Decision

The Cabinet has decided to approve Energetik's Business Plan and extend the repayment date of a working capital facility.

Analysis

outcome: Recommendations were approved by the Cabinet.

summary: The decision involves approving Energetik's refreshed Business Plan, extending the repayment date of a working capital facility, approving a revised capital programme, and delegating authority to enter into loan agreements.

topline: The Cabinet has decided to approve Energetik's Business Plan and extend the repayment date of a working capital facility.

reason_contentious: This issue may be contentious due to the financial implications and potential impact on residents.

affected_stakeholders: ["Energetik", "Cabinet members", "Residents"]

contentiousness_score: 6

political_party_relevance: There are no explicit mentions of political parties in the decision.

URL: https://governance.enfield.gov.uk/ieDecisionDetails.aspx?ID=376

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To agree an amendment to Energetik's Business Plan

Content: DECISION: The Cabinet agreed to:   Approve Energetik’s refreshed Business Plan (Appendix 1). Approve the extension of the repayment date of the working capital facility from May 2027 to Mar 2032. Approve the revised capital programme as shown in paragraph 29 totalling £47m. Note that Key Decision (KD5873) – ‘Enfield Public Sector Decarbonisation Scheme (PSDS) Phase 4 (Schools District Heating) Acceptance of Grant funding’ approved a new capital loan of £1.6m. This is likely to be required in 2027/28. Delegate to the Executive Director of Resources, in consultation with the Cabinet Member for Finance and Procurement and the Member Shareholder Panel, authority to enter into any loan agreements required to release the remaining Tranche 3 funding detailed in paragraph 30. Request that Energetik publish a public version of the Business Plan on its website within 30 days to support transparency with residents. Further loan drawdowns will be conditional on this publication.

Date of Decision: June 11, 2025