The Prepaid Power Purchase Agreement serves as a critical instrument in U.S. energy markets where buyers seek to secure long-term power supply while providers require upfront capital. This document type emerged as a response to growing demand for structured energy procurement solutions, particularly in renewable energy markets. It includes detailed provisions for payment structure, delivery obligations, and risk allocation, while ensuring compliance with both federal (FERC) and state-specific energy regulations. The agreement is particularly valuable for projects requiring significant upfront capital investment or where buyers seek to lock in favorable long-term rates.
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1. Parties: Identification of power purchaser and seller with full legal details
2. Background: Context of the agreement and basic transaction structure
3. Definitions: Key terms used throughout the agreement
4. Prepayment Terms: Details of upfront payment structure and calculations
5. Delivery Obligations: Power delivery specifications and requirements
6. Term and Termination: Duration and termination conditions
7. Representations and Warranties: Standard and specific assurances from both parties
8. Force Majeure: Circumstances beyond parties' control affecting performance
9. Governing Law and Dispute Resolution: Applicable law and dispute resolution mechanisms
1. Credit Support: Additional financial security requirements for cases requiring extra financial assurance
2. Environmental Attributes: Treatment of renewable energy credits and other environmental benefits for renewable energy sources
3. Construction Milestones: Development timeline and requirements for facilities not yet operational
4. Interconnection Requirements: Specific requirements for grid connection and transmission
5. Performance Security: Requirements for performance bonds or other security measures
1. Schedule A - Facility Description: Technical specifications of the generating facility
2. Schedule B - Pricing Schedule: Detailed pricing mechanisms and calculations
3. Schedule C - Operating Procedures: Technical operating requirements and procedures
4. Schedule D - Delivery Point Specifications: Details of physical delivery location and requirements
5. Schedule E - Form of Guaranty: Standard form for any required guarantees
6. Schedule F - Metering Requirements: Specifications for power metering and measurement
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