Smart grid is a Cyber-Physical System with a high level of complexity due to its de-centralized infrastructure. IEC 61850 and IEC 61499 are two industrial standards which can address the challenges introduced by the Smart Grid on the substation automation level. Development of Smart Grid automation software is very time consuming process due to the need to address many requirements and high degree of customisation in every new substation. This limits the adoption of such smart grid technologies as digital substation. This paper aims at addressing this limitation by applying a semi-formal boilerplates model of functional requirements originally presented in informal natural language. The boilerplates are then modelled formally in an ontology for MDE model transformation. The contribution of this paper is the development of the semi-formal and formal boilerplate representation in the form of ontology to formulate Smart Grid requirements and demonstrating how functional requirements can be translated to IEC 61499 control codes using MDE to auto-generate an IEC 61499 PAC control system with structure and control flow. The MDE framework augmented with the requirements models is illustrated on a case study from CIGRE representing different stages of modelling in the proposed framework.