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CDFA Energy & Water Finance Update - April 21, 2020

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CDFA Energy and Water Finance Newsletter
April 21, 2020
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Energy & Water Finance Update

Features

How Energy Markets Stack Up in a Global Pandemic and What's Ahead
Almost every market in the world is seeing unprecedented shifts in the era of COVID-19. Energy markets are no exception, undergoing unparalleled price changes and demand shifts. While these drastic changes may be short term, they can still point to existing shortcomings and strengths in the energy sector.

Washington Adopts PACE Legislation for Financing for Energy and Resiliency Retrofits
Governor Jay Inslee signed HB 2405, legislation that for the first time authorizes Property Assessed Clean Energy (PACE) loans in the State of Washington. Washington's version of the program also permits financing for resiliency retrofits, such as retrofits for seismic safety, and is therefore referred to as "PACER," for "Property Assessed Clean Energy and Resiliency."

Port Authority in Ohio Issues Residential Energy Efficiency Bonds
The Toledo-Lucas County Port Authority's board of directors approved a $500 million bond issue to underpin a program to be offered through port authorities and local governments in a broad area of Ohio — including Akron, Columbus, and Cincinnati as well as metro Toledo — under which residential property owners could receive loans to modernize dwellings and repay the debt through special assessments on their tax bills.

New York's Clean Energy Sector Looks for a Jump-Start
Work on almost all of the state's clean energy projects has ground to a halt and the industry, still struggling for ascendancy, is grappling with furloughs and layoffs as the coronavirus tears through New York's economy. The New York State Energy Research and Development Authority — the state's energy policy arm — is still crafting specific plans, but it's begun talks on how to jump-start the state's clean energy industry.

Greenworks Lending Raises $150M of Committed Capital
Greenworks Lending, the nation's largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing, has announced today that it has raised $150M in committed capital from Nuveen, the investment manager of TIAA. The deal, which was structured by Guggenheim Securities, LLC, will further increase Greenworks Lending's available funding for C-PACE assets across the country.

$14.5M in C-PACE Financing Being Used for Multifamily Development in Los Angeles, CA
Counterpointe Sustainable Real Estate (CounterpointeSRE) announced the closing of four Commercial Property Assessed Clean Energy transactions for a total of $15 million in financing through the California Statewide Communities Development Authority's Open PACE program. The largest of the financings at $14.5 million will support energy efficiency, seismic strengthening, and water conservation measures at a new multifamily property, which is being developed by LiveWorkCreate.

USDA Invests $900M in Rural Electric Infrastructure in 16 States
USDA is providing financing through the Electric Loan Program. It will help build and improve 2,743 miles of line to strengthen reliability in rural areas and will benefit 1.1 million rural residents and businesses. The loans include $17 million for investments in smart grid technology that uses digital communications to detect and react to local changes in electricity usage.

CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. CDFA's Weekly Development Finance COVID-19 Briefings will highlight these mitigation and recovery efforts.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Wednesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

Energy Finance News

US Stocks Open Lower After Oil Prices Plunge Below Zero
USA Today | Apr. 21 | Disaster Recovery & Relief | Energy Finance | COVID-19

USDA Invests $15.4M to Protect Natural Resources in California
USDA | Apr. 21 | Water Finance

EPA Awards Tennessee $697K in Funding to Test for Lead in School Drinking Water
EPA | Apr. 21 | Water Finance

$30M Retirement Community in Lebanon, OH Partly Funded Through PACE
Dayton Daily News | Apr. 19 | Energy Finance | Property Assessed Clean Energy (PACE)

Repowering the US Economy with Clean Jobs
Clean Technica | Apr. 18 | Disaster Recovery & Relief | Energy Finance | Legislative | COVID-19

Sheboygan, WI Common Council Approves $3.1M in Bonds to Replace Water System
Sheboygan Press | Apr. 16 | Bond Finance | Water Finance

Deriving Maximum Benefit from Rural Opportunity Zones
Inside Indiana Business | Apr. 16 | Energy Finance | Opportunity Zones | Rural Development | Rural Energy Program

EPA Awards $9M in GLRI Funding in The Great Lakes
EPA | Apr. 14 | Brownfield Financing | Water Finance

COVID-19 Federal Rural Resource Guide
USDA | Apr. 13 | Access to Capital | Agriculture Finance | Community Development | Disaster Recovery & Relief | Food Systems Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Water Finance | COVID-19

Gladstone Commercial Completes $1M PACE Financing for Improvements at Akron, OH Property
Globe Newswire | Apr. 8 | Energy Finance | Property Assessed Clean Energy (PACE)

EPA Awards Missouri $719K to Test for Lead in School Drinking Water
EPA | Apr. 8 | Water Finance

EPA Awards Kansas $472K to Test for Lead in School Drinking Water
EPA | Apr. 8 | Water Finance

EPA Awards Nebraska $522K to Test for Lead in School Drinking Water
EPA | Apr. 8 | Water Finance

COVID-19: The Wake-Up Call The Energy Sector Needed
Forbes | Apr. 7 | Disaster Recovery & Relief | Energy Finance | Green Finance | COVID-19

Lendlease Sells 16-MW Solar Project to NextEra Energy
Solar Power World | Apr. 3 | Brownfield Financing | Energy Finance

Alaska to Use Tax Credits to Increase Air Quality
AP News | Mar. 28 | Energy Finance | Green Finance | Legislative | State Finance Program | Tax Credits

Senate Passes Phase III of the Federal Coronavirus Relief Legislation
Vorys | Mar. 26 | Access to Capital | Agriculture Finance | Community Development | Disaster Recovery & Relief | Economic Development | Energy Finance | Housing Finance | Infrastructure Finance | Legislative | Rural Development | COVID-19

Renewable Project Finance Market Alert - COVID-19
National Law Review | Mar. 22 | Disaster Recovery & Relief | Energy Finance | COVID-19

COVID-19: Developers Seek Renewable Energy Tax Credit Extensions
reNEWS.Biz | Mar. 19 | Disaster Recovery & Relief | Energy Finance | Tax Credits | COVID-19

The Future of Opportunity Zone Funds Could Be in Renewable Energy
Private Wealth | Mar. 18 | Disaster Recovery & Relief | Energy Finance | Opportunity Zones | COVID-19


Highlights from the Online Resource Database

COVID-19 Rebirth Using Proven Tools
Access to Capital | Community Development | Disaster Recovery & Relief | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits
This white paper looks at how 5 successful programs can be used to finance the recovery from COVID-19. The 5 programs are C-PACE and R-PACE, State Historic Tax Credits, State Opportunity Zones Programs, State New Markets Tax Credits, and Solar and Energy Tax Credits (ITCs).

COVID-19 Federal Rural Resource Guide
Access to Capital | Agriculture Finance | Community Development | Disaster Recovery & Relief | Energy Finance | Food Systems Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Water Finance
USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 outbreak. This resource matrix organizes funding opportunities identified in the CARES Act and other federal resources that can help support rural America.

CARES Act Supplemental Appropriations Summary
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Energy Finance | Housing Finance | Infrastructure Finance | Legislative | Rural Development | Social Finance | Tribal Finance | Water Finance
This is a Summary of the Supplemental Appropriations included in the Senate's third COVID-19 Stimulus package, the CARES Act. More than 80% of the total $339.855 billion provided in the emergency supplemental appropriations goes to state and local governments and communities.


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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  • U.S. Bank
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  • Z. The Bond Buyer
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