SB 25 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.

• Creates a new sustainable energy transmission and supply development fund to finance qualified energy development projects, including transmission, generation, distribution of electricity and heat, natural gas operations, and refined petroleum product distribution.

• Authorizes the authority to finance up to one-third of capital costs for qualified energy development projects and loan guarantees up to $20,000,000 without legislative approval, with authority to exceed these limits with legislative approval.

• Allows financing terms up to 30 years for most qualified energy development projects and 50 years for transmission lines or hydroelectric projects.

• Modifies interest rate provisions for loans and loan participations under the authority's programs, requiring rates based on cost of funds plus operational and servicing costs, with ability to offer incentive rate rebates up to one percent for job creation, rural development, and renewable energy projects.