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CDFA Energy & Water Finance Update - December 15, 2020

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CDFA Energy and Water Finance Newsletter
December 15, 2020
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Energy & Water Finance Update

Features

Could a Michigan Green Bank Offer a Blueprint for Biden's Green Recovery?
Michigan Saves is one of the oldest and most effective green bank programs in the country, drawing about $30 in private investment per every public dollar invested. As President-elect Joe Biden's transition team prepares its green economic recovery plan, a Michigan clean energy finance program could provide a bipartisan model for how to spur energy savings and job growth.

House Passes $9.9B WRDA Bill, Sending Measure to Senate
The Water Resources Development Act of 2020 has passed through the House and, if approved by the Senate, would authorize $10 billion in new federal investment to build new water resource development projects across the country. These would include projects to improve and expand water infrastructure, invest in disadvantaged communities, replenish beaches, and improve coastal resilience.

Retroactive Energy Efficiency Loans Offer Pandemic Lifeline for Some Businesses
Green banks are offering businesses a chance to borrow against previous investments in energy-saving upgrades. C-PACE, which stands for commercial property assessed clean energy, is more traditionally known for providing up-front financing for building owners to make their buildings more efficient, resilient, or healthy. C-PACE can also be used retroactively, but it's only recently that the backward-looking version of the program has gained visibility.

Arkansas School Installs Solar Panels to Save Millions On Energy and Pay Teachers More
Public school districts across the nation are facing massive budget deficits. The way out of large deficits may seem daunting, but the economic success of one Arkansas school district offers a guiding example for many others. The Batesville School District switched to solar power in 2017 using bond financing and, as a result, it has since climbed out of its $250,000 budget deficit. Beyond recouping losses, the district has accumulated $1.8 million in budget surplus from energy savings—a surplus which goes towards raising underpaid teachers' salaries.

Transition Bonds Aimed at Heavy Corporate Emitters Set to Roll Out in 2021
The next thing in green investing is a new kind of debt designed to help fund the trillions of dollars needed to wean the world from carbon. Transition bonds are being developed for fossil-fuel companies and other heavy corporate emitters, which have largely been shut out of a booming green market. So-called brown industries would have to use proceeds from the sales to fund their clean-energy transformation.

Philadelphia, PA Opera House Uses C-PACE for $6M in Energy Efficiency Investments
The Philadelphia Energy Authority, Enhanced Capital and EB Realty Management ("EBRM"), owners of The Met, announced today the financial close of the first project in Pennsylvania to retroactively use Commercial Property-Assessed Clean Energy (C-PACE) financing. EBRM is borrowing $6 million in C-PACE financing from Enhanced Capital to retroactively pay for energy efficiency upgrades for the former Philadelphia Metropolitan Opera House, renovated in 2018.

Summit County, CO Sells All Fossil Fuel Stocks in Portfolio
The Summit County Treasurer's Office has sold all of the county's holdings on fossil fuel stocks in its investment portfolio, according to a news release. The divestment from fossil fuels is part of the county's effort to use an environmental, social, and governance investment policy. In addition to divesting from fossil fuel stocks, the Treasurer's Office is offering the Colorado Commercial Property Assessed Clean Energy Program.

California Programs Offer Incentives for Solar Installation
When it comes to renewable energy, Tri-Valley residents and business owners can find certain incentives for going green. East Bay Community Energy (EBCE) now offers commercial and industrial customers a new program to connect with a vetted, experienced solar industry professional partner. Other financial incentive programs include the State of California's Self-Generation Incentive Program and the property assessed clean energy (PACE) model, found through the Department of Energy Efficiency and Renewable Energy.

Upcoming Events

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

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

Which Trump Administration-era Policies Should the Incoming Biden-Harris Administration Continue?
Atlantic Council | Dec. 10 | Energy Finance | Federal

BloombergNEF: Residential Solar Installations Continue at Record Pace
Solar Industry | Dec. 10 | Energy Finance

Metropolitan Water District, Southern Nevada Water Authority Collaborate to Explore Development of Recycled Water Project
Business Wire | Dec. 9 | Water Finance

Wisconsin Climate Change Task Force Recommends Creation of Jobs Programs, 'Office Of Environmental Justice'
WPR | Dec. 9 | Energy Finance | Green Finance | Resiliency

Global ‘Surge' in Offshore Wind Capacity in 2021, Predicts Industry Report
Wind Power | Dec. 8 | Energy Finance | Green Finance | International

USDA Rural Development Accepting Applications for 2021 Renewable Energy Development
Vermont Biz | Dec. 8 | Energy Finance | Federal | U.S. Dept. of Agriculture (USDA) | USDA Rural Energy for America Program Grants (REAP Grants)

Will County Becomes Fifth Illinois County to Launch C-PACE Program
REjournals | Dec. 8 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Final WRDA Package Leaves Out Clean Water
Water World | Dec. 7 | Federal | Infrastructure Finance | Water Finance | Water Finance

Innovative Finance for National Forests Grant Program Fosters New Ideas, Partnerships
USDA | Dec. 7 | Energy Finance | U.S. Dept. of Agriculture (USDA)

Sidewalk Infrastructure Partners Looks to Make California Power Grids More Reliable with a $100M Investment
Tech Crunch | Dec. 7 | Energy Finance | Resiliency

Burgum Budget a Good Outline for Session
The Bismarck Tribune | Dec. 5 | Bond Finance | Revolving Loan Funds (RLFs) | Water Finance

Energy Department's EERE Launches New Portal for Applying to Funding Opportunities
U.S. Department of Energy | Dec. 4 | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE)

Virginia Coalfield Booster Wants New Renewable Fund to Send a Message
Energy News | Dec. 3 | Energy Finance | Revolving Loan Funds (RLFs)

Closing the Funding Gap: Finance Considerations for Water Infrastructure Today and Tomorrow
Water Finance & Management | Nov. 30 | Green Finance | Infrastructure Finance | Water Finance | Water Finance

Senate Gridlock Can't Stop America's Clean Energy Revolution
Bloomberg | Nov. 28 | Energy Finance | Federal

Tax Credit, Environmental Concerns May Spur Next Generation of Carbon Capture Projects
Houston Chronicle | Nov. 26 | Energy Finance | Tax Credits

Big Oil And Big Tech Are Spending Billions On Renewable Energy
Oil Price | Nov. 25 | Energy Finance

Northern Plains Annual Meeting Addresses Agriculture, Energy, Rural Economies
Sidney Herald | Nov. 25 | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE)

Opinion: C-PACE Program Would Turbocharge Green Financing in New Jersey
ROI-NJ | Nov. 24 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | Resiliency

NY Green Bank Announces $165.9M to Help the State Rebuild Its Economy, Combat Climate Change
Investor Ideas | Nov. 17 | Disaster Recovery & Relief | Energy Finance | Resiliency | State Finance Program | COVID-19



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
  • 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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