The bill establishes an ongoing grant program for renewable energy projects in Minnesota, amending Minnesota Statutes 2023 Supplement, section 116C.779, subdivision 1. It creates a renewable development account within the state treasury, which will be administered by the commissioner of management and budget. The bill mandates that funds in this account are appropriated to the commissioner of commerce to administer the grant program, which will support various initiatives such as research and development of renewable energy technologies, grid modernization, and the design and construction of ultra-efficient electric vehicles.

Additionally, the bill specifies that the public utility owning the Prairie Island and Monticello nuclear plants must transfer certain amounts to the renewable development account based on the number of dry casks containing spent fuel. It also outlines the requirements for grant contracts related to power purchase agreements and establishes a framework for evaluating proposals for funding. The bill emphasizes transparency and accountability by requiring detailed reporting on funded projects and their benefits to the public utility's ratepayers. The effective date for these changes is set for July 1, 2025.