The proposed bill establishes the "Energy Infrastructure Public-Private Partnerships Program" (Energy P3 Program) in New Jersey, aimed at enhancing the state's energy infrastructure through public-private partnerships. 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" to extend up to 25 years. The bill emphasizes the need for reliable and resilient energy resources, particularly in light of aging infrastructure and the urgent requirement 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 public and private entities in these partnerships, including the approval process for public-private partnership agreements and the criteria for private entities to qualify for participation in the Energy P3 Program. It mandates the establishment of rules and regulations to facilitate the program's implementation and oversight, ensuring alignment with the state's Energy Master Plan. The legislation also introduces provisions for financial support and tax exemptions for energy-related projects, mandates prevailing wages for construction workers, and establishes a structured process for prioritizing energy-related projects seeking financing. Overall, the bill aims to create a comprehensive framework for collaborative energy projects that enhance the state's energy reliability and sustainability while ensuring compliance with labor standards and financial accountability.

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