SB3331 - State Power Purchase Agreement Act

• Designates Smart Energy Design Assistance Center (SEDAC) at University of Illinois Urbana-Champaign as lead agency to facilitate renewable energy power purchase agreements between State agencies and solar or wind energy developers.

• Authorizes State agencies to enter into long-term renewable energy power purchase agreements (5-25 years) with qualified developers for solar or wind energy infrastructure on State property, with third-party financing permitted.

• Establishes developer selection process requiring State agencies to issue requests for proposals to up to 3 qualified developers, with selection based on factors including contract terms, technical feasibility, and overall benefits rather than lowest cost alone.

• Requires developers to include a list of potential third-party investors in their bids, with failure to secure investors potentially voiding the contract at the State agency's discretion.

• Permits State agencies to retain all energy cost savings from agreements and encourages reinvestment in additional cost-saving measures; requires agencies to report project details including energy savings and greenhouse gas reductions to Illinois Commerce Commission.