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CDFA Energy Finance Update - December 5, 2023

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CDFA Energy Finance Newsletter
December 5, 2023
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Energy Finance Update

Features

Join CDFA for Our New Intro Federal Finance Course
Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

An IRA Grant Could Help Low-Income Residents in New Hampshire Go Solar
New Hampshire's Department of Energy has requested a $70 million federal grant to expand community solar programs for low-income residents, an infusion of funds that supporters say could lower energy bills, accelerate decarbonization, and perhaps even catalyze the development of much-needed affordable housing.

U.S. DOE Announces $31M in Energy Efficiency and Conservation Block Grants
The U.S. Department of Energy (DOE) announced the next 19 state and local governments to receive more than $31 million in formula grants through the Energy Efficiency and Conservation Block Grant Program, funded by the Bipartisan Infrastructure Law and managed by DOE's Office of State and Community Energy Programs. Funds will advance crucial clean energy and infrastructure upgrades by state governments, local governments, and in Puerto Rican municipios. 

Nation's Largest-Ever State Investment in Renewable Energy is Moving Forward in New York
Governor Kathy Hochul announced the largest state investment in renewable energy in United States history, demonstrating New York's leadership in advancing the clean energy transition. The conditional awards include three offshore wind and 22 land-based renewable energy projects totaling 6.4 gigawatts of clean energy, enough to power 2.6 million New York homes and deliver approximately 12% of New York's electricity needs once completed.

Evergrow Announces First Funding of a Clean Energy Tax Credit Transfer Following IRA
Evergrow, the clean energy finance company, has successfully completed the funding of a clean energy tax credit transfer on its platform, the first of its kind to be announced. This announcement follows the recent publication of tax credit transfer guidance by the IRS and the recent announcement by Bank of America of its commitment to orchestrate the transfer of $580 million of clean energy tax credits.

IECA Closes $11M in C-PACE Financing for Rockford, IL MF Conversion
The Illinois Energy Conservation Authority NFP (IECA), an Illinois tax-exempt nonprofit, announced it closed $10.9 million in financing for a C-PACE multifamily project in Rockford, Illinois. The transaction marks the second C-PACE closing in Winnebago County.

California Berkeley Hotel Project Scores Sector's Largest C-PACE Deal of 2023
North Bridge closed a $50 million C-PACE refinancing for the Residence Inn Berkeley, a 331-key, full-service hotel in Berkeley. This closing represents the largest C-PACE transaction for the hospitality industry in 2023 and the fourth-largest C-PACE hotel financing to date.

IRS Releases Long-Awaited Updates to Investment Tax Credit Regulations
The Internal Revenue Service (IRS) and Department of the Treasury released the long-awaited proposed regulations relating to Investment Tax Credits under Section 48 of the Code. These regulations help to clarify what qualifies as energy property that is eligible for the ITC, provide additional ITC-specific rules, and adopt various other rules relating to the ITC.

Upcoming Events
Intro Federal Finance WebCourse

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan fund programs have traditionally been designed, introduce technical strategies and best practices for proactively reducing barriers to capital among prospective borrowers, and share examples of loan funds with replicable program innovations.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

Energy Finance News

Over $400B Distributed from Bipartisan Infrastructure Law After Two Years
The White House | Nov. 9 | Energy Finance | Infrastructure Finance | Legislative | Tribal Finance | Water Finance | Broadband | Transportation | Water Finance

Michigan Enacts One of The Boldest Energy Laws-100% Clean Energy Standard by 2040
Fox2 | Dec. 4 | Energy Finance

KSI Completes 4.4-MW New Jersey Community Solar Portfolio
Solar Power World | Nov. 27 | Community Development | Energy Finance | Green Finance | Tax Credits

The Emerging Green Tax Credit Marketplace: A Game Changer for Clean Energy Funding
Energy Portal | Nov. 23 | Energy Finance | Tax Credits

IRA Electric Vehicle Incentives Driving a U.S. Manufacturing Renaissance
American Progress | Nov. 22 | Energy Finance | Tax Credits

USDA Highlights Investments Under Bipartisan Infrastructure Law
U.S. Department of Agriculture | Nov. 15 | Agriculture Finance | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Small Georgia Communities to Get Nearly $3M for Clean Energy
The Atlanta Journal-Constitution | Nov. 15 | Community Development | Energy Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Historic Downtown Building in Baltimore, MD Gets $13.4M in C-PACE Financing
Baltimore Business Journal | Nov. 15 | Energy Finance | Housing Finance | Property Assessed Clean Energy (PACE)

Gun Lake Tribe, MI Receives $56M WIFIA Loan, First-Ever to Tribal Government
Indian Gaming | Nov. 15 | Development Finance Toolbox | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Tribal Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Finance | Drinking Water | Sewage & Waste | WIFIA | Water Infrastructure Finance and Innovation Act (WIFIA)

Southern California Public Power Authority Issues $162M Green Bond
ImpactAlpha | Nov. 9 | Bond Finance | Energy Finance | Green Finance | Green Bonds

Chattanooga, TN to Receive $125B in Bond Proceeds for Electricity Infrastructure
New Channel 9 ABC | Oct. 21 | Bond Finance | Energy Finance | Infrastructure Finance

North Dakota Receives $600M for Electric Grid Investments
Office of U.S. Senator Kevin Cramer | Oct. 21 | Energy Finance | Green Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Connecticut Green Bank Looks to Expand Solar MAP Program
Connecticut Green Bank | Oct. 18 | Community Development | Energy Finance | Green Finance | Housing Finance

Massachusetts Receives $1M for Energy Efficiency, Clean Energy Infrastructure
Office of U.S. Senator Ed Markey | Oct. 13 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | U.S. Dept. of Energy (DOE) | Energy Efficiency and Conservation Block Grant (EECBG)

Appalachian Voices Receives $400K from U.S. Department of Energy for Building Upgrades
Appalachian Voices | Oct. 12 | Energy Finance | Federal | Rural Development | U.S. Dept. of Energy (DOE)

Terrell City Council Enters Agreement With Texas PACE Authority
inforney | Oct. 11 | Economic Development | Energy Finance | Infrastructure Finance | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF) | Water Finance



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
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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