Power Purchase Agreements

What Sets Us Apart

We negotiate physical, virtual, and hybrid PPAs across every major U.S. market — ERCOT, CAISO, PJM, and beyond — for developers, utilities, CCAs, and Fortune 100 corporate offtakers on both sides of the table.

Areas of Expertise

  • Physical and virtual power purchase agreements (VPPAs)

  • Contracts for differences and proxy revenue swaps

  • ISDA Master Agreements, Credit Support Annexes, and Customized Schedules

  • EEI Master Power Purchase and Sale Agreements and WSPP Agreements

  • REC sale, transfer, and Environmental Attribute Certificate agreements

  • Capacity reservation and capacity-only offtake agreements

  • Tolling agreements and revenue-stacking structures for storage offtake

  • Dodd-Frank compliance, including reporting, clearing, and margin frameworks

  • RFP response support for utility and municipal solicitations

  • Data center and large-load offtake structuring

Key Contacts

Kristen Berry

Partner

Karleen Stern

Managing Partner

Representative Transactions

  • Represented several Fortune 100 companies in negotiating 100–500 MW contracts for differences with REC transfer components in ERCOT and PJM.

  • Counsel to leading solar developer in negotiating a VPPA for a 100 MW solar project in Kentucky with Toyota Motor North America.

  • Counsel to leading wind developer in negotiating an ERCOT VPPA for a 180 MW wind project in Texas with a large conservation organization.

  • Counsel to leading solar developer in negotiating a VPPA for an 80 MW solar project in Virginia with T-Mobile.

  • Represented leading US-focused IPP in negotiating a Renewable Energy Framework Agreement and Environmental Attribute Certificate Purchase and Sale Agreement with a major multinational tech corporation supporting its 2030 carbon-negative goal.

  • Negotiated over 50 power purchase and energy storage agreements representing Community Choice Aggregators (CPA, PCE, 3CE), municipalities, and utility-scale corporate offtakers, totaling approximately 13+ GW of capacity.

  • Represented leading utility-scale developer in offtake negotiations for a 600 MW solar / 1,000 MWh battery storage system in Nevada.

  • Represented offtaker client in negotiating a 286 MW solar and 1,144 MWh storage offtake agreement with a large-scale portfolio company.

  • Counsel to leading nationwide energy storage developer in negotiating a tolling agreement with an AI/ML-enabled energy services wholesaler operating in ERCOT.

  • Represented IPPs across large-load consumers, including Walmart, Amazon, Meta, and Microsoft, in negotiating power, REC, and capacity sale agreements across US RTOs/ISOs, with emphasis on ERCOT and CAISO.

  • Represented State of California's largest investor-owned utility in the sale of bundled PCC1 and unbundled PCC3 Renewable Energy Credits.

  • Represent offtaker utilities and CCAs in negotiating over 500 MW of geothermal PPAs in California, Nevada, Utah, and New Mexico.