LAC 43:I.5115. Financial Security Requirements

A. The designated operator of a solar power generation facility shall establish financial security to the department within 30 days after issuing a permit in an amount that will ensure sufficient funds are available for all decommissioning activities in compliance with this Chapter and R.S. 30:1154(A). The financial security required under this Section shall secure the cost of decommissioning and shall be callable in accordance with R.S. 30:1154(A). B. Acceptable forms of financial security may include a performance bond, irrevocable letter(s) of credit, any other instrument approved by the Secretary through formal order, or a combination thereof. C. The designated operator shall meet the financial security requirement by submitting to the department an acceptable form(s) of financial security in an amount equal to 100 percent of the approved decommissioning cost estimate as set forth in Section 5113(C)(6). The financial security instrument(s) must name the department as the beneficiary. The department will not release the financial security instrument(s) until it receives proof that the facility was fully decommissioned as required by this Chapter or receives a replacement form of financial security as provided herein. To ensure that the financial security instrument(s) is properly maintained, the designated operator shall provide the department with written notice at least 120 days before the existing form(s) of financial security expires. The designated operator must submit a replacement financial security instrument(s) consistent with the requirements of this Chapter no later than 30 days before the existing form(s) of financial security expires. Failure to provide a replacement financial security instrument(s) before this 30-day period shall be deemed a violation of these rules and subject the designated operator to revocation of the facility’s permit, the calling of the financial security instrument(s) and any other remedy authorized by law. D. During a facility’s operational life, the amount of financial security required by this Chapter shall be adjusted by the department to conform to the facility’s revised decommissioning plan in accordance with Section 5113(D).