As a part of the Community Environmental Benefit Agreement (CEBA), PSEG Power Connecticut LLC, has created a Renewable Energy Investment Program with the goal of investing $5 million in clean energy projects. This program will promote renewable energy projects within the City of Bridgeport that are recommended by the City and ETF, and meet PSEG investment/ bid guidelines. This initiative will further the production of clean energy by investing in renewable energy development opportunities within the City.
PGEG is seeking to acquire projects that have the elements set forth below:
You are — if you meet the following bid requirements:
• Class I Renewable Energy Facility: Project meets the definition of or is eligible for approval as a Class I renewable energy source within the meaning of Section 16-1(26) of the Connecticut General Statutes, as shown below. While all projects that meet the Class 1 renewable definition will be considered, preference will be given to ground mounted solar facilities as the best match with PSEG’s expertise and investment criteria.
16-1 (26) “Class I renewable energy source” means (A) energy derived from solar power, wind power, a fuel cell, methane gas from landfills, ocean thermal power, wave or tidal power, low emission advanced renewable energy conversion technologies, a run-of-the-river hydropower facility provided such facility has a generating capacity of not more than five megawatts, does not cause an appreciable change in the river flow, and began operation after July 1, 2003, or a sustainable biomass facility with an average emission rate of equal to or less than .075 pounds of nitrogen oxides per million BTU of heat input for the previous calendar quarter, except that energy derived from a sustainable biomass facility with a capacity of less than five hundred kilowatts that began construction before July 1, 2003, may be considered a Class I renewable energy source, or (B) any electrical generation, including distributed generation, generated from a Class I renewable energy source
• Power Purchase or Offtake Agreement: The project must have a final, duly executed, valid and binding long term power purchase agreement (“PPA Agreement”) or other offtake agreement in place with a credit-worthy off-taker.
• Real Estate Entitlements: Easement, ground lease, fee title or other requisite real estate entitlement is required on commercially reasonable terms. Rooftop solar installations will not be considered.
• Interconnection Agreement: All applicable interconnection studies have been completed and upgrade costs (if any) have been identified. The interconnecting utility has agreed to interconnect the project using a pro forma FERC-approved interconnection agreement. “Behind the meter” projects will not be considered.
• Preference for Shovel-Ready Project with All Permits and Approvals in place: The project will need all applicable permits and approvals and PSEG cannot assume permitting risk.
• EPC Agreement: A viable project requires an engineering, procurement and construction agreement with an acceptable contractor that provides construction of the project on a turnkey basis on commercially reasonable terms.
• O&M Agreement: A viable project requires an operations and maintenance agreement with an acceptable O&M provider on commercially reasonable terms that will ensure maintenance or applicable warranties and delivery of PPA Agreement performance guarantees long-term.
• Stakeholder Approvals in Place: A viable project needs public acceptance and support from the City, Community Groups and other relevant stakeholders, including the Public Utilities Regulatory Authority, electric distribution company and neighbors.
• Acceptable Financial Metrics: Minimum deal value of $3 million. PSEG will evaluate the project using its confidential and proprietary renewable energy investment evaluation methodologies and procedures.
Please click the button below and fill out the online application form.