Posted Dec 1, 2024, 5:02 AM
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Registered User
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Join Date: Dec 2015
Posts: 15,551
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Some new documents posted on BCUC's website. I mean for a company that is basically the sister company to the developer they are doing a fairly good job of playing dumb.
Quote:
Q: Is Creative Energy asking the BCUC to take the risk that these negotiations might be unsuccessful, in which case a significant portion of these costs may become the responsibility of ratepayers?
A: Confirmed. The Application requests the BCUC to determine that it is in the public interest for Creative Energy to make the contemplated expenditures on the understanding that Creative Energy is seeking to recover these costs from the Developer as appropriate, and that there is uncertainty regarding the extent to which Creative Energy will be successful. Creative Energy’s ability to secure financing for the contemplated expenditures hinges on being able to provide certainty to financing parties that Creative Energy will be able to recover its expenditures from customers to the extent not otherwise recovered from the Developer.
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But then this gem:
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Considering the terms of the TDA, if Creative Energy were to successfully pursue a claim againstthe Developer, any such damages award would be an unsecured amount owing from the Developer to Creative Energy and would thus rank behind all secured creditors of the Developer, with other unsecured creditors. Creative Energy is not aware of the full extent of the Developer’s financial obligations; however, we are aware that the Developer has a secured credit facility for the Developer’s project at the Beatty property in the aggregate principal amount of $185 million, which had an aggregate principal amount outstanding of approximately $171 million, plus accrued interest, as of the date of the Application. It is possible that there may be other secured creditors of the Developer that would also rank ahead of Creative Energy in the event of any receivership or bankruptcy of the Developer.
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Creative Energy’s understanding, through discussions with the Developer, is that sufficient funding is unlikely to be available to the Developer for at least 15-21 months after submission of a rezoning application, which is expected to be submitted in December 2024. The Developer expects that both rezoning approval and development permit approval will be required to confirm project economics and secure funding to complete the development project and meet its obligations under the TDA. These expectations are based on the experience of the Developer and its preliminary discussions with the City of Vancouver. The Developer believes that this process will take at least 15-21 months.
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While each shareholder has the right to contribute to capital calls pursuant to the shareholder and limited partnership agreements between the parties, we note that Creative Energy Canada Platforms Corp. (“Creative Canada”), the entity through which Westbank holds its interest in the Creative Energy group, has not contributed to capital calls that have been made to date in 2024; rather, Emanate Energy has exercised its rights under the limited partnership agreement to fund 100% of the amounts not contributed by Creative Canada, which has resulted in Emanate Energy increasing its proportionate interest in the Creative Energy group
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https://www.bcuc.com/OurWork/ViewProceeding?applicationid=1284
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