Power Purchase Agreements (PPAs) are essential instruments in Denmark's energy market, facilitating both conventional and renewable energy trading. These agreements are particularly crucial in supporting Denmark's green energy transition and meeting corporate sustainability goals. The document is used to establish a long-term electricity supply arrangement between generators and purchasers, typically ranging from 5 to 15 years, and can be structured as physical or financial PPAs. It incorporates specific Danish regulatory requirements, including compliance with the Danish Electricity Supply Act and Renewable Energy Act, while also addressing EU-wide regulations. The agreement is particularly relevant for renewable energy projects, corporate procurement of green power, and utility-scale power generation, providing certainty for project financing and operational stability.
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Key Requirements PROMPT example:
Power Purchase Agreement
I need a Power Purchase Agreement for a corporate renewable energy deal starting March 2025, where our company will purchase wind power from a new offshore facility in Denmark, including provisions for guarantees of origin and specific sustainability reporting requirements.
1. Parties: Identification of the power seller/generator and buyer, including registration details and addresses
2. Background: Context of the agreement, including facility details and parties' objectives
3. Definitions and Interpretation: Definitions of technical and legal terms, rules of interpretation
4. Sale and Purchase Obligations: Core obligations regarding the sale and purchase of electricity, including delivery points and volume commitments
5. Term and Termination: Duration of the agreement, conditions for termination, and extension options
6. Price and Payment: Pricing mechanism, payment terms, invoicing, and dispute procedures
7. Metering and Documentation: Requirements for measuring and recording electricity delivery
8. Title and Risk: Transfer of ownership and risk in the electricity supplied
9. Force Majeure: Definition and consequences of force majeure events
10. Changes in Law: Procedures for addressing regulatory changes affecting the agreement
11. Representations and Warranties: Standard and specific warranties from both parties
12. Liability and Indemnities: Limitations of liability and indemnification obligations
13. Confidentiality: Obligations regarding confidential information
14. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law
15. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignment
1. Guarantees of Origin: Required for renewable energy PPAs, covering the transfer and certification of green attributes
2. Grid Connection and Curtailment: Include when the generator is responsible for grid connection or when curtailment rights need to be addressed
3. Construction and Commissioning: Required for PPAs signed before facility completion, including milestone dates and consequences of delay
4. Credit Support: Include when parties require security for payment or performance obligations
5. Balancing Responsibilities: Required when addressing responsibility for electricity balancing services
6. Insurance: Include when specific insurance requirements need to be detailed
7. Change in Control: Include when restrictions on ownership changes are required
8. Sustainability Requirements: Include for green PPAs with specific environmental or social governance requirements
1. Facility Description: Technical specifications of the power generation facility
2. Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustments
3. Testing and Commissioning Procedures: Technical requirements for facility testing and commissioning
4. Operating Parameters: Technical and operational specifications for power delivery
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Form of Direct Agreement: Standard form for lender direct agreements if required
7. Performance Security: Forms and requirements for any required security instruments
8. Planned Maintenance Schedule: Schedule of planned maintenance periods and procedures
9. Grid Connection Requirements: Technical specifications for grid connection
10. Contact Details: List of key contacts and authorized representatives
Authors
Relevant legal definitions
Clauses
Relevant Industries
Energy & Utilities
Renewable Energy
Manufacturing
Industrial
Data Centers
Technology
Real Estate
Agriculture
Retail
Financial Services
Relevant Teams
Legal
Energy Trading
Commercial
Operations
Finance
Risk Management
Sustainability
Procurement
Regulatory Affairs
Business Development
Project Management
Technical Operations
Environmental Compliance
Treasury
Corporate Strategy
Relevant Roles
Energy Trading Manager
Legal Counsel
Commercial Director
Power Plant Manager
Sustainability Officer
Risk Manager
Chief Financial Officer
Energy Procurement Manager
Regulatory Compliance Officer
Business Development Manager
Contract Manager
Operations Director
Project Finance Manager
Technical Director
Environmental Manager
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