26-002 – RFP – Revolving Credit Facility

Orange County Power Authority (OCPA) is requesting proposals from qualified lenders and financial institutions to establish a revolving credit facility consisting of a revolving line of credit and standby letter of credit facility in an aggregate amount between $60 million and $150 million. OCPA is a California Community Choice Aggregator (CCA) that launched service in 2022 and currently serves over 188,000 customer accounts with an annual load of 2,200 GWh within the Southern California Edison service territory. Member cities include Buena Park, Fullerton, Irvine, and Fountain Valley (scheduled for enrollment in April 2027).

The Credit Facility may be applied for purposes including replacing existing credit facilities, supporting power procurement, issuing new and replacing existing letters of credit, meeting possible new cash collateral requirements, enabling local development and programmatic investments, potentially providing letters of credit to cover CPUC requirements related to Provider of Last Resort rulemaking, and general working capital needs to support long-term operations. OCPA recorded operating revenues of $283.6 million in FY2024/25 and maintains $86.0 million in liquidity as of March 31, 2026.

Key dates include: RFP release June 15, 2026; deadline for written questions June 26, 2026; responses to questions provided July 6, 2026; proposals due July 10, 2026 at 5:00 p.m. Pacific Standard Time; evaluation of proposals the week of July 13, 2026; Board approval September 14, 2026; and facility start date September 19, 2026. OCPA expects to execute the chosen plan of finance prior to September 18, 2026.

Proposers must submit through www.bidnetdirect.com or via PDF email to sviramontes@ocpower.org. Proposals must include firm ratings (Moody's, S&P, Fitch), capital position, experience with government sector and CCA programs, credit approval timeline, compliance/monitoring procedures, total facility commitment amount, proposed term, fee proposal, covenant and reporting requirements, legal provisions, rating upgrade/downgrade handling, legal counsel information, expense caps, and three references with similar scope. Proposals will be evaluated based on firm independence and licensing, conflict of interest, proposal clarity and completeness, quality and content, relevant experience and past performance, team qualifications, fee proposal and cost-effectiveness, and reference quality.