There are two letters of credit related to the Supplemental Photovoltaic RFP (“SPV RFP”).
The first letter of credit, called the “Pre-Bid Letter of Credit”, may be used to provide bid assurance collateral with the Part 2 Proposal. If you elect to submit a Pre-Bid Letter of Credit, please note that it must be in the form of the Standard Pre-Bid Letter of Credit or incorporate only modifications approved by the IPA and posted to the procurement website after the Part 1 Proposal process. The Standard Pre-Bid Letter of Credit is posted as Appendix 6 to the RFP Rules on the Supplemental PV Procurement Section of the procurement website.
The second letter of credit, called the “Post-Bid Letter of Credit”, may be used to post performance assurance under the terms of the SPV Contract is a Bidder has Bids approved by the Illinois Commerce Commission. If you elect to submit a Post-Bid Letter of Credit, please note that it must be in the form of the Standard Post-Bid Letter of Credit or incorporate only modifications approved by the IPA and posted to the procurement website after the Part 1 Proposal process. The Standard Post-Bid Letter of Credit is Appendix 2 to the Final IPA REC Purchase and Sale Agreement (“SPV Contract”) and is also posted separately to the Supplemental PV Procurement Section of the procurement website as Appendix 2 (formerly Appendix B): Post-Bid Letter Of Credit under the contract.
If you elect to submit cash for either your bid assurance collateral or your performance assurance, please note that any request for return of cash must be in the form of an invoice to the Illinois Power Agency and as such, processing of the return is subject to delays 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. Additional instructions will be provided to Bidders with their notifications following the Commission decision on the procurement event.
A Bidder may, in its Part 1 Proposal, provide comments on or propose modifications to the Standard Pre-Bid Letter of Credit and the Standard Post-Bid Letter of Credit. This allows the issuing bank to request approval from the IPA for any modifications to the letter of credit that it may require to issue the letter of credit. Such modifications should be non-material in nature or to the mutual benefit of both the IPA and the Bidder. A Bidder provides comments and proposes modifications as redlines to the standard form in the LC Comment Insert (#P1-6) and uploads this insert to the space provided in the Part 1 Form or emails this insert to the Procurement Administrator at Illinois-RFP@nera.com. Comments and modifications must be received by the Part 1 Date, October 23, 2015.