The Wind and Solar RFP (“W&S RFP”) DRAFT Illustrative Part 1 Form, which provides an outline of the draft Part 1 Proposal qualification requirements, was posted to the Draft Documents page of the Wind and Solar Section of the procurement website on June 30, 2017.
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Archived-W&S-67: It is understood that this August procurement will be the first of a few procurements before June 2018 to meet the overall goal of 1M utility/brownfield solar RECs per year. Is there any guidance on how many RECs will be procured in this first procurement event?
The release of the final parameters and RFP documents is expected for July 19, 2017. To the extent practicable, the Procurement Administrator will make additional early releases of information, including the release of the solar target for this first procurement event.
Archived-W&S-58: When will the Procurement Administrator release more information about the RFP, including the REC volumes that will be procured from solar projects in the first procurement event, the requirements for site control, and the requirements for interconnection?
The Procurement Administrator made a preliminary release of information regarding the RFP requirements on June 14. The release of the final RFP documents is expected for July 19, 2017. To the extent practicable, the Procurement Administrator will also make additional early releases of select information. The Procurement Administrator recently posted an illustrative Part 1 Form … Continue reading When will the Procurement Administrator release more information about the RFP, including the REC volumes that will be procured from solar projects in the first procurement event, the requirements for site control, and the requirements for interconnection?
Archived-W&S-57: Will a portion of the Collateral Requirement be due along with the bid submission?
There is a bid assurance collateral due with the Part 2 Proposal, but that bid assurance collateral is separate from the Collateral Requirement due at contract execution for a winning bid. The bid assurance collateral, as described in the draft proposals requirements released on June 14, 2017, consist of a form of a letter of … Continue reading Will a portion of the Collateral Requirement be due along with the bid submission?
Archived-W&S-51: Can you please confirm that a 50 MW solar facility would have to post 50 x $15,000 = $750,000 to each utility or $2.25M in total? This seems like a large sum to have to pay in addition to the Collateral Requirement under the REC Contract.
Your current understanding is correct. Under the current draft of the Preliminary Proposal Requirements, a participant is required to submit a letter of credit to each utility to support its bids. The letter of credit for each utility must be in an amount of $5,000/MW of wind projects and $15,000/MW of solar projects for which … Continue reading Can you please confirm that a 50 MW solar facility would have to post 50 x $15,000 = $750,000 to each utility or $2.25M in total? This seems like a large sum to have to pay in addition to the Collateral Requirement under the REC Contract.
Archived-W&S-50: Will the comments on the draft REC contract submitted on June 1 be publicly posted?
The comments on standard contracts prepared by the Procurement Administrator are made available to the Commission but will not be publicly posted. Please note that a second draft of the REC Contract that takes into consideration these comments was posted June 28, 2017 to the procurement website. This second draft, the DRAFT (2) REC Contract, … Continue reading Will the comments on the draft REC contract submitted on June 1 be publicly posted?
Archived-W&S-49: When will you be posting the forms of the letters of credit that a bidder can use to post bid assurance collateral with the Part 2 Proposal?
Please see FAQ-W&S-73. Revised 8-01-2017 first posted 7-05-2017
Archived-W&S-46: The Letter of Credit amount provided in the draft part 2 Proposal requirements is $15,000/MW. Is it correct that this is for one utility (so $45,000/MW across all three utilities)?
That is correct. The Bid Assurance Collateral in the draft Part 2 Proposal requirements requires providing a letter of credit to each utility in an amount that is based on the size of the project presented ($5,000/MW for wind, $15,000/MW for solar projects, subject to a $25,000 minimum). The final requirements are expected to be … Continue reading The Letter of Credit amount provided in the draft part 2 Proposal requirements is $15,000/MW. Is it correct that this is for one utility (so $45,000/MW across all three utilities)?
Archived-W&S-43: What is the anticipated date of when the Collateral Requirement will be required under the REC Agreement?
The REC Contract (Draft 1) requires the Seller to post any financial guarantees within two (2) business days of a request by the Buyer if such a request is received by 1 PM Eastern Prevailing Time or within three (3) business days otherwise.
Archived-W&S-41: Are RECs generated by the project above the Annual Quantity, up to the Maximum Contract Quantity, paid for by the IPA?
Under the REC Contract, the purchaser of the RECs will be AIC, ComEd, or MEC. In a given year, the Seller can deliver up to the Annual Quantity but no more. If the project generates RECs in excess of the Annual Quantity, these are the property of the Seller. The Seller can sell these RECs … Continue reading Are RECs generated by the project above the Annual Quantity, up to the Maximum Contract Quantity, paid for by the IPA?