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" to extend up to 25 years. The bill emphasizes the need for reliable energy resources, particularly in light of aging systems and the urgency to decarbonize the energy sector. It encourages the development of energy-related projects that leverage private sector expertise and funding, minimizing the financial burden on taxpayers and utility ratepayers. The legislation also outlines the roles of P3 eligible entities and allows them to enter into agreements with private entities for energy projects, subject to approval by the New Jersey Infrastructure Bank.

Additionally, the bill introduces new financing programs, including the "Interim Energy Financing Program Fund" and the "Energy Infrastructure Financing Program," which will provide loans for energy-related projects. It establishes a State Energy Infrastructure Bank Fund dedicated to financing these projects, ensuring that funds are kept separate from other trust funds. The bill mandates the creation of an Energy Project Priority List and an Energy Financing Program Project Eligibility List, requiring legislative oversight for project financing. It also clarifies that existing public contract requirements do not apply to energy-related projects developed under this act, while maintaining the authority of the Office of the State Comptroller and the Board of Public Utilities. Overall, the legislation aims to streamline the development of energy infrastructure 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