Yes, a System that qualifies as “new” may begin generating RECs once it has been Energized and registered with PJM-EIS GATS or M-RETS. A System is considered “new” if it is Energized on or after January 21, 2015. Systems Energized prior to January 21, 2015 are not eligible to participate in the procurement event. The IPA will purchase RECs generated by “new” systems prior to the Effective Date of the SPV Contract through the SPV Contract with the Seller, provided that the overall number of RECs that Buyer is obligated to purchase does not exceed the Maximum Contract Quantity under the SPV Contract.