This bill would enact the Powering Growth Act. This bill would create the Alabama Energy Infrastructure Bank as a division within the State Industrial Development Authority for the purpose of selecting and assisting in the financing of qualified energy infrastructure projects necessary to meet the energy demands of economic development and industrial recruitment projects throughout the State of Alabama. The bill would specify sources for capitalization and liability of the bank, as well as the procedures for the bank to provide loans to electric providers. This bill would authorize the bank to issue bonds for certain qualified projects under certain conditions, secured by various revenue sources made available to the bank. This bill would also establish the Strategic Energy Infrastructure Development Fund within the State Treasury and provide for its funding and use by the State Industrial Development Authority, to purchase or otherwise obtain long lead-time energy infrastructure equipment and support for industrial site needs throughout the state. This bill would require the authority to submit an annual report to the Governor and the Legislature regarding the activities of the infrastructure bank and use of the strategic development fund.

Statutes affected:
Introduced: 41-10-48