216C.39 RURAL WIND ENERGY DEVELOPMENT REVOLVING LOAN FUND.
Subdivision 1. Establishment.
A rural wind energy development revolving loan fund is
established as an account in the special revenue fund in the state treasury. The commissioner of
finance shall credit to the account the amounts authorized under this section and appropriations
and transfers to the account. Earnings, such as interest, dividends, and any other earnings arising
from fund assets, must be credited to the account.
Subd. 2. Purpose.
The rural wind energy development revolving loan fund is created
to provide financial assistance, through partnership with local owners and communities, in
developing community wind energy projects that meet the specifications of section
, paragraph (f).
Subd. 3. Expenditures.
Money in the fund is appropriated to the commissioner of commerce,
and may be used to make loans to qualifying owners of wind energy projects, as defined in section
216B.1612, subdivision 2
, paragraph (f), to assist in funding wind studies and transmission
interconnection studies. The loans must be structured for repayment within 30 days after the
project begins commercial operations or two years from the date the loan is issued, whichever
is sooner. The commissioner may pay reasonable and actual costs of administering the loan
program, not to exceed interest earned on fund assets.
Subd. 4. Limitations.
A loan may not be approved for an amount exceeding $100,000. This
limit applies to all money loaned to a single project or single entity, whether paid to one or more
qualifying owners and whether paid in one or more fiscal years.
Subd. 5. Administration; eligible projects.
(a) Applications for a loan under this section
must be made in a manner and on forms prescribed by the commissioner. Loans to eligible projects
must be made in the order in which complete applications are received by the commissioner. Loan
funds must be disbursed to an applicant within ten days of submission of a payment request by the
applicant that demonstrates a payment due to the Midwest Independent System Operator. Interest
payable on the loan amount may not exceed 1.5 percent per annum.
(b) A project is eligible for a loan under this program if:
(1) the project has completed an adequate interconnection feasibility study that indicates
the project may be interconnected with system upgrades of less than ten percent of the estimated
(2) the project has a signed power purchase agreement with an electric utility or provides
evidence that the project is under serious consideration for such an agreement by an electric utility;
(3) the ownership and structure of the project allows it to qualify as a community-based
energy development (C-BED) project under section
, and the developer commits to
obtaining and maintaining C-BED status; and
(4) the commissioner has determined that sufficient funds are available to make a loan to
History: 2007 c 57 art 2 s 28