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Councillors and committees

Issue - meetings

Minewater Heat Pump and District Energy Extensions

Meeting: 17/11/2020 - Cabinet (Item 55)

Construction Loan to Gateshead Energy Company

Report of the Strategic Director, Economy, Innovation and Growth

Minutes:

Consideration has been given to the revised approach where Gateshead Energy Company constructs and owns district energy scheme assets and to the proposed award a construction loan, of the amount set out in the report, to Gateshead Energy Company, for the construction of extensions to Gateshead District Energy Scheme.

 

 

 

RESOLVED -

(i)

That Gateshead Energy Company (GEC) constructing and owning assets relating to the extensions of the District Energy Network be approved.

 

 

 

 

(ii)

That the construction loan of the amount set out in the report to GEC, for the purpose of constructing a minewater heat pump and extensions to the Gateshead District Energy Scheme be approved.

 

 

 

 

(iii)

That the Strategic Director, Corporate Resources and Digital be authorised to agree and approve the terms of the construction loan with GEC following consultation with the Strategic Director, Corporate Services and Governance (or his delegate) and further the Strategic Director, Corporate Services  and Governance (or his delegate) be authorised to enter into the construction loan agreement in accordance with the Constitution.

 

 

 

 

(iv)

That the Strategic Director, Corporate Resources and Digital be authorised to review the interest rate to determine if the interest rate can be reduced in due course in accordance with state aid legislation.

 

 

 

The above decisions have been made for the following reasons:

 

 

 

 

(A)

To support the Council’s Thrive objectives.

 

 

 

 

(B)

To support the Council’s Climate Emergency, and targets of net zero emissions by 2030.

 


 

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