As part of the 2013 Delaware Procurement Program, SRECDelaware held a Spot Auction through the SRECDelaware platform for owners of existing SRECs generated from June 2009 until today to bid to sell their SRECs. The auction was held between May 15th and May 22nd. Delmarva Power anticipated purchasing between 2,000 and 6,000 SRECs total with all bids evaluated solely on bid price with no additional credit provided for Delaware labor or equipment. All winning bidders will be paid based on their bid price less an 8% commission deducted from their final payment.
Shortly following the close of the auction, on May 24, 2013, SRECDelaware announced the results. A total of 2,978 SRECs were purchased out of a total of 5,394 SRECs entered into the auction. The weighted average price of SRECs sold was $33.94/SREC, with a low price of $1.50/SREC and a high of $45.00/SREC. This weighted average price is lower than where the market currently stands. Delaware 2012 SRECs are currently bid at $35/SREC and offered at $45/SREC, with the majority of the volume trading at $40/SREC.
Sol Systems bid our customers’ SRECs into the auction at fairly high prices in an attempt to sell them at higher prices than what we have been able to achieve on the spot market and through direct relationships this year. Although Sol Systems was unable to secure any SRECs through the SRECDelaware Spot Auction, this week we were able to sell the remainder of our customers’ SRECs at $40/SREC, less our transaction fee, for a final price of $35.00. So far in 2013, the weighted average price of our DE SREC sales is $39.36/SREC. Sol Systems currently offers our Sol Brokerage solution for photovoltaic systems located in Delaware. If you are interested in becoming a Sol Brokerage customer, please email email@example.com for more information.
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.
For more information, please visit www.solsystemscompany.com.