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CDFA Energy Finance Update - April 6, 2021

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CDFA Energy Finance Newsletter
April 6, 2021
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Energy Finance Update


President Biden Unveils Massive Infrastructure Plan
President Biden's roughly $2 trillion plan aims to improve U.S. infrastructure and shift to greener energy over the next eight years. The infrastructure spending plan is the first of a two-part proposal to help the nation's economy recover from the coronavirus pandemic. The President is expected to unveil his package focusing on the "care economy," including investments in education and child care, in coming weeks.

U.S. Energy Department Wants to Loan $43B for EV and Clean Energy Projects
U.S. Department of Energy announced that they will revive their Loan Programs Office, which has $43 billion in lending authority. The plan is to direct billions of dollars into the electric vehicle industry to boost domestic production and deployment, creating 647,000 electric vehicle jobs in the next five years, and make $4.5 billion available for renewable energy and energy efficiency projects.

Organic Valley Launches $1M Loan Program for Clean Energy Projects on Farms
A Wisconsin-based organic cooperative, Organic Valley, announced their "Powering the Good" low-interest loan fund to invest in clean energy projects on farms. Created through a partnership with Clean Energy Credit Union, the $1 million initiative will provide loans at below-market rates to Organic Valley producers for projects like solar electric systems and geothermal heating and cooling.

Colorado Main Street Launches Heritage Energy Project
Colorado Main Street has launched an interagency collaboration to combine quality historic preservation with statewide energy goals and to integrate existing resources and high-impact environmental preservation methods such as historic tax credits, History Colorado State Historical Fund grants, and Commercial Property Assessed Clean Energy (C-PACE) financing.

How Infrastructure is Banking on Green Banks
Alaska, Maine, and South Carolina are evaluating the creation of green banks — financing institutions created with the explicit mission of combining public and private funds to invest in climate solutions and green infrastructure. They would join roughly 20 other U.S. jurisdictions that have used this mechanism to drive more than $5 billion in clean energy investments as of the end of 2019, including Connecticut, Florida, Michigan, and Washington, D.C.

USDA Invests $598M to Improve and Modernize Rural Electric Infrastructure
The USDA announced a $598 million rural electric loan package to build or improve electric infrastructure in 11 states. This funding will benefit 460,000 rural residents and businesses in Arizona, Kentucky, Maine, Minnesota, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, Utah, and Virginia. Several of the loans will help expand smart grid technologies, which can be a catalyst for broadband and other telecommunications services.

City of Boston, MA Completes $11M Investment in Energy Efficiency, Renewable Energy Upgrades Across 14 City Buildings
Boston Mayor Martin J. Walsh announced the completion of the first phase of Renew Boston Trust, the City of Boston's initiative to invest in energy efficiency and renewable energy measures for municipal buildings. The first phase of the $45 million investment spans 14 city-owned buildings - including libraries, community centers, police, and fire stations - and helps reduce energy use, save money, and reduce city-emitted greenhouse gases that contribute to climate change.

American Society of Civil Engineers Releases 2021 Infrastructure Report Card
The 2021 Report Card for America's Infrastructure reveals we've made some incremental progress toward restoring our nation's infrastructure. For the first time in 20 years, our infrastructure is out of the D range. While this report grades 17 categories individually, our infrastructure is a system of systems and more connected than ever before.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

Energy Finance News

USDA Seeks Input to Create a New Rural Renewable Energy Pilot Program
USDA | Apr. 1 | Energy Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Spotlight on PACE: Projects From Downtown Redevelopments to Dairy Farms
National Law Review | Mar. 29 | Energy Finance | Property Assessed Clean Energy (PACE)

CounterpointeSRE Closes $4.6M in C-PACE Financing for Amped Kitchens in Chicago, IL
PR Newswire | Mar. 26 | Access to Capital | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE) | Tax Credits

$235M Rural Development Loan Will Improve Navajo Tribal Utility Authority
Flagstaff Business News | Mar. 26 | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Green Space Redevelopment in Denver, CO Brings Community Health Benefits
Ensia | Mar. 19 | Brownfield Financing | Energy Finance | Redevelopment | Social Finance

National Energy Improvement Fund Launches Climate-Action Investment Notes, an Accessible Impact Opportunity for Smaller Investors
PR Newswire | Mar. 15 | Energy Finance | Resiliency

WVEDA Issues $45.0 Million in Tax-Exempt Bonds for Arch Resources
Arch Resources, Inc. | Mar. 15 | Bond Finance | Energy Finance

New $850M Plant to Reuse Red Mud Pond Waste Gets Louisiana State Bond Financing
The Advocate | Mar. 15 | Bond Finance | Energy Finance | Green Finance | Member News

MedRecycler to Receive $17M in Rhode Island Tax-Exempt Bonds
EG News | Mar. 15 | Bond Finance | Energy Finance | Healthcare

Beaufort, NC Moves Forward with $23.6M Package from USDA for Infrastructure Improvements
Carteret County News-Times | Mar. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

Coldwater, MI Ordinance May Allow Small Commercial Solar Projects
The Daily Reporter | Mar. 8 | Brownfield Financing | Energy Finance

Texas City-Run and Rural Electric Firms Face Bailout Over Storm Crisis
Reuters | Mar. 8 | Disaster Recovery & Relief | Energy Finance | Rural Development

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues
Ballard Spahr | Mar. 5 | Bond Finance | Energy Finance | Federal | Green Finance

A Legacy of the New Deal, Electric Cooperatives Struggle to Democratize and Make a Green Transition
Insider Climate News | Mar. 1 | Energy Finance | Green Finance | Resiliency

Financial Regulators Home in on Climate Risks
The Hill | Feb. 28 | Energy Finance | Federal | Green Finance | Resiliency

Highlights from the Online Resource Database

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Development Finance Toolbox | Energy Finance | Property Assessed Clean Energy (PACE)
Each market segment has its own view of why PACE is valuable and this workshop provided insights and details into each.

2021 Infrastructure Report Card - A Comprehensive Assessment of America's Infrastructure
Bond Finance | Community Development | Economic Development | Energy Finance | Infrastructure Finance | Rural Development | Urban Development | Water Finance
The 2021 Report Card for America's Infrastructure reveals we've made some incremental progress toward restoring our nation's infrastructure. For the first time in 20 years, our infrastructure is out of the D range. While this report grades 17 categories individually, our infrastructure is a system of systems and more connected than ever before.

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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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