SF 2301

2nd Engrossment - 93rd Legislature (2023 - 2024) Posted on 06/30/2023 09:31am

A bill for an act
relating to energy; establishing the Minnesota Climate Innovation Finance Authority
to provide financing and leverage private investment for clean energy and other
projects; requiring a report; appropriating money; proposing coding for new law
in Minnesota Statutes, chapter 216C.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [216C.441] MINNESOTA CLIMATE INNOVATION FINANCE
AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment; purpose. new text end

new text begin (a) There is created a public body corporate
and politic to be known as the "Minnesota Climate Innovation Finance Authority," whose
purpose is to accelerate the deployment of clean energy projects, greenhouse gas emissions
reduction projects, and other qualified projects through the strategic deployment of public
funds in the form of grants, loans, credit enhancements, and other financing mechanisms
in order to leverage existing public and private sources of capital to reduce the upfront and
total cost of qualified projects and to overcome financial barriers to project adoption,
especially in low-income communities.
new text end

new text begin (b) The goals of the authority include but are not limited to:
new text end

new text begin (1) reducing Minnesota's contributions to climate change by accelerating the deployment
of clean energy projects;
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new text begin (2) ensuring that all Minnesotans share the benefits of clean and renewable energy and
the opportunity to fully participate in the clean energy economy by promoting:
new text end

new text begin (i) the creation of clean energy jobs for Minnesota workers, particularly in environmental
justice communities and communities in which fossil fuel electric generating plants are
retiring; and
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new text begin (ii) the principles of environmental justice in the authority's operations and funding
decisions; and
new text end

new text begin (3) maintaining energy reliability while reducing the economic burden of energy costs,
especially on low-income households.
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin (a) For the purposes of this section, the following terms have the
meanings given.
new text end

new text begin (b) "Authority" means the Minnesota Climate Innovation Finance Authority.
new text end

new text begin (c) "Board" means the Minnesota Climate Innovation Finance Authority's board of
directors established in subdivision 10.
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new text begin (d) "Clean energy project" has the meaning given to "qualified project" in paragraph
(m), clauses (1) to (7).
new text end

new text begin (e) "Community navigator" means an organization that works to facilitate access to clean
energy project financing by community groups.
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new text begin (f) "Credit enhancement" means a pool of capital set aside to cover potential losses on
loans and other investments made by financing entities. Credit enhancement includes but
is not limited to loan loss reserves and loan guarantees.
new text end

new text begin (g) "Energy storage system" has the meaning given in section 216B.2422, subdivision
1, paragraph (f).
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new text begin (h) "Environmental justice" means that:
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new text begin (1) communities of color, Indigenous communities, and low-income communities have
a healthy environment and are treated fairly when environmental statutes, rules, and policies
are developed, adopted, implemented, and enforced; and
new text end

new text begin (2) in all decisions that have the potential to affect the environment of an environmental
justice community or the public health of an environmental justice community's residents,
due consideration is given to the history of the area's and the area's residents' cumulative
exposure to pollutants and to any current socioeconomic conditions that increase the physical
sensitivity of the area's residents to additional exposure to pollutants.
new text end

new text begin (i) "Environmental justice community" means a community in Minnesota that, based
on the most recent data published by the United States Census Bureau, meets one or more
of the following criteria:
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new text begin (1) 40 percent or more of the community's total population is nonwhite;
new text end

new text begin (2) 35 percent or more of households in the community have an income that is at or
below 200 percent of the federal poverty level;
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new text begin (3) 40 percent or more of the community's residents over the age of five have limited
English proficiency; or
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new text begin (4) the community is located within Indian country, as defined in United States Code,
title 18, section 1151.
new text end

new text begin (j) "Greenhouse gas emissions" means emissions of carbon dioxide, methane, nitrous
oxide, hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride emitted by
anthropogenic sources.
new text end

new text begin (k) "Loan loss reserve" means a pool of capital set aside to reimburse a private lender
if a customer defaults on a loan, up to an agreed-upon percentage of loans originated by the
private lender.
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new text begin (l) "Microgrid system" means an electrical grid that:
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new text begin (1) serves a discrete geographical area from distributed energy resources; and
new text end

new text begin (2) can operate independently from the central electric grid on a temporary basis.
new text end

new text begin (m) "Project labor agreement" means a prehire collective bargaining agreement with a
council of building and construction trades labor organizations (1) prohibiting strikes,
lockouts, and similar disruptions, and (2) providing for a binding procedure to resolve labor
disputes on the project.
new text end

new text begin (n) "Qualified project" means a project, technology, product, service, or measure
promoting energy efficiency, clean energy, electrification, or water conservation and quality
that:
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new text begin (1) substantially reduces greenhouse gas emissions;
new text end

new text begin (2) reduces energy use without diminishing the level of service;
new text end

new text begin (3) increases the deployment of renewable energy projects, energy storage systems,
district heating, smart grid technologies, or microgrid systems;
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new text begin (4) replaces existing fossil-fuel-based technology with an end-use electric technology;
new text end

new text begin (5) supports the development and deployment of electric vehicle charging stations and
associated infrastructure, electric buses, and electric fleet vehicles;
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new text begin (6) reduces water use or protects, restores, or preserves the quality of surface waters; or
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new text begin (7) incentivizes customers to shift demand in response to changes in the price of electricity
or when system reliability is not jeopardized.
new text end

new text begin (o) "Renewable energy" has the meaning given in section 216B.1691, subdivision 1,
paragraph (c), clauses (1), (2), and (4), and includes fuel cells generated from renewable
energy.
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new text begin (p) "Securitization" means the conversion of an asset composed of individual loans into
marketable securities.
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new text begin (q) "Smart grid" means a digital technology that:
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new text begin (1) allows for two-way communication between a utility and the utility's customers; and
new text end

new text begin (2) enables the utility to control power flow and load in real time.
new text end

new text begin Subd. 3. new text end

new text begin General powers. new text end

new text begin (a) For the purpose of exercising the specific powers granted
in this section, the authority has the general powers granted in this subdivision.
new text end

new text begin (b) The authority may:
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new text begin (1) hire an executive director and staff to conduct the authority's operations;
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new text begin (2) sue and be sued;
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new text begin (3) have a seal and alter the seal;
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new text begin (4) acquire, hold, lease, manage, and dispose of real or personal property for the
authority's corporate purposes;
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new text begin (5) enter into agreements, including cooperative financing agreements, contracts, or
other transactions, with any federal or state agency, county, local unit of government,
regional development commission, person, domestic or foreign partnership, corporation,
association, or organization;
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new text begin (6) acquire by purchase real property, or an interest therein, in the authority's own name
where acquisition is necessary or appropriate;
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new text begin (7) provide general technical and consultative services related to the authority's purpose;
new text end

new text begin (8) promote research and development in matters related to the authority's purpose;
new text end

new text begin (9) analyze greenhouse gas emissions reduction project financing needs in the state and
recommend measures to alleviate any shortage of financing capacity;
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new text begin (10) contract with any governmental or private agency or organization, legal counsel,
financial advisor, investment banker, or others to assist in the exercise of the authority's
powers;
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new text begin (11) enter into agreements with qualified lenders or others insuring or guaranteeing to
the state the payment of qualified loans or other financing instruments; and
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new text begin (12) accept on behalf of the state any gift, grant, or interest in money or personal property
tendered to the state for any purpose pertaining to the authority's activities.
new text end

new text begin Subd. 4. new text end

new text begin Authority duties. new text end

new text begin (a) The authority must:
new text end

new text begin (1) serve as a financial resource to reduce the upfront and total costs of implementing
qualified projects;
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new text begin (2) ensure that all financed projects reduce greenhouse gas emissions;
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new text begin (3) ensure that financing terms and conditions offered are well-suited to qualified projects;
new text end

new text begin (4) strategically prioritize the use of the authority's funds to leverage private investment
in qualified projects, with the aim of achieving a high ratio of private to public money
invested through funding mechanisms that support, enhance, and complement private lending
and investment;
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new text begin (5) coordinate with existing federal, state, local, utility, and other programs to ensure
that the authority's resources are being used most effectively to add to and complement
those programs;
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new text begin (6) stimulate demand for qualified projects by:
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new text begin (i) contracting with the department's Energy Information Center and community
navigators to provide information to project participants about federal, state, local, utility,
and other authority financial assistance for qualifying projects, and technical information
on energy conservation and renewable energy measures;
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new text begin (ii) forming partnerships with contractors and informing contractors about the authority's
financing programs;
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new text begin (iii) developing innovative marketing strategies to stimulate project owner interest,
especially in underserved communities; and
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new text begin (iv) incentivizing financing entities to increase activity in underserved markets;
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new text begin (7) finance projects in all regions of the state;
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new text begin (8) develop participant eligibility standards and other terms and conditions for financial
support provided by the authority;
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new text begin (9) develop and administer:
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new text begin (i) policies to collect reasonable fees for authority services; and
new text end

new text begin (ii) risk management activities to support ongoing authority activities;
new text end

new text begin (10) develop consumer protection standards governing the authority's investments to
ensure that financial support is provided responsibly and transparently and is in the financial
interest of participating project owners;
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new text begin (11) develop methods to accurately measure the impact of the authority's activities,
particularly on low-income communities and on greenhouse gas emissions reductions;
new text end

new text begin (12) hire an executive director and sufficient staff with the appropriate skills and
qualifications to carry out the authority's programs, making an affirmative effort to recruit
and hire a director and staff who are from, or share the interests of, the communities the
authority must serve;
new text end

new text begin (13) apply for, either as a direct or subgrantee applicant, and accept Greenhouse Gas
Reduction Fund grants authorized by the federal Clean Air Act, United States Code, title
42, section 7434(a). If the application deadlines for these grants are earlier than is practical
for the authority to meet, the commissioner shall apply on behalf of the authority. In all
cases, applications for these funds by or on behalf of the authority must be coordinated with
all known Minnesota applicants; and
new text end

new text begin (14) ensure that authority contracts with all third-party administrators, contractors, and
subcontractors contain required covenants, representations, and warranties specifying that
contracted third parties are agents of the authority and that all acts of contracted third parties
are considered acts of the authority, provided that the act is within the contracted scope of
work.
new text end

new text begin (b) The authority may:
new text end

new text begin (1) employ credit enhancement mechanisms that reduce financial risk for financing
entities by providing assurance that a limited portion of a loan or other financial instrument
is assumed by the authority via a loan loss reserve, loan guarantee, or other mechanism;
new text end

new text begin (2) co-invest in a qualified project by providing senior or subordinated debt, equity, or
other mechanisms in conjunction with other investment, co-lending, or financing;
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new text begin (3) aggregate small and geographically dispersed qualified projects in order to diversify
risk or secure additional private investment through securitization or similar resale of the
authority's interest in a completed qualified project;
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new text begin (4) expend up to 25 percent of funds appropriated to the authority for start-up purposes,
which may be used for financing programs and project investments authorized under this
section, prior to adoption of the strategic plan required under subdivision 7 and the investment
strategy under subdivision 8; and
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new text begin (5) require a specific project to agree to implement a project labor agreement as a
condition of receiving financing from the authority.
new text end

new text begin Subd. 5. new text end

new text begin Underserved market analysis. new text end

new text begin (a) Before developing a financing program,
the authority must conduct an analysis of the financial market the authority is considering
entering in order to determine the extent to which the market is underserved and to ensure
that the authority's activities supplement, and do not duplicate or supplant, the efforts of
financing entities currently serving the market. The analysis must address the nature and
extent of any barriers or gaps that may be preventing financing entities from adequately
serving the market, and must examine present and projected future efforts of existing
financing entities, federal, state, and local governments, and of utilities and others to serve
the market.
new text end

new text begin (b) In determining whether the authority should enter a market, the authority must
consider:
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new text begin (1) whether serving the market advances the authority's policy goals;
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new text begin (2) the extent to which the market is currently underserved;
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new text begin (3) the unique tools the authority would deploy to overcome existing market barriers or
gaps;
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new text begin (4) how the authority would market the program to potential participants; and
new text end

new text begin (5) potential financing partners and the role financing partners would play in
complementing the authority's activities.
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new text begin (c) Before providing any direct loans to residential borrowers, the authority must issue
a request for information to existing known financing entities, specifying the market need
and the authority's goals in meeting the underserved market segment, and soliciting each
financing entity's:
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new text begin (1) current financing offerings for that specific market;
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new text begin (2) prior efforts to meet that specific market; and
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new text begin (3) plans and capabilities to serve that specific market.
new text end

new text begin (d) The authority may only provide direct loans to residential borrowers if the authority
certifies that no financing entity is currently able to meet the specific underserved market
need and the authority's goals, and that the authority's entry into the market does not supplant
or duplicate any existing financing activities in that specific market.
new text end

new text begin Subd. 6. new text end

new text begin Authority lending practices; labor and consumer protection standards. new text end

new text begin (a)
In determining the projects in which the authority will participate, the authority must give
preference to projects that:
new text end

new text begin (1) maximize the creation of high-quality employment and apprenticeship opportunities
for local workers, consistent with the public interest, especially workers from environmental
justice communities, labor organizations, and Minnesota communities hosting retired or
retiring electric generation facilities, including workers previously employed at retiring
facilities;
new text end

new text begin (2) utilize energy technologies produced domestically that received an advanced
manufacturing tax credit under section 45X of the Internal Revenue Code, as allowed under
the federal Inflation Reduction Act of 2022, Public Law 117-169;
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new text begin (3) certify, for all contractors and subcontractors, that the rights of workers to organize
and unionize are recognized; and
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new text begin (4) agree to implement a project labor agreement.
new text end

new text begin (b) The authority must require, for all projects for which the authority provides financing,
that:
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new text begin (1) if the budget is $100,000 or more, all contractors and subcontractors:
new text end

new text begin (i) must pay no less than the prevailing wage rate, as defined in section 177.42,
subdivision 6; and
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new text begin (ii) are subject to the requirements and enforcement provisions under sections 177.27,
177.30, 177.32, 177.41 to 177.43, and 177.45, including the posting of prevailing wage
rates, prevailing hours of labor, and hourly basic rates of pay for all trades on the project in
at least one conspicuous location at the project site;
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new text begin (2) financing is not offered without first ensuring that the participants meet the authority's
underwriting criteria; and
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new text begin (3) any loan made to a homeowner for a project on the homeowner's residence complies
with section 47.59 and the following federal laws:
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new text begin (i) the Truth in Lending Act, United States Code, title 15, section 1601 et seq.;
new text end

new text begin (ii) the Fair Credit Reporting Act, United States Code, title 15, section 1681;
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new text begin (iii) the Equal Credit Opportunity Act, United States Code, title 15, section 1691 et seq.;
and
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new text begin (iv) the Fair Debt Collection Practices Act, United States Code, title 15, section 1692.
new text end

new text begin (c) The authority and any third-party administrator, contractor, subcontractor, or agent
that conducts lending, financing, investment, marketing, administration, servicing, or
installation of measures in connection with a qualified project financed in whole or in part
with authority funds is subject to sections 325D.43 to 325D.48; 325F.67 to 325F.71; 325G.06
to 325G.14; 325G.29 to 325G.37; and 332.37.
new text end

new text begin (d) For the purposes of this section, "local workers" means Minnesota residents who
permanently reside within 150 miles of the location of a proposed project in which the
authority is considering to participate.
new text end

new text begin Subd. 7. new text end

new text begin Strategic plan. new text end

new text begin (a) By December 15, 2024, and each December 15 in
even-numbered years thereafter, the authority must develop and adopt a strategic plan that
prioritizes the authority's activities over the next two years. A strategic plan must:
new text end

new text begin (1) identify targeted underserved markets for qualified projects in Minnesota;
new text end

new text begin (2) develop specific programs to overcome market impediments through access to
authority financing and technical assistance; and
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new text begin (3) develop outreach and marketing strategies designed to make potential project
developers, participants, and communities aware of financing and technical assistance
available from the authority, including the deployment of community navigators.
new text end

new text begin (b) Elements of the strategic plan must be informed by the authority's analysis of the
market for qualified projects, and by the authority's experience under the previous strategic
plan, including the degree to which performance targets were or were not achieved by each
financing program. In addition, the authority must actively seek input regarding activities
that should be included in the strategic plan from stakeholders, environmental justice
communities, the general public, and participants, including via meetings required under
subdivision 9.
new text end

new text begin (c) The authority must establish annual targets in a strategic plan for each financing
program regarding the number of projects, level of authority investments, greenhouse gas
emissions reductions, and installed generating capacity or energy savings the authority
hopes to achieve, including separate targets for authority activities undertaken in
environmental justice communities.
new text end

new text begin (d) The authority's targets and strategies must be designed to ensure that no less than 40
percent of the direct benefits of authority activities flow to environmental justice communities
as defined under subdivision 2, by the United States Department of Energy, or as modified
by the department.
new text end

new text begin Subd. 8. new text end

new text begin Investment strategy; content; process. new text end

new text begin (a) No later than December 15, 2024,
and every four years thereafter, the authority must adopt a long-term investment strategy
to ensure the authority's paramount goal to reduce greenhouse gas emissions is reflected in
all of the authority's operations. The investment strategy must address:
new text end

new text begin (1) the types of qualified projects the authority should focus on;
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new text begin (2) gaps in current qualified project financing that present the greatest opportunities for
successful action by the authority;
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new text begin (3) how the authority can best position itself to maximize its impact without displacing,
subsidizing, or assuming risk that should be shared with financing entities;
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new text begin (4) financing tools that will be most effective in achieving the authority's goals;
new text end

new text begin (5) partnerships the authority should establish with other organizations to increase the
likelihood of success; and
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new text begin (6) how values of equity, environmental justice, and geographic balance can be integrated
into all investment operations of the authority.
new text end

new text begin (b) In developing an investment strategy, the authority must consult, at a minimum, with
similar organizations in other states, lending authorities, state agencies, utilities,
environmental and energy policy nonprofits, labor organizations, and other organizations
that can provide valuable advice on the authority's activities.
new text end

new text begin (c) The long-term investment strategy must contain provisions ensuring that:
new text end

new text begin (1) authority investments are not made solely to reduce private risk; and
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new text begin (2) private financing entities do not unilaterally control the terms of investments to which
the authority is a party.
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new text begin (d) The board must submit a draft long-term investment strategy for comment to each
of the groups and individuals the board consults under paragraph (b) and to the chairs and
ranking minority members of the senate and house of representatives committees with
primary jurisdiction over energy finance and policy, and must post the draft strategy on the
authority's website. The authority must accept written comments on the draft strategy for
at least 30 days and must consider the comments in preparing the final long-term investment
strategy.
new text end

new text begin Subd. 9. new text end

new text begin Public communications and outreach. new text end

new text begin The authority must:
new text end

new text begin (1) maintain a public website that provides information about the authority's operations,
current financing programs, and practices, including rates, terms, and conditions; the number
and amount of investments by project type; the number of jobs created; the financing
application process; and other information;
new text end

new text begin (2) periodically issue an electronic newsletter to stakeholders and the public containing
information on the authority's products, programs, and services and key authority events
and decisions; and
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new text begin (3) hold quarterly meetings accessible online to update the general public on the
authority's activities, report progress being made in regard to the authority's strategic plan
and long-term investment strategy, and invite audience questions regarding authority
programs.
new text end

new text begin Subd. 10. new text end

new text begin Board of directors. new text end

new text begin (a) The Minnesota Climate Innovation Finance Authority
Board of Directors shall consist of the following 11 members:
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new text begin (1) the commissioner of commerce, or the commissioner's designee;
new text end

new text begin (2) the commissioner of labor and industry, or the commissioner's designee;
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new text begin (3) the commissioner of the Minnesota Pollution Control Agency, or the commissioner's
designee;
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new text begin (4) the commissioner of employment and economic development, or the commissioner's
designee;
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new text begin (5) the chair of the Minnesota Indian Affairs Council, or the chair's designee; and
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new text begin (6) six additional members appointed by the governor, as follows:
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new text begin (i) one member, appointed after the governor consults with labor organizations in the
state, must be a representative of a labor union with experience working on clean energy
projects;
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new text begin (ii) one member with expertise in the impact of climate change on Minnesota
communities, particularly low-income communities;
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new text begin (iii) one member with expertise in financing projects at a community bank, credit union,
community development institution, or local government;
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new text begin (iv) one member with expertise in sustainable development and energy conservation;
new text end

new text begin (v) one member with expertise in environmental justice; and
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new text begin (vi) one member with expertise in investment fund management or financing and
deploying clean energy technologies.
new text end

new text begin (b) At least two members appointed to the board must permanently reside outside the
metropolitan area, as defined in section 473.121, subdivision 2. The board must collectively
reflect the geographic and ethnic diversity of the state.
new text end

new text begin (c) Board members appointed under paragraph (a), clause (6), shall serve a term of four
years.
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new text begin (d) Members appointed to the board must:
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new text begin (1) provide evidence of a commitment to the authority's purposes and goals; and
new text end

new text begin (2) not hold any personal or professional conflicts of interest related to the authority's
activities, including with respect to the member's financial investments and employment or
the financial investments and employment of the member's immediate family members.
new text end

new text begin (e) The authority shall contract with the department to provide administrative and
technical services to the board and to prospective borrowers, especially those serving or
located in environmental justice communities.
new text end

new text begin (f) Compensation of board members, removal of members, and filling of vacancies are
governed by the provisions of section 15.0575.
new text end

new text begin (g) Board members may be reappointed for up to two full terms.
new text end

new text begin (h) A majority of board members, excluding vacancies, constitutes a quorum for the
purpose of conducting business and exercising powers, and for all other purposes. Action
may be taken by the authority upon a vote of a majority of the quorum present.
new text end

new text begin (i) Board members and officers are not personally liable, either jointly or severally, for
any debt or obligation created or incurred by the authority.
new text end

new text begin Subd. 11. new text end

new text begin Report; audit. new text end

new text begin Beginning February 1, 2024, the authority must annually
submit a comprehensive report on the authority's activities during the previous year to the
governor and the chairs and ranking minority members of the legislative committees with
primary jurisdiction over energy policy. The report must contain, at a minimum, information
on:
new text end

new text begin (1) the amount of authority capital invested, by project type;
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new text begin (2) the amount of private and public capital leveraged by authority investments, by
project type;
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new text begin (3) the number of qualified projects supported, by project type and location within
Minnesota, including in environmental justice communities;
new text end

new text begin (4) the estimated number of jobs created for local workers and nonlocal workers, the
ratio of projects subject to and exempt from prevailing wage requirements under subdivision
6, paragraph (b), and tax revenue generated as a result of the authority's activities;
new text end

new text begin (5) estimated reductions in greenhouse gas emissions resulting from the authority's
activities;
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new text begin (6) the number of clean energy projects financed in low- and moderate-income
households;
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new text begin (7) a narrative describing the progress made toward the authority's equity, social, and
labor standards goals; and
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new text begin (8) a financial audit conducted by an independent party.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2. new text begin MINNESOTA CLIMATE INNOVATION FINANCE AUTHORITY.
new text end

new text begin (a) The initial appointments made under Minnesota Statutes, section 216C.441,
subdivision 10, paragraph (a), clause (6), items (i) to (iii), shall be for two-year terms, and
the initial appointments made under Minnesota Statutes, section 216C.441, subdivision 10,
paragraph (a), clause (6), items (iv) to (vi), shall be for three-year terms.
new text end

new text begin (b) The governor must make the appointments required under this section no later than
July 30, 2023.
new text end

new text begin (c) The initial meeting of the board of directors must be held no later than September
15, 2023. At the initial meeting, the board shall elect a chair and vice-chair by majority vote
of the members present.
new text end

Sec. 3. new text begin APPROPRIATION.
new text end

new text begin (a) $45,000,000 in fiscal year 2024 is appropriated from the general fund to the Minnesota
Climate Innovation Finance Authority established under Minnesota Statutes, section
216C.441, for the purposes of Minnesota Statutes, section 216C.441.
new text end

new text begin (b) Of that amount appropriated under paragraph (a), the commissioner of management
and budget may make up to $....... available to the commissioner of commerce, at the request
of the commissioner of commerce, for activities related to preparing and submitting an
application on the authority's behalf for federal Greenhouse Gas Reduction Funds as
authorized under Minnesota Statutes, section 216C.441, subdivision 4, paragraph (a), clause
(13), or to conduct other necessary start-up activities before the authority has sufficient staff
resources to do so.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end