§ 39-26-7 - Renewable energy development fund.
SECTION 39-26-7
§ 39-26-7 Renewable energy developmentfund. – (a) There is hereby authorized and created within the economic developmentcorporation a renewable energy development fund for the purpose of increasingthe supply of NE-GIS certificates available for compliance in future years byobligated entities with renewable energy standard requirements, as establishedin this chapter. The fund shall be located at and administered by the RhodeIsland economic development corporation in accrodance with § 42-64-13.2.The economic development corporation shall:
Adopt plans and guidelines for the management and use of thefund in accordance with § 42-64-13.2, and
(b) The economic development corporation shall enter intoagreements with obligated entities to accept alternative compliance payments,consistent with rules of the commission and the purposes set forth in thissection; and alternative compliance payments received pursuant to this sectionshall be trust funds to be held and applied solely for the purposes set forthin this section.
(c) The uses of the fund shall include but not be limited to:
(1) Stimulating investment in renewable energy development byentering into agreements, including multi-year agreements, for renewable energycertificates;
(2) Issuing assurances and/or guarantees to support theacquisition of renewable energy certificates and/or the development of newrenewable energy sources for Rhode Island;
(3) Establishing escrows, reserves, and/or acquiringinsurance for the obligations of the fund;
(4) Paying administrative costs of the fund incurred by theeconomic development corporation, the board of trustees, or the office ofenergy resources, not to exceed ten percent (10%) of the income of the fund,including, but not limited to, alternative compliance payments. All fundstransferred from the economic development corporation to support the office ofenergy resources' administrative costs shall be deposited as restrictedreceipts.
(d) NE-GIS certificates acquired through the fund may beconveyed to obligated entities or may be credited against the renewable energystandard for the year of the certificate provided that the commission assessesthe cost of the certificates to the obligated entity, or entities, benefitingfrom the credit against the renewable energy standard, which assessment shallbe reduced by previously made alternative compliance payments and shall be paidto the fund.