W&S-208: Does the $450,000 cap apply to both bid assurance collateral and the Collateral Requirement?

The $450,000 cap that you reference is a maximum that applies solely to bid assurance collateral. As stated in FAQ-W&S-183, there is no cap on the Collateral Requirement under the REC Contract as it depends on the Annual Contract Value. The annual contract value is the winning bid price times the annual quantity.  The Collateral Requirement under the terms of the REC Contract increases to 100% of the Annual Contract Value for a Company on June 1, 2019. The increase occurs regardless of when the project becomes operational or when the first REC is delivered.