Purpose

Approval for updated project budget. Reduction
of overall budget from £750k to £433k.
A lower level of grant funding has been secured than was initially
intended (£130k). This requires match funding of
£337,818 which can be provided by Renewables and Energy
Efficiency Fund (REEF).
All funding provided by match under the basis of a Power Purchase
Agreement that will recover the initial investment over the first
10 years of 20 year PPA. Once the investment is repaid from REEF
the panel will generate revenue for Bristol City Council
(BCC).
Sites will benefit from a saving on energy from the solar panels
whilst the initial investment from the Revolving energy Efficiency
Fund is repaid.
The investment is supported through the use of Power Purchase
agreements that cover the cost of installation and the cost of
ongoing maintenance activities. The systems will provide utility
bill savings for schools and council sites whilst supporting the
councils decarbonisation objectives

Content

Approval for the use of £130k Mayoral
Renewable Fund Grant and £338k match funding from the
Renewable Energy Efficient Fund and to enter into the contracts
required in connection with the installation of solar PV through
the Mayoral Renewable Grant Solar Schools programme.

Alternative options considered

Private finance was considered but not
included as in the final proposal as the scale of the investment
was insufficient and there was insufficient time to secure funding
within the grant funding window.
The increased match funding can be supported through the sale of
electricity over the 20 year lifetime of PV systems. The initial
investment will be repaid after the first ten years.
Cancelling the development of the project