ILLINOIS SUPPLEMENTAL PV PROCUREMENT PROGRAM (ROUND 3) JANUARY 13, 2016

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1 ILLINOIS SUPPLEMENTAL PV PROCUREMENT PROGRAM (ROUND 3) JANUARY 13, 2016

2 SPEAKERS Tom MacKenty Associate, Environmental Markets Steven Eisenberg CEO 2

3 AGENDA Company Overview Program Overview SRECTrade Registration and Bidding Process Summary and Q&A This document is protected by copyright laws and contains material proprietary to SRECTrade, Inc. It or any components may not be reproduced, republished, distributed, transmitted, displayed, broadcast or otherwise exploited in any manner without the express prior written permission of SRECTrade, Inc. The receipt or possession of this document does not convey any rights to reproduce, disclose, or distribute its contents, or to manufacture, use, or sell anything that it may describe, in whole or in part. If consent to use these materials is granted, a link to the current version of this document on the SRECTrade website must be included for reference. 3

4 TRANSACTION & MANAGEMENT PLATFORM Since MW under management 14,000+ facilities under management 100% SREC focused Brokerage model Preferred ISEA vendor for IPA Procurement Successful participant in June and November 2015 solicitations 4

5 PROGRAM OVERVIEW 7

6 SUPPLEMENTAL PV PROCUREMENT PROGRAM OVERVIEW Program was developed by the Illinois Power Agency (IPA) Procurement is for Renewable Energy Credits ( RECs ) from photovoltaic systems in Illinois energized on or after January 21, 2015 Contract term is for five (5) years Credit requirements include a refundable deposit per REC: $16/REC ($100/kW) for speculative systems $8/REC ($50/kW) for identified systems Due at application and returned with first SREC payment (if successful) 8

7 ROUND 1 RESULTS (JUNE 2015 PROCUREMENT) 8

8 ROUND 2 RESULTS (NOVEMBER 2015 PROCUREMENT) Sub-25 kw kw Over-500 kw Total Identified Systems Forecast Systems Identified Systems Identified Systems Quantity (# of RECs) 1 4,934 11,135 28,601 25,426 70,096 Approx. Total Capacity (kw) ,782 4,576 4,068 11,215 Approx. Number of Winning Facilities Avg. Winning System Size (kw) , Avg. Winning Bid Price ($/REC) 4 $ $ $ $ $ Approx. Total Contract Value 4 $ 915, $ 2,334, $ 3,261, $ 3,487, $ 9,999, Notes: 1. The total number of SRECs won for the term of the 5-year contract. Values provided by IPA Supplemental PV Procurement Results. 2. Estimated total capacity awarded in the procurement. Values estimated by SRECTrade. 3. Values estimated by SRECTrade; derived by dividing estimated total capacity by average winning system size (kw). 4. Values provided by IPA Supplemental PV Procurement Results. Sum of total contract values may differ slightly from calculated value due to rounding. 8

9 SUPPLEMENTAL PV PROCUREMENT PROGRAM OVERVIEW Systems over 25 kw must be IDENTIFIED at application (no speculative bids) Energized on or after January 21, 2015 Systems are required to be behind the meter of a regulated utility, municipal utility, or electric cooperative located in IL Meter Requirements Under 10 kw: +/- 5% accuracy. Can be a production meter or inverter Over 10 kw: +/- 2% accuracy. Must be dedicated solar production meter RECs must be tracked and delivered using GATS or M-RETS (which can be facilitated via use of an aggregator) 10

10 SUPPLEMENTAL PV PROCUREMENT PROGRAM OVERVIEW $30 million allocated from the IL Renewable Energy Resources Fund 3 Procurement Events: June 2015 Nov 2015 Mar 2016 Early 2017* Budget $5 million $10 million $15 million *contingency event, balance of funds Min/Max Bid Size 500 REC min (all sizes) 5,000 REC max (for bids in under 25 kw category) 500 REC min (all sizes) NO REC max (50% RECs filled by under 25 kw category) 500 REC min (all sizes) No REC max *Possible limitation on categories of systems that may participate Max System 500 kw max size 15% 25 kw 500 kw 2 MW max size Size for over 25 kw category 35% >500 kw 2 MW for over 25 kw category 9

11 REGISTRATION AND BID PROCESS 11

12 SRECTRADE BIDDING PROCESS Bid Deposits: Under 25 kw: Collected online via credit card (installer or system owner) Over 25 kw: Collected via ACH / wire transfer (instructions for transfer provided at time of bid submission to SRECTrade) Each system will submit a Minimum Bid (i.e., offer to sell) Systems will be grouped in blocks of at least 80 kw based on Minimum Bid price Winning bids will receive 5 year SREC contracts at or above their Minimum Bid price 13

13 EXAMPLE AGGREGATE GROUPS : System size and price are for illustrative purposes only. These figures are not representative of actual contract pricing. Bid System Size Min Bid / SREC Aggregate Group 1 5 kw $100 Group $ kw $105 Group $ kw $110 Group $ kw $150 Group $ kw $155 Group $ kw $160 Group $160 14

14 TIMELINE Application Window is Open Now! Early March Bid Results Announced Mid February SRECTrade Application Closes *Exact date pending IPA notice *Application must be 100% complete, including bid deposit

15 INQUIRIES? CONTACT US! System Owners: Installers: