The Virtual Power Purchase Agreement (VPPA) is designed for use in New Zealand's electricity market where corporate buyers seek to support renewable energy development while managing electricity costs and achieving sustainability goals. This agreement type is particularly relevant when the buyer cannot or does not wish to take physical delivery of electricity but wants to secure long-term price certainty and environmental benefits from renewable generation. The document includes provisions for financial settlement mechanisms, renewable energy certificate transfers, and risk allocation, all structured within New Zealand's regulatory framework. It addresses key aspects such as price hedging, generation guarantees, and environmental attributes, while ensuring compliance with both electricity market rules and financial market regulations. The VPPA structure is especially suitable for large corporate consumers looking to meet sustainability targets and manage electricity price volatility through long-term financial arrangements with renewable energy generators.
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1. Parties: Identifies the contracting parties - typically the generator/seller and the corporate buyer
2. Background: Sets out the context of the agreement, including 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. Financial Settlement Mechanism: Details the strike price, settlement calculations, and payment obligations
6. Renewable Energy Certificates: Addresses the treatment and transfer of renewable energy certificates or attributes
7. Metering and Reporting: Specifies requirements for measuring and reporting electricity generation
8. Billing and Payment: Sets out invoicing procedures, payment terms, and dispute resolution for payments
9. Force Majeure: Defines force majeure events and their consequences
10. Default and Termination: Specifies events of default, remedies, and termination rights
11. Liability and Indemnities: Allocates risks and establishes liability limits
12. Confidentiality: Protects confidential information of both parties
13. Dispute Resolution: Establishes procedures for resolving disputes
14. General Provisions: Includes standard boilerplate clauses like notices, assignments, and governing law
1. Credit Support: Required when either party needs to provide financial security or guarantees
2. Change in Law: Included when parties want specific provisions for handling regulatory changes
3. Market Disruption Events: Added when parties want specific provisions for handling electricity market disruptions
4. Planned Maintenance: Included when parties want to specify how planned maintenance periods affect settlements
5. Carbon Benefits: Added when carbon credits or benefits are part of the agreement
6. Project Finance Provisions: Required when the project is financed and lender provisions are needed
7. Insurance: Included when specific insurance requirements need to be detailed
8. Forecasting and Scheduling: Added when generation forecasting obligations are required
1. Project Details: Technical specifications of the renewable energy facility
2. Financial Settlement Calculations: Detailed methodology for calculating settlements and worked examples
3. Metering Specifications: Technical requirements for metering and monitoring
4. Form of Generation Report: Template for periodic generation reporting
5. Form of Invoice: Template for monthly settlement invoices
6. Operating Parameters: Technical operating parameters and performance standards
7. Key Personnel: Contact details for key personnel from both parties
8. Form of Direct Agreement: Template agreement for project finance parties if applicable
9. Credit Support Requirements: Details of any required credit support arrangements
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