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CDFA Energy Finance Update - August 1, 2023

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CDFA Energy Finance Newsletter
August 1, 2023
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Energy Finance Update


Four Seasons, CA Residences Repays Construction Loans with $256M in PACE Financing
Nearly $256 million in Commercial Property Assessed Clean Energy (PACE) financing recently closed and went to pay off construction loans at the Four Seasons Private Residences in San Francisco, CA. It's the largest PACE financing amount ever, according to lender Counterpointe Sustainable Real Estate.

New York Green Bank Provides $25M Credit Debt Facility for Energy Storage
NineDot Energy, a New York developer of community-scale clean energy projects, closed a new $25 million revolving credit debt facility provided by NY Green Bank, a division of the New York State Energy Research and Development Authority. NineDot is expected to use the proceeds of this revolving credit facility to finance 14 battery storage projects and the company expects that number to grow to about 40 projects or more, each up to 5 MW.

CDFA's Greenhouse Gas Reduction Fund Coalition Featured in Politico
CDFA's CEO, Toby Rittner, was interviewed by Politico about the Greenhouse Gas Reduction Fund and the national coalition that CDFA is building to apply for a grant under the Clean Communities Investment Accelerator competition.

Connecticut Announces $6.5M for Grid Resilience under Bipartisan Infrastructure Law
Members of Connecticut's congressional delegation announced that the state will receive $6.5 million from the U.S. Department of Energy (DOE) Grid Resilience grant program, funded by the Bipartisan Infrastructure Law. This funding will be used to help Connecticut meet its zero carbon electric sector goal, improve system reliability and resilience in a range of weather and storm conditions, and attract, train, and retain a skilled and local workforce.

U.S. EPA Announces Remaining $20B Greenhouse Gas Reduction Fund Competitions
The U.S. Environmental Protection Agency (EPA) launched two grant competitions for $20 billion under the historic $27 billion Greenhouse Gas Reduction Fund, an Inflation Reduction Act program. Together these competitive grant opportunities will mobilize private capital into clean technology projects to create good-paying jobs and lower energy costs for American families, especially in low-income and disadvantaged communities.

Bureau of Land Management Announces $3.5M for Clean Energy on Federal Lands
The Bureau of Land Management (BLM) announced a $3.5 million partnership with the U.S. Department of Energy to advance renewable energy research and new technologies on public lands. Using funding provided as part of the Inflation Reduction Act, the BLM will leverage NREL's research and technical expertise to support environmentally-sound public land renewable energy development.  

U.S. Department of Energy Invests $23M to Reduce Carbon Emissions
The U.S. Department of Energy (DOE) announced 16 projects across 14 states are set to receive $23.4 million to provide locally-tailored technical assistance and enhanced stakeholder engagement around carbon management technologies. The projects aim to connect carbon management developers with local communities to foster collaboration and education toward the advancement of commercial deployment of carbon capture, transport, and storage technologies.

Michigan Governor Signs Bipartisan Clean Energy, Cost-Lowering Bills into Law
Gov. Gretchen Whitmer signed a series of bills that could move Michigan toward carbon neutrality while targeting high energy costs. The bills include measures removing requirements that state environmental regulations be no stricter than federal rules, axing a sunset clause on the Michigan Energy Assistance Program, expanding eligibility for businesses to receive clean energy subsidies, and cutting red tape for solar energy developments and local governments.

Upcoming Events
CDFA Virtual Summer School

CDFA Food Systems Finance Webinar Series: Investment Tools & Food Systems
August 29, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we explore how these programs can offer unique financing solutions and catalyze investment in local and regional food systems.

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

Here's How General Motors is Spending Inaugural $2.2B Green Bond Issuance
Motor Biscuit | Jul. 28 | Access to Capital | Bond Finance | Energy Finance | Green Finance | Green Bonds | Investing Bond Proceeds

Republicans Unveil Sweeping Effort to Expand Pipeline, Energy Infrastructure
Fox News | Jul. 26 | Energy Finance | Legislative

NFMA Releases Best Practices for EPA's SRF Program
The Bond Buyer | Jul. 26 | Bond Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Reunion Launches Marketplace with Over $1B in Clean Energy Tax Credits
Cision | Jul. 26 | Energy Finance | Tax Credits

Affordable Housing Initiative to Go Electric for Housing Units in Diverse Loveland, CO
newswires | Jul. 24 | Energy Finance | Housing Finance

At One Year Old, Inflation Reduction Act is Already Turbocharging Clean Energy Technology
Associated Press | Jul. 23 | Energy Finance | Federal | Green Finance | Resiliency | Tax Credits

Tarrant Water District in Fort Worth, TX Unveils 2024 Budget to Include TIF
Fort Worth Report | Jul. 18 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Water Finance

Schenectady, NY to Issue $20M in Water Infrastructure Bonds
The Schenectady Daily Gazette | Jul. 17 | Bond Finance | Development Finance Toolbox | Infrastructure Finance | Water Finance | Water Finance

Ohio Air Quality Development Authority Approves $20M for Two Northeast Ohio Projects
WKYC | Jul. 17 | Bond Finance | Community Development | Energy Finance | Housing Finance | Infrastructure Finance

Introduction of Bill to Help Rural Communities in Alaska Access Energy Upgrades
murkowski.senate.gov | Jul. 12 | Energy Finance | Legislative | Rural Development

Massachusetts' Clean Energy Grant Program Expanding Scope
The Center Square | Jul. 12 | Energy Finance | Property Assessed Clean Energy (PACE)

California Marin Electric Bus Hub Project Receives $31.5M
Marin Independent Journal | Jul. 12 | Energy Finance | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Connecticut Green Bank Offers Another Round of Green Notes
The Bond Buyer | Jul. 5 | Bond Finance | Energy Finance | Green Finance

Bayview Provides $19.8M C-PACE Financing for Hotel in Oakhurst, CA
Hotel Business | Jul. 5 | Energy Finance | Property Assessed Clean Energy (PACE)

Butler County, OH Port Authority Aims to Develop Economic Development Strategic Plan
Journal-News | Jul. 5 | Bond Finance | Community Development | Economic Development | Energy Finance | Incentives | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs)

Dallas, TX Housing Coalition Launches to Advocate for $200M in Bond Funds
candysdirt.com | Jul. 5 | Bond Finance | Economic Development | Housing Finance | Infrastructure Finance | Water Finance

Over $700M Provided for Arkansas Water and Wastewater Projects
KTLO | Jul. 4 | Access to Capital | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

Beaumont, TX Transit System Receives $2.8M Federal Grant to Replace Five CNG Buses
12 News | Jul. 3 | Energy Finance | Infrastructure Finance

Highlights from the Online Resource Database

Indigenizing Catalytic Capital
Access to Capital | Agriculture Finance | Community Development | Energy Finance | Innovation Finance | Social Finance | Tribal Finance
Sovereignty and Indigenous definitions of wealth make up the core values on which Natives have built their economic and financial power. Yet, there is still the issue of economic invisibility for Native Peoples, and one of the ways to combat this is through investing in these communities with catalytic capital. This will allow Indigenous Peoples in the United States to hold onto autonomy with their finances and economies, while also emphasizing non-extractive investing. "Catalytic Capital +" is a term created for this report to describe the creative ways in which catalytic capital has brought financial success to Native communities through varied methods and factors. 

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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