Once projects are approved in MIRECS, Transferors can create Forward Transfers by taking the following steps:
- In the Account Dashboard, locate the Recurring Transfers module.
- Under the Recurring Transfers module, click on the ‘Create New Forward Transfers’ hyperlink as pictured below:
- In the New Forward Transfer screen, fill out all applicable fields
a. Forward Credit Name/Alias: Enter a name for the Transfer
b. Project: Designate Project to source the credits from
c. Type of Forward Transfer: Designate the radio button for the appropriate type of transfer and then select the specific subaccount from Dropdown (Essentially, you are indicated where the RECS will be going):
i. Active Subaccount: Intra Account Transfers
ii. Retirement Subaccount: Intra Account transfers
iii. Account Holder: For transfers to another Account Holder, select the Account Holder the Credits will be transferred to
d. Percent or Fixed: Designate one of the following:
i. A fixed number of Forward credits to be transferred each month, or
ii. The percentage of credits that will be transferred each month (you likely need to select 100%)
e. Begin and End Vintage: The first vintage (month/year) that the Forward Transfer will be executed for and the end vintage representing the last transfer in the Forward Transfer transaction
i. Please note that Forward Transfers will not transfer Credits for vintages that have already been issued. (If you have a 20-year contract you can set up your Forward transfer from 10/2016 – 10/2036)
f. Priority: Enter the priority of the Forward Transfer relative to any other Forward Transfers, if applicable
i. If you leave the Priority as the defaulted 0, MIRECS will assign the Priority in the order in which the Forward Transfer was received
g. All or Nothing: Selecting the All or Nothing radio button will only transfer Credits when all the designated Credits are available to be transferred
i. For Example, if I designate 100 Credits to transfer each month, but I only generate 99 MWh, the Forward Transfer will not process
h. Partial Fill: Selecting Partial Fill will transfer the Credits that are available, even if there is not enough to fulfill the Forward Transfer
i. For Example, if I designate 100 Credits to transfer each month, but I only generate 99 MWh, the Forward Transfer will process 99 Credits
- Click on the [Save] button to create a new Forward Transfer
Note: After a new Forward Transfer is created, it will be in a ’Pending’ status until the Transferee (Account Holder Receiving RECS) accepts/rejects the terms. Both the Transferor and Transferee will receive an email notification regarding the Forward Transfer