The proposed bill establishes the "Energy Infrastructure Public-Private Partnerships Program" in New Jersey, aimed at enhancing the state's energy infrastructure through public-private partnerships (P3s). It amends existing laws related to the New Jersey Infrastructure Bank, allowing energy contracts under the "Public School Contracts Law" and "Local Public Contracts Law" for terms of up to 25 years. The legislation emphasizes the need for reliable energy resources, particularly in light of aging infrastructure and the urgency to decarbonize the energy sector. It seeks to leverage private sector expertise and capital to develop energy-related projects that improve efficiency, reduce greenhouse gas emissions, and foster economic development without relying on taxpayer or ratepayer support.

Additionally, the bill outlines the roles and responsibilities of P3 eligible entities, establishes a framework for soliciting proposals, and mandates the creation of an Energy P3 Program by the New Jersey Infrastructure Bank. It includes provisions for financial support, tax exemptions, and labor standards related to energy projects, ensuring compliance with labor laws and maximizing funding opportunities. The bill also introduces new financing programs, such as the "Interim Energy Financing Program Fund," and establishes the State Energy Infrastructure Bank Fund dedicated to energy-related projects. Overall, the legislation aims to streamline the development of energy infrastructure while ensuring accountability and oversight through established priority lists and certification requirements.

Statutes affected:
Introduced: 58:11B-2, 58:11B-3, 58:11B-4, 58:11B-5, 58:11B-6, 58:11B-7, 58:11B-9, 58:11B-13, 58:11B-14, 58:11B-15, 58:11B-17, 58:11B-18, 58:11B-19, 58:11B-23, 58:11B-25, 58:11B-27, 40A:11-15