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File #: 22-0078    Version: 1 Name:
Type: Resolution Status: Passed
File created: 1/6/2022 In control: City Council
On agenda: 1/19/2022 Final action: 1/19/2022
Title: Resolution approving the Consent and Agreement and the form of Estoppel Certificate for the Renewable Power Purchase Agreement with AM Wind Repower, LLC.
Attachments: 1. Staff Report, 2. Exhibit 1 - Resolution No. 2021-007
REQUEST FOR CITY COUNCIL ACTION



DATE: 01/19/2022

TO: Honorable Mayor and City Council Members

FROM: Utilities Department

SUBJECT:
Title
Resolution approving the Consent and Agreement and the form of Estoppel Certificate for the Renewable Power Purchase Agreement with AM Wind Repower, LLC.

End
EXECUTIVE SUMMARY:
Brookfield Renewable, by and through AM Wind Repower LLC, will construct a 27-megawatt Alta Mesa wind generating facility in Riverside County, located at 11001 Whitewater Canyon, North Palm Springs, California. In June of 2020, the City of Corona Utilities Department entered into a Power Purchase Agreement to procure 40.74% or 11 megawatts of the electric generation from the Alta Mesa Facility. The Power Purchase Agreement states that AM Wind Repower LLC has the right to assign this Agreement as collateral for any financing or refinancing of the Alta Mesa Facility, and that the Buyers must, in good faith, work with the Seller to facilitate assigning the Agreement to a financial entity. The attached Consent and Agreement documents the City's approval of this collateral financing assignment and the City's Estoppel Certificate makes certain acknowledgements, representations, and warranties for the benefit of the financing entities, including the City Council's ratification of the Utilities Department's approval of the Power Purchase Agreement.

RECOMMENDED ACTION:
Recommended action
That the City Council:

a. Adopt Resolution No. 2022-007 approving the attached Consent and Agreement and the Form of the Estoppel Certificate for the Renewable Power Purchase Agreement with AM Wind Repower, LLC.

b. Authorize the City Manager, or his designee, to sign the Consent and Agreement and Estoppel Certificate on behalf of the City.

c. Authorize the City Manager, or his designee, to negotiate, execute and authorize any further contracts, agreements, amendments, or certificates which are non-substantive or are otherwise in compliance with the City Co...

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