American Public Power Association – May 21, 2019
The city council of San Jose, Calif, in late April agreed to expand San Jose Clean Energy’s revolving credit agreement with Barclays Bank PLC from $50 million to $80 million. San Jose Clean Energy is the city’s community choice aggregator (CCA).
The increased credit facility will allow the CCA to make additional purchases of clean power into future years, thereby further hedging future electricity costs and maximizing customer savings.
“Our credit facility is another community choice financial milestone demonstrating the financial stability of CCAs,” said Lori Mitchell, San Jose Community Energy Department Director.“Financial institutions are recognizing the strength of the California community choice model,” she said.
San Jose Clean Energy is operated by the Community Energy Department, which is a department of the City of San Jose.