HB 357 Summary

• Establishes the Alaska Sustainable Strategy for Energy Transmission and Supply (ASSETS) Act, creating a sustainable energy transmission and supply development program within the Alaska Industrial Development and Export Authority (AIDEA).

• Appropriates $250,000,000 during fiscal years 2013 and 2014 to fund the program and establishes a separate development fund for energy projects.

• Defines "qualified energy development" to include transmission, generation, natural gas liquefaction, oil refining, coal gasification, hydrogen production, and related energy infrastructure projects with up to 50-year financing terms for transmission lines and hydroelectric projects.

• Authorizes AIDEA to finance up to one-third of qualified energy development capital costs (with legislative approval for larger amounts), guarantee loans up to $20,000,000, defer principal payments, and enter into lease and build-operate-transfer agreements.

• Modifies AIDEA loan participation rules and interest rate provisions to accommodate energy development financing, including extending maximum loan terms to 50 years for transmission and hydroelectric projects.