{"id":158739,"date":"2025-08-14T15:10:59","date_gmt":"2025-08-14T15:10:59","guid":{"rendered":"https:\/\/www.pv-tech.org\/?p=158739"},"modified":"2025-08-14T15:11:01","modified_gmt":"2025-08-14T15:11:01","slug":"minimising-risk-accelerating-negotiations-vanilla-ppas","status":"publish","type":"post","link":"https:\/\/www.pv-tech.org\/minimising-risk-accelerating-negotiations-vanilla-ppas\/","title":{"rendered":"Minimising risk and accelerating negotiations with \u2018vanilla\u2019 PPAs"},"content":{"rendered":"\n
\"Emeren's
The EFET\u2019s template PPA contract was used as the basis for the 15MW Sad\u00f3w solar project in Poland. Image: Emeren.<\/figcaption><\/figure>\n\n\n\n

Signing a PPA is more complex than ever and managing all the moving parts involved is a key challenge for developers and offtakers. JP Casey investigates efforts currently being made to standardise the offtake agreement for the renewable power sector.<\/p>\n\n\n\n

\n\n\n\n

Finalising a beneficial power purchase agreement (PPA) is one of the critical components of developing a renewable power project; as Manraj Deooray, global managing director of investments, M&A and new markets at US-headquartered independent power producer (IPP) Emeren, tells PV Tech Premium<\/em>, this kind of deal is \u201cthe only way to create revenue!\u201d<\/p>\n\n\n\n

However, reaching these agreements is becoming increasingly challenging due to the dynamic and rapidly changing nature of the renewable energy industry. Different conditions in different markets, for instance, can make signing a PPA a challenge for companies active in several countries. According to Swiss consultancy Pexapark, between May and June 2025 the average price of a PPA signed in Poland increased by 4.6%, but the average price of a PPA signed in France fell by 1.3%.<\/p>\n\n\n\n

These geographic differences are furthered by recent market disruptions, which have made many market participants \u2013 both electricity producers and offtakers \u2013 more cautious about signing deals. Within Europe, this has been most pronounced in Spain, where a significant imbalance between renewable energy generation and battery storage capacity \u2013 33GW of solar projects versus just 18MW of standalone battery energy storage systems (BESS) \u2013 has led to dramatic shifts in electricity price and significant curtailment.<\/p>\n\n\n\n

Securing offtake agreements that are tailored to individual markets and their specific complexities is vital for developers to bring their projects to commercial operation. While the complexity of these challenges means it is unlikely a single \u2018one-size-fits-all\u2019 PPA will ever be truly fit for purpose, the renewable energy industry is making better use of more standardised agreements \u2013 so-called \u2018vanilla PPAs\u2019 \u2013 as the basis of negotiations, before more specific deals, which take into account particular markets and financial challenges, can be finalised.<\/p>\n\n\n\n

The growth of vanilla PPAs<\/h2>\n\n\n\n

When asked about the idea of a vanilla PPA, Elena Donzelli, manager of PPA and BESS transactions at Swiss consultancy Pexapark, tells PV Tech Premium<\/em> that these frameworks look to quickly establish a basis for negotiations that is acceptable for all parties involved.<\/p>\n\n\n\n

\u201c[This is] a contract that is standardised, that is applicable in different situations by different counterparties and that would be acceptable to different stakeholders,\u201d explains Donzelli, who adds that the offtake industry already relies on a number of standardised agreements to deliver exactly these starting points.<\/p>\n\n\n\n

The European Federation of Energy Traders (EFET) has introduced one such vanilla PPA specifically to facilitate energy trading in Europe. Donzelli notes that this general framework can be used for physical or virtual PPAs and is sufficiently established in the industry to be \u201cquite well-known\u201d by banks, so many are comfortable with financing deals signed with this as the starting point.<\/p>\n\n\n\n

\u201cThe International Swaps and Derivatives Association (ISDA) template is a template for derivatives products trading \u2013 so it\u2019s used for derivatives in the wider sense \u2013 and it can be used here only for virtual PPAs,\u201d Donzelli continues, pointing to the other main type of standardised PPA template currently in use.<\/p>\n\n\n\n

Crucially, these frameworks are not just ideas but are frequently used as a starting point for negotiations in the market today. Deeoray tells PV Tech Premium<\/em> that Emeren used the EFET standard, for instance, for its latest PPA, a seven-year deal signed for a 15MW solar project in Poland with a local subsidiary of an international consumer goods business.<\/p>\n\n\n\n

\u201cWe wanted a starting ground that would be something that the market is attuned to,\u201d explains Deooray. \u201cThis document has been floating around on both sides \u2013 the offtaker and the developer side \u2013 so it\u2019s at least a good point to start with the discussion.<\/p>\n\n\n\n

\u201cBoth parties \u2013 [including] the large corporates and the offtakers \u2013 are somewhat understanding of this document, so it\u2019s not like a conflict for a starting point. It\u2019s a starting point that allows you to gain faster traction than starting from scratch.\u201d<\/p>\n\n\n\n

The fact that the EFET document is well-established in the trading space is a key benefit, according to Donzelli, who adds that \u201clenders would accept it, so it would be a bankable PPA\u201d.<\/p>\n\n\n\n

\"Manraj
The EFET standard is ‘a starting point that allows you to gain faster traction than starting from scratch,’ according to Deeoray .Image: Emeren.<\/figcaption><\/figure>\n\n\n\n

Reaching market consensus and accommodating technical innovation<\/h2>\n\n\n\n

Both Deooray and Donzelli explain that the increasing complexity of the offtake space means that having a more standardised starting point for negotiations has become all but essential in order to sign deals in a timely fashion. They referred to negative pricing as a key challenge for both producers and offtakers, and one for which there is no industry consensus on how to manage, encouraging the industry to fall back on the consensuses that have been reached, such as the EFET and ISDA standards.<\/p>\n\n\n\n

\u201cWe now have the issue of negative prices, which has been very relevant in the past couple of years,\u201d says Donzelli. \u201cWhen something new comes up and there\u2019s no market consensus on how to treat it \u2013 so for the negative price risk there was not a consensus or market standard as to where this risk should be allocated \u2013 then you start to talk for each PPA and each negotiation on a topic like negative price risk.\u201d<\/p>\n\n\n\n

\u201cThe world of renewables is moving towards having some kind of offsetting due to negative pricing due to curtailment,\u201d agrees Deeoray, who highlights the benefit of a standard PPA format in an industry that is increasingly reliant on a range of renewable energy technologies.<\/p>\n\n\n\n

\u201cOn the technology base, that\u2019s how you might incorporate storage into your offtake agreements,\u201d he says. \u201cFor solar and wind, having that hybrid situation, in order to alleviate the issues of negative pricing, is how those issues are coming together.\u201d<\/p>\n\n\n\n

Deeoray also suggests that the growth of co-located renewable energy technologies as a tool to tackle negative prices has affected the way Emeren looks for and signs new offtake agreements. If a project does not have co-located storage elements, for instance, he says he would expect explicit \u201cnegative pricing security\u201d in the contract.<\/p>\n\n\n\n

\u201cFive years ago, not many people were negotiating negative pricing terms and conditions within an offtake agreement, but now it\u2019s becoming more standard because it\u2019s becoming cannibalised and it\u2019s happening more and more,\u201d he says. \u201cIn Italy this hasn\u2019t happened yet, but we would negotiate an offtake agreement that has a provision in there already, just in case it does happen while we operate.<\/p>\n\n\n\n

\u201cIt\u2019s becoming a little bit more integrated into the technology base, and how the market is evolving, in order to cover the risk.\u201d<\/p>\n\n\n\n

Minimising risk<\/h2>\n\n\n\n

Deooray also suggests that the use of vanilla PPAs is an important tool in minimising risk, which has become of even greater importance in recent years due to some of the market fluctuations in many regions where offtake agreements are being signed.<\/p>\n\n\n\n

\u201cThis is one of the key risks in transacting, counterparty risk,\u201d he says, noting that the use of a standard PPA format can help new entrants into the offtake space get up to speed quickly about how best to operate. \u201cIf you\u2019re working with a counterparty that hasn\u2019t done this before, you find yourself holding their hand a little bit more than you would want to, and there is definitely a transactional risk there.<\/p>\n\n\n\n

\u201cIt\u2019s very important, and nine times out of ten, we would rather go with a little lower price with having more transacting capability, rather than going for a higher price with someone [for whom] it\u2019s their first time transacting and they don\u2019t understand the market.\u201d<\/p>\n\n\n\n

\u201cThe most negotiated clauses in PPAs are the ones where there is a risk of costing money,\u201d adds Donzelli, suggesting that minimising risk remains the priority for both producers and offtakers, and standardised PPAs are a means to that end. \u201cIt always comes to the point: \u2018Will it cost me money if this doesn\u2019t work out as we thought?\u2019.\u201d<\/p>\n\n\n\n

When asked about some of the areas in which deals deviate from the EFET and ISDA standards, Donzelli says that, typically, termination clauses are among the most tailored components of a deal.<\/p>\n\n\n\n

\u201cOften, those long-term PPAs don\u2019t allow for an ordinary termination; no-one can wake up one morning and say they don\u2019t want the contract anymore. You need to have an event of default that is happening and if one of those events happens, you have a termination payment.<\/p>\n\n\n\n

\u201cThere are very long discussions about how the termination payment is defined, and here there could be more standardisation if you make this payment market-to-market so it\u2019s clear how important it is,\u201d she says. \u201cThere are very convoluted formulas for termination payments that require lots of negotiation and are not standard.\u201d<\/p>\n\n\n\n

\"Elena
‘There are very convoluted formulas for termination payments that require lots of negotiation and are not standard,’ says Donzelli. Image: Pexapark.<\/figcaption><\/figure>\n\n\n\n

Standardising some parts of a deal<\/h2>\n\n\n\n

Donzelli\u2019s discussion of termination clauses raises a question: is it possible to standardise some parts of a PPA? Or, perhaps more pertinently, what components of a PPA could benefit from a greater degree of standardisation?<\/p>\n\n\n\n

\u201cThe level of [a bank\u2019s] credit support that you put in the bank guarantee is translated into a cost for you, [so] you try to negotiate it low so you can keep this cost low,\u201d says Donzelli, referring to the bank guarantees that are often essential in securing financial support for a project. \u201cThe question of whether you can make this standard; of course, there could be market consensus on what the level of credit support should be, but it\u2019s still an untransparent aspect, so in the end, there\u2019s a lot of bilateral negotiation every time.\u201d<\/p>\n\n\n\n

\u201cOne thing that we\u2019re seeing more and more is what we call hybrid PPAs \u2013 to pool different types of assets into the same contract, be it solar-plus-wind or solar- and wind-plus-BESS \u2013 and this is a new type of deal that asset owners are trying to develop because for them, it improves what they can offer,\u201d she continues, saying that the renewable power sector\u2019s implementation of co-located projects has outpaced the financial sector\u2019s ability to introduce standardised offtake formats for these projects.<\/p>\n\n\n\n

\u201c[For] those hybrid assets there is not yet a standard PPA for those. This is, I think, one of the areas \u2013 like with the negative prices \u2013 where it\u2019s a new phenomenon in the market and people are trying to figure out how to contractualise that. There\u2019s no standard yet and they require a lot of our help because they really need an expert to look into it, to study it and tell them how to structure it.<\/p>\n\n\n\n

The balance of power<\/h2>\n\n\n\n

The increasing complexity of PPAs and the nuances of both working with a standardised structure and tailoring that structure for particular market and technology considerations have also prompted changes in the ways that developers and offtakers approach PPAs. Deeoray, for instance, explains that Emeren has started to build its own PPA team to negotiate with potential offtakers and that this team was involved in the Poland PPA.<\/p>\n\n\n\n

\u201cWe did it with our own in-house team, which originated with the offtaker, and after the origination phase we started with the heads of terms that drafted the standardised documentation for a PPA,\u201d he explains. \u201cOnce we got one or two rounds of that document agreed, we involved third-party advisers to finalise and fine-tune that document.\u201d<\/p>\n\n\n\n

While Emeren is an example of a producer building a specialised PPA team to work in this space, Donzelli notes that offtakers are also looking to change their ways of operating. This is particularly true for the hyperscalers, technology giants and data centre operators with vast demands for electricity and significant sums of money that are keen to acquire renewable energy; just this year, technology giant Microsoft signed a mammoth 10.5GW renewable power offtake agreement with asset owner Brookfield.<\/p>\n\n\n\n

\u201cWe have the case of the big IT companies that are really active in the PPA space,\u201d says Donzelli, who adds that the sheer scale of their demand and financial might means they are starting to influence the balance of power in offtake agreements, pushing deals away from industry standard templates and towards their own vanilla contracts. \u201cThey have their own contracts and their aim is to put on the table their own contract, and this is something that they\u2019ve also developed \u2026 for different geographies.<\/p>\n\n\n\n

Donzelli explains that these companies will often offer more money than other potential offtakers, and these deals can often be completed faster than those that rely on other kinds of framework agreements.<\/p>\n\n\n\n

\u201cSince you\u2019re not negotiating much, you\u2019re not spending so much time on this, so you\u2019re getting to a signature faster [than when other standardised templates],\u201d she says. \u201cThe time is one factor [and you can save on] us, or lawyers, or have just a light review; since there will not be so much negotiation, the timeline will be shorter and the expenses you have with advisors are also lower.\u201d<\/p>\n\n\n\n

However, Donzelli notes that, often, the hyperscalers will not allow a producer to negotiate on the deal, instead offering what she calls a \u201ctake-it-or-leave-it\u201d kind of offer.<\/p>\n\n\n\n

\u201cThey make it attractive for asset owners to go with them, because you\u2019ll have a renowned name and a reputable company \u2013 you can say, \u2018I signed a PPA with Meta!\u2019 \u2013 and they have a very good credit rating, so they\u2019re a very strong company to have as a counterparty. But they don\u2019t allow for negotiations on their standard terms and conditions, and they\u2019re not very balanced agreements; they\u2019re quite buyer-friendly in many aspects.\u201d<\/p>\n\n\n\n

While this paints an ominous picture regarding the future of offtake agreements, at present, dealmakers are focused on standardising terms of contracts in line with new market developments, to help them minimise risk and complete deals faster. Considering the dynamism of the renewable energy industry, which obligates significant focus from dealmakers on present market conditions, Deeoray suggests that standard deal formats will persist as they facilitate the faster completion of agreements.<\/p>\n\n\n\n

\u201c[Standardisation aims] to accelerate this process, because the usual process with the corporate can take a bit of time and a lot of work back and forth in negotiating the terms,\u201d he says. \u201cThe provisions written in the document are quite standard to allow both parties to be on an equal setting, and you start moving from that perspective.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

JP Casey investigates efforts currently being made to standardise the offtake agreement for the renewable power sector.<\/p>\n","protected":false},"author":165,"featured_media":158742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[45,4,6],"tags":[11192,9341,56,116,5092,1280,100,208,207],"paywall-tags":[8671],"regions":[28],"industry-segments":[26,10],"class_list":["post-158739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","category-interviews","category-long-reads","tag-deals","tag-emeren","tag-europe","tag-finance","tag-offtake","tag-pexapark","tag-policy","tag-power-purchase-agreement","tag-ppa","paywall-tags-premium","regions-europe","industry-segments-financial-legal","industry-segments-markets-finance"],"acf":[],"yoast_head":"\nMinimising risk and accelerating negotiations with 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