All bid assurance collateral remains in place until the Commission has rendered a decision on the results of the procurement event. If the Bid for a Project is selected by the evaluation procedure and approved by the Commission, the Procurement Administrator allocates the quantity of RECs selected by the evaluation procedure to all three (3) Companies. For Bidders with Bids approved by the Commission, bid assurance collateral remains in place until full execution of the Indexed REC Contract and posting of any required Performance Assurance, and until payment of the Supplier Fee is received. As stated in Section VI.2.19 of the RFP Rules, “A Pre-Bid Letter of Credit will expire on the date stated as part of its terms, fourteen (14) business days after the anticipated date of the Commission decision on the procurement event and cash provided as bid assurance collateral will be returned in the same general timeframe”. The Commission renders its decision on the results of the procurement event on Thursday, May 12, 2022.
In regards to the Collateral Requirement 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 and posted performance assurance remains in place throughout the term of the contract. 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 deadline. If a bidder is relying on the creditworthiness of a guarantor that is eligible for unsecured credit, then a guaranty must be provided to Buyer by such deadline. The Collateral Requirement may be reduced for the last Delivery Year, if applicable.