§ 42-140.5-4 — § 42-140.5-4. Establishment of the renewable ready fund.

Rhode Island § 42-140.5-4

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-140.5: Renewable Ready Program

Text

§ 42-140.5-4. Establishment of the renewable ready fund.

(a) There is hereby established a renewable ready fund within the Rhode Island infrastructure bank.

(b) The purpose of the fund is to provide financial assistance to eligible entities to reduce the site preparation and interconnection costs for renewable energy development projects on current or formerly contaminated sites to support and encourage the development of these locations.

(c) The infrastructure bank is hereby authorized and directed to seek all available federal resources, in consultation with the office and any electric distribution company, to fulfill the purpose of the fund. In pursuing federal funding sources, efforts shall include, but not be limited to, funding programs and other financing mechanisms established through the federal Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and any applicable federal statute.

(d) The fund shall consist of:

(1) Money appropriated in the state budget to the fund or otherwise made available to the infrastructure bank;

(2) Money made available to the fund through federal programs or private contributions;

(3) Repayments of principal and interest from loans made from the fund;

(4) Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;

(5) Application or other fees paid to the infrastructure bank to process applications for financial assistance; and

(6) Any other money made available to the fund.

Legislative History

P.L. 2024, ch. 314, § 1, effective June 25, 2024; P.L. 2024, ch. 315, § 1, effective June 25, 2024.