HI HB789

Establishes a biofuel production facility loan guarantee program administered by the department of business, economic development, and tourism to support construction, conversion, and expansion of biofuel production facilities in Hawaii.

Sets an aggregate cap of $1,000,000,000 on total loan guarantees available through the program.

Requires applicants to have an unconditional offtake agreement with a qualified buyer and maintain earnings before interest, taxes, depreciation, and amortization at least 1.5 times the loan's interest and amortization payments.

Mandates annual payments of one percent of the loan guarantee value, insurance coverage for revenue losses from force majeure events, and transfer of the facility to the State upon loan default.

Requires the department to adopt rules establishing applicant qualifications, eligibility preferences, grant conditions, and inspection procedures, and to submit annual progress reports to the governor and legislature by February 1st.