You are required to submit an initial security payment with your executed FIT contract within 10 business days of receiving the contract offer from the OPA.

The purpose of the first completion and performance security payment is to provide a measure of certainty to the OPA and Ontario's electricity system planners that FIT Program contract holders will complete their projects as intended.

The required initial completion and performance security payments for FIT Program projects are:

• $50 per kilowatt of contract capacity for solar PV projects
• $20 per kilowatt of contract capacity for all other projects
• $5 per kilowatt of contract capacity for Aboriginal and community projects with greater than 50 per cent community or Aboriginal participation levels.

The security must be in one of the following forms:

• certified cheque
• bank draft
• irrevocable and unconditional standby letter of credit issued by a financial institution listed in either Schedule I or II of the Bank Act (Canada), or other financial institution with a minimum credit rating of one of the following:

  (i) A- with S&P
  (ii) A3 with Moody's
  (iii) A low with DBRS
  (iv) A with Fitch IBCA.

The application security letter of credit form is provided in Exhibit B of the FIT Rules.

Once the project declares commercial operation, all completion and performance security will be returned to the supplier in the same form as it was given.