The Long Island Power Authority announced that the Clean Solar Initiative would start its second round of applications on October 7th. This program seeks to bring an additional 100 megawatts (MW) of solar energy to the island, and it is expected to have the same success as CSI-I. Projects to enter this round should be 100kW to 2MW in capacity. Similarly to Rhode Island’s program, the rate will be set through a bidding process. The final price per kWh will be fixed for 20 years. CSI will be accepting applications until January 31st, 2014.
On October 28th National Grid starts its third open enrollment period and will be accepting applications to enter into standard contracts for the supply of energy and RECs in Rhode Island. For this year, the ceiling price (the maximum bid-in price for projects) for 50-100 kW systems will be $0.2995/kWh, $0.2880/kWh for 101-250 kW systems, and $0.2840/kWh for 251-500 kW systems. This is the first round where all applicants will have to include competitive bids with their applications. National Grid will be accepting applications until November 8th.
New Jersey’s PSE&G Solar Loan Program III received approval to offer a third round of loans to 97.5 MW worth of residential and non-residential solar projects. The date for the beginning of the application period hasn’t been released yet, but PSE&G is expected to announce it shortly. Continuing the theme, this program will also involve a competitive bid process to secure the 15 year loan.
Los Angeles Department of Water and Power (LADWP), after its application process ended on July 12th, conducted a lottery drawing to determine the application review priority for its Second Allocation Program. This 100 MW program will be offered in five 20 MW allocations occurring every six months, so we can expect that the third round will be opening at the beginning of 2014 at a base rate of $0.15/kWh.
Sol Systems will continue tracking these programs for our investor and developer clients in order to better advise on the application process and to enhance communication between investors and developers as projects pursue contracts. If you have a project that has been submitted into these programs or awarded a contract, and is need of financing, please contact our team at email@example.com or (888) 235-1538×2. Our team is happy to discuss your project with you and assess financing opportunities.
About Sol Systems
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has arranged financing for thousands of projects and facilitated hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals.
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