In responding to your question, we are interpreting where you stated “contract start date” to be the “Delivery Term Start Date”.

The date of your first REC Delivery to Buyer in accordance with the SPV Contract is known as the “Date of Initial REC Delivery.” This date is the date that the first RECs are transferred from the Seller’s account to the Buyer’s account, regardless of the month of REC creation. Should RECs be created prior to the Delivery Term Start Date and delivered as part of the Initial REC delivery, such RECs will be purchased through the SPV Contract. (Eligible systems for this procurement may not be energized prior to January 21, 2015 so the earliest possible vintage of RECs would be January, 2015.)

As stated in Section 2.3 of the SPV Contract, any RECs that are Delivered into Buyer’s account between the “Date of Initial REC Delivery” and the “Delivery Term Start Date” are deemed to be received by Buyer on the Delivery Term Start Date and as such will be purchased through the SPV Contract. Should RECs be created prior to the Delivery Term Start Date and be Delivered into Buyer’s account, any such RECs will be purchased through the SPV Contract.