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Senate expands C‑PACE eligibility to aid large renewable and biotech projects
Summary
The Senate passed House Bill 116 to clarify Commercial Property Assessed Clean Energy (C‑PACE) financing so exported biofuels will not disqualify projects; sponsor said the change will help projects such as a cited $300 million biotech development.
Sen. David P. Hinkins presented House Bill 116 on Feb. 2, 2024, proposing changes to the Commercial Property Assessed Clean Energy (C‑PACE) program that would allow developers to retain C‑PACE financing even when biofuels produced on site are exported for sale.
"To qualify for C PACE funding under the current law, biofuels can only be used on a site of development and C PACE funding cannot be retained if the biofuels are exported for sale," Sen. Hinkins said in explaining the bill’s intent.…
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