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District says $25 million energy performance contract is on track; financing bids come in below earlier assumptions
Summary
Officials said the district’s energy performance contract — including solar at six schools and fuel cells at the high school — has financing proposals between about 4.0% and 4.63%, below the earlier 4.75% assumption; town approvals are in place and grant and tax‑credit filings are next.
Cheshire school officials told the board the district’s proposed $25 million energy performance contract is progressing and that financing proposals came in below prior assumptions, creating potential additional cash flow for other projects.
Vin Masiana, chief project officer, said the district received five financing proposals that ranged “from about 4% to 4.63%,” beating an earlier 4.75% financing assumption. The contract package includes rooftop solar at six schools and fuel cells at Cheshire High School; the proposals also consider potential tax credits under the Inflation Reduction Act and state nonresidential energy savings incentives (NRES).
Town approvals are in hand, officials said: the town council passed the necessary resolutions and the town manager executed the contract, enabling the district to move forward with the procurement and to select a loan structure. “We will...make a decision on which is the best financing option,” Masiana said; he added officials expect to review proposals in about a week and that incentive application windows and grant filing timelines are pressing (the school construction grant window opens Oct. 1).
Board members asked specifically about the fuel cell timing; Masiana said the district’s application met existing eligibility rules before a change that narrows eligibility for fuel cells on Oct. 1. Officials also noted the project’s schedule is tight but currently on track.
No vote to award financing was taken at the meeting; staff said they will return with a recommendation after reviewing proposals and incentive outcomes.
