Gov. Pat Quinn, D-Ill., has signed a financing bill that provides a state-backed guarantee supporting construction of renewable energy and clean coal projects that will create jobs across Illinois.
S.B.1906 clarifies the Illinois Finance Authority's (IFA) existing bonding authority for renewable energy and clean coal projects. Under this law, the state and the IFA will work in partnership to make available up to $3 billion in guaranteed energy project financing for qualified renewable energy and clean coal efforts.
In addition, the law also increases the state and IFA's loan guarantee from $75 million to $225 million for agricultural businesses. It also provides guarantees to back qualified renewable energy projects such as wind, biodiesel or biomass initiatives that are related to agriculture.
This law also positions Illinois to compete for federal stimulus loan guarantees designated for the new green projects.
SOURCE: Office of Gov. Pat Quinn