring and reporting electricity generation
8. Environmental Attributes: Addresses ownership and transfer of renewable energy certificates or other environmental benefits
9. Force Majeure: Defines circumstances beyond parties' control that excuse performance
10. Default and Termination: Specifies events of default and termination rights
11. Dispute Resolution: Sets out procedures for resolving disputes
12. Governing Law: Specifies Indonesian law as governing law and relevant jurisdiction
13. Confidentiality: Protects confidential information exchanged under the agreement
14. Notices: Specifies how formal communications between parties should be made
15. Boilerplate Provisions: Standard legal provisions including assignment, amendments, and entire agreement
1. Project Financing Cooperation: Used when the generator requires support for project financing arrangements
2. Change in Law: Include when parties want specific provisions for handling regulatory changes
3. Credit Support: Required when either party must provide financial security
4. Market Disruption Events: Include for handling significant market changes affecting price calculations
5. Planned Maintenance: Include if maintenance schedules affect settlement calculations
6. Carbon Rights: Include when carbon credits or offsets are relevant to the transaction
7. Insurance: Include when specific insurance requirements need to be maintained
8. Local Content Requirements: Include when Indonesian local content rules apply to the project
1. Schedule 1: Project Details: Technical specifications of the generating facility
2. Schedule 2: Pricing and Settlement: Detailed pricing formulae and settlement calculations
3. Schedule 3: Generation Forecasts: Expected generation profiles and forecasting requirements
4. Schedule 4: Measurement and Verification: Detailed metering and reporting procedures
5. Schedule 5: Form of Generation Statement: Template for periodic generation statements
6. Schedule 6: Form of Settlement Statement: Template for settlement calculations and invoicing
7. Schedule 7: Contact Details: Key contact persons and addresses for both parties
8. Schedule 8: Form of Direct Agreement: Standard form for lender direct agreements if required
9. Appendix A: Indonesian Law Requirements: Specific provisions required under Indonesian law
10. Appendix B: Credit Support Requirements: Details of any required guarantees or security arrangements
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