Chicago Infrastructure Trust has launched a tender process to develop solar PV systems on the rooftop or ground properties of City of Chicago Departments and Sister Agencies as well as other local municipal and not-for-profit institutions.
The trust has received an unsolicited proposal to engineer, procure, and construct (EPC); finance; and operate and maintain solar PV systems on project partner properties using a power purchase agreement (PPA) model that would ensure organizational budget, balance sheet, and credit neutrality.
The unsolicited proposal seeks a letter of intent (LOI) from project partners in advance of the Illinois Power Authority’s (IPA’s) Solar Renewable Energy Credit (SREC) auctions. The LOI would express the intent to move forward with an EPC Contract or power purchase pgreement (PPA) should a proposed project win one of the upcoming auctions and be able to proceed cost-effectively.
Interested parties must submit their proposals on or before 17 April 2015. The proposal is recommended to include at least one financial partner capable of financing the transaction, preferably in an off-credit and off-balance sheet structure such as a PPA or Property Assessed Clean Energy (PACE) loan.
See tender announcement: