REPORT TO COUNCIL
SUBJECT
Title
Adoption of Resolution Approving the Execution, Delivery and Performance of a Revolving Credit Agreement with TD Public Finance, LLC for Capital Costs for the Electric System in the Amount Not-to-Exceed $350,000,000 and Authorizing the Execution, Delivery and Performance of Related Documents and Certain Other Actions in connection with this Financing
Report
BACKGROUND
The City of Santa Clara's Electric Utility, Silicon Valley Power (SVP), has provided dependable electric service for over 128 years and is experiencing significant continued growth. SVP has developed a City Council-approved Capital Improvement Strategy to address near-term and long-term impacts from potential load growth and aged infrastructure to maintain system reliability. In 2025, SVP registered a peak load of nearly 745 Megawatt (MW), another new record, and delivered approximately 5,100 Gigawatt-hours (GWh) to customers, continuing its rapid pace of growth. This represents a 6-year compound annual growth rate of almost 5% in energy delivery, starting from 2020.
On September 28, 2021, the City Council accepted SVP's Three-Year System Growth Strategy Plan (RTC #21-871). This plan identified $300 million of proposed projects to install new facilities and replace aged infrastructure with higher capacity infrastructure where needed. On November 15, 2022, the City Council accepted SVP's System Expansion Plan report for the California Independent System Operator's (CAISO) Transmission Planning Process (TPP) FY 2023/24 (RTC #22-1172). This report included a comprehensive list of $200 million of additional projects for SVP's System Growth Strategy during the study period for a total of over $500 million of proposed projects required to serve an additional projected load of 1,306 MW by 2032. The main projects include the Kifer Receiving Station (KRS) Rebuild and Replacement, Scott Receiving Station (SRS) Rebuild and Replacement, and Northern Receiving Station (NRS)...
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