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CDFA Energy Finance Update - September 5, 2023

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CDFA Energy Finance Newsletter
September 5, 2023
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Energy Finance Update


Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.

Ohio Authority Approves $57K in Bond Financing for Dry Cleaner's Upgrade
The Ohio Air Quality Development Authority (OAQDA) approved up to $57,000 in bond financing to support an air quality project for YS Cleaners LLC dba Dry Cleaning World in Akron. The financing is provided through OAQDA's Clean Air Resource Center (CARC), which is designed to make clean air compliance accessible and affordable for Ohio small businesses.

$266M to Agricultural Producers, Rural Small Businesses for Energy-Related Improvements
The USDA announced that it is awarding $266 million in loans and grants to agriculture producers and rural small businesses to make investments in renewable energy and energy efficiency improvements that will lower their energy costs, generate new income, and strengthen the resilience of their operation. This funding is made possible in part by the Inflation Reduction Act.

X-Caliber Leads $52M Financing for California Almond Cold-Storage Expansion
California Custom Processing has sealed a $33.5 million debt package for the refinance and expansion of an almond processing facility and renewable energy system in Northern California. X-Caliber Rural Capital provided a $29.5 million loan through the USDA Food Supply Chain Guaranteed Loan Program for CCP's 65,000-square-foot asset in Madera, California. CastleGreen Finance also supplied $4 million of C-PACE financing for the project through the California Statewide Communities Development Authority. 

Tacoma, WA Considering Tax Credit Increase for Clean Energy, Green Companies
City officials are pitching a revision of the tax incentive for green jobs to more closely align with the Tacoma Green Economic Development Strategy, the city's plan for taking advantage of public and private sector efforts to decarbonize, including new businesses that provide meaningful work and create jobs by solving environmental problems.

New Pasadena Condo Project in California Picks Up $5M in Green Financing
A new 19-unit condominium project in Pasadena's Playhouse District has secured $5 million in financing from a program that supports energy-efficient and resilient building improvements. The project is envisioned as including 11 one-bedroom units and eight two-bedroom units, with private roof-top patios for the penthouse units. It will also have 32 parking spaces. Construction is expected to begin soon and will be completed by late 2024.

Illinois' New C-PACE Makes Clean Energy Projects More Affordable for Local Businesses
Clean energy projects will become more affordable for local businesses after the Sangamon County Board recently passed a financing incentive, which will allow businesses to pay off clean energy projects over decades through special assessments tied to the land. With this C-PACE financing, projects like installing solar panels or charging stations for electric cars have made the price tag more manageable for businesses.

Washoe Tribe Receives $1.3M for Energy Infrastructure and Clean Energy Investments
U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) announced that the Washoe Tribe of Nevada & California will receive $1.3 million to modernize and strengthen their energy infrastructure and invest in clean energy. The funding comes from the U.S. Department of Energy's Grid Resilience State and Tribal Formula Grants program, which was created in the Bipartisan Infrastructure Law.

Upcoming Events
CDFA National Development Finance Summit

CDFA Minority Capital Loan Guarantee Program: Behavioral Change Strategy Workshop
September 7, 2023 - 1:00 PM - 4:00 PM Eastern
The CDFA Minority Capital Loan Guarantee Program: Behavioral Change Strategy Workshop will provide development finance agencies (DFAs) enrolled in the second tranche of the Program with detailed instruction and guidance geared toward the development of their behavioral change strategies. The workshop will also include an equitable lending presentation and a discussion of best practices for unlocking capital for underserved borrowers.

CDFA // BNY Mellon Development Finance Webcast Series: Best Practices and Strategies for Housing Finance
September 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Webcast Series, development finance practitioners will highlight the variety of finance tools available for supporting affordable housing projects and discuss best practices for deploying these to meet the growing need.

Energy Finance News

Washington Receives $23M from U.S. DOE for Grid Resilience
Office of Senator Murray | Aug. 30 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | U.S. Dept. of Energy (DOE) | Legislative Activities

Allegheny County, PA Centre City Tower to get $5M in Upgrades With the Help of C-PACE
Pittsburgh Post-Gazette | Aug. 30 | Energy Finance | Property Assessed Clean Energy (PACE)

USDA to Invest $800M in Rural Infrastructure Projects
USDA | Aug. 28 | Energy Finance | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

California Invests $3B in Projects to Rebuild Transportation Infrastructure
Times-Herald | Aug. 23 | Energy Finance | Federal | Infrastructure Finance

GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland, CA
Rebusiness Online | Aug. 23 | Energy Finance | Property Assessed Clean Energy (PACE)

$2B in New HUD Funds Available for Decarbonization, Resilience in Multifamily Buildings
Urban Land | Aug. 23 | Energy Finance | Housing Finance | U.S. Dept. of Housing & Urban Development (HUD)

Wells Fargo Leads $75M Warehouse Finance Facility for Greenbacker Renewable Energy
ABL Advisor | Aug. 23 | Energy Finance | Revolving Loan Funds (RLFs)

U.S. DOE Announces $48M in Grid Resilience Grants for States and Tribal Nations
U.S. Department of Energy | Aug. 17 | Development Finance Toolbox | Energy Finance | Infrastructure Finance | Legislative | Rural Development | U.S. Dept. of Energy (DOE) | Legislative Activities

New Legislation Aims to Expand Seattle, WA's EV Charging Infrastructure
Geek Wire | Aug. 15 | Energy Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing

ICL Breaks Ground on $400M Battery Materials Manufacturing Plant in St. Louis, MO
Business Wire | Aug. 14 | Energy Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Greenbacker Partners with RBC Community Investments to Complete Solar PTC Deal
ABL Advisor | Aug. 14 | Community Development | Energy Finance | Tax Credits

Convalt Energy Getting More Than $15M Through New York's Clean Energy Financing
WWNY | Aug. 14 | Energy Finance | Property Assessed Clean Energy (PACE)

Vermont Bond Bank Bond Issuance Helps Move Vermont Communities Forward
Vermont Biz | Aug. 10 | Bond Finance | Community Development | Infrastructure Finance | Water Finance

$25M in USDA-Guaranteed Financing for Dairy Digesters to Produce Renewable Natural Gas
Cision PR Newswire | Aug. 9 | Agriculture Finance | Energy Finance | Federal | Rural Development

The Solar Investment Tax Credit: An Impactful History and Enduring Value
EIN News | Aug. 7 | Energy Finance | Green Finance | Resiliency | Tax Credits

Appalachia Receives Major Benefits From Federal IRA to Power Solar Projects
Appalachian Voices | Aug. 7 | Community Development | Energy Finance | Rural Development | Tax Credits

Renewable Properties Closes $53.5M Portfolio of Community Solar Projects
Solar Builder | Aug. 7 | Energy Finance | Tax Credits

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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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