What is the price level of the SRECs paid under the SREC Purchase and Sale Agreement (“SREC PSA”) and the duration of the SREC PSA?
The price level for SRECs is the price that a Proponent submits with its Pricing Proposal. A Proponent whose Proposal is recommended by the Solicitation Manager and approved by the Board is a “Successful Proponent” and the Project is a “Successful Project”. An Owner of a Successful Project that signs the standard contract called the SREC Purchase and Sale Agreement (“SREC PSA”) is a “Seller”. A Seller would receive the Price submitted in the Proposal for each SREC transferred to the EDC under the SREC PSA over the term of the contract, which can be between 10 and 15 years. The Proponent must submit a single Price for a given Project so that the Price obtained for all SRECs transferred is the same. The Pricing Proposals will be ranked according to the net present value (“NPV”) of each annually delivered SREC under the SREC PSA.
