The bill establishes the New Jersey Energy Independence Bank (NJEIB) as a wholly-owned subsidiary of the New Jersey Economic Development Authority (EDA), tasked with providing access to capital for environmentally beneficial energy projects. This includes renewable energy generation facilities, energy efficiency projects, and electric vehicle infrastructure. The NJEIB is a rebranding of the previously approved New Jersey Green Bank, with a focus on leveraging public funds to attract private investment in clean energy initiatives. The governance structure includes a board of directors with at least seven members, the majority of whom must be independent of the EDA.

The bill outlines the financial operations of the NJEIB, granting it the authority to manage its own financial accounts, enter contracts to raise capital, and issue bonds. It also allows the NJEIB to make equity investments and provide loans or financial assistance to various entities, including local governments and nonprofit organizations, to support New Jersey's energy goals and reduce energy costs for residents. Additionally, the bill mandates transparency in financial dealings, ensuring public access to information regarding financing support transactions.

Statutes affected:
Introduced: 34:1B-5