Councillor James Stoneman (Cabinet Member for Climate Change and Governance) introduced the item:-

a)    The construction loan would provide be a long-term finance loan to Chelson Meadow Community Solar for the construction of the solar farm.

Cabinet agreed to:-

1.    Approve the business case;

2.    Approve the principal of a £16,373,236 loan to Chelson Meadow Community Solar and delegated the authority for agreeing the final terms of the agreement to the S151 officer in consultation with the monitoring officer subject to the following;

a.     The Leader approving the additional capital allocation of £15,953,326 into the existing budget line of £420,000;

b.    Officers receiving legal advice that the loan is in compliance with subsidy control rules; 

c.     The loan agreement providing for a legal charge/s to deliver such security as the Council shall determine) on the basis set out in the report;

3.    Note that the S151 would sign the loan agreement subject to it not being signed as a deed. Where it is a deed it will be signed by the Monitoring Officer or other authorised signatory.