SB304 Summary - Powering Growth Act

• Establishes the Alabama Energy Infrastructure Bank as a division within the State Industrial Development Authority to provide financing for energy infrastructure projects supporting economic development and industrial recruitment throughout Alabama.

• Creates the Alabama Energy Infrastructure Fund capitalized initially with $50 million from the Alabama 21st Century Fund, with authority to issue up to $1 billion in bonds to finance eligible energy infrastructure projects and long-lead time equipment.

• Establishes the Strategic Energy Infrastructure Development Fund to procure long-lead time energy infrastructure equipment (transformers, substations, switchgear, circuit breakers) with priority production placement agreements for manufacturers.

• Reserves 40 percent of annual bank financing for rural areas (counties with population under 150,000) and caps single electric provider funding at 40 percent annually or 50 percent with joint applications.

• Requires the authority to submit annual reports to the Governor and Legislature on energy bank activities and strategic fund use, effective June 1, 2025.