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CDFA Energy & Water Finance Update - March 17, 2020

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CDFA Energy and Water Finance Newsletter
March 17, 2020
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Energy & Water Finance Update

Features

Coronavirus Creates Angst For Clean Energy Developers
Coronavirus-fueled disruptions in global supply chains for renewable energy projects have developers on edge that the resulting delays could jeopardize power purchase agreements and federal tax credits that are crucial to their projects getting built. The domino effect could be delays in renewable project development timelines. Any threats to the viability of a PPA or tax credit eligibility could also give investors second thoughts about sinking cash into renewable projects, experts say.

IRS Reveals How Carbon Capture Credits Will Be Implemented
The IRS released two items of draft guidance that begin to define how project developers and investors can take advantage of tax incentives for carbon capture and storage, known as the 45Q tax credits. Congress, in a bipartisan budget deal in 2018, expanded and extended the tax credits in what carbon capture advocates and analysts have said could be a boon for carbon capture in the United States.

$115M Investment for University of Iowa P3 Utility Upgrade
Hannon Armstrong Sustainable Infrastructure Capital, Inc., a leading investor in climate change solutions, announced its $115 million preferred equity investment in a public-private partnership between the University of Iowa and private entities ENGIE, Meridiam, and Hannon Armstrong to operate, maintain, and upgrade the University's energy and water utilities. This investment will help the University of Iowa meet its zero-carbon energy transition objective to become coal-free in energy production on campus by 2025.

Columbus, OH Poised to Take Bold Steps to Cut Greenhouse Gas Emissions
The City of Columbus, Ohio could soon ask its building owners to track and report how much energy and water is used at their properties as part of a new benchmarking and transparency ordinance. Building owners interested in reducing energy use can tap into Columbus' C-PACE program, and relatedly, Columbus is now exploring the adoption of R-PACE financing.

EPA Announces More Than $200M for Infrastructure Projects
The U.S. Environmental Protection Agency recently announced the availability of $2.7 billion for State Revolving Funds, including more than $200 million across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. This funding assists states, tribes and territories with infrastructure projects that help protect surface water and provide safe drinking water to communities across the country.

Energy Storage Project Closes on $140M in Debt
esVolta, a developer of utility-scale battery energy storage projects, recently closed a $140 million senior secured credit facility to finance a 136 MW/480 MWh portfolio of eight storage projects in California. It's this type of institutional investing that's going to drive the massive growth expected from the energy storage industry.

Connecticut Green Bank Surpasses 300 Closed C-PACE Projects at the End of 2019
According to the Connecticut Green Bank, the state's Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.

CA Senate Bond Measure Would Put $5.5B Toward Fighting Climate Change
A proposed $5.5-billion bond measure from the California Senate aims to combat climate change by funding various environmental preservation and expansion projects throughout the state. Senate Bill 45 would allocate the money based on environmental hazards faced in California. The bill would still need to be approved by the Legislature before being placed on the November ballot.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (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

IL Gives Green Light for Third Party Solar Projects
Energy News Network | Mar. 16 | Energy Finance | Incentives | Legislative | Tax Credits

VA Church Efficiency Retrofit To Be State's First PACE Project
Energy News Network | Mar. 12 | Energy Finance | Property Assessed Clean Energy (PACE) | Redevelopment

City of Morro Bay Receives $62M EPA Water Infrastructure Loan
EPA | Mar. 10 | Water Finance

EPA Awards Over $1.8M for Innovative, Market-Based Projects in Great Lakes Basin
EPA | Mar. 4 | Water Finance

Fast-Moving Senate Energy Bill Draws Dozens of Amendments
Roll Call | Mar. 3 | Bond Finance | Energy Finance | Green Finance | Legislative

CIM Begins Construction on 2.7GW Westlands Solar Park in US
Power Technology | Mar. 3 | Energy Finance | Green Finance | Opportunity Zones

RI Infrastructure Bank's Annual Legislative Day Celebrates $7.8M in Savings Passed on to Local Communities
Rhode Island Infrastructure Bank | Mar. 1 | Community Development | Infrastructure Finance | Member News | State Finance Program | Water Finance

$9.9M in C-PACE Financing Used for Upgrades at Syracuse, NY Hotel
Environment + Energy Leader | Feb. 28 | Energy Finance | Property Assessed Clean Energy (PACE) | Redevelopment

VT Seeks to Expand TIF Program to Smaller Projects
Vermont Biz | Feb. 27 | Brownfield Financing | Tax Increment Finance (TIF) | Water Finance

CA Deal Marks First Fannie Mae Green MTEB Transaction
Housing Finance | Feb. 26 | Bond Finance | Energy Finance | Green Finance | Housing Finance

South Haven, MI Water/Sewer Authority Expects $1.7M Savings by Refinancing Bonds
The Herald-Palladium | Feb. 25 | Bond Finance | Infrastructure Finance | Water Finance

PACE Loan Assists in Relocation for Dayton, OH Business
Dayton Daily News | Feb. 23 | Energy Finance | Property Assessed Clean Energy (PACE)

IRS Releases Critical Guidance on Carbon Capture Tax Credits
JDSupra | Feb. 21 | Energy Finance | Federal | Green Finance | Tax Credits | Internal Revenue Service (IRS)\Guidance

ID DEQ Awards $4.3M Loan for Water System Improvements
Moscow-Pullman Daily News | Feb. 20 | Water Finance

Carolina Opportunity Funds Chooses BioEconomy Solutions
PR Newswire | Feb. 19 | Agriculture Finance | Economic Development | Energy Finance | Opportunity Zones

Petros PACE Finance Closes $5.6M C-PACE Financing for Hotels in Omaha, NE
PR Newswire | Feb. 19 | Energy Finance | Property Assessed Clean Energy (PACE)

Resilient and Sustainable Communities Through PACE Financing
American Bar Association | Feb. 18 | Energy Finance | Property Assessed Clean Energy (PACE)

NM Solar Energy Tax Credit Bill Clears Senate
Carlsbad Current Argus | Feb. 18 | Energy Finance | Legislative | State Finance Program | Tax Credits

VA Bill for Alternative Energy Sources Passes Senate
The Virginia Gazette | Feb. 18 | Energy Finance | Legislative | State Finance Program | Tax Credits


Highlights from the Online Resource Database

Renewable Energy Finance Brief: Green Bonds
Bond Finance | Energy Finance | Green Finance | International
This brief, published by the International Renewable Energy Agency (IRENA), posits that reallocating global capital into sustainable solutions requires a greater supply of effective and desirable capital market instrument. Green bonds help bridge the gap between providers of capital and green assets, helping governments raise finance for projects to meet climate targets and enabling investors to achieve sustainability objectives.

Roadmap to Redevelopment Report: Ramsey, MN
Brownfield Financing | CDFA Original Research | Energy Finance | Tax Credits
This report provides financing strategies for the redevelopment of the Anoka-Ramsey Landfill in Ramsey, MN.


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
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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