The bill introduces the Renewable Ready Program, which aims to encourage the development of renewable energy projects on previously contaminated sites and other designated areas by establishing a new chapter (Chapter 140.5) in Title 42 of the General Laws. It defines various terms related to the program and sets criteria for identifying eligible sites, including contaminated properties, state-owned lands, public building rooftops, and areas near highways or owned by electric distribution companies. The bill also creates the Renewable Ready Fund within the Rhode Island Infrastructure Bank to provide financial assistance for reducing site preparation and interconnection costs for renewable energy projects on eligible sites. The fund will be supported by various sources, including state appropriations, federal and private contributions, and application fees, but the bill does not specify any deletions from current law.

The bill details the application process for financial assistance, including the creation of a standard application, annual deadlines, and the handling of incomplete applications. It specifies that funds can only be used for certain activities related to connecting renewable energy projects to the electric distribution system and cannot be used for interconnection studies or preliminary work. The bill sets criteria for fund distribution, addresses the reallocation of un-disbursed funds, and requires reimbursements to be returned to the Infrastructure Bank. It encourages leasing by electric or gas distribution companies for renewable energy development and grants the Infrastructure Bank the authority to adopt necessary rules and regulations. The bill also amends the Rhode Island Infrastructure Bank's clean energy fund provisions to include projects receiving assistance from the Renewable Ready Program and mandates an annual report on the fund's utilization. Additionally, it outlines the uses of the Clean Energy Fund and grants the Infrastructure Bank the authority to recover amounts due from borrowers and to create loan loss reserve funds. The bill promotes project labor agreements and local hiring for large projects funded under this section and is set to take effect upon passage.

Statutes affected:
7616  SUB A: 46-12.2-4.3