Extension of £1.5 m revolving credit facility to Celtic Sea Power Ltd
The council decided to let Celtic Sea Power keep borrowing up to £1.5 million until March 2030, but at a higher interest rate of 6 % instead of 3.69 %, with a review scheduled for March 2029.
Individual Decision Day·2026-01-28·Approved
Plain-English summaries and outcome labels are Cornwall Political Watch's own AI extractions from the published minutes, not Cornwall Council wording. Where a “From the minutes” quote is shown, it is verbatim from the minutes the outcome was extracted from.
Description
The Cabinet approved extending the existing £1.5 m revolving credit facility to Celtic Sea Power Limited until 31 March 2030, with an interest‑rate uplift from 3.69 % to 6.00 % and a review milestone by March 2029.
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- Proceed to public consultation on River Camel Local Development Order(Approved)
- Declare listed housing assets surplus to Council requirements(Approved)
- Progress surplus housing assets through Asset Release process(Approved)
- Delegate disposal authority to Head of Property & Assets(Approved)
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