CS for SB 992 Summary

• Expands Florida Development Finance Corporation authority to issue bonds and notes for renewable energy projects and clean energy property assessed projects without requiring local government approval.

• Establishes the "Energy, Technology, and Economic Development Guaranty Fund" (renamed from Revenue Bond Guaranty Reserve Account) and authorizes the corporation to guarantee debt service payments up to 5 percent of total aggregate principal for capital projects promoting economic development.

• Requires public utilities to purchase renewable energy from qualifying producers at full avoided cost, defined as 80 percent of the weighted average firm service retail electric rates, effective July 1, 2010.

• Creates expedited approval process for renewable energy facilities through the Public Service Commission with 90-day decision timeline; authorizes up to 700 megawatts of renewable energy projects for 2010-2012 with full cost recovery provisions.

• Excludes solar energy facilities under 2 megawatts and all hydroelectric facilities from electrical power plant siting certification requirements; excludes small solar developers from public utility regulation.