California Inaugurates New Renewable Energy Financing Technique

California regulators are implementing a new financial mechanism to drive small-scale renewable energy projects. The Renewable Auction Mechanism (RAM) is expected to bring 1,000 MW of renewable energy to the national grid.

Developers will submit bids to utilities for 1.5-20 MW projects to be completed within 18 months. Four auctions will be held over two years with the first auction to get underway by November. Utility companies Pacific Gas & Electric, San Diego Gas & Electric, and Southern California Edison will be required to auction off a combined 250 MW.

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