CONNECTICUT CLEAN ENERGY FUND LAUNCHES "PROJECT 100" IN SUPPORT OF LANDMARK LEGISLATION FOR DEVELOPING AND FINANCING CLEAN ENERGY PROJECTS A Request For Expressions of Interest Also Announced.
FOR IMMEDIATE RELEASE
Contact: Karen Mendes: (860) 563-0015
Attachment(s): Connecticut Project 100 fact sheet
CONNECTICUT CLEAN ENERGY FUND LAUNCHES "PROJECT 100" IN SUPPORT OF LANDMARK LEGISLATION FOR DEVELOPING AND FINANCING CLEAN ENERGY PROJECTS
A Request For Expressions of Interest Also Announced.
Rocky Hill, CT (October 20, 2004)—The Connecticut Clean Energy Fund (CCEF) announced today "Project 100",
a clean energy initiative supporting new landmark legislation promoting the development and funding of Class I renewable energy resources.
The "Project 100" initiative creates an opportunity for clean energy developers, manufacturers and financiers to advance clean energy development projects. This initiative is the result of Connecticut legislation that mandates local electric distribution companies to enter into power purchase agreements for no less than a 10-year period from Class I renewable energy resources. The legislation calls for the contracting of a minimum of 100 MW of clean energy resources by July 1, 2007.
"Project 100" creates an unprecedented opportunity for developers, manufacturers, banks and institutional lenders to invest in and construct clean energy generation facilities," said Lise Dondy, COO of the Connecticut Clean Energy Fund. "The legislation is designed to encourage the financing of clean energy projects, stimulate the demand for new projects, and increase the supply of clean energy for Connecticut."
Inaugural "Project 100" forum is being scheduled for mid-November. (Location and date to be announced.) The forum will be the first opportunity for interested parties to comment on a draft RFP to be released prior to the forum. The forum is open to developers, financiers, manufacturers, and municipalities and the public is invited. CCEF also announced that those interested in receiving the RFP should contact CCEF at 860-563-0015 or visit the Connecticut Clean Energy Fund's website at www.ctcleanenergy.com for an Expression of Interest form.
"The Department of Public Utilities is working in cooperation with Connecticut Light and Power, United Illuminating, and the Connecticut Clean Energy Fund to successfully implement Project 100," said Dondy.
Connecticut Clean Energy Fund (CCEF) was established by the Connecticut General Assembly in 1998. CCEF is funded from a surcharge on Connecticut ratepayer's electric bills. Connecticut Innovations, Inc administers the fund. CCEF invests in clean energy technologies such as biomass, landfill gas, fuel cells, solar, wave and wind and other initiatives consistent with legislative mandates.
Connecticut Project 100
Opportunity for Renewable Energy Developers and Investors
The Connecticut legislature has created an unprecedented opportunity for Class I renewable energy projects. The legislation establishes a reliable market for electricity generated by Class I renewable energy sources by means of long-term power purchase contracts. The Connecticut Clean Energy Fund (CCEF) has established Project 100 as the vehicle by which developers and investors can participate in this unique opportunity.
Project 100 Specifics
Detailed in P.A. 03-1351, the legislation requires the state's electric distribution companies to enter into minimum 10-year contracts for not less than 100 MW of Class I renewable capacity. Pricing under these contracts will include a premium of up to 5.5˘ per kWh.
These long-term power purchase contracts must be filed by July 1, 2007 and be with projects that:
• Receive funding from the CCEF,
• Began operation after July 1, 2003, and
• Are at least 1 MW in capacity. Why is Project 100 Important for Renewables?
This initiative is designed to encourage financing of renewable energy projects, stimulate the development of new projects, and increase the available supply of renewable energy.
CCEF - Our Role and Process
The CCEF will design and establish the process by which projects will be screened and recommended to the electric distribution companies for consideration.
Projects may qualify under one of two distinct solicitations; the Pre-development solicitation or the Project 100 solicitation. In addition to introductory workshops and an awareness campaign, beginning in Fall 2004 the CCEF will:
• Release an Expression of Interest,
• Release a draft of the Project 100 solicitation for public comment,
• Release Pre-Development and Project 100 solicitations,
• Evaluate all projects,
• Fund selected Pre-development Projects, and
• Recommend selected Project 100 projects to the electric distribution companies.
What are Pre-Development Projects?
Pre-Development projects are those that:
• are at an early stage; and
• have yet to begin siting, permitting, or feasibility analyses;
After certain milestones have been achieved these projects could be considered for qualification under Project 100.
Solicitation Interval - rolling submission basis. What are Project 100 Projects?
The Project 100 solicitation focuses on projects that:
• are beyond the pre-development stage;
• use commercially available technologies;
• have already achieved substantial progress in permitting and site control; and
• are ready for deployment.
Solicitation Interval - approximately every 9 months.