Zonevex Portfolio Audit
Mountain Ridge Renewables — Q2 2026 Site Control Report
Prepared for: VP of Development · 6 projects · CAISO + PJM · Reference period: Apr 30, 2026
Portfolio grade
C+
3 of 6 projects at compliance risk
Executive summary
Across six in-flight projects, your stated portfolio coverage averages 91.4%. After applying each RTO’s stage-aware instrument-eligibility, exclusivity, and encumbrance filters, RTO-effective coverage averages 76.8% — a 14.6-point gap concentrated in three projects.
Two projects are below the 90% threshold required at CAISO Cluster Study Phase 2 entry (Cluster 16, Oct 1, 2026 window). One project has a critical option-to-lease expiring 47 days before its PJM Decision Point I obligation, with no executed extension on file.
Three findings (one in each at-risk project) are remediable inside the current window; one finding requires a parcel acquisition or substitution decision and should be elevated to portfolio leadership.
Per-project risk grade
Each project graded against the applicable RTO’s stage-aware rules. Grade reflects RTO-effective coverage, instrument eligibility at current stage, and time-to-next-milestone exposure.
| Project | RTO / Stage | MW | Stated | Effective | Grade |
|---|---|---|---|---|---|
| Cedar Mesa Solar I | CAISO · Cluster 15 IA | 220 | 96.2% | 94.1% | A |
| Cedar Mesa Solar II | CAISO · Cluster 16 entry | 180 | 92.4% | 81.7% | C |
| Sagebrush Wind | CAISO · Cluster 16 entry | 320 | 88.9% | 72.3% | D |
| Riverbend Storage | PJM · Cycle 1 DP I | 150 | 94.7% | 63.8% | F |
| Hollow Creek Solar | PJM · Cycle 1 DP I | 240 | 91.5% | 87.2% | B |
| North Plains Solar | PJM · pre-application | 300 | 85.0% | 62.0% | D |
Critical findings
Each finding cites the verbatim FERC Order 2023 or RTO tariff language that triggered it, the affected parcels, and a recommended remediation.
Critical · Finding #1
Riverbend Storage — expired option-to-lease, Decision Point I in 47 days
Finding: Option-to-lease on parcel 042-118-019 (covering 30.9% of project footprint) expired 2026-04-13. PJM Manual 14H requires the option be “held exclusively by the interconnection customer” and active as of Decision Point I (2026-06-16 for this project). The parcel currently contributes 0.0% to RTO-effective coverage.
Stated coverage if extended: 94.7% · Effective coverage today: 63.8% · Required at DP I: 100%
Recommendation: Negotiate a 12-month option extension or convert to executed lease. If neither is possible, replace this parcel before 2026-06-16 or expect rejection at DP I and forfeiture of $487K in study deposits posted to date.
High · Finding #2
Sagebrush Wind — 4 parcels under Williamson Act contract, ineligible at Cluster 16 entry
Finding: 4 parcels (totaling 16.6% of project footprint) are subject to active Williamson Act contracts through 2031–2034. CAISO’s instrument-eligibility rule for Cluster 16 entry excludes Williamson-encumbered parcels unless a notice of nonrenewal has been filed and recorded with the county.
Stated coverage: 88.9% · Effective coverage: 72.3% · Required at Cluster 16 entry: 90.0%
Recommendation: File notices of nonrenewal on the four affected parcels by Aug 1, 2026 to be recorded before the Cluster 16 Oct 1 window. Expected county processing time: 30–60 days. Alternative: pursue immediate cancellation with 12.5% penalty per Government Code § 51283 if economics support it.
High · Finding #3
Cedar Mesa II — option-weight rule reduces effective coverage 10.7 points
Finding: 23.4% of project footprint is held under options-to-lease (vs. executed leases). At CAISO Cluster Study Phase 2, options receive 50% credit per § 25.2.3. This is a known cliff that catches developers who plan around stated coverage; it is structurally more punitive than PJM’s equivalent rule because CAISO does not allow partial carry-forward of credit through phase transitions.
Stated coverage: 92.4% · Effective coverage: 81.7% · Required at Cluster Study Phase 2: 90.0%
Recommendation: Convert at least 8.3 points of option-weighted acreage (~14.9% of footprint) to executed leases before Cluster Study Phase 2 entry. Prioritize the largest contiguous parcels first — the 3 parcels above 200 acres recover 6.8 of the 8.3 points needed.
Cross-project exclusivity check
FERC Order 2023’s exclusivity mandate prohibits using the same land parcels as site control evidence for multiple projects. Zonevex runs this check across the entire portfolio.
Clear. 0 parcels appear in more than one project’s site control package.
Upcoming milestone exposure
Stage-aware view of the next 90 days. Each row is a milestone where a coverage shortfall would trigger a deficiency notice or auto-withdrawal.
Jun 16
PJM Cycle 1 Decision Point I — Riverbend Storage (current effective: 63.8%, required: 100%)
CRITICALJun 16
PJM Cycle 1 Decision Point I — Hollow Creek Solar (effective: 87.2%, required: 100%)
AT RISKOct 1
CAISO Cluster 16 entry window — Cedar Mesa II + Sagebrush Wind (both below 90% threshold)
REMEDIABLEMethodology
Coverage computed via PostGIS spatial union of validated parcel geometries against project boundaries. Each parcel evaluated through the 5-filter audit: (1) active status, (2) instrument-eligibility per RTO at current stage, (3) encumbrance check (Williamson Act, conservation easements, mortgages), (4) owner-signature verification on all amendments, (5) BLM ROW status for federal land. RTO rules sourced from PJM Manual 14H, CAISO Tariff Sec. 25, MISO BPM-015, and the FERC Order 2023 final rule. Full audit trail available on request.