B.22/08: Consideration of funding proposals

The Board, having considered the limited distribution document GCF/B.22/Inf.08/Add.01 titled “Board decisions proposed between the twenty-first and twenty-second meetings of the Board – Addendum I: Additional update on FP017 (Climate Action and Solar Energy Development Programme in the Tarapacá Region in Chile)”:

1. Decides, in respect of FP017 titled “Climate Action and Solar Energy Development Programme in the Tarapacá Region in Chile”, to:
   
   1. Approve the material change to FP017 described in limited distribution document GCF/B.22/Inf.08/Add.01; and
   2.  Authorize the Secretariat to negotiate and execute the funded activity agreement, including all its schedules, which shall reflect the material change to the terms as described in document GCF/B.22/Inf.08/Add.01 and the following covenants:
      1. If the cash sweep occurs, the accredited entity shall make all possible efforts to seek all relevant information from, and engage in discussions with, the project company, the sponsor and all other relevant parties to seek to verify the continuing financial and operational viability of the funded activity as a going concern and, if appropriate in the circumstances, seek to identify through such discussions any necessary or desirable modifications to the financing of the project; and
      2. The accredited entity shall contractually require the sponsor to ensure that the entity to which any of the awarded power purchase agreements are transferred makes all possible efforts to procure energy from renewable sources, in addition to the energy supplied by the project, in satisfaction of such awarded power purchase agreements.