Section 8 of the Part 1 Form requires that the Bidder indicate whether the Seller is rated by one or more of the major rating agencies and if so provide all available ratings. Additionally, the Bidder must indicate whether the Seller will rely on the financial standing of a Guarantor during the supply period and provide all available ratings from the major rating agencies for the Guarantor. It is not a requirement for the Seller to have a senior long-term debt rating by S&P, Moody’s or Fitch or for the Seller to rely on the financial standing of a Guarantor in order for a Project to be eligible to participate in the Indexed REC RFP. However, if the Seller is not rated by the major rating agencies and does not rely on the financial standing of a Guarantor that is rated by the major rating agencies, the Seller will not be eligible for unsecured credit under the Indexed REC Contract.
A Seller with a Project with an approved Bid must meet the creditworthiness requirements under the Indexed REC Contract within five (5) business days of the Illinois Commerce Commission decision on the results of the procurement event. A bidder that is not eligible for unsecured credit under the Indexed REC Contract must post cash or a performance assurance letter of credit by the aforementioned deadline.