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City of New London·Connecticut

Virtual Net Meeting Offtake from Solar Projects in Eversource Territory for the City of New London

Closes 7/24/2020$8M – $15MRequest for Proposal
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Description

The City of New London is seeking solar developers to provide 5‑10 MW AC of virtual net‑metering (VNM) capacity from solar projects located within Eversource’s service territory. Selected proposers will enter into a 20‑year fixed‑price Power Purchase Agreement (PPA) (with a possible 5‑year extension) and will be responsible for all development, permitting, interconnection, and financing activities, while delivering VNM credits to up to five municipal or public‑school accounts. • Project size per facility: 1 MW‑4 MW AC (Addendum clarifies 1‑3 MW AC per project). • Mandatory deliverables include detailed project data sheets, site‑control documents, interconnection filings, ZREC/LREC award letters, a draft 20‑year PPA, and financial strength statements. • The City will pay a technical/legal RFP fee of $0.10 per Watt‑DC (split between CSW Energy and Klee Sustainability Advisors) on a milestone schedule after PPA execution. • Timeline: RFP released 22 Jun 2020, questions due 2 Jul 2020, proposal deadline 24 Jul 2020, preliminary selection 14 Aug 2020, PPA execution by 28 Aug 2020, and Eversource VNM application by 11 Sep 2020. • The opportunity is ideal for developers with ready‑to‑build solar sites in Connecticut, experience navigating CT’s municipal VNM program, and capacity to finance and operate a 20‑year PPA.

Attached files

The solicitation documents live at the source — open the bid source above to download them.

Contact

[email protected]

Key dates

Opened
6/22/2020
Questions due
7/2/2020
Closes
7/24/2020
Projected award
8/14/2020
Duration
20 years

Last updated

Details

Type
Request for Proposal
Industry
Renewable Energy
NAICS
541330
Solicitation №
2020-20

Budget estimate

$8,000,000 – $15,000,000

The RFP fee alone is $0.10 per Watt‑DC, which for a 5 MW DC project equals $500,000, and for a 10 MW DC project equals $1,000,000. In addition, the developer will earn revenue from selling VNM credits to the City (and possibly from ZREC/LREC sales) over a 20‑year term. Assuming an average credit value of $0.06/kWh and an annual production of ~6,000 MWh per MW, annual revenue per MW could be roughly $360,000, yielding $7.2 M–$14.4 M over 20 years. Therefore, total developer earnings (fees + credit revenue) are estimated between $8 M and $15 M for a 5–10 MW portfolio. The ball‑park budget range reflects project size, credit pricing, and ZREC/LREC market fluctuations.

AI estimate from the solicitation

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