Decision details

To agree the further amendment to existing arrangements to Empower.

Cabinet considered the report and RESOLVED to:

1)    Approve the amendment of the terms of the Strategic Partnership with Empower Community Management LLP;

2)    Amend the financing agreement with ECS Peterborough 1 LLP to include the purchase of ground mounted solar PV and the purchase of solar PV installed on local authority residential social housing  properties;

3)    Approve the due diligence measures proposed;

4)    Approve Council entering into such further agreements with ECS Peterborough 1 LLP and any other body necessary to facilitate the arrangements set out in this report; and

5)    Delegate to the Corporate Director, Resources and Director of Governance the ability to finalise any individual matters.

The proposal will generate a surplus income which will contribute to the Renewable Energy Savings targets in the MTFS.

The proposal supports the Council’s aspirations to be the UK’s Environment Capital by facilitating the use of sustainable energy sources.

The Council has a discretion as to whether to advance any additional funding to ECS Peterborough 1 LLP and could determine not to make such further advance.  However the funding of additional projects of this kind is considered to be likely to enhance the refinancing terms which Empower may be offered in quarter 2017.  Whilst the Council will be repaid as part of that refinance, it will have a continued interest in ECS Peterborough 1 LLP due to the profit share arrangements in place in respect of projects undertaken in Peterborough.  That being the case, the Council could see an ongoing benefit in the event that more favourable refinance terms can be secured. If the Council decides not to provide the additional funding it will also lose the opportunity to receive the additional interest income from the increased loan until the re-financing takes place.

None.

None.