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CDFA Energy Finance Update - November 7, 2023

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CDFA Energy Finance Newsletter
November 7, 2023
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Energy Finance Update


CDFA Coalition Submits $2B Clean Investment Accelerator for DFAs Proposal Under Greenhouse Gas Reduction Fund Competition
CDFA and its coalition partners submitted a $2 billion Clean Investment Accelerator for Development Finance Agencies (DFAs) proposal for the Clean Communities Investment Accelerator competition under the Greenhouse Gas Reduction Fund. Under this program, CDFA and its coalition partners will launch a 6-year accelerator program designed to serve a community lender network of DFAs to build the expertise and financial capacity of DFAs to fund qualified projects that reduce or avoid emissions of greenhouse gas and other pollutants in low-income and disadvantaged communities.


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.

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.

Spearmint Secures $92M Tax Equity Financing for Battery Storage Project in Texas
Battery storage developer and operator Spearmint Energy has closed a $92 million tax equity investment into a battery storage project in the ERCOT, Texas market. The investment was provided by Greenprint Capital, an investment firm specializing in renewable energy tax credit transactions. Greenprint has used the new investment tax credit for standalone energy storage to invest in the 150MW/300MWh Revolution battery energy storage system,

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 percent of New York's electricity needs once completed.

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.

Connecticut Green Bank Looks to Expand Solar MAP Program
Affordable multifamily properties can now access the benefits of solar for their residents, thanks to Connecticut's expansion of the definition of a residential customer as it relates to solar energy generation through Public Act No. 21-48. To better serve these families, the Connecticut Green Bank plans to expand its Solar Marketplace Assistance Program to help fill the market gap and usher in more projects in this sector.

U.S. DOE Announces $30M in Clean Energy Funds for State, Local, and Tribal Governments
The U.S. Department of Energy's (DOE) Office of State and Community Energy Programs awarded $30 million in clean energy funding through the Energy Efficiency and Conservation Block Grant Program to 28 state, local, and Tribal governments. Through the Bipartisan Infrastructure Law, DOE awarded $21.87 million in formula grant funding to eight states and eight local governments and selected 12 recipients for $8.8 million in competitive grant funding.

Evergrow Announces First Funding of a Clean Energy Tax Credit Transfer Following IRA
Evergrow, the clean energy finance company, today announced that it 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.

Upcoming Events
Intro Federal Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: The Latest in Cannabis Finance
November 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, speakers will review the latest regulations affecting cannabis financing and the creative financing approaches providing capital to this emerging industry.

CDFA Food Systems Finance Webinar Series: Restoring Local Food Systems Through Finance
November 28, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will illustrate the Reframe, Build, Plan framework of critical success factors that are needed to expand financing and drive capital into local food systems.

Energy Finance News

IRA Update: Buildings Projected to Deliver Largest IRA-Related Emissions Reductions
U.S. Green Building Council | Oct. 24 | Energy Finance | Green Finance | Resiliency | Tax Credits

Oklahoma Tribal Governments and State Agencies Pool $200M for Water Infrastructure
KTUL 8 ABC | Oct. 22 | Infrastructure Finance | Legislative | Tribal Finance | Water Finance | Water Finance

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)

U.S. HUD Provides $103.4M for Energy Efficiency Upgrades in 16 Multifamily Properties
U.S. Department of Housing & Urban Development | Oct. 19 | Energy Finance | Federal | Green Finance | Housing Finance | U.S. Dept. of Housing & Urban Development (HUD)

Investing in America Program to Spur Clean Energy Investments in Underserved Communities
U.S. Department of the Treasury | Oct. 19 | Energy Finance | Federal | Green Finance | Tax Credits | Tribal Finance | U.S. Dept. of Treasury

Biden Awards $7B for Clean Hydrogen Hubs to Help Replace Fossil Fuels
WTOP | Oct. 18 | Energy Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Rural Development | Tribal Finance | Water 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)

West Virginia Receives $2.5M for Hydropower Projects under Bipartisan Infrastructure Law
Office of U.S. Senator Joe Manchin | Oct. 11 | Energy Finance | Green Finance | Legislative

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

St. Louis, MO Receives $330M WIFIA Loan for Emissions Reduction, Energy Efficiency
U.S. Environmental Protection Agency | Oct. 10 | Development Finance Toolbox | Federal | Infrastructure Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Sewage & Waste | Water Infrastructure Finance and Innovation Act (WIFIA)

Treasury Department Aims to Make it Easier to Get EV Tax Credit in 2024
CNBC | Oct. 10 | Energy Finance | Tax Credits

Energy Independence: A Solar Energy Revolution is Starting in Michigan
Digital Journal | Oct. 10 | Energy Finance | Tax Credits

$270M Green Financing for Tierra Bonita Solar Project in Pecos County, TX
Renewable Energy Magazine | Oct. 9 | Energy Finance | Green Finance | Tax Credits | 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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