Item - 2020.TA8.5

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved an investment of up to net $2,500,000 and gross $3,120,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of 18 June 2020 and as set out in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee. 

2.  Approved, based on the final plan and energy savings estimates, the need to re-present the transaction to the Investment Committee / Board for approval prior to final commitment only if the final project returns to TAF fall below the outlined risk spread of 3 percent or the capital cost varies by greater than 5 percent over the net $2,500,000 investment.

3.  Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.

4.  Directed that the confidential information contained in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Approval of a direct investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with Toronto Atmospheric Fund's mandate. The proposed investment of up to net $2,500,000 and gross $3,120,000.