The Spring 2022 Coal to Solar Procurement is a renewable energy credits (RECs) procurement event established under Public Act 102-0662 (the Climate and Equitable Jobs Act). This procurement seeks to procure RECs from new renewable energy facilities, specifically solar projects, that are installed at or adjacent to sites of electric generating facilities that burn or burned coal as their primary fuel source. Projects must meet all eligibility criteria specified in Section 1-75(c-5) of the IPA Act.
Key deadlines for the Spring 2022 procurement include: Expression of Interest submission deadline of January 5, 2022; Proposal Due Date of April 13, 2022 at 12:00 PM (noon) CPT; and Supplier Fee payment due within seven (7) business days after ICC approval. The final amount of the Supplier Fee (in $/REC) and payment instructions were provided no later than 6:00 PM CPT on April 25, 2022. Results of the procurement event were posted on April 29, 2022.
Proposals must include proposal assurance collateral in the form of cash or a letter of credit to each of the utilities (AIC and ComEd). The Seller, which is the entity that delivers RECs from a Project and is signatory to the applicable supplier contract, must be either the Owner of the Coal Facility or an affiliated entity of the Owner. Projects may be installed on property adjacent to coal facility sites if necessary for sufficient space.
Submission of proposals requires completion of detailed proposal forms, confidentiality statements, and guaranty documentation. Two options for Letters of Credit are available with corresponding schedules for full transfer. Final contract documents include the Coal to Solar REC Contract with form guaranties and letter of credit templates specific to each utility (AIC and ComEd).