The Power Sales Agreement is a crucial document used in Saudi Arabia's energy sector to formalize the relationship between power generators and purchasers. It's particularly relevant in the context of Saudi Vision 2030's energy diversification goals and the kingdom's growing power needs. The agreement typically comes into play for new power generation projects, capacity expansions, or renewable energy initiatives. It must comply with Saudi Arabian law, including ECRA regulations and Sharia principles, while addressing technical specifications, operational requirements, pricing mechanisms, and risk allocation. The document is essential for both conventional and renewable power projects and often requires coordination with grid connection agreements and regulatory approvals. The Power Sales Agreement serves as the primary commercial foundation for power generation projects, securing revenue streams and establishing clear operational parameters.
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Key Requirements PROMPT example:
Power Sales Agreement
"I need a Power Sales Agreement for a new 50MW solar power plant in Riyadh, Saudi Arabia, with the Saudi Electricity Company as the purchaser, planned to commence operations in March 2025, with particular focus on renewable energy regulations and Vision 2030 compliance."
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1. Parties: Identification of the power seller and purchaser with full legal details
2. Background: Context of the agreement, including facility details and purpose
3. Definitions and Interpretation: Defined terms, interpretation rules, and language provisions
4. Sale and Purchase Obligation: Core obligations for power sale and purchase, including exclusivity terms
5. Term and Effectiveness: Duration of agreement, conditions precedent, and effective date
6. Facility Requirements: Technical specifications and operational requirements of the power generation facility
7. Delivery Point and Title: Specification of power delivery point and transfer of title
8. Metering and Testing: Requirements for power measurement, testing procedures, and meter maintenance
9. Price and Payment: Pricing structure, payment terms, invoicing, and payment security
10. Operation and Maintenance: Operational standards, maintenance requirements, and scheduling
11. Force Majeure: Force majeure events and consequences
12. Default and Termination: Events of default, remedies, and termination provisions
13. Liability and Indemnification: Liability limitations and indemnification obligations
14. Dispute Resolution: Dispute resolution procedures compliant with Saudi law
15. Governing Law: Saudi law as governing law and Sharia compliance provisions
1. Change in Law: Provisions addressing regulatory changes - include for long-term agreements
2. Environmental Credits: Treatment of renewable energy credits - include for renewable power facilities
3. Insurance: Specific insurance requirements - include for high-value facilities
4. Security Package: Performance security requirements - include when required by purchaser
5. Interconnection Provisions: Grid connection requirements - include if seller responsible for interconnection
6. Local Content: Saudi local content requirements - include for projects under Vision 2030
7. Step-in Rights: Lender step-in provisions - include for project financed facilities
8. Capacity Payments: Separate capacity payment structure - include for dispatchable facilities
1. Technical Specifications: Detailed technical parameters of the facility and delivery point
2. Testing Procedures: Detailed testing and commissioning procedures
3. Metering Specifications: Technical requirements for metering equipment and procedures
4. Pricing Formula: Detailed pricing calculations and adjustments
5. Performance Standards: Required performance levels and liquidated damages
6. Form of Performance Security: Template for required security instruments
7. Operating Procedures: Detailed operational protocols and procedures
8. Interconnection Details: Technical specifications for grid connection
9. Permitted Planned Maintenance Schedules: Approved maintenance windows and procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Energy & Utilities
Power Generation
Renewable Energy
Industrial Manufacturing
Infrastructure
Oil & Gas
Construction
Financial Services
Relevant Teams
Legal
Commercial
Operations
Business Development
Technical
Regulatory Affairs
Finance
Risk Management
Energy Trading
Project Development
Compliance
Engineering
Relevant Roles
Legal Counsel
Energy Project Manager
Commercial Director
Power Plant Manager
Business Development Manager
Regulatory Compliance Officer
Chief Technical Officer
Risk Manager
Operations Director
Finance Director
Contracts Manager
Energy Trading Manager
Grid Connection Engineer
Chief Financial Officer
General Counsel
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