Delivered RECs definition

Delivered RECs. Means all RECs granted to Seller pursuant to Act 295 associated with Delivered Energy, including any Michigan incentive RECs, as such RECs are delivered to Buyer via the receipt by Buyer of such RECs in Buyer’s MIRECS account.
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Delivered RECs means RECs that have been delivered by Supplier to Buyer during a Contract Year pursuant to the terms of this Agreement, in accordance with the Clean, Renewable and Efficient Energy Act and which have been properly recorded to Buyer’s REC Account by the MPSC Administrator.
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Examples of Delivered RECs in a sentence

  • As part of the REC Annual Report, Seller shall report on any Designated Systems that have not Delivered a first REC, and report on any Designated Systems that have not Delivered RECs for more than twelve (12) months from their previous Delivery, and in such case, detail the corrective actions that will be taken to ensure future Deliveries and the time for such REC Deliveries.

  • All Delivered RECs must conform to the requirements of Article 5.

  • Seller shall cooperate with Buyer, at Buyer’s expense, to certify the Plant as a renewable energy resource under any other renewable energy standard for which the Plant may qualify in order that Buyer may sell Delivered RECs which Buyer deems to be surplus to its requirements under Act 295 and Act 342.

  • Payment will be limited to the actual, cumulative contract value associated with the Delivered RECs. For example, for an invoice rendered on December 10, 2016, Buyer shall make payments for RECs Delivered or transferred to its PJM EIS GATS, NARR or M RETS account, and for an amount that shall not cause the cumulative payments to Seller to exceed 50% of the contract value.

  • The delivery by Seller of an invoice shall be deemed a representation by Seller that: (i) all Delivered RECs covered thereby have come from the Aggregated Group of Projects and have the required Vintage; (ii) each facility in the Aggregated Group of Projects is a DG Renewable Energy Facility; and (iii) no substitution occurred across Types of Products.

  • Seller represents and warrants as of the date of this Agreement that the Plant from which Delivered RECs are to be purchased by Buyer hereunder will qualify as a “renewable energy resource” or “renewable energy system,” as applicable, pursuant to Act 295 and Act 342.

  • Buyer may rely on this representation without further inquiry or investigation as evidence of Seller’s compliance with the Applicable Program and requirements of the Confirmation and shall not be required to independently audit individual DG Renewable Energy Facilities or the source of Delivered RECs. The IPA may notify Buyer and Seller of Seller’s non- compliance with the Applicable Program.

  • Seller shall use its commercially reasonable best efforts to ensure the receipt of Delivered RECs by Buyer within one hundred twenty (120) Days after the end of each applicable Billing Month.

  • For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not.

  • Within thirty (30) Days following the Commercial Operation Date, Buyer shall register, establish and maintain an account with MIRECS and provide information regarding such account to Seller, such that Seller may utilize a forward transfer or transfer-redirect process to allow Delivered RECs to be directly deposited into Buyer’s MIRECS account.