Effective Jan. 1, 2010 "Energy Efficiency Projects" Eligible for Illinois Financing Authority Funding

Effective January 1, 2010, “Energy Efficiency Projects” will now be eligible for funding from the Illinois Financing Authority (“Authority”). The Authority was established by the Illinois Finance Authority Act (“Act”) in 2003 and has been authorized since its inception to issue bonds to fund specific energy projects. Since July 2009, three types of projects have been eligible for funding: coal projects, clean coal projects, and renewable energy projects. With Governor Quinn’s recent signing of Senate Bill 390, Energy Efficiency Projects will now also be eligible for funding from the Authority. Energy Efficiency Projects are defined broadly to include “measures that reduce the amount of electricity or natural gas required to achieve a given end use.” The Authority may issue up to $450 million in funding for any single borrower and up to $2 billion in combined financing for Energy Efficiency Projects.

If you have any questions about financing under the Act, the Act’s recent amendments, or any developments in renewable energy and energy efficiency please contact a Seyfarth Environmental, Safety & Toxic Tort attorney.