NJ A6158

Directs the New Jersey Economic Development Authority (EDA) to establish the New Jersey Energy Independence Bank (NJEIB) as an independent, wholly-owned subsidiary, renaming and codifying the existing "New Jersey Green Bank" created in April 2024

NJEIB will provide financing for eligible environmental projects including renewable energy generation facilities, energy storage facilities, energy efficiency projects, and electric vehicle deployment and infrastructure

Requires a board of directors with at least seven members, the majority of whom must be independent of the EDA, with the chairperson selected from among board members

Authorizes the NJEIB to make equity investments, provide loans and loan guarantees, issue bonds, borrow money, enter into private contracts to raise capital, and finance up to 90% of eligible project costs

NJEIB funding sources include societal benefits charges, federal funds, charitable gifts, grants from public and private sources, and earnings from its operations, with requirements for public disclosure of financing transactions and annual private audits