TOWN Hall chiefs at Warrington will be recommended next week to approve the business case for the borough council to purchase two solar farms with a total value of £59 million – to be funded by prudential borrowing.
The two farms – one at Hull and the other at York – would be built and operational before they were acquired by the council.
Cllr Russ Bowden
Officers say the deal would generate an investment return that could be used to fund front line services, reduce the council’s existing energy costs and also fulfil the council’s green energy objectives.
If the executive board approves the recommendations on Monday, the Hull project should be commissioned in June-July next year while the York scheme would be commissioned in August-October.
In March this year the executive board approved the purchase of a solar farm in the tiny Cotswold village of Preston, near Cirencester. However, this scheme became less viable following changes to the grid connection available in that area.
Now the plan is to purchase the Hull farm to provide the benefit originally expected from the Cirencester project, including satisfying all the council’s energy needs from renewable resources.
The York farm is proposed as a purely commercial operation aiming to supply green energy to commercial/public sector customers, providing additional income for the council and potentially encouraging regeneration investment in the Warrington area.
In a report to be presented to the executive board by deputy leader of the council Russ Bowden, the council’s record in promoting green energy so far will be spelled out.
Cllr Bowden will stress that the council has already installed solar panels on 3,000 Golden Gates properties and developed solar bond investments that other councils have invested in.
These have proved very successful, generated a commercial return to the council, created employment opportunities and reduced fuel poverty in the borough.
Three years ago, the council led on the structuring of a solar bond investment with Thurrock and Newham councils involving the purchase of the UK’s second largest solar farm at Swindon.
This farm is operating successfully, generating a commercial return to the council and showing considerable equity uplift since its purchase.
1 Comment
Given the disquiet over the handling of the Redwood Bank investment, I feel that there should be far greater engagement with the people who are actually paying for these investments.
I appreciate that an executive body has to act, and that they wouldn’t achieve much if they had to ask permission before every decision. I would expect, at the very least, a full and detailed business case to be made available to the electorate, so we can see the thinking behind this investment of our money.