The Final IPA REC Purchase and Sale Agreement (“SPV Contract”) includes a requirement for performance assurance. If a Bidder becomes a Seller under the SPV Contract (i.e. has bids approved by the Illinois Commerce Commission), the Seller must provide performance assurance either in the form of cash or a letter of credit within fourteen (14) calendar days after the date of being notified of the ICC decision. Performance assurance must be in an amount of $16/REC for forecast quantities and $8/REC for identified systems.
If you elect a letter of credit to post performance assurance, 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. The Standard Post-Bid Letter of Credit is Appendix 2 to the Final IPA REC Purchase and Sale Agreement 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.
If you elect to submit cash for either your Bid Assurance 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.