NJ S3400

Establishes the New Jersey Energy Independence Bank as an independent, wholly-owned subsidiary of the New Jersey Economic Development Authority (EDA) to provide capital for clean energy projects and attract private investment.

Renames and codifies the existing New Jersey Green Bank (established April 2024) as the Energy Independence Bank, transferring all staff, equipment, and funds to the new entity.

Eligible projects include 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, majority independent from the EDA, with authority to issue bonds, borrow money, enter contracts with private sources, and maintain separate financial accounts.

Limits NJEIB financing to 90% of project costs combined with other non-equity sources, and prohibits direct lending to residential customers or guaranteeing State or EDA obligations.