Valley Clean Energy RFP - Banking Services

Valley Clean Energy (VCE) is a Community Choice Aggregator (CCA) that serves electricity customers in the cities of Woodland, Davis, Winters, and the unincorporated areas of Yolo County. VCE offers choice in the electric utility market; empowers local control of electricity procurement decisions; reduces the carbon footprint associated with electricity service; and helps support the growth of local energy projects. VCE is governed by an eight-member Board of Directors, two each from the Woodland City Council, Davis City Council, Winters City Council, and the Yolo County Board of Supervisors. As a community-governed entity, VCE gives customers access to the people who make the rate and service decisions: supervisors and council members whom they already know. The Board is advised by its eleven-member Community Advisory Committee. VCE manages an annual operating budget of $60-$100 million in revenue and currently operates with a workforce of approximately eight (8) full-time employees and three (3) part-time employees, supplemented by specialized service providers and strategic operational partners. Our organization works in a hybrid environment, using dual authentication and Microsoft 365 for most software needs. VCE is currently planning to transition to a cloud-based Enterprise Resource Planning (ERP) System. To support continued organizational growth and strengthen financial planning, reporting, cash flow, and operational efficiency, VCE seeks responses to this Request for Proposals (“RFP”) from qualified Banking Institutions (“Bank”) to provide commercial operating banking services and lines of credit. VCE maintains a commercial banking and investment relationship with one primary depository institution. VCE’s current bank account structure includes one checking and one zero-balance lockbox “revenue deposit” account. VCE does not have any active agreement(s) in place that allow for the lockbox services to be activated. VCE’s combined line of credit includes a cash facility up to 7,000,000 and/or a letter of credit facility of $11,000,000. VCE’s 2025 audited financials can be found here. VCE has never used the cash facility and has minimal activity (Less than $500K) for letters of credit. Given VCE’s growth and financial strength, VCE has determined that reviewing the services offered by qualifying institutions for our primary commercial banking relationship is appropriate at this time. VCE’s current banking services contract is valid through April 2027. Proposed timelines should allow at least 60 days to transition into banking activities. VCE is simultaneously issuing an RFP for investment services for portfolio investments potentially covering a 1-5-year maturity. VCE intends to evaluate liquidity pools in addition to banking services for 0–1 year liquidity requirements.