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CDFA Energy & Water Finance Update - January 5, 2021

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CDFA Energy and Water Finance Newsletter
January 5, 2021
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Energy & Water Finance Update

Features

Congress Passes Huge Coronavirus Relief Bill, Includes Clean Energy and Climate Deals
Congress overwhelmingly approved a $900 billion stimulus package that would send billions of dollars to American households and businesses grappling with the economic and health toll of the pandemic. The long-sought relief package was part of a $2.3 trillion catchall package that included significant bipartisan deals to counter climate change and promote clean energy, the first such legislation to pass Congress in nearly a decade.

$3B Project Near Reno, NV to Build Largest Carbon-Neutral Industrial Park in U.S.
An ambitious green technology project in Nevada's high desert aims to build the largest carbon-neutral industrial park powered by locally generated renewable energy in the United States. TerraScale, a firm that specializes in clean energy design, announced that it plans to develop up to 3,700-acres of land just east of Reno for its Energos project. The project will start with $220 million worth of development on 10 acres of land for its first phase.

Illinois Finance Authority, EPA Close $500M Clean Water Initiative Green Bonds
The Illinois Environmental Protection Agency and the Illinois Finance Authority closed their joint $500 million Clean Water Initiative – State Revolving Fund Revenue Bonds, Series 2020 Green Bonds. The bonds maintained the highest rating, "AAA" from both Fitch Ratings and Standard & Poor's Global Ratings. The bonds were priced on December 15th at a premium, netting the State Revolving Fund Program a total of $634 million. The proceeds of the Series 2020 Green Bonds will be used to deliver clean water to the people of Illinois and fund wastewater treatment at a lower cost while putting people to work.

$2.8M in C-PACE Financing for Assisted Living and Memory Care Development in Houston, TX
Counterpointe Sustainable Real Estate closed $2.8 million in Commercial Property Assessed Clean Energy (C-PACE) funding for a 108-bed senior housing community to be constructed in Houston, Texas, providing local access to quality senior housing and care in the Copperfield area. The PACE financing supports planned energy-saving measures including building envelope, interior and exterior LED lighting, HVAC and domestic hot water, as well as low-flow fixtures.

New Tax Extender Legislation Passed for Renewable Energy, Carbon Capture Projects
Of importance in the stimulus is a one-year extension to the production tax credit (PTC) for wind projects under Section 45 of the tax code; a two-year extension to the investment tax credit (ITC) for solar projects under Section 48; a new five-year ITC for off-shore wind projects (without any phase-out) under Section 48; and a two-year extension of the PTC for carbon capture projects under Section 45Q.

Virginia's Legacy Coal Country Looks to Solar for Economic Growth
To ensure that Virginia's coal country doesn't miss out on opportunities in large-scale solar, the Solar Foundation and the Solar Workgroup of Southwest Virginia have developed a step-by-step guide for how municipalities and counties can encourage utility-scale or commercial solar projects. The playbook includes guidance on engaging stakeholders, identifying and resolving barriers, reviewing development proposals and adopting local planning and zoning regulations to facilitate solar energy in legacy coal country.

Seattle, WA Expands Energy Efficiency as a Service Program
Seattle City Light has announced that it will significantly expand its "Energy Efficiency as a Service" (EEaS) pilot program in 2021. The EEaS financing model provides a new revenue stream for building owners by allowing them to capitalize on the energy efficiency potential of their buildings. It also creates incentives for deeper energy efficiency retrofits and financing over a much longer term than standard energy efficiency programs.

Resilience Loan Fund Measure Passes in Congress
Both houses of Congress passed a measure long sought by flood-vulnerable towns and rivers bordering the Mississippi River: the Resilience Revolving Loan Fund Act. The bill authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

Energy Finance News

The More Things Change, the More They Stay the Same: Renewable Energy Growth Continues
Power Magazine | Jan. 4 | Energy Finance | Green Finance | Infrastructure Finance

New Report Sees Arizona Leading the Way on Clean Energy
Chamber Business News | Dec. 30 | Disaster Recovery & Relief | Energy Finance | COVID-19

What Transportation Can Expect From Biden's First 100 Days
Freight Waves | Dec. 29 | Energy Finance | Infrastructure Finance | Legislative | Transportation

New Stimulus Brings Another Extension for Renewable Energy Tax Credits
Fredrikson and Byron P.A. | Dec. 29 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Investment Tax Credit (ITC)

Five Strategies for Commercial Real Estate Under the Biden Administration
Forbes | Dec. 29 | Energy Finance | Resiliency | Tax Credits

Telecommunications Tower Solar Array First in Country to Use C-PACE
Journal Inquirer | Dec. 28 | Energy Finance | Green Finance | Infrastructure Finance | Member News | Property Assessed Clean Energy (PACE) | Resiliency | State Finance Program | Case Studies | Broadband | Case Studies

Chicago-Area Developers Nab $82M in Financing for Historic Rehab in Aurora
Commercial Observer | Dec. 24 | Energy Finance | Healthcare | Historic Preservation | Housing Finance | Property Assessed Clean Energy (PACE) | Tax Credits

Congress Passes Major Climate Legislation in Year-End Omnibus
Scientific American | Dec. 22 | Energy Finance | Federal | Green Finance | Legislative | Resiliency | Tax Credits

Tennessee Announces $12.4M Loan for City of White House Water Improvements
Tennessee Department of Environment and Conservation | Dec. 22 | Rural Development | Water Finance

Solar Investment Tax Credit Likely to be Extended at 26% for Two Additional Years
The Solar Energy Society of Canada | Dec. 21 | Energy Finance | Tax Credits | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Renewable Energy Grants Available for Rural Nevada Businesses
Northern Nevada Business Weekly | Dec. 18 | Energy Finance | Resiliency | U.S. Dept. of Agriculture (USDA) | USDA Rural Energy for America Program Grants (REAP Grants)

Minneapolis, MN Establishes Leadership in Building Climate Action
PR Web | Dec. 18 | Energy Finance | Local Finance Program | Resiliency

IEDA Board Awards Tax Credits, TIF to Pet Food Maker
Business Record | Dec. 18 | Tax Credits | Tax Increment Finance (TIF) | Water Finance

Massachusetts Solar Loans Program Draws to a Close, Leaves Banks with Confidence to Lend
Energy News Network | Dec. 17 | Energy Finance | State Finance Program

$3.5M in Retroactive C-PACE Funding for Milwaukee's Cambria Hotel
Hospitality Net | Dec. 16 | Access to Capital | Disaster Recovery & Relief | Energy Finance | Property Assessed Clean Energy (PACE) | COVID-19 | Case Studies | Property Assessed Clean Energy Bonds (PACE) | Case Studies

Spring Labs Develops Data-Sharing Network for U.S. Home Energy Projects
Coin Desk | Dec. 15 | Energy Finance | Property Assessed Clean Energy (PACE)


Highlights from the Online Resource Database

Large-Scale Solar Development: A Playbook for Southwest Virginia
Brownfield Financing | Energy Finance | Green Finance | Local Finance Program | Opportunity Zones | Property Assessed Clean Energy (PACE)
To ensure that Virginia's coal country doesn't miss out on opportunities in large-scale solar, the Solar Foundation and the Solar Workgroup of Southwest Virginia have developed a step-by-step guide for how municipalities and counties can encourage utility-scale or commercial solar projects. The playbook includes guidance on engaging stakeholders, identifying and resolving barriers, reviewing development proposals, and adopting local planning and zoning regulations to facilitate solar energy in legacy coal country. The publication also discussing financing options for using PACE, Opportunity Zones, and other programs to support solar projects.


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

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • 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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