HomeMy WebLinkAbout2015-04-14 PACKET 05.A.01.
To: Economic Development Authority
From: Ryan R. Schroeder, Executive Director
Date: March 23, 2015
Subject: Assignment of Rights for BEC Solar Project
The City has entered a contract, approved by both the EDA and City Council, with New Energy
Equity, LLC to construct a 40KW solar array on the BEC garage roof. It is expected that the
construction of this array will occur in May. Construction duration will be two to three days.
New Energy has closed on the financing for this project. Their financing partner is WGL
Energy Systems (see attached). The financing requires the assignment of rights from New
Energy to WGL systems.
The City Attorney reviewed the matter without objection or concern for the assignment as the
parties continue obligated to perform in the same manner as previously.
No action is required of the EDA other than acknowledgement of the assignment.
Board Action: By motion acknowledge assignment of rights under the BEC Power Purchase
agreement for solar installation between New Energy Equity LLC and WGL Energy Systems