No, it is not intended or required (and may not be practical) for Seller to have all permitting for the proposed project completed as of the Effective date, or for Seller to have all necessary permits filed as of the Effective Date. As envisaged by Public Act 99-0906, the initial forward procurement is for the procurement of RECs from only “new” renewable energy projects (energized after June 1, 2017) and contemplates a period of time for the development and construction of these projects such that RECs generated from such projects may be delivered starting no earlier than June 1, 2019 and no later than June 1, 2021.

Section 5 of the Coversheet sets forth select requirements related to the development of the proposed project and Section 3 of the Coversheet sets forth select requirements related to the delivery of RECs from the proposed project. It is expected that as of the Effective Date of REC Contract, Seller has obtained or submitted all necessary approvals and authorizations appropriate for this stage of development of the project and has made all necessary investigations to determine that there are no impediments for it to obtain any further approvals and authorizations required to meet its obligations under the REC Contract.