26-002 - RFP - Revolving Credit Facility

Location:	California
Posted:	Jun 15, 2026
Due:	Jul 10, 2026
Agency:	Orange County Power Authority
Type of Government:	State & Local
Category:	73 - Food Preparation and Serving Equipment
Publication URL:	To access bid details, please log in.

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REQUEST FOR PROPOSALS

For

Orange County Power Authority

REVOLVING CREDIT FACILITY

Solicitation Number: 26-002

RESPONSE DUE

5:00 p.m. Pacific Standard Time

July 10, 2026

For complete information regarding this project, see RFP posted at

www.ocpower.org or contact OCPA at the email address listed below.

Thank you for your interest!

sviramontes@ocpower.org

A. BACKGROUND AND INTRODUCTION

Orange County Power Authority (“OCPA”) is requesting qualified lenders and/or financial

institutions to submit proposals for a revolving credit facility (the “Credit Facility” or “Facility”)

consisting of a revolving line of credit and a standby letter of credit facility in an aggregate amount

between $60 million and $150 million.

The Credit Facility may be applied for the following purposes:

• Replace existing credit facility

• Support power procurement

• Issue new, and replace existing, letters of credit

• Meet possible new cash collateral requirements

• Enable local development and programmatic investments by OCPA

• Potentially provide letter of credit to cover CPUC requirements related to Provider of Last

Resort rulemaking

• Other general working capital needs to support long-term operations as may be needed

1. BACKGROUND

OCPA is a dynamic public agency serving customers with renewable energy options at

affordable rates. As one of the 25 Community Choice Aggregators (CCAs) operating across

California, OCPA launched service in 2022 and currently serves more than 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), with plans for continued expansion in the coming years. For more

information, please visit our website at www.ocpower.org.

OCPA was established on November 20, 2020, as a California Joint Powers Authority (JPA)

formed to operate as a Community Choice Aggregator (CCA) in Orange County. OCPA

provides a range of benefits to participating communities, including:

• Providing electric power at affordable rates with reduced carbon emissions

• Prioritizing the procurement and development of local renewable resources

• Stimulating local job creation through energy programs and initiatives

• Promoting community participation and ownership in renewable energy projects

• Supporting long-term rate stability for residents and businesses

OCPA is governed by a Board of Directors (Board) composed of elected representatives from

each participating jurisdiction. The JPA authorizes OCPA with the rights and powers to set

rates for its services, incur indebtedness, and issue bonds or other financial obligations. OCPA

was created to procure and supply electricity to customers in its member cities and to advance

broader community benefits for residential, commercial, industrial, and agricultural customers

across its service area.

OCPA recorded operating revenues of $283.6 million in FY2024/25 and projects operating

revenues of $275.5 million for FY2025/26. As of March 31, 2026, OCPA reported a net position

of $41.3 million and maintained $86.0 million in liquidity, consisting of $51.0 million unrestricted

cash and a $35 million line of credit with U.S. Bank (with no current utilization). OCPA’s Annual

Audited Financial Statements and Quarterly Unaudited Financial Reports are available on its

website (Key Documents - Orange County Power Authority).

In May 2026, OCPA engaged PFM Financial Advisors LLC, a municipal financial advisory firm,

to assist with the evaluation, procurement, and negotiation of banking services and credit

facilities.

2. TERM OF AGREEMENT

Services are expected to commence on the closing date of the Credit Facility and continue

through the end of the term of the Facility.

B. PROPOSAL SUBMISSION REQUIREMENTS

OCPA will establish a Revolving Credit Facility Selection Panel (Panel) to evaluate all proposals

based solely on the information submitted, in accordance with the evaluation criteria outlined

below.

Following the evaluation of proposals, the Panel will rank the submissions and recommend the

most qualified Proposer to the Board of Directors for potential contract award. The Board of

Directors retains final authority to approve and enter into an agreement with the selected

Proposer. OCPA reserves the right to reject any or all proposals submitted in response to this

RFP.

Only digital submissions will be accepted. All proposals must be submitted through

www.bidnetdirect.com, which is free for applicants. If use of Bidnet Direct presents a hardship,

proposals may instead be submitted in PDF format via email to Saul Viramontes,

sviramontes@ocpower.org, by the established deadline. Submissions in any other digital format

will not be accepted.

OCPA requests that all proposals include the following minimum requirements to demonstrate

the proposer’s comprehensive experience in lending to CCAs and to provide OCPA with a

complete assessment of the proposer’s ability to meet OCPA’s needs.

1. CONTENT AND FORMAT OF PROPOSAL

1. Respondent Information. Provide general information on the respondent entity

including name, address, phone number, fax number, and e-mail address of the contact

person who is authorized to answer questions and to negotiate final terms and

conditions.

2. Firm’s Ratings. Please provide your firm’s long-term and short-term ratings from

Moody’s, Standard & Poor’s, and Fitch for each of the past three years. Please comment

on any relevant events that may cause or that recently have caused any of the rating

agencies to place these ratings under review. Please provide each rating agency’s

current outlook on the firm. Respondent Bank must have at least two ratings in the “A2/A”

category or higher.

3. Capital Position. Please provide your firm’s capital position.

4. Experience.

a. Provide a description of your firm’s experience in the government sector. What, if

any, experience does your firm have with OCPA and its service territories?

b. Provide a description of your firm’s experience with CCA programs.

c. For firms without direct experience with CCA programs, please provide your

experience in related sectors including public power agencies.

5. Other Qualifications. Provide any other qualifications you believe are relevant to OCPA

in their evaluation of your firm’s response.

6. Credit Approval. Please describe the approval process, indicate the timing for credit

approval once an award is made, and indicate the current stage of your firm’s credit

approval process. Please confirm your proposal will be good through the desired timing

described below.

7. Ongoing Monitoring. Describe your compliance/monitoring process and procedures for

OCPA as your credit facility counterparty, specifically any ongoing requirements imposed

on the counterparty.

8. Total Facility / Exposure Amount. Please indicate the total amount your firm is willing

to commit to OCPA for the Credit Facility. OCPA’s preference is to work with one bank,

but offers less than the full amount which may require multiple banks will be considered.

9. Term. Please detail your proposed facility commitment period.

10. Fee Proposal. Please summarize your proposed fees. To assist in the evaluation

process, please complete the Cost Information Form, included as Attachment A. OCPA

will also accept a Term Sheet in lieu of the Cost Information Form provided the

informational categories in the Cost Information Form are contained in the Term Sheet.

11. Covenant and Reporting Requirements. Please summarize the affirmative and

negative covenants that you will require and how those covenants will change if OCPA

acquires an investment grade credit rating. It is OCPA’s preference that the covenant

package deemphasizes the DSCR.

12. Legal Provisions. Please describe the more significant legal terms your Credit Facility

would require, in particular, terms related to cost increases, Events of Default, Call

Features (OCPA desires flexible call provisions), Term-Out provisions, disclosure and

reporting, ratings maintenance, etc.

13. Rating. OCPA would like respondents to include information related to how they may

handle a future rating upgrade/downgrade should that occur. Notably, can the

respondent include ratings-related provisions, pricing adjustments, and downgrade

pricing adjustments for the facility today that could be applicable in the future?

14. Legal Counsel. Please indicate the law firm and the primary attorney that will represent

your firm in this transaction. If foreign counsel is also required, please indicate the law

firm and primary attorney.

15. Expenses. OCPA desires to set a limit on legal and out-of-pocket expenses incurred by

your firm. Indicate: (i) a cap on the legal fees and expenses of counsel to the firm; and

(ii) a cap on any other expenses to be incurred.

16. References. Please submit three references with similar scope and specifications of the

proposed facilities.

17. Timing. OCPA expects to execute the chosen plan of finance prior to September 18,

2026. As part of your response, please confirm that all pricing being offered will not

change during this timeframe.

2. EVALUATION CRITERIA

Proposals submitted in response to this RFP will be evaluated for award based on the criteria

outlined below. Respondents should provide sufficient information to enable OCPA to evaluate

their proposal against the selection criteria. Failure to include required information may render

a proposal non-responsive and subject to rejection.

The Selection Panel will identify the proposal that offers the greatest value to OCPA based on

the following criteria:

a. The firm is independent, properly licensed, and authorized to conduct business in the

State of California.

b. The firm has no conflict of interest with respect to any other work performed for

OCPA.

c. Clarity, completeness, and conformance of proposal to the requirements of this RFP.

d. Quality and content of the proposal.

e. Relevant experience and past performance of the proposing firm.

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

26-002 - RFP - Revolving Credit Facility

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