PEORIA – November 12, 2009. Governor Pat Quinn today signed legislation that provides a statebacked guarantee supporting construction of energy efficiency projects that will create jobs across Illinois. The backing expands a law Governor Quinn signed in July that created the same guarantee for renewable energy and clean coal projects in Illinois.
“This legislation boosts Illinois’ investment in energy efficiency projects that reduce our carbon footprint and create jobs,” said Governor Quinn. “I am proud to sign this law that will help continue to protect our environment while developing new green jobs for the twenty-first century.”
Senate Bill 1906 (Public Act 96-0103) clarifies the Illinois Finance Authority’s (IFA) existing bonding authority for renewable energy and clean coal projects. Senate Bill 0390 adds energy efficiency projects to those covered by the original bill.
The legislation will allow the State and IFA to work in partnership to make up to $3 billion in guaranteed energy project financing available for qualified renewable energy and clean coal efforts. In addition, the law increased the State and IFA’s loan guarantee from $75 million to $225 million for agricultural businesses. It also provided guarantees to back qualified renewable energy projects such as wind, biodiesel or biomass initiatives that are related to agriculture.
In addition, the law positions Illinois to compete for federal stimulus loan guarantees designated for the new green projects.
The IFA is a self-financed state authority principally engaged in issuing taxable and tax-exempt bonds, making loans, and investing capital for businesses, non-profit corporations, agriculture and local government units statewide. For more information: www.il-fa.com.