W&S-154: What would happen if our Project is selected and the bid is approved by the Commission but the Project fails? I assume this will be an event of default. Is there a penalty?

You are correct that this is an event of default and there is a penalty. If the Project fails to deliver at least one REC by June 1, 2021, this is an event of default and such failure will not be excused by force majeure. For such an event of default, the Seller will be required to pay the Buyer an amount equal to the Collateral Requirement.