Purpose

To agree an amendment to Energetik's Business
Plan

Decision

DECISION: The Cabinet agreed to:
 

Approve
Energetik’s refreshed Business Plan (Appendix 1).
Approve the extension
of the repayment date of the working capital facility from May 2027
to Mar 2032.
Approve the revised
capital programme as shown in paragraph 29 totalling
£47m.
Note that Key
Decision (KD5873) – ‘Enfield Public Sector
Decarbonisation Scheme (PSDS) Phase 4 (Schools District Heating)
Acceptance of Grant funding’ approved a new capital loan of
£1.6m. This is likely to be required in 2027/28.
Delegate to the
Executive Director of Resources, in consultation with the Cabinet
Member for Finance and Procurement and the Member Shareholder
Panel, authority to enter into any loan agreements required to
release the remaining Tranche 3 funding detailed in paragraph
30.
Request that
Energetik publish a public version of the Business Plan on its
website within 30 days to support transparency with residents.
Further loan drawdowns will be conditional on this
publication.