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The purpose of the $1,500 assignment fee is to cover administrative and legal costs incurred by the EDC each time the counterparty chooses to assign the PSA. This fee is applied on a per assignment basis and is applicable each time the PSA is assigned to a new party, including assignments related to, or in connection with, a sale of the property and/or the project. Please check the PSAs for further information.
On the Webinar, you mentioned "Developer Caps". Where can I learn more about what a Developer Cap is?
The Developer Caps are described in Section 5.1.9 – 5.1.12 of the RFP and only apply to projects in the ACE and JCP&L service territories only. The Developer Caps set maximum percentages for amounts awarded to developer/majority owners by segment and by EDC.
Does the Interconnection Application need to be accepted by the utility prior to submitting the EOI and Bid Package?
No. The RFP does not require the Interconnection Application be accepted by the utility prior to submitting an EOI or Bid Package.
Due to the time required for issuance of an SRP #, would an EOI without an SRP # be acceptable? (if it were to be accompanied by proof that the SRP # process has been initiated)
No, an SRP # must accompany the EOI. Please see the announcement posted to the RFP Web Site on 3/31/2015 which provides information furnished to us by the SRP Program Administrator:
1 - Can the system be built after the EOI and still qualify, even if it is allowed to be connected PTO prior to the awards announced?
The system can be constructed after the EOI and still qualify.
Per Section 5.1.9, the following Developer Caps (kW) for the first solicitation round apply unless the RFP is undersubscribed:
Yes, the following summarizes the total fees:
With respect to an original submission of a Proposal, the successful proposers must provide a cash deposit within 14 days of the Board’s written order approving a bid selection. If the cash deposit is not made, then the project will be rejected. If the cash deposit is made and the PSA is not executed within the prescribed time, then the cash deposit will become property of the EDC. Beyond the cash deposit and application fees, there are no other costs or damages in the event the PSA is not executed within the prescribed time. The prescribed time is within 5 business days of being given a Final Notice of Award by the EDC per Section 4.1.7 of the RFP rules. In the case of a subsequent re-submittal of a Proposal, the successful re-submitting proposer, again, would be required to comply with the same requirements including application fees and providing a cash deposit within 14 days of Board’s subsequent approval as evidenced by a subsequent written Board Order.
I note that there is a requirement to submit SRP registration by 4/13 at 4pm. One of the requirements of SRP registration is an executed contract for the system. For the project I am applying for, I do not yet have an executed contract for the purchase of the system; however I have an executed PPA dated 3/13/15. Will this project meet the requirement for SREC registration? Please advise.
Please direct all questions with respect to the SRP registration process to the SRP Program Administrator:
I cannot find the summary of average winning bids in prior solicitations. I thought I saw it somewhere but I cannot find it anymore.
Average winning bids from prior solicitations are available in the “Announcements” section of the www.njedcsolar.com web site.
When will Round 2 of be announced and due for bid? Thank you.
There will be approximately 100 days between solicitations. No date has been announced yet.
Can any project be included as long as it has not received a "permission to operate" yet from the utility company, even if it received an initial SREC registration application number last year?
Provided that the initial SRP registration continues to be valid at the time, the response to question #5 above (as repeated here) would still be applicable:
Does every project that gets accepted pay a $1500 project assignment fee?
The fee is payable if the awarded PSA is assigned to another party. Otherwise, the fee is not applicable to parties who have not assigned the PSA.
In the event that the Host and Owner are different legal entities with a common parent company, Appendix C (set forth in Appendix 5 to the RFP) would still need to be completed by the Host that owns the premises or facility where the project will reside. Sharing the same parent company does not change the distinction between the Host and the project Owner and the need for Appendix C.
The Supplement Form has been posted to the Documents section of the RFP web site.
I submitted the SREC RFP Registration by the 4pm 4/13 deadline specified on the SREC II Program website. For reference, the account number for the Site Host on my Registration Form is XXXXXXX. It is not specified in the RFP materials as to when I should expect to be notified if my project cleared the process and if I will receive a NJCEP Application Number to submit in time for the EOI due on Monday, 4/20. Please advise how this process is expected to work. Thank you.
Please submit the EOI with the NJCEP Application number once you have received it from the SRP Program Administrator. The SRP process is separate from the RFP and managed by the SRP Program Administrator. EOIs are due on Monday, April 20 and require an NJCEP Application Number.
We are very interested in responding to the RFP under the SREC- Based Financing II. However we have not submitted an application for the SRP #. Does this mean that we are disqualified from the project?
Per the instructions posted in the announcements section of the RFP web site, the SRP Administrator has indicated that it needed submittals by April 13th at 4 PM in order to process the SRP # in time for the April 20th deadline established for the EOI. To the extent you are able to receive an SRP # in the meantime, you may bid into this first round. If unable, you will still have the opportunity to bid into subsequent Rounds.
I’m interested in submitting a bid for the SREC II RFP. However, one question I have is that is this RFP just for Round 1? If so, if I don’t respond to this RFP then will I not be allowed to submit a proposal for Round 2?
This RFP is Round 1. Bidders who do not respond to this RFP will be able to bid into subsequent rounds. There will be a total of 9 rounds over a span of 3 years.
Yesterday at the NJ Renewable Energy meeting I asked a question concerning construction of a system timing. You were not able to hear my question and Scott Hunter said to look on your web site and if it is not clear, to email you. I hope you receive this, since the web site has no “contact us” page. Having been on the site, it is even more ambiguous. I asked can we begin construction on a Segment 1 system, now that the bid has been submitted. It appears in 1.2.10 of the RFP that it is permitted to be built, (after bid is submitted) but if it is interconnected before the SREC PSA is executed, than any SREC earned during that time will not be purchased by the EDC. Am I correct in assuming that these exempt SRECs are earned and able to be sold on the open market? You stated some time lines that you hope to meet. These help us to determine when we can build and apply for the interconnection that is needed. On the web site under “Calendar” the dates are different than what you stated yesterday. On the site it states the Board meeting will be May 27, and you said June 17. Your stated schedule is 3 weeks later than what is posted. Looking at the “Announcement” page, there is no mention of these later dates. I am also subscribed through the “Subscribe for updates” page, and nothing has come to me through that.
In response to your question, a Segment 1 project cannot (i) request final interconnection approval from the EDC or (ii) be interconnected prior to the Board Order approving the results of the solicitation. Projects that are either interconnected or request final interconnection approval from an EDC prior to the Board’s approval of awards will be ineligible to enter into a PSA with the EDC. See section 1.2.10 of the RFP for further detail.
How can I learn of future RFPs?
The next RFP is tentatively scheduled for late June. Please register for updates on our mailing list here and periodically check the RFP web site located at www.njsolarprogram.com.
I have two questions:
The next RFP is tentatively scheduled for late June. Please register for updates on our mailing list here and periodically check the RFP web site located at www.njsolarprogram.com
It has been submitted in accordance with the schedule posted.
I want to confirm if there is a required first priority lien placed on the solar equipment for those systems that participate in the EDC SREC II solar financing program?
I know that there is such a lien to those facilities that participate in the PSEG Solar Loan III program but just clarifying if that is the same case for this program as well.
the SREC II Program, there is no lien placed on the solar equipment. See
the applicable SREC Purchase and Sale Agreement (the “SREC-PSA”) for details
regarding the EDC’s purchase of Transferred SRECs from projects that enter into
Is there any way for me to see what prices were bid for the First Solicitation. It says in the Board Order that average price per SREC will not be disclosed due to too few distinct price offers – but we are interested in participating in the next solicitation, and are looking for some benchmark or guidance regarding where bids should be.
Any help in this regard would be very much appreciated. Even if a comparison to cleared bid prices from the first round of EDC SREC solicitations would be helpful.
As noted in the July 23, 2015 Board Order, the results from the first round
will not be disclosed.
Is there an actual application package? I cannot find it. Just submit first page of SREC registration form and send it in? No average price? How about a range for residential? Can someone who is about to start construction and already have an SRP # apply?
Timing of Build and Interconnection – Is it correct that a project that winds a bid in Round 2 would not be able to receive ‘Permission To Operate’ until January 2016 once its PSA has been executed? Is it also correct that a project cannot request “Permission To Operate’ until December 2015 when winners have been announced? If these dates are not correct, when is the earliest that a project could request PTO (ie. request final interconnection approval from the EDC), and receive PTO (ie. approval to operate).?
Please see Section 2.3.1 (second and third bullets) of the RFP which refers to the timing of construction completion, interconnection (i.e., receipt of permission from the EDC to operate) and requesting final interconnection approval from the EDC. Also see, Table 2-2 (RFP Round 2 Target Schedule).
Post-PSA Process – After a PSA has been executed, what additional paperwork/processes are required?
With respect to the RFP, no additional paperwork/processes are required after the PSA has been executed. Thereafter, all paperwork/process requirements will be as set forth in the SREC PSA.
Automatic Transfers – How do we set-up automatic transfers of created SRECs from GATS to the EDC’s accounts?