Power Authority Financing for Energy Improvements

By Loretta Macktal, Executive Assistant to the Vice President, Government Relations

Capitol Update, May 9, 2003 Share this on FacebookTweet thisEmail this to a friend

The California Power Authority announced the availability of $30 million in tax-exempt industrial development bonds for energy efficiency and clean energy loans to qualifying manufacturers. The minimum loan size is $2 million, and the maximum is $10 million. The loans are available for either:

Energy improvements (energy efficiency, energy management systems, waste heat recovery, cogeneration, or distributed generation); or
New or expanded production facilities utilizing renewable and/or "clean" energy systems and components (solar, wind, or microturbines).

Tax exempt interest rates are currently between 4% and 5%, with terms of 10-20 years, for firms with a good credit rating. Loan applications must be submitted by August 1, 2003. Program details, frequently asked questions and application materials are posted at http://www.capowerauthority.ca.gov/News/IDB.htm.
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