The California Infrastructure and Economic Development Bank (“IBank”), in collaboration with the State Treasurer’s Office (“STO”) and jointly serving as California’s “Green Bank,” issued the Climate Financing Request for Information (RFI) in December 2023 to inform the state’s strategy for lending under forthcoming climate programs emanating from the Inflation Reduction Act of 2022. Informed by the RFI process, this document summarizes the proposed financial products IBank plans to offer in California’s market for climate infrastructure.
The RFI process sought to “identify where financing gaps exist to maximize the impact of public resources and effectively meet the market’s needs.” In meeting those needs, IBank also seeks to deploy capital quickly and efficiently while building a durable program that can support California for years to come
Pending further internal refinement, finalization of US EPA requirements, and final approval of IBank’s Board of Directors, we anticipate offering the following products at the launch of our program under the National Clean Investment Fund:
• A Climate Loan Guarantee product
• A Climate Loan Participation product
• A Climate Incentives Bridge Loan product
Eligible project sectors, set by the US Environmental Protection Agency’s (“US EPA”) National Clean Investment Fund (“NCIF”), are:
(1) Distributed Energy Generation and Storage
(2) Net-Zero Emissions Buildings
(3) Zero-Emission Transportation, and are described in greater detail at the RFI link above. We expect to add additional categories over time.
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