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Public utilities

Vermont Public Utility Commission Issues Order on Wallingford Solar LLC's Certificate of Public Good

Strategic Insights

— 2 min read

The Vermont Public Utility Commission has issued an order regarding Wallingford Solar LLC's petition for a certificate of public good to construct and operate a 2.2 MW solar electric generation facility in Wallingford, Vermont. The Commission had previously approved the project subject to certain conditions, including the filing of a letter of credit. The Commission has now issued an order notifying the certificate of public good holder, Wallingford Solar LLC, of communications from Silicon Valley Bank regarding the lost letter of credit. The bank has requested an indemnity letter to cancel the lost letter of credit, which the Commission has declined to sign.

Key Takeaways:

  • The Vermont Public Utility Commission has issued an order regarding Wallingford Solar LLC's petition for a certificate of public good to construct and operate a 2.2 MW solar electric generation facility in Wallingford, Vermont.
  • The Commission had previously approved the project subject to certain conditions, including the filing of a letter of credit.
  • The Commission has notified Wallingford Solar LLC of communications from Silicon Valley Bank regarding the lost letter of credit.
  • The bank has requested an indemnity letter to cancel the lost letter of credit, which the Commission has declined to sign.
  • The Commission views its May 22, 2023, Order as final and binding, precluding the Commission from drawing on the initial letter of credit.
  • The original executed letter of credit was sent to Wallingford Solar LLC on August 6, 2024, via United States Postal Service mail.
  • The Clerk of the Commission confirmed that the originals were sent, but they were not received by Wallingford Solar LLC.
  • Silicon Valley Bank has indicated that the letter of credit will be kept open unless the Commission signs the indemnity agreement.

Statistics:

  • The solar electric generation facility is 2.2 megawatts in size.
  • The Commission had approved the project subject to certain conditions, including the filing of a letter of credit.
  • The letter of credit was issued by Silicon Valley Bank and was replaced by Toronto-Dominion Bank on May 2, 2023.
  • The replacement letter of credit was approved by the Commission on May 22, 2023.
  • The original executed letter of credit was sent to Wallingford Solar LLC on August 6, 2024, via United States Postal Service mail.
  • The letter of credit is still open, pending the Commission's signing of the indemnity agreement.

Sources:

  • Vermont Public Utility Commission order, Case No. 18-3084-PET
  • Order of 4/12/19
  • See CPG at P 9
  • Order of 5/22/23
  • Email chains with the CPG Holder and Silicon Valley Bank have been uploaded into this case.

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