Agenda item

1. Authorised the Chief Executive, 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 enter into the City Leap Energy Partnership with Ameresco. This will include entering into and giving effect to the agreements, arrangements and documents set out in Appendix A (i) with further information in Exempt Appendix I (ii) which includes the subscription by the council for 50% of the shares in the City Leap Energy Partnership joint venture company (BCL).

2.     Authorised the Chief Executive, in consultation with the Deputy Mayor for Finance, Governance and Performance, Director of Finance and Director of Legal and Democratic Services to negotiate the terms of and enter into all necessary legal agreements to give effect to the relevant service transition, including the transfer of staff to the City Leap Energy Partnership.

3.    Authorised the Director of Finance (s151 Officer), in consultation with the Cabinet Member for Finance, Governance and Performance, to:

a.      Extend the existing loan facility from the council to the Bristol Heat Networks Limited by £2m to fund working capital for BHNL to the end of the 2022/23 financial year as contingency in the event that signing of the City Leap contracts is delayed beyond the beginning of January 2023; and

b.      agree the terms of the provision of such finance and to enter into any documents required to enter into the extension.

4.    Authorised the Chief Executive, in consultation with Cabinet Member for Finance, Governance and Performance, to:

a.  extend the City Leap Procurement legal services contract by up to circa £35k of potential additional spend to complete the City Leap transaction; and

b.    extend the City Leap Procurement financial services contract by up to circa £140k of potential additional spend to complete the City Leap transaction. Noting that this potential additional expenditure will be contained within the previously approved budget for the City Leap mobilisation phase.

Noting that this potential additional expenditure will be contained within the previously approved budget for the City Leap mobilisation phase.

5.    Reallocated £2.3m of previously approved heat network capital spend on the Bedminster heat network (approved in a cabinet report dated October 2021) to the Redcliffe Phase 2 and PSDS heat network projects.

6.    Authorised, in order to transfer the company that owns the heat network assets, Bristol Heat Networks Limited, from Bristol Holding Limited to Vattenfall Heat UK Limited:

a.    the transfer by Bristol Holding Limited of its one ordinary share in Bristol Heat Networks Limited to Vattenfall Heat UK Limited.

b.        Bristol Holding Limited to enter into a share sale and purchase agreement and any other contracts, documents or arrangements required to give effect to the transfer of shares in Bristol Heat Networks Limited from Bristol Holding Limited to Vattenfall Heat UK Limited.

Noting that the above is conditional upon the receipt of a payment to the council from Vattenfall Heat UK Limited that is sufficient to repay the loan facility granted to Bristol Heat Networks Limited by the council, to the extent that it has been drawn down upon by BHNL.

7.   To enable the allocation to the council of a ‘special share’ in Bristol Heat Networks Limited, authorised:

a.    the adoption by Bristol Heat Networks Limited of revised articles of association and any other contracts, documents or arrangements required to enable the special share to be issued;

b.    the allotment by Bristol Heat Networks Limited to the council of one special share in Bristol Heat Networks Limited; and

c.    the subscription by the council to one special share in Bristol Heat Networks Limited.