Renewable Energy Manufacturing Program

Summary

Note: The initial application deadline for the Renewable Energy Manufacturing Program was June 30, 2016. Applications will be accepted following that date only if there are remaining funds available for interest cost subsidies.

The Washington Economic Development Finance Authority (WEDFA) and the Washington State Department of Commerce (Commerce) are jointly offering a two-part financing program for renewable energy manufacturing projects. The first component is bond financing through WEDFA, and the second component is an interest cost subsidy from Commerce. Projects must qualify for WEDFA Bonds before receiving an interest cost subsidy. Borrowers must arrange for the ultimate source of credit to purchase the bond, usually a private bank.

Once the project has qualified for the issuance and sale of WEDFA Bonds to a private lender, the project can be considered for the interest cost subsidy provided to borrowers from Commerce. Commerce will reimburse borrowers 80% of the interest due, up to $3 million. Interest subsidy payments will be paid monthly upon confirmation that loan payments have been made in full and the project is performing as agreed.

To qualify for the program,  the project must be a new or an expansion of an existing advanced renewable energy manufacturing facility or a major maintenance facility for refurbishing or maintaining equipment used to generate renewable energy. Renewable energy includes, but is not limited to, energy derived from water, solar, wind, geothermal, landfill and sewage treatment gas, wave, ocean and tidal power, biofuels, biomass, and supporting equipment such as storage or controls.

The minimum loan amount for this program is $2 million. The project must have a useful life of at least 13 years, be located in Washington State, and retain or create additional jobs for Washington residents.

Applications for the Renewable Energy Manufacturing Program will be accepted on a rolling basis. The first set of applications will be reviewed beginning June 30, 2016. Projects will be scored and selected for award. If Commerce has funds remaining after this initial award period, the program will continue to accept applications and will conduct another review on September 30, 2016 and December 21, 2016 if necessary.

For additional details and application materials, visit the program website.