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CDFA Energy Finance Update - July 4, 2023

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CDFA Energy Finance Newsletter
July 4, 2023
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Energy Finance Update


CDFA to Build Greenhouse Gas Reduction Fund Coalition
CDFA is building a national coalition to apply for the Greenhouse Gas Reduction Fund's Clean Communities Investment Accelerator and hosted an informational briefing on how it's building that coalition. Join today!


Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.

U.S. EPA Announces $7B Solar For All Program under Greenhouse Gas Reduction Fund
The U.S. Environmental Protection Agency (EPA) launched a $7 billion Solar For All competition to increase access to affordable, resilient, and clean solar energy for millions of low-income households. Created by the Inflation Reduction Act's Greenhouse Gas Reduction Fund (GGRF), the competition will expand the number of low-income and disadvantaged communities primed for residential solar investment by awarding up to 60 grants to create and expand low-income solar programs.

Treasury Releases Guidance on Counties' Access to Clean Energy Tax Credit Under The IRA
The U.S. Department of the Treasury and the Internal Revenue Service released a proposed rule on the new elective pay mechanism established in the Inflation Reduction Act. The elective pay mechanism provides a new pathway for tax-exempt entities, including counties, to access certain clean energy tax incentives that have previously only been available to taxpayers. The proposed rule outlines how counties can choose to make an elective payment.

Massachusetts New 'Green Bank' for Climate-Friendly Housing
Massachusetts recently established a "green bank" to help finance new climate-friendly affordable housing and retrofit existing buildings so that they're more energy-efficient and fossil fuel-free. Officially known as the Massachusetts Community Climate Bank, Gov. Maura Healey said the green bank would jumpstart "green building and renovation projects" to help the state meet its climate goals and that it will help bring down housing and energy costs for low-income residents.

Ciresi Introduces Bill to Boost Electric Vehicle Charging Infrastructure
The federal government is sending tens of millions of dollars to Pennsylvania to develop an electric vehicle corridor, and state money might soon follow. One legislative proposal wants to make electric vehicle charging projects eligible for an existing clean energy program. Rep. Joe Ciresi, D-Royersford, introduced House Bill 1474 to expand the Commercial Property-Assessed Clean Energy program, created by Act 30 of 2018, to include EV charging stations.

Funding Available to Power Clean Energy in Rural Communities
The Powering Affordable Clean Energy (PACE) program will provide partially-forgivable loans to renewable-energy developers and electric service providers, including municipalities, cooperatives, and investor-owned and Tribal utilities. The loans can be used to finance large-scale solar, wind, geothermal, biomass, and hydropower projects, as well as storage in support of renewable energy systems.

USDA Opening $1B Loan Program for Rural Renewables, Storage
The U.S. Department of Agriculture's (USDA) Rural Utility Service will open on June 30 its platform for letters of interest for a $1 billion loan forgiveness program for renewable energy projects that will serve a mostly rural population. The window will remain open until September 29. USDA will then invite selected applicants to submit a full application. Projects that use wind, solar, hydropower, geothermal, or biomass generation are eligible under the Powering Affordable Clean Energy program.

50 States of Solar Incentives: Alaska
Alaska enjoys the same level of solar insolation as Germany, yet ranks 49th in the United States in terms of solar capacity installed. As in all states, federal incentives apply to solar projects in Alaska. The Inflation Reduction Act (IRA) of 2022 established an Investment Tax Credit that covers 30% of the installed system costs.

Upcoming Events
CDFA Virtual Summer School

CDFA Tribal Finance Webinar Series: Food System Financing on Tribal Lands
July 11, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, panelists will explore how tribal governments are cultivating local food systems with financing solutions that support economic growth and advance community health.

CDFA // BNY Mellon Development Finance Webcast Series: Driving Investment in Main Street Redevelopment
July 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, development finance professionals will share creative financing approaches that are being used to reinvest in main street communities around the country.

Energy Finance News

Paskenta Band Announces Solar Energy Storage Project in California
Indian Gaming | Jun. 20 | Energy Finance | Infrastructure Finance | Resiliency | Rural Development

New Mexico Solar Tax Credits, Incentives, and Rebates
Market Watch Guides | Jun. 5 | Energy Finance | Tax Credits

USDA to Invest $500M in Biofuel Infrastructure
USDA | Jun. 26 | Access to Capital | Energy Finance | Green Finance | Infrastructure Finance | Legislative | U.S. Dept. of Agriculture (USDA) | Transportation | Legislative Activities

Brownfield Sites Spur Opportunity in the Power Grid
Power Mag | Jun. 22 | Brownfield Financing | Energy Finance | Green Finance | Redevelopment

New $123M Infrastructure Package for Vermont Signed into Law by Gov. Phil Scott
ConstructionEquipmentGuide.com | Jun. 22 | Community Development | Infrastructure Finance | Legislative | Water Finance

Strata Clean Energy Begins Operations on Two Tax Equity Financed Battery Energy Storage Systems under the IRA
Business Wire | Jun. 21 | Energy Finance | Tax Credits

Verogy Installs Second Solar Project for Connecticut Ad Agency
Solar Power World | Jun. 20 | Energy Finance | Property Assessed Clean Energy (PACE)

Infrastructure Bank Closes on $77M Green Bond for Rhode Island Water Projects
PBN | Jun. 20 | Bond Finance | Green Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Water Reclamation District in Illinois Issues $100M Bonds for Sewage Treatment
WGLT | Jun. 13 | Bond Finance | Infrastructure Finance | Water Finance | Water Finance

Genesee County, MI Considers $150M Bond for Countywide Water Project
The Daily News | Jun. 12 | Bond Finance | Infrastructure Finance | Water Finance

Pennsylvania to Receive $400M from Infrastructure Law to Plug Abandoned Wells
Inside Climate News | Jun. 11 | Access to Capital | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | Legislative Activities

Pittsburgh, PA Receives $52M WIFIA Loan for Drinking Water Infrastructure
U.S. EPA | Jun. 9 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Infrastructure Finance and Innovation Act (WIFIA)

U.S. DOE Announces $80M in Clean Energy Grants for American Manufacturers
U.S. Department of Energy | Jun. 7 | Access to Capital | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Energy (DOE) | Legislative Activities

White House Launches Site Highlighting President's Investing in American Agenda
White House | Jun. 6 | Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Energy Finance | Green Finance | Infrastructure Finance | Legislative | COVID-19 | Broadband | Transportation | Water Finance | Legislative Activities

New Jersey Receives $20M FEMA Grant for Water Infrastructure
NBC Philadelphia | Jun. 6 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Water Finance | Water Finance | Drinking Water | Sewage & Waste | Stormwater

U.S. EPA Invests $115M for Water Infrastructure in Jackson, MS
U.S. Environmental Protection Agency | Jun. 6 | Access to Capital | Development Finance Toolbox | Infrastructure Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Finance | Drinking Water

Boston, MA-Based Community Solar Developer Nexamp Secures Over $400M in Financing
pv magazine | Jun. 5 | Energy Finance | Tax Credits

OCOchem Wins $2.5M DOE Award to Advance Clean Hydrogen Technologies
Yahoo! Finance | Jun. 5 | Energy Finance | U.S. Dept. of Energy (DOE)

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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