Authority is sought from the Cabinet Member, in consutation with Group Leaders, to:
1. Amend the financing agreement with ECS Peterborough 1 LLP to provide additional funding to support the roll out of of solar PV installation owned by Axiom Housing Association Limited property portfolio.
2. Approve additional capital financing to ECS Peterborough 1 LLP up to the value of £1.5m.
3. Delegate approval to the Corporate Director, Resources to provide further funding of up to £1m if the additional funding of £1.5m is successfully utilised prior to the Feed in Tariff cut-off date on 31 December 2015.
4. Delegate approval to the Corporate Director, Resources to agree the refinancing timetable with ESC Peterborough 1 LLP.
Decision type: Key
Reason Key: Expenditure or savings greater than £500,000;
Decision status: Recommendations Approved
Notice of proposed decision first published: 07/08/2015
This decision will be taken under urgency procedures.
Reason for urgency:
Pursuant to Part 4, Section 8 of the Council’s Constitution, the Chairman of the Scrutiny Committee for Sustainable Growth and Environment Capital in consultation with the Monitoring Officer has considered a request that this decision be deemed to be urgent and the reasons for this request. A decision may be deemed urgent if any delay likely to be caused by the call-in process would seriously prejudice the Council’s or the public interest.
The Chairman considers that in this instance that this proposed decision is reasonable in all the circumstances and that it is in the public interest to waive the call-in procedure in order to act with urgency as a result of the unexpected cut in the FIT rate and the resulting short timetable this leaves for implementing the decision. Consequently this decisions shall not be subject to call-in.
Decision due: Not before 5th Oct 2015 by Leader of the Council and Cabinet Member for Education, Skills and University
Lead member: Cabinet Member for Resources
Lead director: Executive Director Corporate Services
Department: Corporate Services
Contact: John Harrison, Corporate Director Resources Tel: 01733 452520 Email: john.harrison@peterborough.gov.uk john.harrison@peterborough.gov.uk Tel: 01733 452520.