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Governor Introduces Legislation Creating the Alaska Energy Independence Fund

Apr 5, 2023

This morning, Governor Mike Dunleavy introduced legislation creating the Alaska Energy Independence Fund to increase Alaska’s energy independence and security.

Senate Bill 125 and House Bill 154 will allow the Alaska Housing Finance Corporation (AHFC) to create a nonprofit subsidiary that will provide financing for sustainable energy development projects in Alaska. Examples of sustainable energy development projects include renewable energy generation, energy storage, energy efficiency improvements for commercial and residential buildings, electrical infrastructure projects, clean transportation, and other greenhouse gas emissions reduction, energy efficiency, and zero-emission technology projects.

It also permits AHFC to create a non-profit subsidiary to provide direct or indirect financing and technical assistance for sustainable energy development projects in the state. Direct financing would include loans or capital provided to individuals or companies for specific sustainable energy development projects. The AHFC non-profit subsidiary would also indirectly invest by providing financial and technical assistance to new or existing public, quasi-public, or non-profit entities that finance sustainable energy development in the state.

“Alaska has the resources, creativity and ability to achieve energy independence that will fuel a growing economy,” said Governor Dunleavy. “This is a priority for my second term as your governor, and a priority for Alaskans across our state. I am ready to work with all legislators to secure its swift passage.”