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HomeMy WebLinkAboutRes 2022-05 Power Project Fund Loan to Energy 49ALASKA ENERGY AUTHORITY RESOLUTION NO. 2022-05 A RESOLUTION OF THE ALASKA ENERGY AUTHORITY REGARDING A POWER PROJECT FUND LOAN BY THE AUTHORITY TO ENERGY 49 LLC. WHEREAS, Energy 49 LLC ("Applicant") has applied to the Alaska Energy Authority ("Authority") for a loan in the amount up to $4,994,500, with a term of 25 years, under the Authority's power project fund program (AS 42.45.010), at the statutory prevailing rate of interest per AS 42.45.010(f)(2)(A) as of May 27, 2022 (the "Loan Application"), and the PPF Loan Committee has recommended approval of the loan under such terms; WHEREAS, the nature, purpose and terms of the Loan Application are described in the PPF Loan Committee Recommendation, attached as Exhibit "A."; WHEREAS, the Authority has determined that the Applicant is an eligible borrower as per power project fund statute AS 42.45.01 0(b)(1 ); WHEREAS, the Authority has determined that the Loan Application is for an eligible project, as per power project fund statute AS 42.45.010(b)(1)(B); WHEREAS, 3 AAC 106.110(d) requires that a loan from the power project fund be approved by the Authority's Board if the subject loan will exceed $2,000,000; WHEREAS, 3 AAC 106.110(d) requires that the approval or disapproval of a power project fund loan be in the form of a written determination that contains the findings required by 3 AAC 106.110; WHEREAS, the PPF Loan Committee has recommended findings required by 3 AAC 106.110(d) in the PPF Loan Committee Recommendation, a copy of which is attached as Exhibit A; WHEREAS, the PPF Loan Committee has recommended that the Authority approve the Loan, as described in the PPF Loan Committee Recommendation and in the Term Sheet, a copy of which is attached as Exhibit B; and WHEREAS, it is in the best interest of the Authority to approve the Loan. NOW, THEREFORE, BE IT RESOLVED BY THE ALASKA ENERGY AUTHORITY AS FOLLOWS: Section 1. The written findings recommended by the PPF Loan Committee, as required by 3 AAC 106.110(d), and contained in the PPF Loan Committee Recommendation, attached as Exhibit A, are adopted and incorporated by reference as part of this Resolution. Section 2. The Term Sheet attached as Exhibit B, is adopted and incorporated by reference as part of this Resolution. Section 3. The PPF Loan Committee's recommendation to approve the Loan for the Energy 49 LLC Houston solar project, as described in the Term Sheet attached as Exhibit B, is accepted, adopted and approved. Section 5. This Resolution is the final decision of the Authority regarding the Loan Application for the Energy 49 LLC Houston solar project. Section 6. The Executive Director of the Authority is authorized to take such actions as may be necessary or convenient to consummate the Loan including, without limitation, issuing a commitment with respect to the Loan. The Executive Director is further authorized to approve other such changes in the terms and conditions of the Loan as the Executive Director, in his discretion, determines appropriate, provided that such changes do not create a detrimental material change to the Authority under the terms and conditions of the Loan. DATED at Anchorage, Alaska on this 26t" day of October, 2022. 4Zrill. Curtis W. Thayer, Secretary J. Dana Pruhs, Chair t`ttttlllf!!r' GY ,10�, , �Q : RpORA T 9 (,0 v•'d SAL �- #c ` AEA Resolution No. 2022-05 Page 2 of 2