CAEATFA04-26 - Trustee Services for the California Hub for Energy Efficiency Financing (CHEEF) Programs

The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), a public instrumentality housed within the State Treasurer's office, is requesting proposals for trustee services to manage funds for the California Hub for Energy Efficiency Financing (CHEEF) Programs, with proposals due September 8, 2026 at 3:00 p.m. PT. A 5% small business preference applies, and optional DVBE and Target Area Contract Preference Act (TACPA) incentives are available.

The trustee will hold and disburse credit enhancement and interest rate buy-down funds, maintain accounts, process transactions, and provide monthly account statements, transaction reports, and electronic account viewing access supporting residential, affordable multifamily, and commercial energy efficiency financing. The trustee must be a trust company, bank, or corporation with combined capital and surplus of at least $50 million, subject to federal or state supervision, qualified to do business in California, and possessing at least two years of relevant experience.

The total contract amount may not exceed $500,000 over a three-year term from January 1, 2027 through December 31, 2029. Proposers may structure costs as transaction-based pricing or annual comprehensive fees. Evaluation scenarios include Scenario A (46 accounts, 70 monthly funding transactions, representing low estimates) and Scenario B (100 accounts, 150 monthly funding transactions, representing robust estimates). As of June 30, 2026, the Programs include 22 enrolled lenders with 20,607 loans totaling $436.7 million in the residential sector, with expectations for moderate scaling and expansion to include solar, battery storage, and wildfire mitigation measures.

Evaluation criteria weight firm qualifications (30 points), experience as contractor (20 points), key personnel qualifications (15 points), and fee schedule (35 points), with a minimum responsive score of 85 points. Written questions were due August 31, 2026 at 12:00 p.m. PT; responses were posted September 2, 2026. Evaluation occurs September 8–11, 2026, with Board meeting September 15, 2026 and Notice of Intent to Award September 16, 2026.