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CDFA Energy Finance Update - September 6, 2022

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CDFA Energy Finance Newsletter
September 6, 2022
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Energy Finance Update


Join Us in Denver, CO to Discuss Underwriting Clean Energy Projects
The CDFA National Development Finance Summit, Presented by CHFA is happening in Denver, CO on November 2-4. Join this session to discuss underwriting clean energy projects with our speakers and learn about green financing tools, such as Property Assessed Clean Energy (PACE) and green bonds, and how they can be used to fund sustainable projects.

Biden-Harris Administration Announces $425M to Expand State Clean Energy Programs
The Biden-Harris Administration announced DOE is accepting applications from all 50 states, five U.S. territories, and the District of Columbia for $425 million in formula funding through the State Energy Program. This funding will enable states to develop and implement a variety of clean energy programs and projects that will create jobs, spur economic growth, cut Americans' energy costs, and reduce carbon emissions. 

Strategic Implementation of Federal Funding for Utilities
Utilities are faced with a rare and remarkable opportunity to impact the present-day situation of their users and rate payers while also altering the long-term future of their entire communities. With the American Rescue Plan and the Infrastructure, Investment and Jobs Act allocating billions of dollars to upgrade aging utility infrastructure and improve utility system resilience, utilities simply cannot afford to sit this one out.

President Biden Signs Historic Legislation Providing Expansive Clean Energy Tax Incentives
On August 16, 2022, President Biden signed the "Inflation Reduction Act of 2022" (the "Act"), which includes the largest single investment in clean energy in United States history. The Act extends and expands existing tax credits and adds several new energy tax credits to encourage the production of electricity using clean energy and reduce carbon emissions.

Significant New Clean Energy and Climate Act Becomes Law in Massachusetts
On August 11, 2022, Massachusetts Governor Charlie Baker signed into law An Act driving climate policy forward. After months of heavy legislative activity involving a wide range of stakeholders in the clean energy and technology industries, the Massachusetts legislature combined the bill focused on expanding offshore wind energy and transmission development with another that covered a wide range of climate policies. 

Wells Fargo Issues $2B Inclusive Communities and Climate Bond
Wells Fargo has announced the issuance of its second Inclusive Communities and Climate Bond, a $2 billion bond that will finance projects and programs supporting housing affordability, economic opportunity, renewable energy, and clean transportation. Five broker-dealers whose owners include people of color, women, and service-disabled veterans joined Wells Fargo Securities, LLC to serve as bookrunners for the issuance.

New Climate Bill Demands All-American EV Batteries
The Inflation Reduction Act contains new subsidies for US drivers who want to buy an EV.  Earning the full credit depends on the particulars of the car. Qualifying vehicles have to be manufactured in North America, and be made up, at least in part, of raw materials that are extracted and processed, and then refined and assembled into batteries, either in the US or in countries with which the US has friendly trade relations.

New Hampshire Welcomes $6.1M to Update Newport Wastewater Facility
U.S. Senators Jeanne Shaheen and Maggie Hassan and Representatives Annie Kuster and Chris Pappas applauded $6,164,000 heading to Newport to upgrade its wastewater treatment facility that serves nearly 2,000 people. This project is essential to stem pollution that could pose health risks to the town and communities downstream along the Sugar River.

Upcoming Events
CDFA National Development Finance Summit

CDFA-Bricker Webinar Series: Democratization of Power
Tuesday, September 27, 2022 - 2:00 PM - 4:00 PM Eastern
This webinar will explore the potential utility cost savings and community benefits that municipalities can achieve by going solar. The presentation will provide examples of Ohio municipalities that have implemented solar projects and discuss these communities' path towards solar development. The panel will also discuss the potential issues and hurdles municipalities should considered when seeking to develop a solar project for their communities.

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will join this session to provide a detailed review of the recently released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply and provide an overall timeline for when communities can expect to access funding. This session will also continue the discussion around the utilization of IIJA funds in coordination with local funding through bond finance, tax credit programs, tax increment financing, and other development finance approaches to cover long-term project costs.

Energy Finance News

Infrastructure Investment and Jobs Act: Department of Energy
JD Supra | Aug. 31 | Green Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

New Ways to Finance Renewable Energy Projects Thanks to the U.S. Government
JD Supra | Aug. 31 | Energy Finance | Green Finance | Legislative

Solar Panels on Southwest Virginia Schools Signal a Diversifying Economy
The Appalachian Voice | Aug. 29 | Energy Finance | Green Finance

Challis, ID Awarded $3M Loan to Rebuild Water System
Idaho Capital Sun | Aug. 23 | Access to Capital | Bond Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

The Gloversville Common Council in New York Set to Vote on $10M Sewer Plant Bond
The Leader-Herald | Aug. 22 | Bond Finance | Water Finance

The City of Missoula's New Ground-Mounted Solar Array Nearly Up and Running
Missoula Current | Aug. 22 | Energy Finance | Green Finance | Tax Credits

New Hampshire Approves $18.5M for Water Infrastructure Projects
WaterWorld | Aug. 19 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Drinking Water | Sewage & Waste | State Revolving Fund

After Passing a Climate Bill, U.S. Calls on Others to Act
Climate Home News | Aug. 16 | Energy Finance | Green Finance | Legislative

Arkansas Approves $54.4M in Loans for Statewide Water Projects
TB&P | Aug. 15 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund

$10M Going Into Jackson, MI Wastewater and Water Treatment Facilities
FOX 47 | Aug. 15 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | Sewage & Waste | State Revolving Fund

Sweeping Climate Bill Will Push American Energy to Go Green
PBS | Aug. 12 | Access to Capital | Development Finance Toolbox | Economic Development | Energy Finance | Federal | Green Finance | Legislative | Tax Credits | Understanding Access to Capital | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC) | Transportation | Legislative Activities

States Turn Next to RFPs for Electric Vehicle Charging Network
The Bond Buyer | Aug. 11 | Energy Finance | Infrastructure Finance

Vulnerable Communities Poised for Big Solar Gains in Senate Bill
Bloomberg Law | Aug. 8 | Brownfield Financing | Energy Finance | Redevelopment | Social Finance

Iowa Will Seek New Federal Funds for Coal Mine Mitigation
Des Moines Register | Aug. 8 | Energy Finance | Green Finance | Infrastructure Finance | Tax Credits | Water Finance

Senate Passes Climate, Health, and Tax Bill
New York Times | Aug. 7 | Energy Finance | Federal | Infrastructure Finance | Legislative | Social Finance | Tax Credits | Transportation | Legislative Activities | Renewable Energy Production Tax Credit (PTC)

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • 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
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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