CAEATFA04-26_-_RFP.pdf

MEMBERS

FIONA MA, CPA, CHAIR

State Treasurer

MALIA M. COHEN

State Controller

JOE STEPHENSHAW

Director of Finance

DAVID HOCHSCHILD

Chair

Energy Commission

JOHN REYNOLDS

President

Public Utilities Commission

EXECUTIVE DIRECTOR

Christina Sarron

CAEATFA

P.O. Box 942809

Sacramento, CA 94209-0001

(916) 651-8157 caeatfa@treasurer.ca.gov www.treasurer.ca.gov/caeatfa

CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED

TRANSPORTATION FINANCING AUTHORITY

CALIFORNIA ALTERNATIVE ENERGY

AND ADVANCED TRANSPORTATION

FINANCING AUTHORITY (CAEATFA)

REQUEST FOR PROPOSALS-Secondary

CONTRACT NO. CAEATFA04-26

Trustee Services for the California Hub for Energy Efficiency

Financing (CHEEF) Programs

Notice to Prospective Proposers

August 21, 2026

You are invited to review and respond to this Request for Proposals (“RFP”) Number CAEATFA04-26. The California Alternative Energy and Advanced Transportation Financing Authority (“CAEATFA” or the “Authority”), a public instrumentality of the State of California, seeks to retain a qualified firm (“Trustee” or “Contractor”) to manage funds for the California Hub for Energy Efficiency Financing (“CHEEF”) energy efficiency financing programs (the “Programs”). Interested firms are invited to submit proposals in response to this RFP.

Proposals for these services must comply with the instructions included in the RFP. The RFP includes the Sample Standard Agreement the selected firm will be expected to execute. The agreement (“Contract” or “Agreement”) that will be entered into with the State of California (“State”) will include, by reference, the General Terms and Conditions and Contractor Certification Clauses, which may be viewed and downloaded online at:

https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard- Contract-Language.

The General Terms and Conditions and all Exhibits that are a part of the Sample Standard Agreement are not negotiable. By submitting a proposal, your firm agrees to the terms and conditions stated in this RFP.

In the opinion of CAEATFA, this RFP is complete and without need of explanation. However, if you have questions, or should you need any clarifying information, the contact person for this RFP is:

Chor Vue California Alternative Energy and

Advanced Transportation Financing Authority P.O. Box 942809

Sacramento, CA 94209

(916) 651-1353 caeatfa@treasurer.ca.gov

Questions regarding this RFP must be submitted in writing no later than August 31, 2026 at 12:00 p.m. (noon) PT.

Responses to the questions will subsequently be posted on September 2, 2026 in the California State Contracts Register and the CAEATFA website.

Please note that no verbal information provided will be binding upon the State unless such information is issued in writing as an official addendum.

https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language.

https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language.

mailto:caeatfa@treasurer.ca.gov

Table of Contents – RFP CAEATFA04-26

A. PURPOSE AND DESCRIPTION OF SERVICES

1. Introduction

2. CAEATFA Background and Overview

3. Energy Financing Programs Background and Overview

4. Scope of Work

5. Term of Agreement

B. MINIMUM QUALIFICATIONS FOR PROPOSERS

C. PROPOSAL REQUIREMENTS AND INFORMATION

1. Key Action Dates

2. Questions and Answers

3. Content and Format of Proposals

4. Submission of Proposals

5. Evaluation Process

6. Award and Protest

7. Disposition of Proposals

8. Agreement Execution and Performance

D. PREFERENCE AND INCENTIVE PROGRAMS

1. Small Business or Microbusiness Preference

2. Non-Small Business or Mircobusiness Preference

3. Disabled Veteran Business Enterprise (DVBE) Incentive Program – OPTIONAL

4. Target Area Contract Preference Act (TACPA)

E. REQUIRED ATTACHMENTS

Attachment 1 – Required Attachment Checklist Attachment 2 – Proposal/Proposer Certification Sheet Attachment 3 – Minimum Qualifications Certification Attachment 4 – Key Personnel and Experience Attachment 5 – Proposer References Attachment 6 – Cost Proposal Worksheet Attachment 7 – Payee Data Record (STD 204) Attachment 8 – Contractor Certification Clauses (CCC-04/2017) Attachment 9 – Darfur Contracting Act Certification Attachment 10 – Generative Artificial Intelligence (GenAI) Notification Attachment 11 – California Civil Rights Laws Certification Attachment 12 – Bidder Declaration (GSPD-05-105) Attachment 13 – Small Business or Microbusiness Preference (if applicable) Attachment 14 – Non-Small Business or Microbusiness Preference (if applicable) Attachment 15 – Disabled Veteran Business Enterprise (DVBE) Participation Instructions (if applicable) Attachment 16 – Target Area Contract Preference Act (TACPA) (if applicable)

F. SAMPLE STANDARD AGREEMENT (STD 213)

Exhibit A – Scope of Work Exhibit A, Attachment 1 – Key Personnel Resumes Exhibit B – Budget Detail and Payment Provisions Exhibit B, Attachment 1 – Cost Sheet Exhibit C – General Terms and Conditions (GTC 02/2025) Exhibit D – Special Terms and Conditions Exhibit E – Additional Provisions Exhibit F – Third-Party Agreement Provisions Exhibit F, Attachment 1 – Information Security Requirements

California Alternative Energy and Advanced Transportation Financing Authority Request for Proposals No. CAEATFA04-26

A. PURPOSE AND DESCRIPTION OF SERVICES

1. Introduction

The California Alternative Energy and Advanced Transportation Financing Authority (“CAEATFA” or the “Authority”) seeks proposals from which to select a qualified firm (“Trustee” or “Contractor”) to provide assistance to the Authority with fund management administration for the several Statewide Energy Efficiency Financing Programs (“Programs”), authorized by the California Public Utilities Commission (“CPUC”), which are currently in various stages of implementation and development, as described below. In addition, as discussed below, these Programs are anticipated to grow and expand in their anticipated transition from pilots to longer term programs, both in the types of measures that can be installed and in their availability throughout the State. The Trustee will hold and disburse funds on behalf of CAEATFA and provide monthly account statements; monthly and annual transaction reports; and on-demand electronic account viewing to CAEATFA and lenders participating in the Programs.

The selection of the Trustee will be based not only on the reasonableness of the proposed fees, but also on assurances that the selected firm will provide competent and responsive service to CAEATFA in all subject areas described in the Scope of Work (Section A.4) and will meet or exceed the Minimum Qualifications for Proposers (Section B). Demonstration of relevant experience should focus on similar services. The firm must be free from actual conflicts of interest not only at the time of selection, but throughout the term of the Trustee Contract (“Contract” or “Agreement”). The firm must be immediately available to provide the services that will be set forth in the Contract.

All proposals submitted to perform these services must explain the experience and qualifications of the firm which demonstrate the firm’s ability to provide these services. Failure to provide all of the requested information, or deviation from the required format, may result in disqualification. CAEATFA reserves the right to reject any or all proposals.

CAEATFA anticipates entering into a three-year Contract. The total Contract amount may not exceed $500,000.00 (Five Hundred Thousand Dollars) over the entire term of the Agreement.

Attached as Section F hereto is a proposed sample Contract for the services to be provided pursuant to this RFP. It includes the STD 213 Standard Agreement and other standard contract provisions to which the selected Contractor will be bound.

2. CAEATFA Background and Overview

CAEATFA works collaboratively with public and private partners to provide innovative and effective financing solutions for California’s industries, including access to low-cost financing through private activity tax-exempt bonds and loans, and other forms of financial assistance. CAEATFA assists in reducing the state’s greenhouse gas emissions by increasing the development and deployment of renewable energy sources, energy efficiency, and advanced transportation and manufacturing technologies to reduce air pollution, conserve energy, and promote economic development and jobs.

CAEATFA is housed within the office of the State Treasurer.

CAEATFA’s Board consists of five members: the State Treasurer, who serves as Chair of the Authority; the State Controller; the Director of the Department of Finance; the Chair of the California Energy Commission (“CEC”); and the President of the California Public Utilities Commission (“CPUC”). CAEATFA’s enabling legislation is contained in the California Alternative Energy and Advanced Transportation Financing Authority Act, Division 16 (commencing with Section 26000) of the California Public Resources Code.

CAEATFA assumed the role of the administrator of the California Hub for Energy Efficiency Financing (CHEEF) in 2014. CAEATFA serves as a facilitator among multiple stakeholders, including among others, the CPUC, the IOUs, the CECs, the POUs, lenders, and energy efficiency retrofit contractors.

Its responsibilities include the management of the credit enhancement, flow of funds and data for the Programs, and provision of an over-arching structure through which those stakeholders can participate in a standardized “open market” that facilitates financing of energy efficiency projects in California. CAEATFA promulgates regulations for the Programs through the public rulemaking process, and develops standard program documentation for use by lenders, contractors and project developers, and borrowers. The CPUC further directed the IOUs to contract with CAEATFA to establish procedures, terms and conditions for the primary CHEEF functions of fund management, financial product data and borrower data management, and OBR mechanisms.

In addition, CAEATFA enters into contracts for services necessary to implement the Programs, including Trustee services as contemplated by this RFP. The Trustee holds and transfers all credit enhancement funds between accounts, at the direction of CAEATFA (or its delegates).

3. Energy Financing Programs Background and Overview

The California Hub for Energy Efficiency Financing (“CHEEF”) was first authorized by the California Public Utilities Commission in Decision D.13-09-044 (September 2013), and CAEATFA officially became the administrator of the CHEEF in 20141. The CHEEF was established to help the state reach its aggressive energy efficiency goals for the existing building sector. The CHEEF focuses on attracting and leveraging private capital to be made available for customer investments in energy efficiency. Lowering financing costs and expanding access to credit is critical for the State to meet its energy efficiency and greenhouse gas reduction goals, given that there are not enough ratepayer or taxpayer dollars to pay for the needed investment.

The CHEEF administers three Programs under the public-facing name, “GoGreen Financing”, serving the residential, affordable multifamily, and commercial sectors. The Programs are subject to CPUC-directed reporting and evaluations which look at many metrics, including the amount of private capital leveraged, realized energy savings, cost-effectiveness and percentage of administrative cost versus capital deployed, and increased access to financing for underserved customers.

Core to the GoGreen Programs is the use of a credit enhancement, in the form of a loan loss reserve.

In exchange for the credit enhancement, participating finance companies are able to offer lower interest rates, longer payback terms, and broader approval criteria (e.g., lower minimum credit scores) than their standard products. In 2024, CAEATFA began using the Interest Rate Buy Down (IRBD) mechanism in order to lower the cost of financing for borrowers and reduce monthly payments. .

Overview of the Programs

• GoGreen Home Energy Financing (“GGH”) Program was launched in 2016 and serves residential properties. As of June 30, 2026, the Program has twelve active lenders, who have enrolled 20,607 loans totaling more than $436.7 million. There is expectation that GoGreen

Home will scale moderately over the next several years. To facilitate this scaling, CAEATFA has:

o Licensed a “Loan & Project Management System” (LPMS), an online workflow tool that helps with project eligibility screening and web-based data submission which helps streamline participation for credit union lenders and contractors.

o Secured non-IOU ratepayer funding for loss reserve funding and other incentives, which reduces complexity and allows use of the program in non-IOU jurisdictions and support general uptake of the Program. Please see the “Recent Updates and Context” section.

o Adding a “single-originator” model to the Program, in which loans would be issued by a single company and other finance companies could purchase portfolios of loans after loans were closed and funded.

1 The CPUC later issued Decisions D.15-06-008, D.15-12-002, D.17-03-026 D.21-08.006 and D.23.08.026 modifying the

CHEEF.

• GoGreen Business Energy Financing (“GGB”) Program was launched in 2019, and has 169 financings enrolled totaling more than $15.6 million as of July 1, 2026. There are nine enrolled

(five active) finance companies that offer a variety of financing products, including loans, leases, and energy service agreements. A recent IRBD pilot program has led to increased interest among contractors and an increase in uptake.

• GoGreen Affordable Multifamily Energy Financing (“GGMF”) Program has been offering financing since 2019 with two finance companies providing leases and energy service agreements participate in the program. In late 2025, CAEATFA merged the GoGreen Business and GoGreen Multifamily Programs, and their loss reserve accounts, to reduce complexity for lenders and potential customers. The combined loss reserve accounts will also provide greater risk mitigation for lenders considering financing an eligible multifamily property.

The CPUC also authorized On-Bill Repayment (OBR) for financing in the Commercial and Multifamily sectors, such that customers can repay financing charges to private finance companies via their utility bills from participating IOUs. OBR is now available most IOU customers; with three of the four utilities with live loans being repaid.

More information on the Programs can be found at www.gogreenfinancing.com as well as www.treasurer.ca.gov/caeatfa/cheef.

For an indication of historical Program activity, see the below chart on GoGreen Home Program volume over time.

5 103 231 273 447

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 as of June

Lo an s En ro lle d http://www.treasurer.ca.gov/caeatfa/cheef

For an indication of historical Program activity, see the below chart on GoGreen Business Program volume over time.

Additional information about the Programs, including program regulations, can be found by accessing the websites below.

- For GGH: GoGreen Home

- For GGB: GoGreen Business

- For GGMF: GoGreen Multifamily

Further program information provided to consumers and program users can be found at gogreenfinancing.com.

Recent Updates and Context

In August 2021, through D.21-08-006, the CPUC authorized CAEATFA to administer the CHEEF through fiscal year 2026-27 and authorized up to $75 million in funding for the 5-year period from July of 2022 through June 30, 2027. In October 2021, the CPUC approved a budget including $31 million in operational spending (including statewide marketing) and $44 million in credit enhancements to be used to leverage private capital over the 5 years. Additionally, in August of 2023, the CPUC issued Decision 23.08.026 which allows CAEATFA to expand the GoGreen Programs to include comprehensive clean energy measures such as solar PV installed with battery storage.

As of June 2026, CAEATFA staff is working on renewing funding through the CPUC for the GoGreen Financing programs. The renewal will ideally run from 2027 through 2035.

In September 2024, the CEC entered into agreement with CAEATFA to provide $30 million in funding through the Equitable Building Decarbonization Program. This allows GoGreen Financing to offer loans for Publicly Owned Utilities (POU) customers and move towards a truly statewide offering. The funding allocated dollars towards an interest rate buy down (IRBD) portion of the program, targeting lower income customers and historically underrepresented areas of the state.

3 4 3

2019 2020 2021 2022 2023 2024 2025 As of June https://www.treasurer.ca.gov/caeatfa/gogreen/home https://www.treasurer.ca.gov/caeatfa/gogreen/business https://www.treasurer.ca.gov/caeatfa/gogreen/multifamily https://gogreenfinancing.com/

As of June 2026, CAEATFA is in discussions with the CEC to lower restrictions on IRBD participation and promote GoGreen programs in all POU areas for the state. Once the agreement is finalized, GoGreen Financing will be available to all utility customers in California.

GoGreen Financing is also working with the State Treasurer’s Office and a number of stakeholders to create a stand alone offering for wildfire mitigation. The expectation is that the program will launch in 2027 with a separate budget, measures, and lenders.

The Energy Efficiency Financing Program Implementation

Credit Enhancement Structures: The Programs will predominantly use a loss reserve structure to offset lenders’ losses on charged-off financings thereby mitigating lenders’ risk. CAEATFA may develop other credit enhancement structures to address gaps in specific markets during the program development period and beyond.

A loss reserve sets aside a certain amount of money (reserve) for each eligible financing into a pool to cover potential losses in case the lender ultimately charges off a financing for non-payment. The lender’s loss share (an agreed percentage of the loss) of the total financing may be recovered by the lender from its total loss reserve portfolio. The lender remains at risk for the remainder, as well as for aggregate losses in excess of its pool limit. Loss reserve funds may be provided by a variety of funders (for example, the IOUs, other publicly-owned utilities, or other local, state or federal government agencies).

Interest Rate Buy-Down (IRBD) structures: CAEATFA incorporated IRBDs into its regulations in 2024 and involves disbursing a payment to a lender to reduce the interest rate a customer pays for an eligible loan. IRBD funds are stored and deployed separately from credit enhancement funds. IRBD funds are provided by a variety of funders (for example, publicly-owned utilities or other local, state or federal government agencies.)

Operational Reserve Fund: The operational reserve fund (“ORF”) is designed to cover unintended delays in the remittance of customer payments to lenders that participate in on-bill repayment, resulting from a variety of circumstances. The ORF is designed to mitigate risk to lenders in receiving delayed customer payments due to interruptions in the normal remittance process that were no fault of the lender. ORF usage is designed to be used on a temporary basis and is to be reimbursed when the delay to the remittance process is cured. While the Trustee Bank plays a key role in the management of credit enhancement funds, the Trustee Bank will NOT hold nor manage the ORF.

The Trustee Bank may occasionally be asked to process a payment to the ORF (details below).

4. Scope of Work

Under the general direction, in writing, of the Executive Director of CAEATFA, or their designee, the Trustee agrees to provide services as described. Note the Programs are in various stages of implementation; the specific workload and deliverables associated with a specific program will correspond to those stages once the Trustee is under contract.

a. Establish and Maintain Accounts.

i. Accounts established pursuant to this RFP shall have the following requirements:

a) As commercially reasonable, to be determined at the commencement of the Agreement between the Trustee and CAEATFA, all established accounts will be interest-bearing demand accounts that accrue interest in U.S. dollars unless the Trustee is directed by CAEATFA to place funds in another account type. Accounts shall not be subject to any fees or costs to be paid by the Trustee or CAEATFA. The CAEATFA Executive Director, or his/her designee, will give instruction in writing for the placement of funds.

b) Upon the written direction to the Trustee from CAEATFA’s Executive Director or designee, the monies in any account will be invested by the Trustee to achieve CAEATFA’s investment objectives. Securities eligible for investment under this section shall be within the top three ratings of a nationally recognized statistical rating organization. Additionally, all investments shall be made in securities denominated in U.S. dollars and are limited to one or more of the following:

• Bankers’ Acceptance

• Time Deposits

• Certificates of Deposit which shall be limited to negotiable certificates of deposits issued by a federally or state-chartered bank or savings and loan association, a state-licensed branch of a foreign bank, or a federally or state-chartered credit union.

• Corporate Notes and Bonds issued by corporations organized and operating within the United States.

• Commercial Paper & Asset Backed Commercial Paper of “prime” quality as defined by a nationally recognized statistical rating organization that rates these securities, if the commercial paper is issued by a corporation, trust, or limited liability company that meets the conditions specified in either subparagraph (1) or subparagraph (2):

(1) Both of the following conditions:

(A) Organized and operating within the United States.

(B) Having total assets in excess of five hundred million dollars ($500,000,000.00).

(2) Both of the following conditions:

(A) Organized within the United States as a special purpose corporation, trust, or limited liability company.

(B) Having program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or surety bond.

No purchase of eligible commercial paper may:

· Exceed 180 days’ maturity.

· Represent more than 10 percent of the outstanding paper of an issuing corporation, trust, or limited liability company.

· Exceed 30 percent of the resources of the program funds available for investment.

• U.S. Treasury and U.S. Government Agency Obligations

• Repurchase Agreements

• Loan Participations

• Tax-Exempt Municipal Obligations of any county, city, metropolitan water district, California water district, California water storage district, irrigation district in the state, municipal utility district, or school district of this state.

• Institutional Money Market Funds

• Automatic Investment Sweep Agreements

• Interest Bearing/High Yield Demand Deposit Accounts.

c) Not every account shall accrue interest. CAEATFA will provide direction when non-interest-accruing accounts must be opened. For accounts that are allowed to accrue interest, CAEATFA will direct, in accordance with its agreements with funders, whether the interest shall accrue for the benefit of the account’s particular funder and be credited back to that funder against future required deposits or be returned to Program use.

d) The Trustee will be authorized and directed in writing by CAEATFA’s Executive Director or designee to transfer, hold, invest and disburse monies in the funder’s Holding Accounts and any future additional accounts.

e) Each instruction from CAEATFA will be sufficient evidence to the Trustee of the facts stated therein and the Trustee shall have no duty to confirm the accuracy of such facts.

Upon receipt of an instruction signed by CAEATFA, the Trustee shall disburse the amount set forth therein as directed by the terms thereof. With regard to the Operational Reserve Fund described below, CAEATFA will provide instructions to the Trustee, and the Trustee shall have no duty to confirm the accuracy of such direction.

f) The monies in the current Holding Accounts and any future additional accounts are held in trust on behalf of the respective funder.

g) The monies deposited in a Lender-Program Accounts are held in trust on behalf of the respective funder, and are held for the benefit of the participating lender in whose name the account was created.

ii. The Trustee will establish/maintain accounts for the following purposes:

a) One “Holding Account” for each of the six current loss reserve credit enhancement funders and potentially up to seven future funders (up to thirteen accounts)

b) One Credit Enhancement Account (“CE Program Account”) for each Program that utilizes a credit enhancement (up to thirteen accounts)

c) One “Holding Account” for each future interest rate buy down funder (potentially up to 5 funders)

d) One Interest Rate Buy Down (IRBD) Account (“IRBD Program Account”) for each Program that utilizes an IRBD (up to five accounts)

e) One “Program Interest Account” for each corresponding Program Account (up to thirteen accounts but most likely no more than ten accounts)

f) Various “Lender-Loss Reserve Accounts” the number of which is dependent on the number of lenders that enroll, and the number of programs in which each lender participates: up to three accounts per lender to segregate their loss reserve accounts for different investors or by credit or market segment.

• As of June 30th, there were 22 lenders enrolled in the CHEEF Programs, each requiring at least one Lender-Loss Reserve Account. CAEATFA expects an additional five to ten lenders to enroll in the CHEEF Programs during the contract period.

b. Process Transactions.

i. The Trustee will act upon CAEATFA’s written instructions. For all transactions, CAEATFA’s instructions will be in accordance with its agreements with funders, program regulations and any other governing documents. CAEATFA’s written instructions will include account numbers for both debited and credited accounts, wire instructions where relevant, amounts, dates, memo lines and approval by an authorized individual.

Historically CAEATFA has provided a separate Funding Memo request for most individual transactions. For some transactions, CAEATFA has established a “batch” process and provides the Trustee with a list of transactions that can “roll up” into a single transaction that debts one account and credits another. CAEATFA is exploring the best way to provide written instructions in “batches” on a periodic, regular basis for efficiency.

ii. Receive payments. The types of received payments may include:

a) Receipt of funds deposited from funders to their Holding Account.

b) Receipt of recovery proceeds to be returned to a Program Account or the Lender’s Loss Reserve Account, when a lender has recovered funds after a claim was paid.

iii. Transfer of funds between accounts. The types of transfers may include:

a) Transferring deposited funds from a Holding Account to a Program Account.

b) Transferring credit enhancement funds from a Program Account to a Lender’s Loss Reserve Account upon enrollment of a loan in the Program.

c) Transferring credit enhancement funds from a Lender’s Loss Reserve Account back to a Program Account on an annual basis, as part of CAEATFA’s rebalancing of Lender Loss Reserve Accounts to cover a percentage of their outstanding portfolio balance, per Program regulations.

d) Sweeping interest accrued in the Lender’s Loss Reserve Accounts and Program Account into the Interest Account, Holding Account or Program Account, depending on CAEATFA’s arrangement with the particular funder.

iv. Disburse payments. The types of payments may include:

a) Payment for a claim, made from the Lender’s Loss Reserve Account, when an enrolled financing agreement has been charged off and the lender has submitted, and CAEATFA has approved a claim payment, per the Program Regulations.

b) Payment for an IRBD, made from an IRBD Program Account, to a lender, when CAEATFA has approved a financing agreement for an IRBD payment.

c) Returning interest to funders on an infrequent basis.

d) Returning funds in Program or Holding Accounts to funders at the termination of their agreements with CAEATFA, or at the termination of the Programs.

e) Payment to the Operational Reserve Fund (ORF) for the On-Bill program for the purpose of pre-funding or seeding the ORF. Payments may come from the Holding or Program Account. The ORF will be held at a different financial institution.

f) Payment to the Operational Reserve Fund (ORF) for the On-Bill program for the purpose of reimbursing the ORF, when a lender received a payment from the ORF but has charged off the financing agreement and has submitted, and CAEATFA has approved, a claim.

g) Reimbursement to CAEATFA from the specified Program Account(s) for expenses incurred but not reimbursed by the CHEEF.

v. Debt Service Reserve Fund Payments. At the time of the CPUC’s initial authorization, CAEATFA was provided with the authority to develop a debt service reserve fund. While none of the programs currently include this feature, the Trustee must have the capability to carry out the following services if ultimately requested:

a) If a borrower fails to make a full debt payment, CAEATFA may instruct the Trustee to withdraw funds in the amount of the payment shortfall from the appropriate Program

Account and remit to the appropriate lender by check or wire, in accordance with the relevant Program regulations.

b) If the borrower resumes payment (or pays the remainder on a partial payment), the lender will cause a transfer of funds to the Trustee as necessary to reimburse the debt service reserve. CAEATFA will direct the Trustee to deposit those reimbursements to the appropriate Program Holding or Lender-Program Account. Alternatively, if the financing is charged off after receiving debt service reserve payments, CAEATFA will direct the Trustee to transfer a designated amount from the corresponding Lender-Program Account to the IOU Holding Account to reimburse the debt service reserve.

c. Reporting and Other Requirements.

i. Monthly Account Statements. By the 15th day of the following month, the Trustee will provide monthly bank statements or make electronic statements viewable for CAEATFA for each account. These statements will include balances, interest earned, transactions, and any changes or transfers during the month. The Trustee will also provide such statements, upon request:

a) to each funder for its Holding Account, Program Accounts, Program Interest Accounts and Lender-Loss Reserve Accounts; and,

b) to each lender for its Lender-Loss Reserve Account(s).

ii. Monthly Transaction Reports. CAEATFA may ask the Trustee to provide a monthly report (by the 15th day of the following month) to CAEATFA for each program. The contents of the monthly report will be determined at a later date by CAEATFA, in consultation with the Trustee. CAEATFA anticipates the report will contain between 5 – 10 data fields.

iii. Annual Transaction Reports. CAEATFA may ask the Trustee to provide a report by February 1st of each year to CAEATFA for each Program. This report will provide the information outlined in the Monthly Transaction Reports described above for the prior calendar year.

iv. Unlimited On-Demand Electronic Account Viewing. The Trustee will provide unlimited on-demand electronic viewing access to staff authorized, in writing, by CAEATFA’s Executive Director to view the appropriate accounts:

a) To designated CAEATFA staff or CAEATFA’s authorized representatives for all accounts;

b) To designated staff for the appropriate funder Holding Account, Program Accounts, Program Interest Accounts, and Lender-Loss Reserve Accounts; and

c) To designated staff at each finance company for all accounts held on its behalf.

d. Other Duties.

i. The Trustee will perform such other duties or activities related to the specific tasks listed above as may be specifically requested in writing by CAEATFA.

ii. The Trustee will meet, as needed, with CAEATFA and its staff at a location to be determined by CAEATFA.

iii. In all respects, the Trustee will represent the best interests of CAEATFA, funders, and the State of California in all transactions and proceedings.

5. Term of Agreement

The term of the Agreement will be for a three-year period beginning January 1, 2027 through December 31, 2029 and may not exceed $500,000.00 over the entire term of the agreement. The effective date is either the proposed award date (Section C.1), or the date of approval of the Agreement by DGS, whichever is later. No work shall commence until the effective date.

B. MINIMUM QUALIFICATIONS FOR PROPOSERS

In preparing your proposal, please provide your firm’s responses to the following requirements in the order listed in this RFP. Failure to meet the minimum qualifications will cause your proposal to be considered unresponsive and the proposal will be disqualified.

The firm must have, at a minimum, the following qualifications and experience:

1. Any Trustee appointed under the Contract must be a trust company, corporation or bank having the powers of a trust company that either:

a. Has a combined capital and surplus of at least fifty million dollars ($50,000,000.00), and is subject to supervision or examination by federal or state authority; or

b. Is a wholly-owned subsidiary of a bank, trust company, corporation or bank holding company with an aggregate combined capital and surplus of at least fifty million dollars ($50,000,000.00), and is subject to supervision or examination by federal or state authority.

If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority referred to above, then the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee must, at all times during the term of the Contract, meet these minimum qualifications.

2. Proposer and any subcontractor identified in the proposal must be qualified to do business in the State of California.

3. Firm must have been in operation for a minimum of two (2) years providing the types of services required under the Contract.

4. Firm must not be a publicly traded corporation or subsidiary thereof that is incorporated offshore, even if the United States is the principal market for the public trading of the corporation’s stock.

5. Firm must be free from conflicts of interest, not only at the time of selection, but throughout the term of the Contract as well.

6. Firm must be immediately available to provide the services that will be set forth in the Contract.

C. PROPOSAL REQUIREMENTS AND INFORMATION

1. Key Action Dates

Prospective proposers are hereby advised of the following estimated schedule. Dates are subject to change due to administrative processing. Proposers must adhere to the RFP response submission due date and time.

Date Action

August 21, 2026 RFP Advertisement – California State Contracts Register (CSCR).

RFP available to prospective proposers.

August 31, 2026 Written questions must be received by CAEATFA by 12:00 p.m. PT.

September 2, 2026 Responses will be posted on the CSCR and CAEATFA websites.

September 8, 2026

Proposals are due and must be received by CAEATFA at P.O. Box 942809, Sacramento, CA 94209, or Hand Delivered to 915 Capitol Mall, Sacramento, CA 95814 by 3:00 p.m. PT.

September 8-11, 2026 Evaluation and selection of firm by evaluation committee. Determination of responsive proposals.

September 15, 2026

CAEATFA Board Meeting.

September 16, 2026 Notice of Intent to Award.

January 1, 2027 Anticipated commencement of agreement.

2. Questions and Answers

In the opinion of CAEATFA, this RFP is complete and without need of explanation. However, if you have questions, or should you require any clarifying information, please email caeatfa@treasurer.ca.gov. Questions regarding this RFP must be submitted in writing no later than August 31, 2026 at 12:00 pm PT. Responses to questions will be provided on September 2, 2026 and will be made available in the California State Contracts Register located at https://caleprocure.ca.gov/ and the CAEATFA website located at https://www.treasurer.ca.gov/caeatfa/index.asp.

3. Content and Format of Proposals

This RFP, the evaluation of the proposals, and the award of any resultant Contract will be governed generally by the rules of this section and applicable State policy.

Proposals must be organized in the format shown below and contain all of the information listed:

a. Table of Contents.

b. Executive Summary. Summarize the highlights of the proposal and how the types of services required are addressed.

i. Conflicts of Interest. Firms must disclose any business relationships which may be construed to be potential conflicts of interest. CAEATFA may request interviews of firms for the purpose of clarifying any situations that could be construed to be a conflict of interest, and has the sole and exclusive authority to disqualify a firm if CAEATFA determines a conflict exists.

ii. Legal Actions. Describe any and all instances within the past 24 months of your firm’s or any of its principals’ involvement in any litigation, arbitration, disciplinary or other official actions arising from the firm’s business.

iii. Investment of Public Funds. Please identify any known restrictions and/or limitations your firm may have regarding the investment of public funds.

c. Firm Qualifications and Experience.

i. Qualifications of the Firm. Describe your firm’s qualifications in providing trustee services, including discussion of any unique strengths possessed by your firm.

CAEATFA expects to have a close working relationship with the Contractor as mailto:caeatfa@treasurer.ca.gov https://caleprocure.ca.gov/ https://www.treasurer.ca.gov/caeatfa/index.asp evidenced by the Scope of Work listed above, and requires the demonstration of a high degree of experience, training and proficiency in the conduct of the various functions performed. In addition, CAEATFA expects that the Contractor will be up-to-date and comply with most recent trustee best practices and trends, and must maintain appropriate expertise and technology at the firm’s own expense.

ii. Experience as Contractor. Discuss the overall experience of your firm that demonstrates your ability to successfully complete the Scope of Work (Section A.4) and meet the Minimum Qualifications (Section B). Experience should include recent trustee services provided to state entities and others with similar projects.

Provide a listing of other state or local governments for which the firm has acted, or is currently acting as trustee; the length of time engaged on such projects; the nature of services provided; and a contact person with address and telephone number. This list can be included in this section of the proposal (Experience as Contractor) or at the end of the proposal.

Two Year List of Trustee Engagements: Provide a list of your firm’s trustee engagements during the last two (2) years. This list can be included in this section of the proposal (Firm Qualifications and Experience) or at the end of the proposal. This is a separate requirement from Attachment 4.

d. Personnel Qualifications and Experience. Identify and describe the key personnel who will be providing the services required by the proposal under this Contract. Include for each key personnel staff member: their title and role; the percentage of the total firm effort under this contract that shall be provided by that individual; type of experience; and years (at current firm as well as all prior service). Experience in trustee engagements should be highlighted/detailed, including trustee engagements for State governmental agencies, as well as private industry experience. This is a separate requirement from Attachment 3.

Organization Chart: Include an organization chart showing functions, positions, and titles of professionals in your firm, including any subcontractor firm(s) that your firm intends to use in performance of its duties under the Contract.

i. Key Personnel. Complete Attachment 3 regarding the key personnel (include partners and associates) who will be directly involved in providing the services required under the contemplated Contract.

ii. Resumes. Provide detailed resumes for individuals who will be directly involved in providing the services under the Agreement, including any proposed subcontractor firms and their employees. Please provide resumes at the end of the proposal.

The firm must ensure that the quality and availability of its personnel assigned to this Contract, including staff of subcontractors (if any), will be maintained over the term of the Agreement. Any changes in assigned key personnel are at the discretion of the firm, provided that the qualifications and experience of any replacements are substantially the same or better than the original personnel. Contractor shall not substitute, replace or reassign key personnel without the prior approval of the State.

e. Cost Proposal Format and Requirements. The cost proposal (Attachment 6) shall be the basis for the cost portion of the evaluation and selection process. Proposals must include the firm’s fee schedule for tasks that will be required of the Trustee as set forth in this RFP. In order to be considered responsive, proposals must be submitted with fee schedules in compliance with these requirements. Proposals may not exceed $500,000.00 for the entire contract term.

For purposes of estimating maximum potential activity under the Pilot Programs, refer to the GGH historical chart on page 3 and GGB historical chart on page 4.The cost proposal should provide fee estimates based on the criteria listed below:

You may structure your cost proposal using transaction-based or annual comprehensive fees.

The scenarios below are only given for purposes of evaluating the fees portion of your proposal.

Actual transaction volume under the Agreement may vary considerably depending on demand for the Programs, actual claim rates, and economic conditions; however, proposals submitted with fee schedules not in compliance with these requirements shall be rejected.

Scenario A is a low estimate, and Scenario B is a robust estimate of anticipated activity under the contract. If transaction-based pricing is proposed, Scenario B will be used for scoring and comparison of the cost proposal.

Scenario A: Scenario B:

• 46 accounts

• 70 funding transactions per month

• 35 interest sweeps per month

• 20 outgoing wire payments per month

• 10 incoming wire payments per month

• 100 accounts

• 150 funding transactions per month

• 60 interest sweeps per month

• 30 outgoing wire payments per month

• 20 incoming wire payments per month

OPTION 1: Transaction-based pricing + any fixed costs.

Please provide your pricing for each of the components of the Scope of Work listed below. You may provide pricing based on volume. For example, you may indicate that a certain transaction would cost $x for a certain number of instances and then change to $y at a certain volume. You may assign $0 to any components as well.:

1. Fixed Costs

• Establish and maintain accounts; provide online access to accounts

• Other (please describe)

2. Transactions

• Funding transfers between accounts (e.g., Transfers from Holding Accounts to Program Accounts to Lender’s LR account, Lender’s LR to Program Account, etc.)

• Interest sweeps from one account to another

• Outgoing wire payments or ACH transfers

• Receipt of incoming wire transfers

• Funds wired to Holding Accounts, Lender payments for recoveries

3. Other (Please describe)

- OR -

OPTION 2: Annual Comprehensive fees.

Considering the two scenarios, please provide your annual comprehensive fee to execute the Scope of Work.

f. Required Attachments. For the proposal to be considered responsive, all required Attachments (1-16) must be completed and included with the proposal by the dates and times shown in Key Action Dates (Section C.1).

4. Submission of Proposals

a. Proposals should provide straightforward and concise descriptions of the proposing firm’s ability to satisfy the requirements of this RFP. The proposal must be complete and accurate. Omissions, inaccuracies, or misstatements may be cause for rejection of a proposal.

b. All proposals must be submitted under sealed cover and sent to CAEATFA by the date and time shown in Key Action Dates (Section C.1). Proposals received after this date and time will not be considered.

c. A minimum of one (1) unbound original and three (3) bound or unbound copies of the proposal must be submitted. All responses to this RFP must be submitted in hard copy and electronic copy (on USB flash drive) and received by CAEATFA no later than 3:00 pm PT on September 8, 2026.

Emailed or faxed submissions will not be accepted.

d. The original proposal must be marked "ORIGINAL COPY." All documents contained in the original proposal package must have original signatures and must be signed by a person who is authorized to bind the proposing firm. All additional proposal sets may contain photocopies of the original package.

e. The proposal envelopes must be plainly marked with the RFP number and title, the firm name and address; marked with “DO NOT OPEN”, as shown in the following example:

Mailing Address:

Request for Proposals – “Trustee Services for the California Hub for Energy Efficiency Financing (CHEEF) Programs” RFP# CAEATFA04-26

CAEATFA

Attn: Chor Vue P.O. Box 942809

Sacramento, CA 94209-0001

(916) 651-1353

DO NOT OPEN

Or Hand Deliver to:

Request for Proposals – “Trustee Services for the California Hub for

Energy Efficiency Financing (CHEEF) Programs” RFP# CAEATFA04-26

CAEATFA

Attn: Chor Vue 915 Capitol Mall

Sacramento, CA 95814

(916) 651-1353

DO NOT OPEN

f. If the proposal is made under a fictitious name or business title, the actual legal name of the firm must be provided.

g. Proposals not submitted under sealed cover and marked as indicated may be rejected.

h. All proposals must include the documents identified in Attachment 1, Required Attachment Checklist. Proposals not including the required attachments shall be deemed non-responsive. A non-responsive proposal is one that does not meet the basic proposal requirements.

i. Proposals must be submitted for the performance of all the services described herein. Any deviation from the work specifications will not be considered and will cause a proposal to be rejected.

j. A proposal may be rejected if it is conditional or incomplete, or if it contains any alterations of form or other irregularities of any kind. CAEATFA may reject any or all proposals and may waive any immaterial deviation in a proposal. CAEATFA’s waiver of an immaterial deviation shall in no way modify the proposal document nor excuse the proposer from full compliance with all requirements if awarded the Contract.

k. Costs for developing proposals and in anticipation of award of the Agreement are entirely the responsibility of the proposer and shall not be charged to CAEATFA or the State of California.

l. An individual who is authorized to bind the proposing firm contractually shall sign the Proposal/Proposer Certification Sheet (Attachment 2). The signature must indicate the title or position that the individual holds in the firm. An unsigned proposal may be rejected.

m. A proposing firm may modify a proposal after its submission by withdrawing its original proposal and resubmitting a new proposal prior to the proposal submission deadline as set forth in the Key Action Dates. The submission of a new proposal must comply with requirements of this section.

Proposal modifications offered in any other manner, oral or written, will not be considered.

n. A proposer may withdraw its proposal by submitting a written withdrawal request, signed by the proposer or an authorized agent, to CAEATFA at the address identified in Item 3.e. above. A proposer may thereafter submit a new proposal prior to the proposal submission deadline.

Proposals may not be withdrawn without cause after the proposal submission deadline.

o. CAEATFA may modify the RFP prior to the date fixed for submission of proposals by the issuance of an addendum to all parties who received an RFP package.

p. CAEATFA reserves the right to reject all proposals. The agency is not required to award an agreement.

q. Before submitting a response to this solicitation, proposers should review such response, correct all errors, and confirm compliance with the RFP requirements.

r. Where applicable, proposers should carefully examine work sites and specifications. No additions or increases to the Contract amount will be made due to a lack of careful examination of work sites and specifications.

s. More than one proposal from an individual, firm, partnership, corporation or association, under the same or different names, will not be considered.

t. The State does not accept alternate contract language from a prospective contractor. A proposal with such language will be considered a counter-proposal and will be rejected. The State’s General Terms and Conditions (GTC 02/2025) are not negotiable.

u. No oral understanding or agreement shall be binding upon either party.

v. Conflict of Interest: The proposer/Contractor needs to be aware of the provisions regarding current or former state employees. If a Contractor has any questions on the status of any person rendering services or involved with the Contract, CAEATFA must be contacted immediately for clarification. (See Attachment 7, Contractor Certification Clauses (CCC 04/2017)).

5. Evaluation Process

a. Each proposal will be date- and time-stamped as it is received; additionally, it will be verified that each proposal arrives properly sealed. Late proposals will not be accepted. Proposals shall remain confidential until the review process begins.