Nevada Clean Energy Fund
What is the Nevada Clean Energy Fund?
Senate Bill 407, of the 79th session of the Nevada Legislature, established an independent, nonprofit corporation called the Nevada Clean Energy Fund to help finance the use and harnessing of clean energy projects in this State, for both commercial and residential properties. SB 407 also created the Board of Directors to administer the Fund and set forth the duties of the Board.
The Nevada Clean Energy Fund, or NCEF, was established to provide funding for, and increase significantly, the pace and amount of financing available for qualified clean energy projects in the State; improve the standard of living by promoting more efficient
and lower cost clean energy projects that create high-paying, long-term jobs;
foster the development of transparent underwriting standards, standard
contractual terms, and measurement and verification protocols for clean energy
projects; promoting the creation of performance data that enables effective
underwriting, risk management and pro forma modeling of financial performance
of qualified clean energy projects to stimulate the development of secondary
investment markets; and achieving a level of financing support for clean energy
projects in the State.
Shortly after passage of SB 407, the
Governor’s Office of Energy co-hosted a one-day workshop with the
National Renewable Energy Laboratory and the Coalition for Green Capital to
kick-off the process of launching the NCEF. During the workshop,
stakeholders discussed similar clean energy funds or 'green banks' implemented in other states along with a roadmap for formation of the NCEF including board member
nominations, organizational structure, options for capitalization and lending
mechanisms. Workshop materials are included here for reference. Full implementation of the NCEF is dependent upon funding for initial capitalization and operating expenses.