The bill introduces the Renewable Ready Program, which is aimed at promoting the development of renewable energy resources on previously contaminated properties and other designated sites. The program is to be established under a new chapter in Title 42 of the General Laws, with the goal of reducing greenhouse gas emissions and preserving forests. It defines various terms related to the program and outlines the criteria for identifying eligible sites for renewable energy projects. The bill also establishes the Renewable Ready Fund within the Rhode Island Infrastructure Bank to provide financial assistance to eligible entities for site preparation and interconnection costs. The fund will be supported by various sources, including state appropriations, federal and private contributions, and application fees. No deletions from current law are mentioned.
Additionally, the bill amends Section 46-12.2-4.3 of the General Laws to expand the scope of the clean energy fund to include state agencies for projects receiving assistance from the Renewable Ready Program. The Rhode Island Infrastructure Bank is tasked with including a description of the utilization of funds from the clean energy fund in its annual report and is granted the authority to adopt necessary rules and regulations. The bill also details the uses of the Clean Energy Fund, the bank's authority to recover amounts due from borrowers, and the creation of loan loss reserve funds. It encourages project labor agreements and local hiring for projects over $10 million. The act will take effect upon passage, and no deletions from current law are indicated.
Statutes affected: 2293 SUB A as amended: 46-12.2-4.3
2293 SUB A: 46-12.2-4.3