June 25, 2022

Volume XII, Number 176

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Utility-Scale Solar and Wind Projects Heat Up in Illinois as Procurement Deadlines Approach

 The Illinois Power Agency (IPA) recently issued the Fall 2017 Procurement Wind and Solar Requests for Proposals (RFPs) on behalf of the state’s three major energy utilities to provide for the delivery of 1 million Renewable Energy Credits (RECs) per year from new utility-scale wind projects and 1 million RECs per year from new utility-scale solar projects and brownfield photovoltaic projects over a 15-year contract period. The deadline for RFP submissions for Part 1 is Aug. 7.

While IPA intends to use the Fall 2017 Procurement Event to achieve procurement of all required wind RECs, it will hold multiple procurement events for the solar RECs, with a 200,000 REC target for the current Fall 2017 Procurement.

These procurement events mark the beginning steps in IPA’s implementation of the Future Energy Jobs Act (FEJA), which is designed to develop an estimated 3,000 megawatts (MW) of new solar power and 1,300 MW of new wind power in Illinois by 2030.

The RFPs require bidders to submit two parts: Part 1 requiring detailed information regarding project, certain project representations, detailed financial information, and bid participation fee. Part 2 requires bid assurance collateral, certain certifications, information to prepare the REC contracts, and the bid, which consists of the annual quantity and price per REC.

Specifically, the RFPs provide the following schedule for submissions:

table renewable energy

Revisions to Bid Assurance Collateral

Notably, the July 19, 2017, Wind and Solar RFP Process and Rules (RFP rules) revised the financial guarantee requirements from the June 14, 2017, draft proposal requirements. The RFP rules allow bidders to submit financial guarantees in the form of letters of credit or cash as bid assurance collateral.

© 2022 BARNES & THORNBURG LLPNational Law Review, Volume VII, Number 216
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About this Author

Ralph Dudziak Corporate & Finance Attorney
Partner

Trusted adviser and legal counselor Ralph Dudziak advises on financing and other corporate transactions, with an emphasis on the renewable energy sector. Ralph cares deeply about the clients he serves and the results he cultivates and achieves.

Ralph’s experience includes project finance and development, renewable energy project construction and term lending, tax equity financings, back-leverage financings, additional forms of secured lending, credit warehouses and securitizations, private placements and leasing. He also represents a variety of other business clients in myriad...

312-214-5618
Michael Elam Environmental Energy Attorney
Partner

Veteran attorney Michael Elam brings more than three decades of experience in environmental, energy, infrastructure and natural resource law in both the private and public sectors. He structures creative agreements and helps secure approvals and financing for complex national and international agreements involving the development, remediation and financing of environmentally challenged or controversial projects surrounding energy and sensitive water bodies or sources.

Michael represents businesses and other clients in complex projects and transactions, disputes and litigation. He is...

312-214-5630
Ashley Parr Environmental Attorney Barnes Thornburg Law Firm Chicago
Associate

Ashley E. Parr is an associate in Barnes & Thornburg’s Chicago office, where she is a member of the Environmental Department and Renewable Energy Practice Group.

Prior to joining Barnes & Thornburg, Ms. Parr served as an assistant general counsel for the Illinois Department of Human Services. She advised all programs in the department’s Family and Community Services Division on federal and state regulatory and compliance matters, government contracting, and administrative litigation. She also served as an extern for the U.S. Environmental Protection Agency’s Office of...

312-214-4842
Eli Korer, Barnes Thornburg Law Firm, Chicago, Corporate Law Attorney
Associate

Eli Korer is an associate in the Chicago office of Barnes & Thornburg LLP and a member of the Corporate Department.

Mr. Korer represents public and private companies in various corporate matters, including corporate formations, corporate governance and compliance, financing, commercial transactions, securities, mergers, stock and asset acquisitions and divestitures, joint ventures, and commercial real estate transactions.

Prior to joining Barnes & Thornburg LLP, Mr. Korer focused his practice on representing privately held companies in general corporate and real...

312-214-4843
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