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CDFA Energy Finance Update - May 2, 2023

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CDFA Energy Finance Newsletter
May 2, 2023
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Energy Finance Update


EPA Releases Greenhouse Gas Reduction Fund Implementation Framework
The U.S. Environmental Protection Agency (EPA) released new details about the design of the $27 billion Greenhouse Gas Reduction Fund (GGRF), a first-of-its-kind, national-scale competitive grant program created by the President's Inflation Reduction Act. This program will leverage public investment with private capital and finance clean energy projects that reduce pollution and energy costs,  increase energy security, and create good-paying jobs.

Energy Officials, Industry Partners Eye $7B for Hydrogen Infrastructure
The federal government has set aside $7 billion to fund the development of six to 10 regional hydrogen hubs across the country. It's part of the Biden administration's goal of a net-zero carbon economy by 2050. Hawai'i officials said the state has a good shot at securing the funding to build hydrogen infrastructure. It's one of only two states that applied to focus on green energy — solar and possibly geothermal.

Whitefish, MT Discusses Adding C-PACE District, Changing Marijuana Facility Ordinance
The Whitefish City Council considered a plan that could help businesses and also looked at potential changes to the marijuana facility ordinance. Seth Lutter, Associate Director of the Montana Facility Finance Authority, gave a presentation to the council about a new financing option for businesses called Commercial Property Assessed Capital Enhancements, or C-PACE.

'Green Bank' Legislation Aims to Speed Climate-Friendly Projects in Minnesota
There's a renewed push to create Minnesota's first "green bank," which proponents say would maximize public dollars to lower greenhouse gas emissions in disadvantaged communities. The proposed Minnesota Climate Innovation Finance Authority would create a public-private partnership structured as a nonprofit with a publicly appointed board.

Alaska Introduced Legislation for Renewable Energy and Conservation Project
Gov. Mike Dunleavy has introduced legislation to create a new financing entity for smaller-scale energy conservation and renewable energy projects aimed mainly at the residential and commercial or institutional building level. Senate Bill 125 and House Bill 154 would have the state housing corporation, the Alaska Housing Finance Corp., create a subsidiary to handle the new financing. If the legislation passes, home and building owners would be able to borrow at interest rates and loan terms more competitive than conventional commercial bank loans available today.

U.S. Department of Energy Announces $72M for Clean Energy Jobs
The U.S. Department of Energy (DOE) announced 5 higher education institutions to serve as Centers of Excellence for DOE's Industrial Assessment Centers (IAC) Program and will receive a combined $18.7 million in funding from the Bipartisan Infrastructure Law. DOE also announced a $54 million funding opportunity to expand the IAC Program to community colleges, trade schools, and union training programs, and create new Building Training and Assessment Centers at higher ed institutions.

USDA's $9.7B for Rural Co-Ops Could Leverage 20 Gigawatts of Clean Energy
The U.S. Department of Agriculture's (USDA) Rural Utilities Service will issue by mid-year a notice of funding opportunity for $9.7 billion in financial support for rural electric cooperatives. The program, funded by the Inflation Reduction Act, will make loans and grants to help rural electric co-ops purchase renewable energy, renewable energy systems, and other clean energy systems.

IRS Proposes Regulations for Energy Community Bonus Tax Credit
The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance that provides detailed information about the bonus under the Inflation Reduction Act for clean energy projects and facilities located in communities that have driven and historically been at the forefront of energy production. Developers can receive a bonus of up to 10 percentage points on top of the Investment Tax Credit (ITC) and an increase of 10 percent for the Production Tax Credit (PTC).

Upcoming Events
Intro Revolving Loan Fund Course

CDFA Tribal Finance Webinar Series: Promoting Access to Capital for Tribal Small Businesses
May 9, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, development finance experts will highlight a variety of finance programs that are helping to increase access to capital for new and existing small business owners.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Charter Schools Through Bond Finance and P3
May 16, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, presenters will share how charter schools are partnering with private entities to use bond finance and public-private partnership approaches to better provide the facilities needed to support learning outcomes.

Energy Finance News

C-PACE Alliance Announces Awards For Leading Transactions & Practices
Cision | Apr. 27 | Energy Finance

Sunrun Partners with BRIDGE Housing to Provide Energy Equity to California Residents
Globe Newswire | Apr. 27 | Energy Finance | Housing Finance

Lancaster, NY Using Federal Funds to Give New Life to Playgrounds and Sewers
WGRZ | Apr. 26 | Economic Development | Urban Development | Water Finance | Planning & Land Use | Water Finance | Downtown Revitalization | Sewage & Waste

Federal Funds Add to Support for Benton Harbor, MI Area Ecosystem Restoration
Michigan Department of Environment, Great Lakes, and Energy | Apr. 25 | Brownfield Financing | Community Development | Redevelopment | State Finance Program | Water Finance

New Commissions Helping Massachusetts Transition to Clean Energy, Offshore Wind
wbur | Apr. 24 | Energy Finance | Infrastructure Finance

A Just Transition to Clean Energy Must be Led by New Mexico Communities
Las Cruces Sun News | Apr. 24 | Energy Finance

Biden EPA to Issue Power Plant Rules that Lean on Carbon Capture
Yahoo! Finance | Apr. 24 | Energy Finance | U.S. Environmental Protection Agency (EPA)

Citi Releases Annual Environmental, Social, and Governance Report for 2022
Citi | Apr. 24 | Energy Finance | Social Finance

Clean Energy Helps Strengthen Arkansas' Economy
Talk Business & Politics | Apr. 24 | Economic Development | Energy Finance

Construction Debt on Huntington Beach, CA Condos Includes $13M in C-PACE Financing
Connectcre | Apr. 20 | Energy Finance | Property Assessed Clean Energy (PACE)

Arkansas Recycling Tax Credit: Arkansas Department of Energy & Environment
JD SUPRA | Apr. 18 | Energy Finance | Infrastructure Finance | Tax Credits

Fintech Evergrow Nets $7M for Clean Energy Tax Credits
Axios Pro | Apr. 18 | Energy Finance | Tax Credits

How Community Solar Could Revolutionize Clean Energy Access in California
Imperial Valley Press | Apr. 12 | Energy Finance | Housing Finance

Harris Promotes Huge Community Solar Deal in Georgia Visit
WTOP | Apr. 10 | Community Development | Energy Finance | Green Finance

New Fund to Offer ‘Flexible' Financing for Cap-Intensive Climate-Tech Startups
AFN | Apr. 7 | Access to Capital | Agriculture Finance | Energy Finance | Innovation Finance | Resiliency | Venture Capital

EPA Announces $4M for Washington State to Tackle Climate Pollution
U.S. EPA | Apr. 6 | Energy Finance | Federal | Green Finance | U.S. Environmental Protection Agency (EPA)

U.S. Department of the Interior Announces $20M for Drought Resilience
U.S. Department of the Interior | Apr. 6 | Access to Capital | Infrastructure Finance | Legislative | Resiliency | Water Finance | Water Finance | Legislative Activities

$1.6M Loan for Tullahoma, TN Utilities Authority Water Improvements
State of Tennessee | Apr. 4 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

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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