(IID eGreen program put on hold)…The Power Purchase Agreement is being rescinded.
Tuesday the Imperial Irrigation District Board of Directors directed staff to proceed with negotiations to rescind the PPA they had recently approved with Regenerate Power and its development subsidiary, Titan Solar 1. Citing uncertainty in the pricing of solar panels and increases in project financing at an estimated $15 million, as well as a delay in the project completion date, Regenerate Power requested to renegotiate its agreement with the IID, or agree to terminate it. IID General Manager Kevin Kelley said with all the obstacles the District, in good faith, can no longer move forward with the proposed project. Approved by the Board on July 8, 2017, the Titan Solar 1 project was slated to facilitate the District’s eGreen program, which aims to provide solar energy to all of the utility’s low-income customers.