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Corporate PPA

Corporate PPA Template for Hong Kong

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Key Requirements PROMPT example:

Corporate PPA

"Need a Corporate PPA for a physical delivery arrangement with a solar power producer in Hong Kong, to supply 50MW of power to our data center operations starting March 2025, with a requirement for 99.9% availability and specific provisions for environmental attributes transfer."

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Document background
The Corporate PPA is a crucial document for organizations seeking to secure long-term electricity supply and potentially meet sustainability goals in Hong Kong. It is particularly relevant given Hong Kong's commitment to carbon neutrality by 2050 and the increasing corporate focus on renewable energy procurement. The agreement operates within Hong Kong's unique power sector structure, dominated by two regulated utilities under Scheme of Control Agreements. This document type addresses power purchase arrangements, pricing mechanisms, delivery terms, and risk allocation between generators and corporate buyers. It requires careful consideration of Hong Kong's regulatory framework, including electricity regulations, environmental requirements, and corporate laws. The agreement can be structured as either physical delivery or virtual/financial settlement, depending on the regulatory context and parties' objectives.
Suggested Sections

1. Parties: Identification of the power producer/seller and corporate buyer/offtaker

2. Background: Context of the agreement, including facility details and parties' objectives

3. Definitions: Definitions of technical, commercial, and legal terms used throughout the agreement

4. Sale and Purchase Obligations: Core obligations regarding the sale and purchase of electricity or environmental attributes

5. Term and Termination: Duration of the agreement and circumstances for early termination

6. Pricing and Payment: Price structure, payment terms, invoicing, and dispute procedures

7. Metering and Verification: Requirements for measuring and verifying electricity delivery or environmental attributes

8. Credit Support: Security requirements, parent guarantees, or other credit support mechanisms

9. Force Majeure: Events excusing performance and their consequences

10. Representations and Warranties: Standard and specific warranties from both parties

11. Covenants: Ongoing obligations of the parties during the term

12. Change in Law: Mechanism for addressing regulatory changes affecting the agreement

13. Liability and Indemnification: Allocation of risks and responsibilities between parties

14. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law

15. Confidentiality: Protection of confidential information and permitted disclosures

16. Boilerplate Provisions: Standard contractual provisions including notices, amendments, and assignment

Optional Sections

1. Physical Delivery Terms: Include when PPA involves physical delivery of electricity, detailing grid connection and delivery points

2. Financial Settlement: Include for virtual PPAs or contracts for difference arrangements

3. Green Certificates: Include when deal involves renewable energy certificates or environmental attributes

4. Performance Guarantees: Include when specific output or availability guarantees are required

5. Interface with Grid: Include when direct grid connection arrangements are relevant

6. Development Obligations: Include when facility is not yet operational

7. Forecasting and Scheduling: Include for agreements requiring advance production forecasts

8. Change of Control: Include when restrictions on ownership changes are required

Suggested Schedules

1. Facility Description: Technical specifications of the generating facility

2. Pricing Schedule: Detailed pricing mechanisms, escalators, and adjustments

3. Operating Parameters: Technical and operational requirements for the facility

4. Testing and Commissioning: Procedures for facility testing and commissioning

5. Metering Specifications: Technical requirements for metering equipment and procedures

6. Form of Direct Agreement: Standard form for direct agreements with financiers

7. Form of Parent Company Guarantee: Standard form of parent company guarantee if required

8. Insurance Requirements: Required insurance coverage and terms

9. Environmental Attributes: Description and allocation of environmental attributes

10. Calculation of Payment Adjustments: Formulae and examples for payment calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Actual Delivered Energy
Affiliate
Agreement
Annual Contract Quantity
Applicable Law
Availability
Billing Period
Business Day
Change in Law
Commercial Operation Date
Competent Authority
Contract Price
Contract Year
Credit Rating
Credit Support
Defaulting Party
Delivery Point
Dispute
EIRP (Expected Instantaneous Renewable Power)
Effective Date
Electricity
Environmental Attributes
Event of Default
Facility
Force Majeure Event
Good Industry Practice
Governmental Approvals
Grid
Grid Code
Grid Connection Agreement
Grid Operator
Hong Kong
Initial Term
Interconnection Facilities
Invoice
Letter of Credit
Lenders
Maintenance Schedule
Market Price
Material Adverse Effect
Metering Point
Minimum Annual Quantity
Operating Parameters
Operating Procedures
Parent Company Guarantee
Party/Parties
Performance Security
Planned Maintenance
Power Purchase Agreement
Project
Project Company
Prudent Operating Practice
RECs (Renewable Energy Certificates)
Reference Price
Renewable Energy
Replacement Energy
Representatives
Scheme of Control Agreement
Security Interest
Settlement Period
Specified Facility
System Emergency
Take-or-Pay Quantity
Term
Termination Date
Testing Period
Transfer
Transmission System
Unit
Unit Operating Characteristics
Clauses
Sale and Purchase
Delivery Obligations
Term and Termination
Pricing and Payment
Metering and Verification
Credit Support
Force Majeure
Representations and Warranties
Covenants
Change in Law
Environmental Attributes
Grid Connection
Performance Standards
Testing and Commissioning
Operating Procedures
Scheduling and Dispatch
Maintenance
Insurance
Assignment and Transfer
Confidentiality
Dispute Resolution
Governing Law and Jurisdiction
Liability and Indemnification
Taxes
Notices
Events of Default
Early Termination
Credit Support
Parent Company Guarantee
Security Interest
Compliance with Laws
Anti-corruption
Data Protection
Intellectual Property
Amendments
Waiver
Severability
Entire Agreement
Third Party Rights
Counterparts
Relevant Industries

Energy & Utilities

Manufacturing

Technology

Real Estate

Financial Services

Healthcare

Retail

Data Centers

Industrial

Telecommunications

Hospitality

Education

Relevant Teams

Legal

Procurement

Sustainability

Finance

Operations

Risk Management

Environmental Compliance

Treasury

Facilities Management

Corporate Development

Energy Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Sustainability Officer

Head of Procurement

Energy Manager

Sustainability Manager

Legal Counsel

Commercial Director

Risk Manager

Facilities Manager

Environmental Compliance Manager

Power Purchase Manager

Treasury Manager

Operations Director

Corporate Development Director

Industries
Electricity Ordinance (Cap. 406): Regulates electrical and generating facilities safety, registration of electrical workers and contractors, and power company operations in Hong Kong
Scheme of Control Agreements: Regulatory framework between Hong Kong government and power companies (CLP and HK Electric) governing electricity supply and pricing
Environmental Impact Assessment Ordinance (Cap. 499): Regulates environmental impacts of power generation facilities and requirements for environmental permits
Competition Ordinance (Cap. 619): Ensures fair competition and prevents anti-competitive practices in power purchase agreements
Contract (Rights of Third Parties) Ordinance (Cap. 623): Governs third-party rights in contractual arrangements under Hong Kong law
Companies Ordinance (Cap. 622): Regulates corporate entities' operations and governance in Hong Kong, relevant for both parties in the PPA
Securities and Futures Ordinance (Cap. 571): Relevant if either party is a listed company, as PPAs might constitute price-sensitive information
Electronic Transactions Ordinance (Cap. 553): Governs electronic signatures and records if the PPA is to be executed electronically
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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