Cabinet resolved to:
(i) Approve the procurement proposals to replace c16,500 sodium street lanterns with energy efficient LED street lanterns, including the installation of a Central Management System (CMS), at an estimated total scheme cost of £7.5m (including £0.5m contingency) in accordance with the strategy set out in the report;
(ii) Agree that the project be financed via the UK Green Investment Bank’s Green Loan, as set out in option 1 in the report; and
(iii) Delegate authority to the Strategic Director of Finance and Investment, in consultation with the Head of Legal and Democratic Services and the Cabinet Members for Finance and Regeneration, to negotiate terms and agree, execute and deliver all contract project documents to fully implement and effect the project including the Green Loan agreement and other finance documents, and award the contract to the successful bidder.