{"data":{"id":"us-ok/okla.-stat.-tit.-17-17-820.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 17, § 17-820.5","heading":"Financial assurance","body":"A. A solar power facility agreement shall provide that the\n\ngrantee obtain and deliver to the landowner evidence of financial\n\nassurance that conforms to the requirements of this section to\n\nsecure the performance of the grantee's obligation to remove the\n\ngrantee's solar power facilities located on the landowner's property\n\nas described by Section 5 of this act. Acceptable forms of\n\nfinancial assurance include a parent company guaranty with a minimum\n\ninvestment grade credit rating for the parent company issued by a\n\nmajor domestic credit rating agency, a letter of credit, a bond, or\n\nanother form of financial assurance reasonably acceptable to the\n\nlandowner.\n\nB. The amount of the financial assurance must be at least equal\n\nto the estimated amount by which the cost of removing the solar\n\npower facilities from the landowner's property and restoring the\n\nproperty to as near as reasonably possible the condition of the\n\nproperty as of the date the agreement begins exceeds the salvage\n\nvalue of the solar power facilities, less any portion of the value\n\nof the solar power facilities pledged to secure outstanding debt.\n\nC. The agreement shall provide that:\n\n1. The estimated cost of removing the solar power facilities\n\nfrom the landowner's property and restoring the property to as near\n\nas reasonably possible the condition of the property as of the date\n\nthe agreement begins and the estimated salvage value of the solar\n\npower facilities must be determined by an independent, third-party\n\nprofessional engineer licensed in this state;\n\n2. The grantee shall deliver to the landowner an updated\n\nestimate, prepared by an independent, third-party professional\n\nengineer licensed in this state, of the cost of removal and the\n\nsalvage value:\n\na. on or before the tenth anniversary of the commercial\n\noperations date of the solar power facilities, and\n\nb. at least once every five (5) years after the\n\ncommercial operations date of the solar power\n\nfacilities for the remainder of the term of the\n\nagreement; and\n\n3. The grantee is responsible for ensuring that the amount of\n\nthe financial assurance remains sufficient to cover the amount\n\nrequired by subsection B of this section, consistent with the\n\nestimates required by this subsection.\n\nD. The grantee is responsible for the costs of obtaining\n\nfinancial assurance described by this section and costs of\n\ndetermining the estimated removal costs and salvage value.\n\nE. The agreement must provide that the grantee shall deliver\n\nthe financial assurance not later than the earlier of:\n\n1. The date the solar power facility agreement is terminated;\n\nor\n\n2. The twentieth anniversary of the commercial operations date\n\nof the solar power facilities located on the landowner's leased\n\nproperty.\n\nF. For purposes of this section, \"commercial operations date\"\n\nmeans the date on which the solar power facilities are approved for\n\nparticipation in market operations by a regional transmission\n\norganization and does not include the generation of electrical\n\nenergy or other operations conducted before that date for purposes\n\nof maintenance and testing.\n\nG. The grantee may not cancel financial assurance before the\n\ndate the grantee has completed the grantee's obligation to remove\n\nthe grantee's solar power facilities located on the landowner's\n\nproperty in the manner provided by this act, unless the grantee\n\nprovides the landowner with replacement financial assurance at the\n\ntime of or before the cancellation. In the event of a transfer of\n\nownership of the grantee's solar power facilities, the financial\n\nsecurity provided by the grantee shall remain in place until the\n\ndate evidence of financial security meeting the requirements of this\n\nact is provided to the landowner.","path":["OK Code","Title 17"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os17.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2918e49ff322b1c3d63c7f140cb53045988485f0741e718f6efc9706b55ac4a8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-17-17-820.4","next":"us-ok/okla.-stat.-tit.-17-17-83"},"notice":"GroundRules: Original legal text. Not legal advice."}