(a)The bank is hereby authorized and empowered to provide financial assistance under the Accelerator Revolving Fund Program to any eligible participating party, either directly or to a lending or financial institution, in connection with the financing or refinancing of an accelerator project, in accordance with an agreement or agreements between the bank and the participating party, either as a sole lender or in participation or syndication with other lenders.
(b)Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 shall not apply to any accelerator financing plan or any guidelines adopted by the bank pursuant to subdivision (i) in connection with the Accelerator Revolving Fund Program.
(c)(1) Repayments of financing made under the Accelerator Revolving Fund Program shall be deposited into the appropriate account created within the Accelerator Revolving Fund.
(2)The bank may establish separate accounts for accelerator projects within the Accelerator Revolving Fund.
(d)(1) (A) The bank shall meet and confer with the accelerator for accelerator projects.
(B) (i) The bank shall respond to requests from the accelerator and collaborating agencies to evaluate and consult on the credit and financial aspects of eligible accelerator projects.
(ii) Final authority to provide financial support to
an accelerator project shall reside with the accelerator, and the accelerator shall direct the bank, at its discretion, to effectuate approved financing in the form and at the terms the accelerator deems optimal, consistent with the objectives and requirements contained in Section 12100.111.
(2)Consultation on a potential transmission project shall not constitute approval of that project by the Public Utilities Commission or the State Energy Resources Conservation and Development Commission under their decisionmaking authority, to the extent that authority exists under other law.
(3)Consultation on, or evaluation of, a transmission project by the bank shall not indicate the bank’s approval.
(e)The accelerator financing shall set forth conditions, including, but not limited to, the following:
(1)Priority shall be given to transmission projects with public sponsors partnering with private entities.
(2)Actions to maximum savings to ratepayers, as determined by the accelerator and its coordinating entities, by minimizing equity in the capital structure, minimizing return on equity, and reducing tax obligations through the use of public ownership structures, to the fullest extent possible, consistent with project risk and viability.
(3)Actions to collaborate with prospective participating parties to inform bid proposals for the Independent System Operator competitive solicitation process.
(f)All financial assistance under the Accelerator Revolving Fund Program approved by the bank board shall be consistent with the applicable accelerator
financing plan then in effect, and may include the necessary technical cost elements of transmission infrastructure, including, but not limited to, environmental planning, permitting, and preconstruction costs for a project.
(g)The bank shall inform the Franchise Tax Board of any accelerator projects that are approved by bank for financial assistance pursuant to subdivision (h) and shall provide any other information the Franchise Tax Board requires for administration of the tax credits under Sections 17053.40 and 23640 of the Revenue and Taxation Code.
(h)(1) The bank shall prepare, and the bank board shall approve, guidelines for the provision of financial assistance under the Accelerator Revolving Fund Program for eligible transmission projects selected by the accelerator. The bank board’s approval of any financial assistance for an accelerator project
shall take into consideration those guidelines, together with the applicable accelerator financing plan currently in effect. The guidelines shall include, as factors for determining whether to approve the provision of financial assistance, the ability of the participating party potentially receiving financial assistance to satisfy any obligation incurred and the return of capital to the Accelerator Revolving Fund.
(2)The bank board may consider additional factors when determining whether to approve financial assistance for an accelerator project, taking into consideration the relevant accelerator financing plan.
(3)The bank shall consider applications for financial assistance by eligible transmission projects selected by the accelerator as they are received, on an ongoing basis, if there are available moneys remaining within the Accelerator Revolving Fund to provide that
financial assistance. The bank board’s determination of whether to approve applications for financial assistance shall be based on the accelerator financing plan and the guidelines in effect at the time the bank received the application.
(4)A participating party shall comply with the terms and conditions that control the use of the funds provided, if any.
(i)The bank shall provide financial assistance only for an accelerator project that both the accelerator selected and the bank board has approved.
(j)The bank is hereby authorized to enter into an agreement with the accelerator to operate a program to provide financial assistance to any eligible participating party, either directly or to a lending or financial institution, in connection with the financing or refinancing of an eligible project, in accordance with
the agreement or agreements. Information shared among consulting agencies and the bank, or between any consulting agency and the bank, shall not constitute the waiver of any exemption under the California Public Records Act (Division 10 (commencing with Section 7920.000) of Title 1) applicable to each entity.
(k)(1) This section shall remain in effect only until January 1, 2031, and as of that date is repealed.
(2)Any project approved for financing by the Bank pursuant to this section before January 1, 2031, shall have its financing terms remain in force for the duration of the contract.