§ 42-64-13.2 - Renewable energy investment coordination.
SECTION 42-64-13.2
§ 42-64-13.2 Renewable energy investmentcoordination. – (a) Intent. To develop an integrated organizational structure to securefor Rhode Island and its people the full benefits of cost-effective renewableenergy development from diverse sources.
(b) Definitions. For purposes of this section, thefollowing words and terms shall have the meanings set forth in RIGL 42-64-3unless this section provides a different meaning. Within this section, thefollowing words and terms shall have the following meanings:
(1) "Corporation" means the Rhode Island economic developmentcorporation.
(2) "Municipality" means any city or town, or other politicalsubdivision of the state.
(3) "Office" means the office of energy resources establishedby chapter 42-140.
(c) Purpose. The corporation is authorized tointegrate the management of public funds to promote the expansion and sounddevelopment of renewable energy resources by providing coordinated andcost-effective use of funds from:
(1) The renewable energy program of the demand sidemanagement program as set forth in § 39-2-1.2; and
(2) The renewable energy development fund of the renewableenergy standard, as set forth in chapter 39-26.
(3) The office of energy resources from the sale ofallowances under the greenhouse gas initiative act to the extent available forrenewable energy, as set forth in chapter 23-82.
(d) Renewable energy development fund. The corporationshall, in the furtherance of its responsibilities to promote and encourageeconomic development, establish and administer a renewable energy developmentfund as provided for in § 39-26-7, may exercise the powers set forth inthis chapter, as necessary or convenient to accomplish this purpose, and shallprovide such administrative support as may be needed for the coordinatedadministration of the renewable energy standard as provided for in chapter39-26 and the renewable energy program established by § 39-2-1.2. Thecorporation may upon the request of any person undertaking a renewable energyfacility project, grant project status to the project, and a renewable energyfacility project, which is given project status by the corporation, shall bedeemed an energy project of the corporation.
(e) Duties. The corporation shall, with regards torenewable energy project investment:
(1) Establish by rule, in consultation with the office,standards for financing renewable energy projects from diverse sources.
(2) Enter into agreements, consistent with this chapter andrenewable energy investment plans adopted by the office, to provide support torenewable energy projects that meet applicable standards established by thecorporation. Said agreements may include contracts with municipalities andpublic corporations.
(1) To the extent reasonable and practical, the conduct ofactivities under the provisions of this chapter shall be open and inclusive;the director shall seek, in addressing the purposes of this chapter, to involvethe research and analytic capacities of institutions of higher education withinthe state, industry, advocacy groups, and regional entities, and shall seekinput from stakeholders including, but not limited to, residential andcommercial energy users.
(2) By January 1, 2009, the director shall adopt:
(A) Goals for renewable energy facility investment which isbeneficial, prudent, and from diverse sources;
(B) A plan for a period of five (5) years, annually upgradedas appropriate, to meet the aforementioned goals; and
(C) Standards and procedures for evaluating proposals forrenewable energy projects in order to determine the consistency of proposedprojects with the plan.
(g) Reporting. On March 1, of each year after theeffective date of this chapter, the corporation shall submit to the governor,the president of the senate, the speaker of the house of representatives, andthe secretary of state, a financial and performance report. These reports shallbe posted electronically on the general assembly and the secretary of state'swebsites as prescribed in section 42-20-8.2. The reports shall set forth:
(1) The corporation's receipts and expenditures in each ofthe renewable energy program funds administered in accordance with this section.
(2) A listing of all private consultants engaged by thecorporation on a contract basis and a statement of the total amount paid toeach private consultant from the two (2) renewable energy funds administered inaccordance with this chapter; a listing of any staff supported by these funds,and a summary of any clerical, administrative or technical support received; and
(3) A summary of performance during the prior year includingaccomplishments and shortcomings; project investments, the cost-effectivenessof renewable energy investments by the corporation; and recommendations forimprovement.