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 financial assistance for environmentally beneficial energy projects, including renewable energy generation, energy efficiency initiatives, and electric vehicle infrastructure. It codifies the previously approved New Jersey Green Bank, renaming it to reflect its new focus on energy independence. The legislation outlines the governance structure of the NJEIB, requiring a board of directors with a majority independent of the EDA, and grants the NJEIB the authority to manage its own financial accounts and enter into contracts to raise capital.

Additionally, the bill specifies that the NJEIB can make equity investments, provide credit enhancements, and offer loans or other financial assistance to various stakeholders, including residents, local governments, and businesses, to promote clean energy adoption and reduce energy costs. It also clarifies that the NJEIB cannot guarantee obligations of the state or the EDA and outlines permissible uses of its funds. The NJEIB will inherit the staff, equipment, and funds from the existing Green Bank, and the act will take effect 60 days after enactment to facilitate necessary administrative actions for implementation.

Statutes affected:
Introduced: 34:1B-5