City Extends Option Solar Option, Lease Agreement

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The Greenville City Council took action Tuesday night to amend its option and lease agreement with Greenville Solar for a commercial solar facility along Interstate 70, east of Love’s Truck Stop.

The action extends the option and lease term to July of 2022.

Interim City Manager Sue Ann Nelson spoke to the council about it, noting it was a long time coming. She thanked Economic Development Director Mark Sargis for his involvement in the process. She said option times, base rates, increases, and decommissioning are all addressed in the new agreement.

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The agreement is for 20 years with three, five-year extensions with option and base rent amounts set.

The company Sunpin formed Greenville Solar and is assigning rights and obligations under the agreement to Greenville Solar.

Sunpin paid $75,000 for each of the first three years of the option, and has agreed to pay $50,000 for a six-month extension to March of next year, and another $50,000 for a shorter four-month extension to July of 2022. City officials believe this creates an incentive for the company to exercise its lease option earlier.

Once the lease begins, Sunpin will pay construction rent, then annual base rent when the facility begins producing power.

The company plans to sell power on the wholesale market. Before committing to the lease, Sunpin is waiting for a final interconnection study report this month from Ameren and then needs to secure financing and sign a power purchase agreement with an offtaker.

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