We assume that by “bonding requirements”, you are referring to bid assurance requirements for the Supplemental Photovoltaic RFP (“SPV RFP”) or performance assurance under the SPV Contract. The following response is based on this assumption.
Under the SPV Contract, Sellers are required to submit as performance assurance a refundable deposit of $16/REC for forecast quantities and $8/REC for identified systems in the form of cash or of a letter of credit. Half of this deposit ($8/REC for forecast quantities and $4/REC for identified systems) is required with the Part 2 Proposal, with the remaining balance due from Bidders with Bids approved by the Commission within fourteen (14) calendar days of the announcement of the procurement results. The amount due with the Part 2 Proposal is referred to as “bid assurance collateral”. A Bidder must submit bid assurance collateral in the form of cash or of a Pre-Bid Letter of Credit.
While for a given system, cash deposits are intended to be refunded along with payments for the first REC delivery, processing of requests for return of cash will be delayed until a Fiscal Year 2016 State of Illinois budget is officially adopted, or an appropriation for the Illinois Power Agency is otherwise approved into law.