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CDFA Energy & Water Finance Update - March 19, 2019

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CDFA Energy and Water Finance Newsletter
March 19, 2019
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Energy & Water Finance Update


EPA Closes $202M WIFIA Loan in Baltimore, MD
The $202 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the City of Baltimore, Maryland will help the city make system-wide upgrades to its aging wastewater infrastructure at the Back River Wastewater Treatment Plant.

NYU Borrows $83M in Green Bonds
NYU recently borrowed almost $863 million in bonds from the Dormitory Authority of the State of New York including $83 million in Green Bonds. NYU's Co-Generation Power Plant produces a significant amount of energy for the university. NYU will use the Green Bonds to connect the plant with a retention tank to manage rainwater runoff in hopes of increasing efficiency.

$7.8M PACE Financing Supports Los Angeles, CA Property
CleanFund has announced the provision of $7.8 million for the energy, water, and related infrastructure improvements supporting the adaptive re-use of The Garland, a Los Angeles mixed-use property in the burgeoning Broadway Theater District that is also home to the Globe Theatre.

Creating a New Marketplace for Resilient Infrastructure Investment
Communities need a new approach to accelerate investment in infrastructure that is resilient to growing climate pressures. To jumpstart resilient investment, however, policymakers must help create a new marketplace for it. Local leaders need to more clearly account for the benefits of resilient infrastructure in order to achieve community (and investor) buy-in.

From Sunrise to Sunset: Phasing-Out the Renewable Energy Tax Credits
There generally are two credits for renewables, the production tax credit (PTC) and the investment tax credit (ITC). Taxpayers utilizing the PTC only can hope to salvage a portion of the credit before it disappears entirely at year's end, taxpayers utilizing the ITC have until the end of the year to qualify for the full credit before the phasedown begins.

Administration Proposes Cutting Investment Tax Credit, Clean Energy Funding
This year, the administration is calling for the immediate elimination of the Investment Tax Credit (ITC) for solar, which is already scheduled to begin phasing down at the beginning of 2020 to only 10% as of 2022, with the individual credit disappearing altogether.

New Guide Released That Explains Bonds vs. Direct Financing for C-PACE
C-PACE Alliance has released a guide on C-PACE and the use of bonds vs. direct financing for C-PACE programs. The guide explains that direct financing typically offers property owners lower costs and less complexity, while bond funding promotes better liquidity and potentially offers lower interest rates over time.

PR Repays Clean Water and Drinking Water Fund Debt
The EPA announced that the Government of Puerto Rico has repaid its $194.5 million debt to the Puerto Rico Clean Water and Drinking Water State Revolving Funds. This milestone is the result of three years of dedicated effort between EPA and the Government of Puerto Rico to ensure that Puerto Rican communities can once again access low-interest loans.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

Energy Finance News

Rochester, NY Plans $8.78M Water Contamination Fix
Fosters | Mar. 18 | Access to Capital | Water Finance

Brownfield Community Solar Project Completed In VT
Solar Industry | Mar. 18 | Brownfield Financing | Energy Finance | Green Finance

Keeping PACE with the Market
Mondaq | Mar. 18 | Energy Finance | Property Assessed Clean Energy (PACE)

U.S. Still Subsidizing Renewable Energy to the Tune of Nearly $7B
Inside Sources | Mar. 12 | Access to Capital | Energy Finance | Green Finance | Tax Credits | U.S. Dept. of Energy (DOE)

PACENation Summit 2019
PACENation | Mar. 12 | Energy Finance | Property Assessed Clean Energy (PACE)

MT Bill Proposes $80M in Bonds for Infrastructure
KXLH | Mar. 11 | Bond Finance | Infrastructure Finance | Water Finance

Ashland, KY Municipal Facility Nears Finish Line
The Daily Independent | Mar. 11 | Bond Finance | Water Finance

Elgin, TX Approves $10M in Bonds for Water Projects
Statesman | Mar. 7 | Bond Finance | Infrastructure Finance | Water Finance

Duke Energy Bonds $600M to Fund Solar Project
Solar Power World | Mar. 7 | Bond Finance | Energy Finance | Green Finance

PACE Brought $134M to CA, $51M to FL Annually Over Last 5 Years
Green Tech Media | Mar. 7 | Economic Development | Energy Finance | Property Assessed Clean Energy (PACE)

Whitmer Proposes $120M for MI Drinking Water
MLive | Mar. 7 | Water Finance

Payson, UT Receives $9M in Bonds for Water Projects
Daily Herald | Mar. 6 | Bond Finance | Infrastructure Finance | Water Finance

USDA Gives $122M Loan to Five States
Nextgov | Feb. 28 | Access to Capital | Energy Finance

Youngstown, OH Gets EPA Loan for Sewer Improvement Project
The Vindicator | Feb. 28 | Access to Capital | U.S. Environmental Protection Agency (EPA) | Water Finance

Santa Fe, NM Sells Green Bonds for Water Treatment Plant
Santa Fe New Mexican | Feb. 28 | Bond Finance | Green Finance | Water Finance

HI Considers Bonds for Solar-Powered Desalination Plant
The Bond Buyer | Feb. 28 | Bond Finance | Energy Finance | Green Finance

$1M Provided to Support Solar Expansion for New England Farms
Vermont Biz | Feb. 26 | Agriculture Finance | Energy Finance | Food Systems Finance

Mayor Requests TIF Funding for Water Plant
Daily News | Feb. 23 | Tax Increment Finance (TIF) | Water Finance

Privatization of PR's Prepa Lacks Transparency
Caribbean Business | Feb. 22 | Energy Finance | Public-Private Partnership (P3) Financing

Two TN Cities Secure DEC Loans for Clean Water
Water Technology | Feb. 21 | Access to Capital | Water Finance

Is Cheap Money the Key to Solving Climate Change?
Chron | Feb. 20 | Access to Capital | Energy Finance

MI Energy Company Issues $650M in Green Bonds
Power Engineering | Feb. 19 | Bond Finance | Energy Finance

Highlights from the Online Resource Database

The Power of PACE for 5 Spoke Creamery
Agriculture Finance | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE)
5 Spoke Creamery, a Hudson Valley-based artisanal cheese making business, installed a 53kW solar system that will provide 108% of the farm's electricity needs. The farm used PACE financing, offered by the Energize NYtm Finance program, to pay for the solar arrays over 5 years.

CDFA // BNY Mellon Webcast Series: Picking Up the PACE State by State
Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
During this installment of the CDFA // BNY Mellon Webcast Series, Caleb Bell with Bricker & Eckler LLP and David Gabrielson with PACENation discussed the best practices in crafting PACE enabling legislation as well as case studies of some of the most effective legislation to date.

RI Clean Energy Industry Report 2018
Energy Finance
With aggressive targets, Rhode Island's overall clean energy economy continues to grow. The industry's workforce has grown by 72 percent since 2014, resulting in 6,650 new jobs across the state.

2019 CDFA Brownfields Financing Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future
Brownfield Financing | Energy Finance | Green Finance | Webcasts
Presentation slides from the Brownfields Financing Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future

Growing the U.S. Green Bond Market
Agriculture Finance | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Water Finance
The United States' deteriorating infrastructure is woefully underprepared to address the challenge of adapting to climate change. The funding gap has presented an opportunity for global capital markets to create investment vehicles that provide long-term yield, while also helping communities mitigate or adapt to the effects of global warming. One such vehicle that has arisen in the past decade is the green bond: a traditional fixed income security with an additional layer of environmental sustainability.

Solar Lending Practices by Community and Regional Financial Institutions
Access to Capital | Energy Finance
Current projections of solar photovoltaic (PV) system costs and deployment in the United States indicate substantial capital requirements over the next 30 years and beyond. Concurrently, community and regional financial institutions (CRFIs), including community banks and credit unions, collectively hold $3.6 trillion in assets. These institutions could provide a significant portion of the required PV capital while creating a large investment opportunity for themselves. Looking ahead, access to additional credit and market information is critical for accelerating the role of CRFIs and other financial institutions in supporting U.S. PV growth.

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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