Energy infrastructure reinvestment financing

42 U.S.C. § 16517
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(a) In generalNotwithstanding section 16513 of this title, the Secretary may make guarantees, including refinancing, under this section only for projects that—(1) retool, repower, repurpose, or replace energy infrastructure that has ceased operations; (2) enable operating energy infrastructure to increase capacity or output; or (3) support or enable the provision of known or forecastable electric supply at time intervals necessary to maintain or enhance grid reliability or other system adequacy needs. (b) InclusionA project under subsection (a) may include the remediation of environmental damage associated with energy infrastructure. (c) ApplicationTo apply for a guarantee under this section, an applicant shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, including—(1) a detailed plan describing the proposed project; and (2) in the case of an applicant that is an electric utility, an assurance that the electric utility shall pass on any financial benefit from the guarantee made under this section to the customers of, or associated communities served by, the electric utility. (d) TermNotwithstanding section 16512(f) of this title, the term of an obligation shall require full repayment over a period not to exceed 30 years. (e) Definition of energy infrastructureIn this section, the term “energy infrastructure” means a facility, and associated equipment, used for enabling the identification, leasing, development, production, processing, transportation, transmission, refining, and generation needed for energy and critical minerals. (f) Funding(1) In generalIn addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2025, out of any money in the Treasury not otherwise appropriated, $1,000,000,000, to remain available through September 30, 2028, to carry out activities under this section. (2) Administrative costsOf the amount made available under paragraph (1), the Secretary shall use not more than 3 percent for administrative expenses.

Starting a business? Corpus forms LLCs in all 50 states and DC.

42 U.S.C. § 16517 — Energy infrastructure reinvestment financing | United States Code | Corpus