| Implementing Sector | State |
|---|---|
| Category | Financial Incentive |
| State | Washington |
| Incentive Type | Industry Recruitment/Support |
| Web Site | https://wedfa.org/ |
| Administrator | Washington Economic Development Finance Authority and Department of Commerce |
| Eligible Renewable/Other Technologies | Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Hydroelectric, Municipal Solid Waste, Landfill Gas, Tidal, Wave, Ocean Thermal, Geothermal Direct-Use, Anaerobic Digestion, Other Distributed Generation Technologies |
| Applicable Sectors | Industrial |
| Incentive Amount | Minimum loan of $2,000,000 Interest rate subsidy of 80% |
| Maximum Incentive | $3,000,000 for interest reimbursements |
| Terms | See website for details |
Please note that the initial application deadline for the Renewable Energy Manufacturing Program was June 30, 2016. Subsequent applications are only accepted if funds for interest cost subsidies are still available.
The Washington Economic Development Finance Authority (WEDFA) collaborates with the Washington State Department of Commerce (Commerce) to offer a dual-part financing scheme for renewable energy manufacturing projects. This includes bond financing provided by WEDFA and an interest cost subsidy offered by Commerce. To be eligible for the interest cost subsidy, projects must first be qualified for WEDFA Bonds and arrange a credit source, typically a private bank, for bond purchase.
Once a project qualifies for WEDFA Bond issuance and sale to a private lender, it becomes eligible for Commerce’s interest cost subsidy. Commerce will compensate borrowers for 80% of the interest owed, up to a maximum of $3 million. These subsidy payments are made monthly, contingent on full loan repayments and project performance compliance.
Eligible projects include new or expanded advanced renewable energy manufacturing facilities, or major maintenance facilities for renewable energy equipment servicing. Renewable energy encompasses energy from sources like water, solar, wind, geothermal, landfill and sewage treatment gas, and oceanic energies, as well as biofuels, biomass, and related equipment.
The program sets a minimum loan amount of $2 million. Projects must have a lifespan of at least 13 years, be situated in Washington State, and either retain or create jobs for state residents.
Applications are reviewed on a rolling basis, with the first assessment starting June 30, 2016. Projects are evaluated and selected for awards. Should funds remain post this initial award phase, the program will continue to accept and review applications, with subsequent reviews scheduled for September 30, 2016, and December 21, 2016, as needed.
For more information and to access application materials, please visit the program’s website.
