Term Sheet for Power Purchase Agreement – Renewables OnlyFor Power Purchase Agreement • March 10th, 2020 • California
THIS TERM SHEET FOR POWER PURCHASE AGREEMENT (“Term Sheet”) is entered into as of , 2020 (the “Effective Date”), between City of San José, a California municipality, doing business as San José Clean Energy (“SJCE”) and [Respondent] (“Respondent”). This Term Sheet includes the key commercial terms and conditions to be included in a proposed power purchase agreement (“PPA”) to be negotiated between SJCE (“Buyer”) and [e.g., Project Company LLC] (“Seller”) (the “Proposed Transaction”). As used herein, Buyer and Seller are each a “Party” and collectively the “Parties.” Notwithstanding anything herein to the contrary, that until a definitive agreement is approved by Buyer’s management and City Council and signed and delivered by each Buyer and Seller, no Party shall have any legal obligations, expressed or implied, or arising in any other manner under this Term Sheet to continue negotiations or enter into the Proposed Transaction.
