46-3-69.1. Financial assurance requirements.

A solar power facility agreement shall provide that:#

1. (1)

   The grantee shall obtain and deliver to the landowner and record with the clerk of the superior court of the county where the solar power facility is located evidence of financial assurance that conforms to the requirements of this subsection to secure the performance of the grantee’s obligation to remove the grantee’s solar power facilities located on the landowner’s property pursuant to Code Section 46-3-69;#

2. (2)

   The amount of the financial assurance shall be:#

   1. (A)

      At least equal to the estimated cost of removing the solar power facilities from the landowner’s property and restoring the property to the conditions described in Code Section 46-3-69:#

      1. (i)

         Minus the salvage value of the solar power facilities; and#

      2. (ii)

         Plus any portion of the value of the solar power facilities pledged to secure outstanding debt; and#

   2. (B)

      Determined by an independent, third-party professional engineer licensed in this state;#

3. (3)

   The grantee shall deliver to the landowner an updated estimate, prepared by an independent, third-party professional engineer licensed in this state, of the removal costs and the salvage value of the solar power facilities:#

   1. (A)

      No later than 20 years after the commercial operations date of the solar power facilities; and#

   2. (B)

      At least once every five years after the commercial operations date of the solar power facilities for the remainder of the term of the agreement;#

4. (4)

   The grantee shall be responsible for ensuring that the amount of the financial assurance remains sufficient to cover the amount required by paragraph (2) of this subsection, consistent with the estimates required by paragraph (3) of this subsection;#

5. (5)

   The grantee shall be responsible for the costs of obtaining financial assurance and costs of determining the estimated removal costs and salvage value; and#

6. (6)

   The grantee shall deliver the financial assurance not later than the commercial operations date of the solar power facilities.#

No county or municipal corporation shall impose on a grantee who has entered into a solar power facility agreement that conforms to the requirements of this Code section financial assurance requirements relating to the removal or decommissioning of solar power facilities.#

No grantee shall cancel the financial assurance delivered to the landowner pursuant to this Code section before the date the grantee has completed the grantee’s obligation to remove the grantee’s solar power facilities located on the landowner’s property in the manner provided by this part, unless the grantee provides the landowner with replacement financial assurance at the time of or before such cancellation. In the event of a transfer of ownership of the grantee’s solar power facilities, the financial assurance provided by the grantee shall remain in place until the date on which evidence of substitute financial assurance meeting the requirements of this part is provided to the landowner.#