The proposed Powering Growth Act, encapsulated in bill SB304, aims to bolster Alabama's energy infrastructure to facilitate economic development and attract industrial investment. It establishes the Alabama Energy Infrastructure Bank as a division of the State Industrial Development Authority, which will finance qualified energy infrastructure projects through a newly created Alabama Energy Infrastructure Fund. This fund will be capitalized from various sources, including an initial appropriation of $50 million from the Alabama 21st Century Fund, and will support the issuance of bonds and loans to electric providers. The Act also introduces the Strategic Energy Infrastructure Development Fund, which will focus on procuring long-lead-time energy infrastructure equipment and addressing industrial site needs across the state.

Key amendments in the bill include stipulations that no single electric provider can receive more than 50% of the financial assistance in any calendar year, and at least 40% of available funds must be reserved for projects in rural areas. The authority overseeing the bank is tasked with ensuring equitable distribution of resources and is empowered to issue bonds, which are limited obligations that do not constitute state debt. The bill emphasizes the importance of protecting proprietary information from electric providers and outlines a collaborative application process for funding. It also mandates annual reporting to the Governor and Legislature on the bank's activities and the strategic fund's use, with the Act set to take effect on June 1, 2025.

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