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CDFA Energy & Water Finance Update - December 17, 2019

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CDFA Energy and Water Finance Newsletter
December 17, 2019
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Energy & Water Finance Update

Features

CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!

Negotiators Agree to Revive, Extend Biodiesel Tax Credit
Congressional negotiators have agreed to revive and extend through 2022 the expired $1-a-gallon tax credit that subsidizes biodiesel and renewable biodiesel production. The tax incentive lapsed at the end of 2017, but the extension through 2022 was included in a 58-page tax package that will be considered as an amendment.

50 Shades of Green Finance: An Untapped Opportunity for Private Equity
The global sustainable finance market has expanded rapidly in recent years, approaching US$320 billion in new issuances in the first 10 months of 2019. Sustainable finance — which is dominated by green bonds, but also includes sustainable bonds, sustainability-linked bonds and loans, and social bonds — represents a growing opportunity for private equity-backed businesses.

P3 Approach to Large-Scale Green Stormwater Infrastructure Helps Build Climate Resilience
Many innovative concepts to mitigating climate change are taking hold in the Great Lakes region. The most notable example is in the Milwaukee area, where the Milwaukee Metropolitan Sewerage District (MMSD) recently issued a Request for Proposals (RFP) for an ambitious new public-private partnership (P3).

CA Treasurer Announces Sale of $272.6M in Green Bonds for CalSTRS Headquarters Expansion
California State Treasurer Fiona Ma announced the results of the sale of $272.6 million of lease revenue bonds to fund a cutting-edge expansion of California State Teachers' Retirement System (CalSTRS) headquarters in West Sacramento using innovative designs to achieve energy and resource savings while enhancing workforce well-being.

Twain Financial Reaches New Milestone with First-Ever RI PACE Deal
Twain Financial Partners has expanded its reach by providing $2 million of financing to the first Property Assessed Clean Energy (PACE) loan on a new construction project in Rhode Island's history. The project, currently a vacant lot located at 580 South Water Street in Providence, will be transformed into a newly-constructed five-story apartment complex with one and two-bedroom units.

An Assessment of the GREEN Act: Implications for Emissions and Clean Energy Deployment
The Growing Renewable Energy and Efficiency Now (GREEN) Act, a discussion draft distributed to Congress on November 19th, proposes to extend several tax credits for clean energy deployment and expand several others. This independent analysis quantifies the combined impact of most major provisions of the proposal on both technology deployment and GHG emissions, through 2030.

HI Energy Office and State Department of Health Create Online Map of Contaminated Land
The Hawaii Energy Office and state Department of Health have created an online map that identifies contaminated lands that officials hope developers can turn into renewable energy sites. The Hawaii Brightfields Initiative grew out of the U.S. Environmental Protection Agency's brownfield program that aims to clean up contaminated sites.

P3 Projects on the Way with an Investment of $235M
Guaynabo Mayor Ángel Pérez Otero has been pushing for more economic development initiatives, and the latest to be announced are three public-private partnerships (P3) in the areas of energy generation and distribution, assisted living facilities for veterans and social interest housing.

Upcoming Events
CDFA Federal Policy Conference

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Energy Finance News

EPA Grant of More Than $75K to Iowa Tribe of OK Will Support Water Quality Programs
EPA | Dec. 11 | U.S. Environmental Protection Agency (EPA) | Water Finance

IL PACE Efforts Gain Traction as First Deal Closes
The Bond Buyer | Dec. 9 | Bond Finance | Energy Finance | Property Assessed Clean Energy (PACE) | State Finance Program

MN Public Facilities Authority Awards $9.5M to Water Infrastructure Projects
Fillmore County Journal | Dec. 9 | Revolving Loan Funds (RLFs) | Water Finance

Buffalo, NY Expected to Pass Law for Clean-Energy Financing Program
The Buffalo News | Dec. 9 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

How a New City-Backed Program will Help Chicago, IL Developers Go Green
Curbed Chicago | Dec. 5 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Petros PACE Provides $11M in C-PACE for Conversion of Historic CA Property
Cision | Dec. 5 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Pomeroy, OH Receives $3.7M in Funding for Sewers
My Daily Sentinel | Dec. 4 | Revolving Loan Funds (RLFs) | Water Finance

$400M Waterfront Revitalization Project Set to Solve Major Challenges in Pawtucket, RI
The Valley Breeze | Dec. 3 | Economic Development | Infrastructure Finance | Opportunity Zones | Tax Increment Finance (TIF) | Water Finance

IRS Issues Private Letter Ruling Allowing Tax Equity Financing with a Regulated Utility Taxpayer
JD Supra | Dec. 3 | Energy Finance | Internal Revenue Service (IRS) | Tax Credits | Energy Finance\Renewable Energy Production Tax Credit (PTC) | Energy Finance\Renewable Energy Investment Tax Credit (ITC) | Tax Credits\Renewable Energy Production Tax Credit (PTC) | Tax Credits\Renewable Energy Investment Tax Credit (ITC)

EPA Provides Nearly $30M for Environmental Improvements on Tribal Lands in CA
U.S. EPA | Nov. 26 | Community Development | Federal | Tribal Finance | Water Finance

City Loan Program Aims to Encourage Clean Energy Upgrades
Richmond BizSense | Nov. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Columbus, OH City Council Holds Hearing on R-PACE Loan Program
NRDC | Nov. 25 | Energy Finance | Green Finance | Public-Private Partnership (P3) Financing

IECA Closes First C-PACE Financing Deal in Kane County, IL
ReJournals | Nov. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

New Water System to Support Economic Development in Walla Walla, WA
Union-Bulletin | Nov. 24 | Economic Development | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

New Program in Madison Village, OH Could Help in Attracting Businesses to Community
The News-Herald | Nov. 21 | Bond Finance | Energy Finance | Special Assessment Districts

Environmental Firm Partners with City of Victorville, WV to Further Clean Up Contaminated Site
West Virginia Daily Press | Nov. 20 | Brownfield Financing | Public-Private Partnership (P3) Financing | Water Finance

ITC, PTC Extension Included in GREEN Act Discussion Draft
Novogradac | Nov. 20 | Energy Finance | Green Finance | Legislative | Tax Credits

EPA to Provide WA with $52.1M for Critical Water Projects
EPA | Dec. 10 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance


Highlights from the Online Resource Database

Summary of the GREEN Act Discussion Draft
Energy Finance | Legislative | Tax Credits
This is a section-by-section summary of the Growing Renewable Energy and Efficiency Now ("GREEN") Act. The GREEN Act would extend the renewable energy production tax credit (PTC) and investment tax credit (ITC) until 2024. It would also extend the Section 25D, Section 179D and Section 45L energy-efficiency deductions and credits through 2024, as well as create energy credits for manufacturers.


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

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  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • FBT Project Finance Advisors LLC
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  • KeyBanc Capital Markets
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  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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