I think b_patterson had a post on this thread last year which...

I think b_patterson had a post on this thread last year which referred to Renewable Energy Register. I briefly searched through his posts on CBD but no luck. Maybe it was someone else.
Wiki link bellow has a link to Oz register.
http://en.wikipedia.org/wiki/Renewable_Energy_Certificates_Registry

There is also government act governing the use of RECs (I think, I do not speak legalese and did not dare to open it)

At the time I Googled the register and found that the first client in the list was a plumber with relatively small number of RECs who was at that stage waiting 18 months for his turn. The register appeared to be operating on government funding.

I could not find anything on spot market prices apart from cryptic statements in press articles on renewable energy claiming that the RECs price collapsed due to oversupply on the spot market - where ever it might be.

In any case if you borrow 15% bellow a price and that price drops 15%, you will be asked to provide more collateral or the loan will be called and the REcs you provided as collateral will be sold. Presumably the financier knows who to sell it to.
At the moment you would have to be lucky to borrow at 7.5% but let us be generous, after all CBD is such a stellar performer, so maybe they found someone at 7.5%
So that means that if the price does not improve markedly (ie more than 15%) in next 2 years, we will loose money on the deal. No need for MBA to figure that out.
Given that the patient plumber of 18 months put his name down before the flood of RECs from NSW Solar debacle as well as from the other well meaning states doing more less the same, I do not think CBD will do better by borrowing rather then selling them now, thus getting some King Cash to pursue their objectives.
But what do I know, I have not sold an airline to Qantas or led National Party. I just like to balance my cheque book and end up with positive numbers.