New York S 734: Establishes an energy project revolving loan program and fund

Bill Text

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S00734 Summary:

BILL NOS00734 

&nbsp

SAME ASSAME AS A10509

&nbsp

SPONSORMAY

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COSPNSR

&nbsp

MLTSPNSR

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Add §1018, Pub Auth L; add §99-ss, St Fin L

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Establishes an energy project revolving loan program and energy project revolving loan fund to encourage the development of renewable energy generating projects by awarding financial assistance for certain zero-emission energy generation projects.

Go to top S00734 Actions:

BILL NOS00734 

&nbsp

01/08/2025REFERRED TO ENERGY AND TELECOMMUNICATIONS

01/07/2026REFERRED TO ENERGY AND TELECOMMUNICATIONS

Go to topS00734 Committee&nbspVotes:

Go to topS00734 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00734 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 734

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. MAY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Energy and Telecommuni-
 cations

 AN ACT to amend the public authorities law and the state finance law, in
 relation to establishing an energy project revolving loan program and
 energy project revolving loan fund

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The public authorities law is amended by adding a new
 2 section 1018 to read as follows:
 3 § 1018. Energy project revolving loan program. 1. For the purposes of
 4 this section, the following terms shall have the following meanings:
 5 (a) "Program" means the energy project revolving loan program estab-
 6 lished pursuant to this section.
 7 (b) "Eligible energy project" means a zero-emission energy generation
 8 project.
 9 (c) "Energy producing entity" means a public entity, not-for-profit
 10 entity, or utility, proposing a zero-emission energy generation project.
 11 "Energy producing entity" shall include, but not be limited to, the
 12 power authority of the state of New York.
 13 (d) "Project labor agreement" means a pre-hire collective bargaining
 14 agreement between the authority, or a third party on behalf of the
 15 authority, and a bona fide building and construction trade labor organ-
 16 ization establishing the labor organization as the collective bargaining
 17 representative for all persons who will perform work on a public work
 18 project, and which provides that only contractors and subcontractors who
 19 sign a pre-negotiated agreement with the labor organization can perform
 20 project work.
 21 2. The authority, in collaboration with the Green Bank, a division of
 22 the New York state energy research and development authority, is hereby

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03086-01-5

 S. 734 2

 1 authorized and directed to establish an energy project revolving loan
 2 program to provide zero-percent interest or low-percent interest loans,
 3 in accordance with subdivision four of this section, to energy producing
 4 entities to finance eligible energy projects. Notwithstanding the
 5 provisions of any law to the contrary, state financial assistance in the
 6 form of a loan may be provided for costs of eligible projects for capi-
 7 tal costs related to such projects.
 8 3. The authority shall issue a competitive request for proposals from
 9 energy producing entities to receive loans under the program for eligi-
 10 ble energy projects. The authority shall make a determination as to the
 11 energy producing entities to be awarded state financial assistance under
 12 this section, and the amount of such financial assistance. In making
 13 such determinations, the authority shall conduct a cost-benefit analy-
 14 sis, comparing the potential occurrence of such project against the
 15 baseline of such project not occurring, to determine the overall bene-
 16 fits of such proposed energy project to the state and to ratepayers. An
 17 eligible energy project shall be proven to be beneficial to the state
 18 and to ratepayers in order for financial assistance to be awarded for
 19 such project. The authority shall also consider the probability of
 20 completion of such eligible energy project in making such determi-
 21