1. (a)

   1. (1) An electric provider (or more than one electric providers in a joint application) may apply to the authority for the purposes of obtaining financial assistance to support an eligible project. An application under this subsection shall include:

      1. a. A detailed summary of the proposed energy infrastructure project, including location, scope, timeline, and total estimated cost;
      2. b. Identification of the energy infrastructure project to be funded;
      3. c. Anticipated job creation, business attraction, or commercial or industrial expansion to be facilitated by the energy infrastructure project as applicable; and
      4. d. Projected load demand and anticipated capacity increases.

   2. (2) An application under this subsection for more than one electric provider shall also include:

      1. a. Identification of all participating electric providers and designation of a lead applicant responsible for administration of funds; and
      2. b. Explanation of how participating electric providers will collaborate on energy infrastructure project implementation.
   3. (3) During the term that the financial assistance is being provided under this subsection, the electric provider shall submit an annual report to the authority detailing the progress of the approved eligible project and the use of the financial assistance provided to the electric provider.

2. (b)

   1. (1) An electric provider (or jointly with one or more other electric providers) and an economic development prospect may submit a joint application for a long-lead item or energy infrastructure project if the provision of financial assistance from the energy bank will facilitate an eligible project for a new or expanding industrial or commercial facility within the state.

   2. (2) A joint application under this subsection shall include:

      1. a. A statement from the electric provider (or joint electric providers in the case of a joint application) detailing the infrastructure improvements necessary to meet the eligible prospect’s energy requirements; and
      2. b. An assessment of economic impact, including projected job creation, capital investment, and state and local sales and property tax revenues generated from the eligible project determined after taking into account any abatements granted.
   3. (3) During the term that the financial assistance is being provided under this subsection, the economic development prospect and the electric provider shall submit an annual report to the authority detailing the progress of the approved eligible project and the use of the financial assistance provided.
   4. (4) The authority may condition the granting of the application upon the provision of performance assurance or security by the economic development prospect.
   5. (5) If the economic development prospect withdraws, fails to commence operations, or materially alters its energy needs, the authority may enforce a contractual obligation against the economic development prospect for the authority’s provision of financial assistance, including draws on any performance assurance or security provided.

(Act 2025-394, §1.)