Bid assurance collateral is the collateral required for a Bidder for it to be eligible to submit Bids. Bid assurance collateral in an amount of $4/REC for identified systems and $8/REC for forecast quantities is due on the Part 2 Date. Performance assurance collateral is the collateral required under the SPV Contract. The amount of performance assurance collateral is $8/REC for identified systems and $16/REC for forecast quantities.
For winning Bidders that provide bid assurance collateral in the form of cash, the bid assurance collateral automatically becomes part of the required performance assurance collateral, and thus the incremental new collateral required is the performance assurance collateral requirement net of already-submitted bid assurance collateral amount. This amount is due to be submitted within fourteen (14) calendar days of approval of results of the procurement event by the Commission.
Performance Assurance Collateral is returned to Bidders along with payment for the first delivery of RECs and invoices for the first REC delivery should include the performance assurance collateral required to be returned.
Please note that any requests for return of cash must be in the form of an invoice to the Illinois Power Agency and, as such, processing of requests for return of cash will be delayed until a State of Illinois budget is officially adopted, or an appropriation for the Illinois Power Agency is otherwise approved into law.