2026 RFP – Energy Prepayment Transactions

Clean Energy Alliance (CEA), a California-based community choice aggregate serving over 256,000 customers across seven member agencies (Carlsbad, Del Mar, Escondido, Oceanside, San Marcos, Solana Beach, and Vista), seeks qualified underwriter firms to structure an energy prepayment transaction. CEA recorded $352.4 million in net operating revenues with $39.3 million in net operating income in FY 2024-25 and maintains total available liquidity of $105.9 million as of December 31, 2025.

The primary objective is to prepay existing Voluntary Allocation and Market Offer (VAMO) volumes and Power Purchase Agreements (PPAs). Qualified firms must demonstrate underwriting and distribution capabilities specific to California electricity prepayment transactions. CEA seeks responses addressing firm qualifications, core transaction structure components, and detailed fee proposals. Key structural elements to be addressed include: forward energy curve-based prepayment capability with forward curve quotes as of June 8, 2026; Renewable Energy Credits (RECs) integration with REC curve quotes as of June 8, 2026; Special Purpose Vehicle (SPV) structures for alternative funding recipients with spread ranges and savings impact analysis; annual settlement/remediation mechanisms versus monthly alternatives; and regulatory capital requirement considerations affecting participant savings.

Proposers must provide comprehensive fee structures including underwriter's discount (takedown, management fee, and expenses), supplier fees or reservation charges, remarketing fees, and SPV-related charges assuming an A1-rated insurance company funding recipient. The evaluation process weights proposer qualifications and experience at 80% and pricing at 20%. CEA intends to develop a short list of qualified firms for potential interviews to discuss services, conflict-of-interest disclosures, and fee structures. This solicitation was issued May 28, 2026.

Proposal submission deadline is June 17, 2026 at 3:00 PM PT. Evaluation of proposals will occur the week of June 22, 2026, with interviews scheduled for the week of June 29, 2026 if needed. Notification of intended award is scheduled for July 8, 2026.