Title
Resolution - Approval for Authority for Power Purchase Agreement (PPA) for IPPG - D Thompson - Confidential Terms
Other Info
Submitted By: Robyn Miller on behalf of Markets
Department: Markets
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session;
Discussion
PEC wishes to execute a power purchase and sale agreement and confirmation letter for renewable wind generation. Specific terms and conditions, including price and term, are provided in PEC Executive Session documentation.
Body
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF PEDERNALES ELECTRIC COOPERATIVE, INC. that the Cooperative authorizes the Chief Executive Officer, or designee, be, and hereby is, authorized as a duly authorized officer or agent of the Cooperative, to negotiate execute and deliver, such agreements, confirmations or certificates necessary or appropriate to acquire electric capacity, energy and other related products as discussed by the Board during Executive Session of this meeting, and subject to the conditions as discussed by the Board during Executive Session of this meeting, and to deliver such notices as may be required by any wholesale power agreement of the Cooperative; and
BE IT FURTHER RESOLVED, that the Secretary of the Board is, authorized as a duly authorized officer of the Cooperative, for and in the name and on behalf of the Cooperative, to execute, acknowledge as appropriate, and deliver any officer's certificates in such officer's reasonable discretion as necessary, appropriate, or desirable.
BE IT FURTHER RESOLVED, that the Chief Executive Officer, or their designee, is hereby authorized and directed to do any and all such other things, and take such other actions, as the Chief Executive Officer, or their designee, deems necessary or desirable to effectuate the purposes of this resolution.