The bill establishes the New Jersey Energy Independence Bank (NJEIB) as a wholly-owned subsidiary of the New Jersey Economic Development Authority (EDA), aimed at providing access to capital for environmentally beneficial projects, including renewable energy generation, energy efficiency initiatives, and electric vehicle infrastructure. This legislation codifies the previously approved New Jersey Green Bank, renaming it to NJEIB and emphasizing its role in leveraging public funds to attract private investment in clean energy. The governance structure includes a board of directors with at least seven members, a majority of whom must be independent of the EDA, ensuring a level of operational independence.

The NJEIB is granted various authorities, such as managing its own financial accounts, entering contracts to raise capital, and issuing bonds. The bill also allows the NJEIB to undertake corporate actions like consolidation or dissolution, reinforcing its operational autonomy while supporting New Jersey's energy goals. Additionally, it clarifies the powers of the EDA, including the ability to guarantee loans for energy improvement systems and employ necessary consultants, thereby enhancing the state's capacity to promote clean energy initiatives through structured financial support.

Statutes affected:
Introduced: 34:1B-5