(vi) In respect of the Energy Accelerator Programme –
That following a recommendation from the Investment Committee, WYCA approves:
(a) That the Energy Accelerator Programme proceeds through Decision Point 4 and work commences on Activity 5 (Full Business Case with Finalised Costs).
(b) That approval to spend the £0.640m Local Growth Fund allocation as match to support the development of the Accelerator be confirmed.
(c) That an indicative approval to the to the £2.997m ELENA funding (exact amount dependent on Euro exchange rate at the date of approval – application pending) is given with Full Approval to spend being granted once the scheme has progressed through the Assurance Process to Decision Point 5 (Full Business Case with Finalised Costs). This will bring the total project value to approximately £3.817m (£0.820m LGF, £2.997m ELENA).
(d) That development costs of up to £0.180m are approved in order to pay the incurred development costs and to progress the scheme to Decision Point 5 (Full Business Case with Finalised Costs) from the Local Growth Fund, taking the total project approval to £0.820m).
(e) That future approvals are made in accordance with the Approval Pathway and Approval Route outlined in the submitted report including at Decision Point 5 through a delegation to WYCA’s Managing Director following a recommendation by WYCA’s Programme Appraisal Team. This will be subject to the scheme remaining within the tolerances outlined in the submitted report.