Virtual Purchase Power Agreement Template for Singapore

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Key Requirements PROMPT example:

Virtual Purchase Power Agreement

"Need a Virtual Power Purchase Agreement for a 50MW solar project in Singapore, where our tech company will be the buyer seeking to achieve carbon neutrality by 2025, with quarterly settlements and REC transfers included."

Document background

Virtual Power Purchase Agreements have emerged as a crucial tool for corporations seeking to meet sustainability goals while managing energy costs in Singapore. This contract type enables buyers to support renewable energy development without requiring physical electricity delivery, making it particularly valuable in Singapore's liberalized energy market. The VPPA structure includes provisions for financial settlements based on market prices, transfer of renewable energy certificates, and compliance with Singapore's regulatory framework, including the Energy Market Authority requirements and Carbon Pricing Act obligations.

Suggested Sections

1. Parties: Identifies the contracting parties (typically generator/seller and buyer)

2. Background: Context of the agreement and objectives of the parties

3. Definitions: Key terms used tHRoughout the agreement including market terminology, calculation methods, and regulatory references

4. Contract Structure: Overview of the virtual PPA mechanism, including strike price and settlement arrangements

5. Settlement Calculations: Formula and methodology for financial settlements, including reference market prices

6. Payment Terms: Payment obligations, timing, mechanisms, and currency considerations

7. Term and Termination: Duration of agreement, renewal options, and termination provisions

8. Force Majeure: Events excusing performance and their consequences

9. Governing Law: Singapore law provisions and jurisdiction clauses

Optional Sections

1. REC Transfer Provisions: Used when renewable energy certificates are part of the transaction

2. Carbon Credit Provisions: Arrangements for carbon credit allocation and trading

3. Project Specific Conditions: Specific terms related to the generation facility when VPPA is tied to a specific project

4. Change in Law Provisions: Provisions dealing with regulatory changes affecting the VPPA structure

Suggested Schedules

1. Schedule 1 - Calculation Methodology: Detailed settlement calculations and worked examples

2. Schedule 2 - Facility Description: Technical details of the generation facility including capacity and technology type

3. Schedule 3 - Performance Security: Details of any required security, guarantees, or credit support

4. Schedule 4 - Form of Notices: Template notices for various communications under the agreement

5. Schedule 5 - REC Specifications: Details of REC requirements, tracking systems, and transfer procedures

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Renewable Energy
Manufacturing
Technology
Financial Services

Relevant Teams

Sustainability
Procurement
Finance
Legal
Operations
Risk Management
Environmental Affairs
Corporate Strategy

Relevant Roles

Chief Sustainability Officer
Energy Procurement Manager
Chief Financial Officer
Environmental Compliance Manager
Sustainability Director
Risk Manager
Legal Counsel
Renewable Energy Specialist

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Authors

Alex Denne

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