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A resolution approving Tranche Amendment 2 between the Tennessee Valley Authority, Nashville Electric Service, and the Metropolitan Government of Nashville and Davidson County, for the purchase of renewable energy.
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WHEREAS, Resolution No. RS2020-441 approved a "Green Invest Agreement" between the Tennessee Valley Authority ("TVA"), Nashville Electric Service ("NES"), and the Metropolitan Government of Nashville and Davidson County ("Metro"), for the potential purchase of renewable energy; and,
WHEREAS, Resolution No. RS2020-634 approved Tranche Amendment 1 for the purchase of renewable energy at the price of $1.25 per Renewable Energy Certificate or REC; and,
WHEREAS, Resolution No. RS2023-2360 previously approved Tranche Amendment 2 which amended the Renewable Energy Certificate price to $3.08, however, that amendment was not executed by TVA; and,
WHEREAS, the parties wish to enter into a new Tranche Amendment 2 with the same terms except that the Expected Initiated Delivery Date would be April 30, 2027. This new Tranche Amendment 2 would replace the Tranche Amendment 2 previously approved by RS2023-2360; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that Tranche Amendment 2 be approved for Metro to pursue timely compliance with its near and long-term Renewable Portfolio Standard benchmarks laid out in the Metropolitan Code of Law Section 2.32.080.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Tranche Amendment 2, attached hereto and incorporated herein, is hereby approved, and the Director of the Metropolitan Department of Finance is authorized to execute the same.
Section 2. Any further amendments, renewals, or extension of the terms of Tranche Amendment 2 may be approved by resolution of the Metropolitan Council.
Section 3. That this resolution shall take effect from and after its adoption, the welf...
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