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CDFA Energy & Water Finance Update - January 21, 2020

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CDFA Energy and Water Finance Newsletter
January 21, 2020
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Energy & Water Finance Update


Largest C-PACE Deal Ever Closes in UT
CleanFund Commercial PACE Capital, Inc. and Salt Lake City announce financing on the city's new Hyatt Regency hotel. The $54.7 million in C-PACE contribution provided by CleanFund will fund nearly every sustainable upgrade in the new hotel, demonstrating the effectiveness of the state's new C-PACE legislation towards achieving Salt Lake City's environmental goals. It also sets a record for the single largest amount ever financed by C-PACE nationally.

TDEC Announce $48M Loan for Memphis, TN Water Improvements
Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced a $48 million loan for the City of Memphis to address water infrastructure. This Clean Water State Revolving Fund loan will address wastewater treatment plant improvements and upgrades to secondary treatment at the T.E. Maxson Wastewater Treatment Facility.

EPA to Allow State RLF to Pay for Water Rights
The United States Environmental Protection Agency announced in a memorandum that it would allow the Drinking Water State Revolving Fund to be used for purchasing rights or access to new sources of drinking water under certain circumstances.

U.S. Clean Energy Investment Hits New Record of $55.5B
Clean energy investment in the United States surged to a fresh record of $55.5 billion last year, despite the government's attempts to roll back supportive policies. As renewable energy costs have plunged and onshore wind and solar developers rushed to qualify for tax credits before they are scaled back this year, investment surged 28% from a year earlier, a report by Bloomberg New Energy Finance said.

Federal Officials Set to Approve Largest U.S. Solar Farm
Federal officials plan to approve a massive solar farm with energy storage in the desert outside Las Vegas, paving the way for a $1-billion project that will provide electricity to Nevada residents. At 690 megawatts across 7,100 acres, the facility would generate more power than the largest solar farm currently operating in the United States, a 579-megawatt plant in Southern California.

CounterpointeSRE Provides $21.25M in C-PACE Financing for First Chicago, IL PACE Transaction
CounterpointeSRE, announced the closing of the first Chicago PACE program financing, which provided $21.25 million in private capital to an affiliate of The Prime Group, Inc. toward redevelopment of five vacant floors of the historic building into a new, 233-room luxury boutique hotel.

Negotiators Agree to Revive, Extend Biodiesel Tax Credit
Congressional negotiators have agreed to revive and extend through 2022 the expired $1-a-gallon tax credit that subsidizes biodiesel and renewable biodiesel production. The tax incentive lapsed at the end of 2017, but the extension through 2022 was included in a 58-page tax package that will be considered as an amendment.

Upcoming Events
CDFA Federal Policy Conference

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Energy Finance News

2019 PACE Financing in OH Hits $112.7M
Bricker & Eckler | Jan. 6 | Energy Finance | Property Assessed Clean Energy (PACE)

Rebound Technologies Closes $5M Series A Financing for Energy-Efficient Cooling Technology
PR Newswire | Jan. 16 | Access to Capital | Energy Finance | Food Systems Finance

How the U.S.-China Trade Deal Will Ripple Through Food, Finance and Energy
Los Angeles Times | Jan. 15 | Agriculture Finance | Bond Finance | Energy Finance | Federal | Food Systems Finance

Feds Propose Overhaul of Environmental Reviews for Controversial Projects
Ballard Spahr LLP | Jan. 13 | Brownfield Financing | Energy Finance | Federal | Green Finance

IA Has Innovative Approach with RLF for Nutrient Loading
Water & Waste Digest | Jan. 13 | Revolving Loan Funds (RLFs) | Water Finance

Dayton Arcade Uses NMTC, LIHTC, HTC for Redevelopment
Novogradac | Jan. 9 | Energy Finance | Incentives | Property Assessed Clean Energy (PACE) | Public-Private Partnership (P3) Financing | Redevelopment | Tax Credits | Urban Development

MN PFA Loans $5.3M for Water Infrastructure
Fillmore County Journal | Jan. 9 | Revolving Loan Funds (RLFs) | Water Finance

RLF Approved for Brookings, SD Drainage Improvements
The Brookings Register | Jan. 9 | Revolving Loan Funds (RLFs) | Water Finance

Benton Harbor, MI Commissioners Approve $15M in Water/Sewer Work
Herald Pallidium | Jan. 9 | Revolving Loan Funds (RLFs) | Water Finance

2020 Will be Bullish for Tribal Clean Energy Development
Law360 | Jan. 7 | Energy Finance | Green Finance | Tribal Finance

Energy Developers Consider Brownfields as Federal Incentives Are Set to Expire
The National Law Review | Jan. 7 | Brownfield Financing | Energy Finance | Federal | Incentives | Opportunity Zones | U.S. Environmental Protection Agency (EPA)

Kalispell, MT To Consider Approving Bonds for Drinking Water RLF
Daily Interlake | Jan. 6 | Bond Finance | Revolving Loan Funds (RLFs) | Water Finance

Opportunity Zones Explained: A Helpful Solar Incentive
Solar Power World | Jan. 6 | Energy Finance | Green Finance | Opportunity Zones | Tax Credits

C-PACE Financing Brings Solar to Repurposed Properties
Solar Power World | Jan. 2 | Energy Finance | Property Assessed Clean Energy (PACE)

Renewables Embraced by American Indian Tribes
Finance and Commerce | Jan. 2 | Energy Finance | Federal | Green Finance | Tribal Finance

Massive $1.4T Spending Measure Goes on the Books
Engineering News-Record | Dec. 26 | Economic Development | Energy Finance | Export Import Bank of the United States (Ex-Im Bank) | Federal | Infrastructure Finance | Legislative | Tax Credits | U.S. Dept. of Transportation (DOT) | U.S. Environmental Protection Agency (EPA)

The World Bank Releases 2019 Green Bond Impact Report
The World Bank | Dec. 26 | Bond Finance | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | International | Water Finance

Senate Passes Tax Extenders Deal That Includes Extension of Renewable Energy Incentives
JD Supra | Dec. 20 | Energy Finance | Legislative | Tax Credits | Energy Finance\Renewable Energy Production Tax Credit (PTC) | Energy Finance\Renewable Energy Investment Tax Credit (ITC) | Tax Credits\Renewable Energy Production Tax Credit (PTC) | Tax Credits\Renewable Energy Investment Tax Credit (ITC)

Highlights from the Online Resource Database

The World Bank - Green Bond Impact Report 2019
Bond Finance | Economic Development | Energy Finance | Green Finance | International | Resiliency | Water Finance
The World Bank's 2019 Green Bond Impact Report shows investors how we are working with our member countries to support their climate finance efforts and deliver results, on a project-by-project basis.

Roadmap to Redevelopment Report: Troy, NY
Bond Finance | Brownfield Financing | CDFA Original Research | Community Development | Incentives | Property Assessed Clean Energy (PACE) | Public-Private Partnership (P3) Financing | Special Assessment Districts | State Finance Program | Tax Increment Finance (TIF) | U.S. Economic Development Administration (EDA) | U.S. Environmental Protection Agency (EPA) | Access to Capital | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)
This report provides financing strategies for the redevelopment of One Monument Square in Troy, NY.

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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