Issue - decisions
Chelson Meadow Community Solar - Construction Loan
10/03/2023 - Chelson Meadow Community Solar - Construction Loan
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.