Extended Discussion: Change in Law Provisions Sample Clauses

Extended Discussion: Change in Law Provisions. ‌ In each jurisdiction, solar PPAs are entered into under an existing set of laws and regulations that govern everything from who may contract to buy and sell electricity to how the electricity is net metered with the local utility. Given the 20-25 year standard term of many PPAs, it is not surprising that either party may be concerned that the underlying laws could change in a way that materially affects one party or the other. For instance, a change in law may introduce additional costs for the system owner or subject it to additional regulation, or it could reduce the value of the agreement from the perspective of the purchaser. The PPA may be written to provide remedies for such events. Not all of the PPAs surveyed for this Toolkit address possible changes in law affecting the contract, and not all those that did do so in precisely the same way. Several PPAs define an actionable change in law and set out protocols for remedying the situation. For instance, the Boulder Valley School District, CO PPA (Section 3(p)); the City of San Jose, CA PPA (Section 9); the Town of Glastonbury, CT (Section 9) and the Tucson Unified School District, AZ PPA (Section 11) all contain explicit change in law clauses that allow for renegotiation of the contract if certain changes in law materially increase the costs of the system owner in performing its obligations. (Note: the first three are associated with the same system owner). In those same PPAs, the contract requires the parties to pursue negotiations that preserve the economic value of the agreement to both parties. If an agreement cannot be reached, the system owner may terminate the agreement without any further liability. The Glastonbury, CT PPA differs slightly from the other two by expressly allowing the purchaser to exercise its purchase option at a more favorable price than would otherwise be the case (i.e., the lesser rather than the greater either the purchase option price or the fair market value of the system) if the system owner elects to terminate the agreement. Similar provisions are found in these and several other PPAs. Those PPAs listed above also contain provisions that expressly allow for a restructuring of the agreement if it becomes likely that the system owner will be regulated as a public utility under the existing contract, and allow for termination if a mutually agreeable solution cannot be reached. Several others likewise confer the right, but not the obligation, for a system owner to termin...
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