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Indexed REC-56: Can the RFP Awarded Annual Quantity be changed or updated under the Indexed REC Contract?

The evaluation of the Bids, which is fully described in Paragraph I.2.11 of the Indexed REC RFP Rules, implies that the number of RECs from the highest-priced Project selected may be less than the full quantity (a “partial award”). For this reason, a Bidder must specify, in addition to the annual full quantity that the … Continue reading Can the RFP Awarded Annual Quantity be changed or updated under the Indexed REC Contract?

Indexed REC-51: How does the Collateral Threshold in Table A of Section 7.1 impact the Performance Assurance Amount for a utility-scale solar project under the Indexed REC Contract?

If you bid and win in the RFP, the RECs from your winning Project will be allocated by the Procurement Administrator to the Companies in pre-specified proportions (27.793% to AIC, 71.925% to ComEd, and 0.282% to MEC). As such, it is contemplated that you will sign three contracts, one with each of AIC, ComEd and … Continue reading How does the Collateral Threshold in Table A of Section 7.1 impact the Performance Assurance Amount for a utility-scale solar project under the Indexed REC Contract?

Indexed REC-50: What are the consequences under the Indexed REC Contract for failure to meet the percentage requirement of the Minimum Equity Standard?

A Minimum Equity Standard of 10% will apply under the Indexed REC Contract to a Project selected through this RFP if the Date of First Operation is on or after December 15, 2022. The remedies related to a failure to meet the percentage requirement of the Minimum Equity Standard (i.e., 10%) is described in Section … Continue reading What are the consequences under the Indexed REC Contract for failure to meet the percentage requirement of the Minimum Equity Standard?

Indexed REC-49: If we add battery storage to our Project, how would this be included in the Bid?

First, the Procurement Administrator cannot advise bidders on their bid submissions. The Strike Price that you indicate in your Bid will be used to calculate the payments under the Indexed REC Contract and there is no separate payment adjustment related to additional battery storage under the Indexed REC Contract. Second, with respect to a Project … Continue reading If we add battery storage to our Project, how would this be included in the Bid?

Indexed REC-36: For purposes of satisfying the Project Labor Agreement requirements in the IPA Act and Section 6.3 of the Indexed REC Contract, is there a requirement that all labor involved on the project be union?

‘Please refer to the Project Labor Agreement Act (30 ILCS 571/25) (“PLA Act”) and the Indexed REC Contract for the requirements. It is the responsibility of Seller to understand and comply with the PLA Act requirements of the Indexed REC Contract, even where a contractor or subcontractor will be the party ultimately performing the complying … Continue reading For purposes of satisfying the Project Labor Agreement requirements in the IPA Act and Section 6.3 of the Indexed REC Contract, is there a requirement that all labor involved on the project be union?

Indexed REC-34: If a Seller is successful in this Indexed REC RFP, but ultimately due to significant inflation and interest rate increases prior to construction, the Project is no longer economic at the strike price, are there any remedies available to the Seller who is committed to developing the project? Can the Seller submit a new bid in a subsequent Indexed REC RFP for the Project and if so, what would be the process?

Section 4.1(d) of the Indexed REC Contract outlines the termination of the contract if the Seller determines that it will not be able to construct the Project in a timely manner prior to the REC Delivery deadline. In such a case Seller shall provide a written notice of that determination to Buyer. Buyer shall be … Continue reading If a Seller is successful in this Indexed REC RFP, but ultimately due to significant inflation and interest rate increases prior to construction, the Project is no longer economic at the strike price, are there any remedies available to the Seller who is committed to developing the project? Can the Seller submit a new bid in a subsequent Indexed REC RFP for the Project and if so, what would be the process?

Indexed REC-32: Does the Indexed REC Contract account for degradation in the calculation of the Delivery Year Requirement with respect to utility scale solar projects and brownfield site photovoltaic projects?

Under the Indexed REC Contract for the Fall 2023 Indexed REC RFP, the Delivery Year Requirements are greater than the Annual Quantity in the early Delivery Years, as the Indexed REC Contract accounts for degradation of the Project in the calculation of the Delivery Year Requirement. With respect to utility-scale solar projects and brownfield site … Continue reading Does the Indexed REC Contract account for degradation in the calculation of the Delivery Year Requirement with respect to utility scale solar projects and brownfield site photovoltaic projects?

Indexed REC-13: Can a Bidder submit an annual quantity in the Bid based on a portion of the Project capacity?

The Bidder determines the full and minimum quantities of RECs to include in the Bid for a given Project. These quantities may represent a portion of the RECs from a Project. The full quantity must not exceed the Maximum Bid Size. The minimum quantity must not exceed the full quantity. The RECs from each Project … Continue reading Can a Bidder submit an annual quantity in the Bid based on a portion of the Project capacity?

Indexed REC-11: What is the definition of a strike price? How is the strike price used for payment under the Indexed REC Contract?

Please review and listen to slides 22-24 at minute 39:15 of the Bidder Information Webcast respectively for this information. The presentation materials and the audio recording are posted to the to the Final Materials page of the Indexed Wind, Solar, and Brownfield section of the website. As defined in the IPA Act, “Strike price” means … Continue reading What is the definition of a strike price? How is the strike price used for payment under the Indexed REC Contract?