Power Purchase Agreements (PPAs): What They Are and Why They Matter

In a European context increasingly focused on energy transition, electricity price stability, and supply security, Power Purchase Agreements (PPAs) play a key role in the development of renewable energy production projects, as well as in electricity procurement strategies for companies and institutions.

These contracts offer significant advantages: they ensure financial predictability for producers and price stability for consumers, while making a concrete contribution to sustainability and decarbonization goals.

The PPA market has seen significant growth across Europe — particularly in Spain — and Portugal is in a strong position to follow this momentum, creating value for various players in the energy sector.

It is in this context that the course "The Electricity Trading Market and Power Purchase Agreements" was developed, designed for professionals in the electricity sector and related areas who wish to gain solid knowledge about how PPAs and the electricity market work. No prior training or experience in the field is required.

With a multidisciplinary, practical, and accessible approach, the course:

  • Presents the current role of PPAs in the European energy landscape
  • Explores the main market trends
  • Addresses the benefits and risks associated with these contracts
  • Provides tools to support strategic energy buying and selling decisions

 

A highly relevant training program for those looking to deepen their knowledge and operate with greater confidence in a constantly evolving sector.

Explore the Program Structure

Discover the key learning modules and unlock your full potential.

keyboard_arrow_up Introduction to PPAs
Format:

In-person

Duration:

2h

Faculty:

CVA

Carlos Vaz de Almeida

He is the partner responsible for the Financial Law and Projects area at the Lisbon office, with a particular focus on Energy and Infrastructure. He advises on all phases of projects, including development, financing, regulation, and contract negotiation (namely, PPA, EPC, O&M, grid connection). Previously, he led the Finance, Energy, and Infrastructure practice at a large international law firm, worked at a Magic Circle law firm in Lisbon, and was also deputy to the Minister of State and Finance and deputy director of UTAP (the Portuguese entity responsible for public-private partnerships). LL.B from Universidade Nova de Lisboa and regularly lectures on Project Finance, Energy, and Infrastructure.

 
 

NMC

Joana Alves de Abreu

Joana Alves de Abreu is Counsel at Pérez-Llorca in the Energy practice. She holds a law degree from Faculdade de Direito da Universidade Nova and a master's degree in Administrative Law – Energy from Faculdade de Direito da Universidade Católica.

Before joining Pérez-Llorca, she worked at renowned Portuguese law firms, was part of the legal services management team at the Energy Services Regulatory Authority, and was assistant to the Secretary of State for Energy in the 19th and 20th Constitutional Governments.

With over 15 years of experience advising national and international companies on energy matters, she specializes in the regulation of the electricity sector.

 
 

Manuel Pessanha
keyboard_arrow_up The Wholesale Electricity Market
Format:

In-person

Duration:

1h30

Faculty:

 

NMC

Filipe Matias Santos

Filipe Matias Santos, who holds a law degree and a master's degree in law from NOVA Law School, is a lawyer and legal director at ERSE, a member of the Legal Affairs Committee of the Council of European Energy Regulators (CEER) and of the Compliance and Enforcement group of the Agency for the Cooperation of Energy Regulators (ACER).

He is a member of the board of the General Assembly of CEDIPRE (Center for Public Law and Regulation Studies at the Faculty of Law of Coimbra) and is part of the network of experts at NOVA Green Lab. He is co-coordinator of the course “The Evolution of Energy Law” at Nova Law, a frequent speaker at conferences, and teaches courses at various faculties, including the Faculty of Law of the Catholic University.

He began his career at the law firm Garrigues and was a lawyer and senior legal advisor for eight years at the Portuguese Securities Market Commission (CMVM), becoming Legal Director of ERSE in 2013.

He has postgraduate degrees in Energy Law from the University of Lisbon and in Regulation of Energy Utilities from the Florence School of Regulation/European University Institute. He completed the Advanced Executive Program in Management (PAGE) 2022, in the fall, at CATÓLICA-LISBON.

In addition to several articles on public law, he published “Duty to Disclose Inside Information,” on market abuse in the financial sector, and “Reflections on Energy Law,” on administrative energy law.

 
keyboard_arrow_up Access to the Wholesale Electricity Market
Format:

In-person

Duration:

1h30

Faculty:

 

NMC

Berto Campinho Martins

Berto Martins is currently the Managing Director for the Short Term Asset Optimization in Europe, within the Global Energy Management Platform at EDP.

Academic degree completed at the Oporto University in 1990. In this same year, joined EDP to work at the National Dispatch for the Electric System and after some years moved to the System Optimization and Commercial Operations Division until 2002.

When the liberalization process of the Energy Sector started in Portugal, left to work on the team responsible for the creation of the Energy Markets Division, implementing all IT systems and business procedures for the Trading activities.

After the creation of EDP´s Global Energy Management Platform, assumed the Short-Term Asset Optimization - Europe responsibility, which includes all the operations of the merchant portfolios within the European Markets, managing both conventional & renewable generation, regarding all bidding into day-ahead and intraday markets, real-time generation management and imbalance optimization, Short/Medium Term Planning, Outages coordination and Ancillary Services markets, in coordination with the local System Operators.

Berto Martins is also member of some international WG´s at Eurelectric and currently Co-Chair the Balancing WG of Energy Traders Europe. Berto also participated in several I&D European projects.

keyboard_arrow_up PPAs in the Context of European and National Policy and Regulation, and their Relationship with Competition Policy
Format:

In-person

Duration:

1h30

Faculty:

 

NMC

Rita Leandro Vasconcelos

PhD in EU Competition Law, Faculty of Law, Portuguese Catholic University, Porto. Master of Arts in Economic Aspects of Competition Law, King's College, London. Postgraduate degree in Economic Aspects of Competition Law, King's College, London. Master's degree in EU Legal Sciences, Faculty of Law, University of Lisbon. Partner at Pérez-Llorca.

keyboard_arrow_up Key Provisions of PPAs
Format:

In-person

Duration:

1h30

Faculty:
NMC

Mads Bang-Christensen

Mads advises domestic and international clients in connection with large renewable energy projects and transactions. During his time as in-house legal counsel in international energy trading companies, he has gained in-depth commercial knowledge of the energy industry and its regulatory and contractual matters.

Mads has vast experience of both supply contracts and offtake agreements within renewable energy, including in particular corporate power purchase agreements, advising both buyers and sellers on the drafting and negotiation of all contractual matters relating to supply contracts and offtake agreements.

 

 

CVA

Carlos Vaz de Almeida

He is the partner responsible for the Financial Law and Projects area at the Lisbon office, with a particular focus on Energy and Infrastructure. He advises on all phases of projects, including development, financing, regulation, and contract negotiation (namely, PPA, EPC, O&M, grid connection). Previously, he led the Finance, Energy, and Infrastructure practice at a large international law firm, worked at a Magic Circle law firm in Lisbon, and was also deputy to the Minister of State and Finance and deputy director of UTAP (the Portuguese entity responsible for public-private partnerships). LL.B from Universidade Nova de Lisboa and regularly lectures on Project Finance, Energy, and Infrastructure.

 
 
keyboard_arrow_up Stakeholders and Market Trends
Format:

In-person

Duration:

1h30

Faculty:

 

NMC

Rasmus Nedergaard

Rasmus advises multinational companies and renewable energy developers on optimising energy offtake strategies. With ten years of experience in corporate environmental sustainability at Vestas and LEGO, he understands corporate demand for renewable energy and environmental products, aligning these with offtake requirements for sustainability and ESG compliance.

For seven years, Rasmus has managed a renewable strategy and transaction advisory firm based in Munich, Germany, with subsidiaries in Vietnam and Hong Kong. He has built a network across Europe and Asia, focusing on the strategic and commercial aspects of renewable energy offtake, including power purchase agreements (PPAs), hydrogen/Power-to-X and environmental products such as energy attribute certificates (EACs) and carbon credits.

keyboard_arrow_up PPAs in Project Development & Financing
Format:

In-person

Duration:

1h30

Faculty:
CVA

Carlos Vaz de Almeida

He is the partner responsible for the Financial Law and Projects area at the Lisbon office, with a particular focus on Energy and Infrastructure. He advises on all phases of projects, including development, financing, regulation, and contract negotiation (namely, PPA, EPC, O&M, grid connection). Previously, he led the Finance, Energy, and Infrastructure practice at a large international law firm, worked at a Magic Circle law firm in Lisbon, and was also deputy to the Minister of State and Finance and deputy director of UTAP (the Portuguese entity responsible for public-private partnerships). LL.B from Universidade Nova de Lisboa and regularly lectures on Project Finance, Energy, and Infrastructure.

 
 

 

Jesús Garcia-Quilez
keyboard_arrow_up Risk Allocation in PPAs
Format:

In-person

Duration:

1h30

Faculty:
NMC

Mads Bang-Christensen

Mads advises domestic and international clients in connection with large renewable energy projects and transactions. During his time as in-house legal counsel in international energy trading companies, he has gained in-depth commercial knowledge of the energy industry and its regulatory and contractual matters.

Mads has vast experience of both supply contracts and offtake agreements within renewable energy, including in particular corporate power purchase agreements, advising both buyers and sellers on the drafting and negotiation of all contractual matters relating to supply contracts and offtake agreements.

 

 

keyboard_arrow_up Non-compliance and resolution of disputes associated with PPA
Format:

In-person

Duration:

1h30

Faculty:
NMC

Ana Filipa Antunes 

PhD in Legal Sciences from UCP. Researcher in the areas of Civil Law, Contracts Law, Commercial Law and Business Law.

 

keyboard_arrow_up Financial PPAs (ISDA, EFET)
Format:

In-person

Duration:

1h30

Faculty:
Mariana Coelho dos Santos
keyboard_arrow_up Reporting Obligations Related to PPAs
Format:

In-person

Duration:

1h30

Faculty:
NMC

Joana Marques da Cruz

Joana Marques da Cruz is Galp's coordinating lawyer for M&A, finance, and capital markets. In this role, she is responsible for providing legal advice on the structuring and execution of portfolio management and interest rate, foreign exchange, and commodity risk hedging transactions, including derivatives and financial PPAs, as well as for compliance with the respective reporting and regulatory obligations, namely under MiFID II and EMIR. She has a degree in Law, a master's degree in Law and Management, and is attending an Executive Master's in Finance, combining transactional practice with a rigorous academic approach to European financial regulation.

 

 

keyboard_arrow_up Non-Compliance and Dispute Resolution Related to PPAs
Format:

In-person

Duration:

1h30

Faculty:

 

NMC

João Confraria

João Confraria holds a Doctoral degree in Economics (1991, Universidade Católica Portuguesa - Catholic University of Portugal) and a Master in Economics (1988, Universidade Nova de Lisboa), after undergraduate studies at the Universidade Católica Portuguesa (Catholic University of Portugal) between 1977 and 1982. Currently, he serves as member of the Board of ICP-Anacom, Autoridade Nacional de Comunicações (the National Communications Authority). Previous positions include having served as vice-president of Instituto Nacional da Aviação Civil (Portuguese Civil Aviation Authority) between 2007 and 2011, representative of the Portuguese Government at the Council of Eurocontrol (2011) and member of the Board of ICP and ICP-Anacom (1996 – 2002). At Universidade Católica Portuguesa, he teaches Public Policy, Regulation & Competition and Telecommunications and he is the Academic Director of the Master in Law and Business. He has been director of the Centre for Applied Studies (2005-2007), coordinator of the Executive Program on Economics of Regulation and Competition (2003-2007) and member of the Board of directors of the MBA Program (1991-1993).

keyboard_arrow_up PPAs in the Context of Project Development and Financing
Format:

In-person

Duration:

1h30

Faculty:
Jorge Sousa Seabra
keyboard_arrow_up Guarantees of Origin in the Context of PPAs
Format:

In-person

Duration:

1h30

Faculty:
NMC

Diogo Graça

Deputy Director of REN's Legal Team and Head of Legal Advisory Services. Previous experience includes UTAP – Technical Project Monitoring Unit, as a Consultant, the Ministry of Health (XVIII Constitutional Government), as Deputy and Acting Chief of Staff, and Linklaters, as a senior and junior Associate. His accumulated experience covers legal advice in public law, projects, finance, and corporate governance, supporting private companies and public bodies, mainly in sectors such as energy, health, financial institutions, transport, pharmaceuticals, infrastructure, security networks, and telecommunications. He holds a law degree from the University of Coimbra, a master's degree in Legal and Business Sciences from Universidade Nova de Lisboa, and has participated in Advanced Management Programs (Católica Lisbon School of Business and Economics, in Lisbon, and Kellogg School of Management, in Chicago). He has also participated as a speaker in forums on various topics and is the author of several technical publications.

 

 

CVA

Miguel Jerónimo

Responsible for the Issuing Body of Guarantees of Origin in Portugal, a function integrated into REN – Rede Eléctrica Nacional, S.A. Member of the Board of the European Association of Issuing Bodies (AIB) since 2022 and Strategic Board Member since 2024. With over 20 years of experience in the energy sector, he has participated in and led strategic projects in multiple areas of the gas and electricity sector and represented the REN group in various pan-European bodies. He holds a degree in Electrical Engineering from the Instituto Superior Técnico, a postgraduate degree in Information Systems from the same institute, and a Lisbon MBA from the Católica-Lisbon School of Business & Economics and Nova SBE.

 

 Sabrina Faber
keyboard_arrow_up Taxation Associated with PPAs
Format:

In-person

Duration:

1h30

Faculty:
NMC

Susana Estevão Gonçalves

Susana Estêvão Gonçalves is the partner responsible for the Tax Law practice at Pérez-Llorca's Lisbon office.

Susana has extensive experience in advising clients in various sectors, particularly in the energy sector, on domestic and international investments, tax structuring of private equity M&A transactions and financial transactions, as well as corporate and financial restructuring. She is also a specialist in international taxation, including transfer pricing, permanent establishment, and taxation of cross-border flows.

Susana is the author of several articles in specialist magazines and the press and regularly participates as a speaker at seminars and conferences in the tax area.

keyboard_arrow_up Closing Session: Discussion Panel + Networking
Format:

In-person

Duration:

1h30

Program Directors:

 

CVA

Carlos Vaz de Almeida

He is the partner responsible for the Financial Law and Projects area at the Lisbon office, with a particular focus on Energy and Infrastructure. He advises on all phases of projects, including development, financing, regulation, and contract negotiation (namely, PPA, EPC, O&M, grid connection). Previously, he led the Finance, Energy, and Infrastructure practice at a large international law firm, worked at a Magic Circle law firm in Lisbon, and was also deputy to the Minister of State and Finance and deputy director of UTAP (the Portuguese entity responsible for public-private partnerships). LL.B from Universidade Nova de Lisboa and regularly lectures on Project Finance, Energy, and Infrastructure.

 
 

NMC

João Confraria

João Confraria holds a Doctoral degree in Economics (1991, Universidade Católica Portuguesa - Catholic University of Portugal) and a Master in Economics (1988, Universidade Nova de Lisboa), after undergraduate studies at the Universidade Católica Portuguesa (Catholic University of Portugal) between 1977 and 1982. Currently, he serves as member of the Board of ICP-Anacom, Autoridade Nacional de Comunicações (the National Communications Authority). Previous positions include having served as vice-president of Instituto Nacional da Aviação Civil (Portuguese Civil Aviation Authority) between 2007 and 2011, representative of the Portuguese Government at the Council of Eurocontrol (2011) and member of the Board of ICP and ICP-Anacom (1996 – 2002). At Universidade Católica Portuguesa, he teaches Public Policy, Regulation & Competition and Telecommunications and he is the Academic Director of the Master in Law and Business. He has been director of the Centre for Applied Studies (2005-2007), coordinator of the Executive Program on Economics of Regulation and Competition (2003-2007) and member of the Board of directors of the MBA Program (1991-1993).

 
 

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