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Virtual Purchase Power Agreement

Virtual Purchase Power Agreement Template for Netherlands

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Key Requirements PROMPT example:

Virtual Purchase Power Agreement

"I need a Virtual Power Purchase Agreement under Dutch law for a tech company purchasing power from a 100MW solar project, with delivery starting March 2025, including specific provisions for guarantees of origin and sustainability reporting."

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Document background
A Virtual Power Purchase Agreement (VPPA) is a crucial instrument in the Dutch renewable energy market that enables corporate buyers to support renewable energy projects while managing their electricity costs and sustainability goals. This document type is particularly relevant when physical delivery of electricity is not practical or desired, instead providing a financial settlement mechanism based on market prices. The agreement, governed by Dutch law and compliant with EU regulations, includes essential provisions for price settling, guarantees of origin transfer, risk allocation, and regulatory compliance. It's commonly used by corporations seeking to meet sustainability targets and renewable energy generators looking to secure long-term revenue streams. The document addresses both the financial and sustainability aspects of power procurement, making it suitable for various corporate renewable energy strategies in the Netherlands.
Suggested Sections

1. Parties: Identification of the contracting parties - typically the generator/seller and the corporate buyer

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

3. Definitions: Defined terms used throughout the agreement, including technical and market-specific terminology

4. Term and Conditions Precedent: Duration of the agreement and conditions that must be met before the agreement becomes effective

5. Sale and Purchase Obligations: Core obligations regarding the virtual purchase of electricity, including settlement mechanics

6. Price and Payment: Strike price, settlement calculations, invoicing, and payment terms

7. Metering and Reporting: Requirements for measuring and reporting electricity generation

8. Guarantees of Origin: Handling and transfer of renewable energy certificates or guarantees of origin

9. Force Majeure: Events excusing performance and their consequences

10. Change in Law: Process for addressing regulatory changes affecting the agreement

11. Default and Termination: Events of default, remedies, and termination rights

12. Liability and Indemnification: Allocation of risks and limitations on liability

13. Confidentiality: Protection of confidential information

14. Governing Law and Dispute Resolution: Choice of Dutch law and dispute resolution mechanisms

15. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignment

Optional Sections

1. Credit Support: Required when either party needs to provide security for its obligations

2. Project Financing Provisions: Included when the generator requires project financing and lender provisions

3. Construction Milestones: Necessary for projects not yet operational, including development timeline and obligations

4. Market Communications: Required when parties need to coordinate public announcements about the VPPA

5. Sustainability Reporting: Included when buyer requires specific ESG or sustainability reporting

6. Feed-in Tariff Provisions: Required if the project receives government subsidies or feed-in tariffs

7. Change of Control: Added when parties want specific provisions regarding ownership changes

8. Insurance: Detailed insurance requirements when standard coverage provisions are insufficient

Suggested Schedules

1. Project Description: Technical details of the generating facility including location, capacity, and technology

2. Pricing and Settlement Calculations: Detailed formulas and examples for price calculations and settlements

3. Generation Forecasts: Expected generation profiles and any guaranteed minimum volumes

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

5. Form of Guarantees of Origin: Templates and procedures for GO transfers

6. Form of Direct Agreement: Standard form for lender direct agreements if required

7. Operating Procedures: Detailed procedures for daily operations and communications

8. Form of Performance Security: Templates for any required credit support documents

9. Authorized Representatives: List of authorized contacts for various purposes under the agreement

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 Generation
Affiliate
Agreement
Annual Contract Quantity
APX Power NL Day Ahead Market
As-Generated Profile
Availability
Banking Day
Base Load
Billing Period
Business Day
Change in Law
Commercial Operation Date
Competent Authority
Contract Price
Contract Year
Credit Rating
Credit Support
Delivery Point
Effective Date
Electricity
Environmental Attributes
EPEX Spot Market
Event of Default
Expected Commercial Operation Date
Facility
Financial Settlement
Force Majeure Event
Guarantees of Origin
Imbalance Charges
Initial Delivery Date
Insolvency Event
Interconnection Agreement
Lender
Market Operator
Market Price
Material Adverse Effect
Metering Device
Minimum Generation Guarantee
Negative Pricing
Net Electrical Output
Notification
Operating Parameters
Planned Maintenance
Project
Project Documents
Reference Price
Renewable Energy Source
Settlement Amount
Settlement Period
Strike Price
System Operator
Term
Termination Date
TenneT
Trading Interval
Transmission System
Unit Contingent
Virtual Settlement Point
Clauses
Definitions
Interpretation
Term and Duration
Conditions Precedent
Sale and Purchase
Delivery Obligations
Price and Payment
Invoicing and Settlement
Metering
Guarantees of Origin
Performance Security
Force Majeure
Change in Law
Representations and Warranties
Covenants
Events of Default
Termination
Liability and Indemnification
Insurance
Assignment
Confidentiality
Notices
Dispute Resolution
Governing Law
Anti-Corruption
Data Protection
Sustainability Requirements
Market Communications
Credit Support
Tax
Reporting Requirements
Amendments
Waiver
Severability
Entire Agreement
Construction and Operation
Testing and Commissioning
Interconnection
Market Participation
Regulatory Compliance
Relevant Industries

Renewable Energy

Manufacturing

Technology

Data Centers

Retail

Industrial

Financial Services

Agriculture

Chemical Industry

Telecommunications

Relevant Teams

Legal

Sustainability

Finance

Treasury

Risk Management

Procurement

Environmental Compliance

Corporate Development

Energy Trading

Operations

Relevant Roles

Chief Sustainability Officer

Energy Procurement Manager

Legal Counsel

Chief Financial Officer

Sustainability Director

Risk Manager

Treasury Manager

Environmental Compliance Officer

Energy Trading Manager

Corporate Development Director

Renewable Energy Project Manager

Power Purchase Agreement Specialist

Commercial Director

Head of Energy Procurement

Industries
Dutch Civil Code (Burgerlijk Wetboek): Fundamental contract law governing the formation, validity, and enforcement of contracts in the Netherlands
Dutch Electricity Act 1998 (Elektriciteitswet): Primary legislation governing electricity supply, distribution, and trading in the Netherlands
EU Regulation No 1227/2011 (REMIT): Regulation on wholesale energy market integrity and transparency, affecting energy trading and reporting obligations
Markets in Financial Instruments Directive II (MiFID II): EU regulation potentially applicable to VPPAs if classified as financial instruments or derivatives
Dutch Financial Supervision Act (Wet op het financieel toezicht): Regulates financial services and markets, relevant for financial settlement aspects of VPPAs
Renewable Energy Directive (RED II): EU directive implemented in Dutch law affecting renewable energy projects and guarantees of origin
Dutch Energy Tax Act (Wet belasting op milieugrondslag): Governs energy taxation and may affect the financial calculations in VPPAs
Dutch Corporate Income Tax Act (Wet op de vennootschapsbelasting): Relevant for tax treatment of VPPA payments and revenues
EU General Data Protection Regulation (GDPR): Applicable for handling any personal data in the contract and related operations
Dutch Competition Act (Mededingingswet): Ensures the VPPA doesn't create anti-competitive effects in the energy market
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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