Decision details

To seek approval to set up a Special Purpose Vehicle to receive and spend government grant funding for heat networks.

1.      Authorised the Executive Director for Growth and Regeneration, in consultation with the Cabinet Member for Transport and Energy and the Green New Deal, the Cabinet Member for Finance, Governance and Performance the Chief Finance Officer to

a) establish and operate two (2) special purpose vehicles in order to accept the HNIP capital grant funding and establish the competitive heat commercial model in action; and

b) transfer to the SPVs the following heat network assets in line with HNIP grant funding applications:

i. Redcliffe heat network Phase 2;

ii. Old Market heat network Phase 1;

2.      Delegated authority to the Chief Finance Officer (S.151 Officer) in consultation with the Cabinet Member for Finance, Governance and Performance to transfer and agree the terms of the previously approved Prudential funding, to the SPVs, via onward lending loan agreement (in the region of £6.21m).