Decision details

Cabinet considered the report and:

1.      Approved the amendment of the terms of the Strategic Partnership with Empower Community Management LLP;

2.      Approved the amendment of the financing agreement with ECS Peterborough 1 LLP;

3.      Approved the due diligence on the purchase of the existing operational solar PV installation;

4.      Approved 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.  Delegated to the Corporate Director; Resources and Director of Governance the ability to finalise any individual matters including the amendment as necessary of any existing contractual documents.

            Generate a surplus income which will contribute to the Renewable Energy Savings targets in the MTFS.

Supports the Council’s aspirations to be the UK’s Environment Capital by promoting and facilitating 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 Council would lose the opportunity to enhance the refinancing package offered by ECS Peterborough 1 LLP and lose the opportunity to receive the additional interest income from the increased loan until the re-financing takes place.

None.

·         Cabinet Decision - DEC14/CAB/112; and

·         Cabinet Member Decision - OCT15/CMDN/85.