HR 3836 IHCommentsClose CommentsPermalink

To authorize the Secretary of Energy to provide credit support to enhance the availability of private financing for clean energy technology deployment.CommentsClose CommentsPermalink

October 15, 2009CommentsClose CommentsPermalink

Mr. ISRAEL introduced the following bill; which was referred to the Committee on Energy and CommerceCommentsClose CommentsPermalink

To authorize the Secretary of Energy to provide credit support to enhance the availability of private financing for clean energy technology deployment.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. INDIRECT SUPPORT.

(a) In General- For the purpose of enhancing the availability of private financing for clean energy technology deployment, the Secretary of Energy may--CommentsClose CommentsPermalink





(1) provide credit support to portfolios of taxable debt obligations originated by State, local, and private sector entities that enable owners and users of buildings and industrial facilities to--CommentsClose CommentsPermalink





(A) significantly increase the energy efficiency of such buildings or facilities; orCommentsClose CommentsPermalink





(B) install systems that individually generate electricity from renewable energy resources and have a capacity of no more than 2 megawatts;CommentsClose CommentsPermalink





(2) facilitate financing transactions in tax equity markets and long-term purchasing of clean energy by State, local, and nongovernmental not-for-profit entities, to the degree and extent that the Secretary of Energy determines such financing activity is appropriate and consistent with carrying out the purpose described in subsection (b); andCommentsClose CommentsPermalink





(3) provide credit support to portfolios of taxable debt obligations originated by State, local, and private sector entities that enable the deployment of energy storage applications for electric drive vehicles, stationary applications, and electricity transmission and distribution.CommentsClose CommentsPermalink





(b) Purpose- The purpose of this program is to promote access to affordable financing for accelerated and widespread deployment of--CommentsClose CommentsPermalink





(1) clean energy technologies;CommentsClose CommentsPermalink





(2) advanced or enabling energy infrastructure technologies; andCommentsClose CommentsPermalink





(3) energy efficiency technologies in residential, commercial, and industrial applications, including end-use efficiency in buildings.CommentsClose CommentsPermalink





(c) Definitions- For purposes of the section:CommentsClose CommentsPermalink





(1) CLEAN ENERGY TECHNOLOGY- The term ‘clean energy technology’ means a technology related to the production, use, transmission, storage, control, or conservation of energy--CommentsClose CommentsPermalink





(A) that will contribute to a stabilization of atmospheric greenhouse gas concentrations thorough reduction, avoidance, or sequestration of energy-related emissions and--CommentsClose CommentsPermalink





(i) reduce the need for additional energy supplies by using existing energy supplies with greater efficiency or by transmitting, distributing, or transporting energy with greater effectiveness through the infrastructure of the United States; orCommentsClose CommentsPermalink





(ii) diversify the sources of energy supply of the United States to strengthen energy security and to increase supplies with a favorable balance of environmental effects if the entire technology system is considered; andCommentsClose CommentsPermalink





(B) for which, as determined by the Administrator, insufficient commercial lending is available at affordable rates to allow for widespread deployment.CommentsClose CommentsPermalink





(2) CREDIT SUPPORT- The term ‘credit support’ means--CommentsClose CommentsPermalink





(A) direct loans, letters of credit, loan guarantees, and insurance products; andCommentsClose CommentsPermalink





(B) the purchase or commitment to purchase, or the sale or commitment to sell, debt instruments (including subordinated securities).CommentsClose CommentsPermalink





(3) DIRECT LOAN- The term ‘direct loan’ has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).CommentsClose CommentsPermalink





(4) LOAN GUARANTEE- The term ‘loan guarantee’ has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).CommentsClose CommentsPermalink





(5) RENEWABLE ENERGY RESOURCE- The term ‘renewable energy resource’ means each of the following:CommentsClose CommentsPermalink





(A) Wind energy.CommentsClose CommentsPermalink





(B) Solar energy.CommentsClose CommentsPermalink





(C) Geothermal energy.CommentsClose CommentsPermalink





(D) Renewable biomass.CommentsClose CommentsPermalink





(E) Biogas derived exclusively from renewable biomass.CommentsClose CommentsPermalink





(F) Biofuels derived exclusively from renewable biomass.CommentsClose CommentsPermalink





(G) Hydropower.CommentsClose CommentsPermalink





(H) Marine and hydrokinetic renewable energy, as that term is defined in section 632 of the Energy Independence and Security Act of 2007 (42 U.S.C. 17211).CommentsClose CommentsPermalink





(d) Transparency- The Secretary of Energy shall seek to foster through its credit support activities--CommentsClose CommentsPermalink





(1) the development and consistent application of standard contractual terms, transparent underwriting standards and consistent measurement and verification protocols, as applicable; andCommentsClose CommentsPermalink





(2) the creation of performance data that promotes effective underwriting and risk management to support lending markets and stimulate the development of private investment markets.CommentsClose CommentsPermalink





(e) Exempt Securities- All securities insured or guaranteed by the Secretary of Energy shall, to the same extent as securities that are direct obligations of or obligations guaranteed as to the principal or interest by the United States, be considered to be exempt securities within the meaning of the laws administered by the Securities and Exchange Commission.CommentsClose CommentsPermalink