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.
The NCEF Board of Directors held their first meeting on June 5, 2018. During the meeting Angela Dykema, Director of the Governor's Office of Energy, was appointed as the Chair of the NCEF Board of Directors. Ms. Dykema will serve as the chairperson until elections for board leadership positions occur. The NCEF Board of Directors have adopted the Bylaws, Standard Operating Procedures and the Conflict of Interest Policy. The NCEF has been incorporated and a website has been created. Seven of the nine board seats have been filled and the two remaining seats are designated for a labor organization and a county other than Washoe or Clark County. The next NCEF Board of Directors meeting will be held on October 23, 2018 in Carson City.