CleanFi's BidDesk is designed for property improvement projects in which the property owner is looking to enter into a contract with a 3rd-party to own and operate that improvement subject to conditions for the property owner to buy all the benefits from that projects for a set period of time.For solar or micro-grid projects, BidDesk offers a Power Purchase Agreement (PPA) bidding mechanism which involves the project developer or property owner uploading the documents critical to an investor's ability to return key metrics such as price-per-kWh's, rate riser, term of agreement, exceptions, and other annotations.
How much does BidDesk cost to use?
BidDesk is a free service. It also provides no guarantees that investors will want to return bids to projects uploaded to the platform. Each of our investors decides whether to compete based only on the fundamental economic merit of the project as presented.Once bids are returned, you as the project owner select the bid to which you want to apply. The application process then looks like any other of CleanFi's application module, except that a $250 fee required along an electronic signature in order to begin "underwriting" (financial review and risk assessment) of the property owner/off-taker and of the contractor/developer.As is the case with all applications, CleanFi will preview that application to verify that all documents are properly uploaded, and that the best risk profile possible is presented to the investor.
Who investors are, and how many see a project.
As is true in all other financing categories returned on CleanFi, the project profile determines who sees the project. When we onboard a financier on to CleanFi, we receive their triggering criteria of interest. Those include minimum maximum project size or value, type of building (asset class), type of corporate structure, location, etc. For that reason, while CleanFi holds several dozen funders at any one time, how of those will respond to the project uploaded will vary on many variables including timing. It's best to expect between one and six bidders for any single project.CleanFi will contact you, after you complete your project upload, to review the project with you prior to submitting it to qualifying investors.
Bids from BidDesk are non-binding until after off-taker applies with financials.
When responding to a project, investors are making optimistic assumptions about the financial strength of the off-taker, and about the capabilities of the project builder. This is why each proposal is returned with an "Apply" button. This involves uploading financial documents (though deeper project qualification material are usually also be requested). Only after a full review of the application from the off-taker and builder can the investor confirm that they are willing to commit to the 20 or 25-year investment into the project at the original bid terms or modified terms.
"Can I change bidder after applying without paying the application fee again?"
Yes, but at CleanFi's discretion. For example, if an applicant has been turned down strictly on the basis of weak financials, CleanFi may (after consultation with the applicant) suggest an alternative financing method rather than a resubmission to another bidder. But if an applicant with merit feels they made a error, CleanFi can help re-route their application to another bidder. Because CleanFi gets paid upon project financing success, our team is motivated to reach a successful financing agreement.
"Can I apply to more than one bidder simultaneously?"
Yes, but you will have to pay the $250 fee for each bidder you apply to, and you will have to fill out each bidder's separate application. Also CleanFi will notify each investor to which you apply that the project is also being underwritten by one or more other investors.
How to prepare to upload a project onto BidDesk.
1- Create a preliminary engineering work-up for the size of the system, its mounting structure and placement, the components you intend to use, and the first year annual savings anticipated with that system design. Use a reputable 3rd-party solution for that (i.e., helioscope, or one of multiple alternatives).2-We highly recommend creating a reliable 3rd party cash-flow model from a reputable online service (OpenSolar, Energy Toolbase, Aurora, etc) that demonstrates the savings that your system would deliver if it were paid in cash. The major challenge with your providing your own model is that the investor will not have inherent confidence in your modeling tool, and will not want to spent any time evaluating its reliability.3- Make sure that you know the "avoided cost of energy" for your project. It is the per kWh value the client currently pays for the energy which the eventual renewable energy (RE) source will displace. If you are new to the process of modeling these cashflow tables, make sure you are careful about valuing the impact of the new power plant on current Demand charges.4- With the client (who is the eventual "off-taker"/buyer of the energy which will be generated by the RE), set a minimum expectation you have as a benefit of an eventual PPA.This is a simple statement, like:- "Produce 50% of our energy from solar", or- "To save at least 5% over my current cost for the equivalent power, and increase that margin of savings over 20 years", or- "To stabilize my energy cost, so I know exactly how much it will cost me over the next 25 years."Then have the client supply you with an Off-Taker Request (OTR) for PPA Proposals; this is a simple statement signed by the eventual off-taker that states the most important features of the PPA, per above. You can use the form CleanFi provides (https://docs.google.com/document/d/1S7R9BNexs25gUXOnutjKnz6UZj31epVer_ywWWxaOT4/edit?usp=sharing), or the client can write their own.Why we need the OTR?: Investors receive many projects to consider placing their capital into for a very long term. The bidding process is a competitive process, which requires them to evaluate whether they want to spend their time responding to that project, or to another project for which they might not have to compete and where they can have a little more time and interaction with the developer. In order to encourage investors to consistently respond to CleanFi's BidDesk submissions, we want to reassure them that the project is real. Showing a personal request from an off-taker goes a long way, in addition to presenting well documented project files.NOTE: no investor in CleanFi's investor database is a developer, so there is no motivation to contact the client directly. In addition, CleanFi has a strict non-disclosure agreement with each investor who sees our projects.If you responding to a Request For Proposal (RFP), then you do not need to provide an OTR. In the submission form, you will be given a field where to enter the link to the RFP.
Uploading your project to BidDesk
Once you have assembled these documents, please go to "Enter your project in BidDesk". You will be asked to answer questions about you, as the developer/contractor. Remember that the investor is betting on you to be able to complete the project optimally for an entire generation worth of electric generation. So you will see several questions require you to make your Statement of Qualification, showing your experience in building projects like the one you are submitting.If you have submitted this project to other direct investors, you must let us know to whom the project has already been submitted. It is extremely bad form to submit a project to investors from multiple sides, and CleanFi will not favor a relationship with developer contractors who have us submit to investors that have already seen their project. Assume that we know a lot of investors, and declare in your submission who has already seen, or is currently looking, at your project.CleanFi offers this service at no cost to you, the submitter. We ask for and expect the courtesy of accurate information about any other party to whom you have already presented the project. CleanFi reserves the right to refuse access to BidDesk to users who do not abide by this request.
Once you have submitted your project
We give our funders 5 working days to return their bids. Some will present it much earlier.Each time an investor responds to your project you will instantly be notified via the email associated with your CleanFi account, and you will have a link to that bid. As other bids come in, they will be presented side-by-side. Each will present:- the rate- the riser (if any)- the term- any exceptions related to the offer- any notes and conditions about their response.Each offer will display an Apply button within its frame. Each application is custom to that investor.CleanFi encourages investors to reply within 5 working days. But we can extend that period depending on the project circumstances.>>>>>>>>>>>>>>>>7/24
