The bill SB304, known as the Powering Growth Act, establishes the Alabama Energy Infrastructure Bank as a division of the State Industrial Development Authority, aimed at financing energy infrastructure projects to support economic growth in Alabama. It introduces the Strategic Energy Infrastructure Development Fund within the State Treasury, which will be funded through various sources, including an initial appropriation of $50 million from the Alabama 21st Century Fund. The bank will provide loans to electric providers and issue bonds secured by specific revenue sources, with a cap of $1 billion on the total principal amount of bonds issued. Key provisions include ensuring that no single electric provider receives more than 50% of the financial assistance in any calendar year and reserving at least 40% of available funds for projects in rural areas.

The bill also outlines the application process for electric providers seeking financial assistance, requiring detailed project summaries and collaboration plans. It emphasizes the protection of proprietary information and mandates annual reporting to the Governor and Legislature on the bank's activities. Notably, the bill clarifies that bonds issued do not constitute a debt of the state or its political subdivisions, ensuring the state's credit is not at risk. Key insertions include provisions for the authority to pledge specific revenues to secure bond payments and the establishment of trust indentures for bondholder protection. Overall, SB304 aims to enhance Alabama's energy infrastructure while promoting equitable resource distribution and supporting rural development.

Statutes affected:
Introduced: 41-10-48
Engrossed: 41-10-48
Enrolled: 41-10-48