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CDFA Energy & Water Finance Update - August 18, 2020

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CDFA Energy and Water Finance Newsletter
August 18, 2020
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Energy & Water Finance Update

Features

$50B Bill to Fund Clean Energy Economy Proposed by Illinois Senator Dick Durbin
U.S. Sen. Dick Durbin, D-Ill., has introduced America's Clean Future Fund Act, a bill that would spur job creation by investing in a clean energy economy, achieve critical reductions in greenhouse gas emissions, facilitate a fair transition for workers from declining energy sectors and renew the U.S.' commitment to technology, innovation, and a sustainable future.

Minneapolis, MN Seeks ‘Inclusive' Financing for Energy Efficiency Improvements
A proposal before state regulators would create a Pay As You Save program in the City of Minneapolis to help more homeowners afford efficiency upgrades. In this $50 million pilot program proposal, customers would be able to borrow money for energy efficiency improvements and repay it through their monthly utility bill.

Two $80M Solar Projects Planned for Mississippi
The chairman of Mississippi's public service commission has approved $80 million solar facilities for Hancock and Clarke Counties, bringing separate electric generating stations to each county and delivering wholesale power directly to the Mississippi Power Company/Southern Company transmission grid. Both projects are expected to create about 300 temporary construction jobs and five permanent positions in each county.

Iowa City, IA Puts TIF Districts' Unused Funds Toward Climate Goals
Iowa City Council amended three urban renewal area plans that could translate into millions in green financing, and the city plans to use property taxes from each area to finance energy efficiency improvements through a system of matching funds for eligible properties. Iowa City has committed to reducing citywide carbon emissions by 40% from 2010 levels by 2030 and reaching net-zero emissions — sequestering more carbon than it is producing — by the year 2050.

New Jersey Passes PACE Bill, Advancing Financing for Businesses & Multifamily Efficiency Upgrades
The New Jersey General Assembly has passed legislation creating a financing mechanism to help commercial property owners undertake clean energy and energy-efficient projects. The bill will enable the New Jersey Economic Development Authority to establish a Commercial Property Assessed Clean Energy (C-PACE) program.

Fannie Mae Expands Green Bond Program
Late last month, the mortgage financier announced the issuance of its latest Single-Family Green Mortgage-Backed Security under its Green Bond Program. The first bond in the program was issued on April 22, 2020, in observance of the 50th anniversary of Earth Day. Since then, Fannie Mae reports it has issued over $40 million worth of the issuance.

Miami-Dade County, FL Receives $235M EPA Loan to Upgrade Wastewater Infrastructure
Miami-Dade County has received a $235 million loan from the federal government to help fix its troubled sewer system, which is plagued by leaking pipes that often spill untreated wastewater into Biscayne Bay, beaches and waterways.

Can C-PACE Provide a Piece of the Post-Covid Puzzle?
Despite reduced overall levels of investment in Q1 and Q2 2020 as a result of the pandemic, interest in Commercial Property Assessed Clean Energy financing, or C-PACE, has risen in some markets across the country.

Massachusetts Launches PACE Financing Program for Energy Improvements
In Massachusetts, 21 communities throughout the commonwealth will now be able to offer a new PACE program, adopted in 2016 as part of an act to promote energy diversity, that allows for long-term financing of large energy improvement projects. Property Assessed Clean Energy Massachusetts will allow property owners a way to finance energy efficiency upgrades, renewables, and gas line extensions.

Upcoming Events
CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Intro Infrastructure Finance WebCourse
September 23-24, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Infrastructure Finance WebCourse, in partnership with Frost Brown Todd and its affiliate FBT Project Finance Advisors, will help communities understand the fundamental concepts behind infrastructure projects with a focus on raising capital to achieve local and regional needs.

Energy Finance News

City of Whitefish, MT Approves $11M in State Revolving Fund Loans for Water Project
Whitefish Pilot | Aug. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Water Finance | Water Finance | Case Studies | Case Studies | Drinking Water

How the Pandemic is Debunking Myths in the Energy Industry
CNBC | Aug. 12 | Energy Finance | Green Finance

An Update on the WIFIA Loan Program
Water Finance & Management | Aug. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Innovative Energy-Saving Financing Programs Seek to Lessen Racial Divides
E&E News | Aug. 6 | Energy Finance | Green Finance | Social Finance

Biomass Energy Projects Feasible in Maryland with Financing
Lancaster Farming | Aug. 6 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | Tax Credits | Property Assessed Clean Energy Bonds (PACE) | Rural Energy Program | Renewable Energy Production Tax Credit (PTC)

$4.5M Available in Energy Improvement Loans in Missouri
KRMS | Aug. 5 | Access to Capital | Energy Finance | State Finance Program | State Energy Finance Programs | Energy Efficiency Programs

Solving America's Big Green Mortgage Dilemma
Bloomberg | Aug. 5 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

MassHousing Closes on $87.2M for Affordable Housing Upgrades
Boston Real Estate Times | Aug. 4 | Energy Finance | Housing Finance | Tax Credits | Case Studies | Case Studies | Low Income Housing Tax Credits (LIHTCs)

McHenry County, IL Launches C-PACE Program
Connect Chicago | Aug. 4 | Energy Finance | Local Finance Program | Property Assessed Clean Energy (PACE) | Property Assessed Clean Energy Bonds (PACE) | Programs

Rhode Island PACE Finances Energy Efficiency Project for Preserve Sporting Club & Residences
Rhode Island Infrastructure Bank | Aug. 3 | Energy Finance | Property Assessed Clean Energy (PACE) | State Finance Program | Case Studies | State Energy Finance Programs | Property Assessed Clean Energy Bonds (PACE) | Case Studies

$6M Available to Lower-Income Households for Energy Improvements in North Carolina
Natural Resource Defense Council | Jul. 31 | Disaster Recovery & Relief | Energy Finance | Social Finance | COVID-19 | Energy Efficiency Programs

Sidney High School Approved for State Loan to Upgrade Water System
Sidney Herald | Jul. 29 | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

Innovative ‘Solar For Coal' Swaps Aim to Support the Carbon Transition
Forbes | Jul. 29 | Energy Finance | Green Finance | Resiliency

Minneapolis Begins on $25M Public Housing Renovation, the City's Largest to Date
Housing Finance | Jul. 28 | Energy Finance | Housing Finance | Social Finance | Tax Credits | Case Studies | Energy Efficiency Programs | Case Studies | Low Income Housing Tax Credits (LIHTCs)

Companies Urge Renewables Support in COVID-19 Recovery Package, But Near-Term Effects in Doubt
Utility Dive | Jul. 27 | Energy Finance | Tax Credits | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Detroit Becomes Home to Michigan's First PACE-Financed Green Roof
Living Architecture Monitor | Jul. 23 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | State Finance Program | Case Studies | Property Assessed Clean Energy Bonds (PACE) | Case Studies

Connecticut Pastry Shop Uses PACE for Rooftop Solar
Solar Industry | Jul. 23 | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE) | State Finance Program | Case Studies

Rhode Island Infrastructure Bank Announces $1M for Aquatic Ecosystem Restoration Project in Westerly
Rhode Island Infrastructure Bank | Jul. 22 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Water Finance

$12.25M in State Loans Paying for Wastewater, Stormwater Projects in Westmoreland County, PA
Trib Total Media | Jul. 22 | Access to Capital | Green Finance | Infrastructure Finance | State Finance Program | Water Finance | General Loan Programs | Green Stormwater Infrastructure | Water Finance | Drinking Water | Sewage & Waste | Stormwater

Bill that Boosted FirstEnergy Muni Debt at Center of Ohio Corruption Case
The Bond Buyer | Jul. 22 | Bond Finance | Energy Finance


Highlights from the Online Resource Database

An Infrastructure Stimulus Plan for the COVID-19 Recession
Access to Capital | Disaster Recovery & Relief | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Water Finance
This Brookings Institute brief uses historical data and the earliest indicators from the COVID-19 downturn to make the case for a people-first approach to federal infrastructure stimulus. The total cost of these programs would range from $167 billion to $327 billion.


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
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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