Diane Papan

The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank (I-Bank) in the Governor's Office of Business and Economic Development, governed by a board of directors. The act, among other things, authorizes the I-Bank to make loans, issue bonds, and provide financial assistance for various types of projects that qualify as economic development or public development facilities. The Climate Catalyst Revolving Loan Fund Act of 2020 authorizes the I-Bank, under the Climate Catalyst Revolving Loan Fund Program, to provide financial assistance to any eligible sponsor or participating party in connection with the financing or refinancing for eligible climate catalyst projects, as defined, either directly to the sponsor or participating party or to a lending or financial institution, as specified. The act, beginning in the 2021–22 fiscal year, requires the I-Bank to adopt a climate catalyst financing plan, as specified, after meeting and conferring with prescribed authorized consulting agencies concerning specific categories of climate catalyst projects. The act establishes the Climate Catalyst Revolving Loan Fund as a continuously appropriated fund for the purpose of implementing the objectives and provisions of the act.

This bill would authorize the I-Bank to provide financial assistance in connection with the financing or refinancing of an additional category of climate catalyst projects, those projects that enable the capture and conversion of data centers' waste heat, with the State Energy Resources Conservation and Development Commission (Energy Commission) as the consulting agency. If multiple projects seek funding under this category of climate catalyst projects, the bill would require the consulting agencies to prioritize funding based on state policy and on financial considerations, as determined by the Energy Commission. By expanding the purposes for which moneys in the fund may be expended, the bill would make an appropriation.