...Title
Amendment to the Agreement with West Tambo Clean Power II, LLC for Long Term Renewable Energy.
...Recommendations
Adopt a resolution authorizing the Director of the Energy Department or her designee to execute a second amendment to the June 8, 2022 agreement with West Tambo Clean Power II, LLC, a subsidiary of Renewable America, LLC, to buy renewable energy, renewable energy credits, and attributes associated with a solar photovoltaic facility, in order to increase the term from 15 years to 20 years; delay the in-service date from April 30, 2023 to June 1, 2024; increase the development security and the commercial operation date delay damages; reduce the price by 15.7% if West Tambo obtains a 50% investment tax credit instead of the 40% investment tax credit it had expected; and make other conforming changes in consultation with the City Attorney, and resulting in an agreement with an estimated annual amount of $409,000 and a not-to-exceed amount of $8,180,000, to be paid solely from the San José Clean Energy Operating Fund, subject to the annual appropriation of funds.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. (Energy)