CSHB 170(FIN) - Alaska Green Bank Act Summary

• Establishes the Alaska clean energy program and Alaska clean energy fund within the Alaska Industrial Development and Export Authority to provide loans and financing for sustainable energy development statewide.

• Creates a nine-member advisory board including representatives from tribes, Alaska Native corporations, housing authorities, and members with expertise in renewable energy, finance, and construction to guide program design and best practices.

• Requires at least 35 percent of initial fund appropriations be distributed to communities receiving power cost equalization assistance.

• Authorizes the authority to provide various financing mechanisms including senior/subordinated debt, loan guarantees, credit enhancements, equity capital, and securitization for eligible sustainable energy projects.

• Prohibits use of the clean energy fund for fossil fuel power generation projects over one megawatt and requires legislative approval for loan guarantees exceeding $20,000,000; changes AIDEA board member appointment process to require legislative confirmation and five-year staggered terms with removal only for cause.