Committees back PPA ‘step‑in’ language to support renewable project financing with safeguards
Senators advanced HB 974 HD1 to let the state act as a backstop for power purchase agreement payments in limited circumstances to improve developers’ access to financing, with numerous amendments designed to limit state exposure and require due diligence.
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The Hawaii Senate on Thursday advanced HB 974 HD1, a measure to provide a state-level backstop for payments under power purchase agreements (PPAs) with independent power producers (IPPs). Supporters said the step-in mechanism is necessary to secure low-cost financing for renewable-energy projects while opponents and budget officials urged safeguards to avoid exposing the State to open-ended liability.
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