Latest News29 Jul 2019 11:20
Heres latest news via California Govement on North Fork .
North Fork Community Power (App#18-025)
This project was originally awarded an allocation of up to $9,305,000 in tax-exempt bonds at the
December 12, 2018 allocation meeting with a bond issuance date of June 10, 2019. CPCFA is
requesting a waiver of forfeiture of performance deposit for $46,525.
A letter, dated May 17, 2019 from CPCFA, and we were informed that the closing was
anticipated to be prior to the bond issuance date. The project economics and feasibility are
dependent on a Pacific Gas & Electric (PG&E) power purchase agreement and associated
interconnection to the power grid. North Fork continues to work with officials at the California
Public Utilities Commission (CPUC) and the Governor’s Office to clarify PG&E’s obligations
under the BioMat program. Through the cooperation of multiple state agencies, the Company
will be receiving an interim loan from the California Infrastructure and Economic Development
Bank for $1.2 million. This loan will allow the company to pay for the PG&E interconnection
and to provide funds for the completion of construction related costs.
The Applicant requests a waiver of the performance deposit forfeiture based upon the factors
noted above resulting in the unforeseen delays that were outside the control of the project
sponsor and the development team.