Can we involve PPA's?

I would like an answer on this as well, because I am trying to understand how this would work within the requirements of LEED. If I understand correctly, the PPA would own the equipment, and then sell the school the energy, for the length of the contract. After the contract, the school can buy the equipment. If the PPA can't sell the generated RECs without buying the same amount back, (or this negates the ability to go for this credit) what is the incentive for a PPA to do this?

@ Kerrie: I am researching this option for one of my projects now as well and I came across the 11/1/11 addenda for EAc2 which states (the portion after the "OR"): “To qualify as an eligible on-site system, the fuel source must meet one of the following conditions: the fuel source must be wholly contained/produced on-site; the project team must demonstrate full ownership of the fuel source, including ownership of all its environmental attributes; OR, if the fuel source is not owned, and in cases where use of a substitute, non-renewable fuel is possible, projects must enter into a 2-year contract for purchase of the renewable fuel source, with an ongoing commitment to renew for a period of 10 years total.” I'm not sure if this helps you with the project you were initially referencing but I hope this helps you in future projects that are considering a PPA.