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Virtual Purchase Power Agreement

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."

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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) @ tiktok³ÉÈË°æ | 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







































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Industries

Electricity Act (Chapter 89A): Primary legislation governing Singapore's electricity market, including licensing requirements, market operations, and regulatory framework

Energy Market Authority of Singapore Act: Establishes the EMA as the regulator and outlines its powers in overseeing the electricity and gas markets

Electricity Market Rules: Detailed rules governing the operation of Singapore's wholesale electricity market

Regulated Supply Service Code: Guidelines for electricity retail operations and consumer protection measures

Market Support Services Code: Framework for market support services including metering and settlement

Environmental Protection and Management Act: Core environmental legislation governing pollution control and environmental standards

Carbon Pricing Act 2018: Framework for carbon tax and emissions trading in Singapore

Energy Conservation Act: Measures for energy efficiency and conservation in Singapore

Contract Law (Amendment) Act 2012: Key legislation governing formation and enforcement of contracts in Singapore

Electronic Transactions Act: Legal framework for electronic transactions and digital signatures

Civil Law Act: Fundamental legislation governing civil matters and contracts

Securities and Futures Act: Regulates financial products and derivatives trading, relevant for VPPA financial settlements

Financial Advisers Act: Governs financial advisory services and could apply to VPPA structuring

Companies Act: Corporate law framework affecting business entities entering into VPPAs

Solar Nova Program: Government initiative for solar deployment in Singapore, including relevant requirements

Green Mark Scheme: Building certification scheme that includes renewable energy requirements

Renewable Energy Standards: Technical and operational standards for renewable energy systems in Singapore

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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