Issue - meetings

Cabinet:

1.      Noted the appointment of Ameresco Limited as Preferred Bidder.

2.      Approved the principle of the establishment of City Leap Energy Partnership Limited as a 50/50 joint venture between the Council and Ameresco Limited.

3.      In relation to the transition phase of City Leap:

a.      Authorised the Executive Director, Growth and Regeneration, in consultation with Cabinet Member for Climate, Ecology, Waste and Energy, Deputy Mayor for Finance, Governance and Performance, Director of Legal and Democratic Services and Director of Finance, to take all steps required to finalise the terms of the City Leap Energy Partnership with the Preferred Bidder, in line with the commitments set out in section 4 of this report.

b.      Authorised the Director of Finance in consultation with the Deputy Mayor for Finance, Governance and Performance to draw down and spend up to £1.8m to fund the transition stage (being the stage from selection of Preferred Bidder to signature of contracts) which will include the project team and professional advisors. This sum will be funded from New Priority Investment Reserve.

4.      Noted the re-purposing of part of the previously approved FY 2022/23 Energy Service base budget to fund the City Leap Client Function post transition.

5.      Noted that further reports will be brought back to Cabinet:

a.      To agree the transfer of the council’s heat network assets into Bristol Heat Networks Limited and the financial and legal terms for the subsequent sale of Bristol Heat Networks Limited to the Strategic Partner, and

b.      To agree to enter into the necessary legal agreements to formalise the City Leap Energy Partnership.