As used in this chapter, "alternative energy project" means a project that:

1. (1) develops or makes use of:

   1. (A) clean energy projects (as defined in IC 8-1-8.8-2 );
   2. (B) renewable energy resources (as defined in IC 8-1-8.8-10 ) for the production of electricity;

   3. (C) integrated gasification combined cycle (IGCC) technology to produce synthesis gas that is used:

      1. (i) to generate electricity; or

      2. (ii) as a substitute for natural gas;

         regardless of the fuel source used to produce the synthesis gas;

   4. (D) methane recovered from landfills for the production of electricity;
   5. (E) demand side management, energy efficiency, or conservation programs; or
   6. (F) coal bed methane;

2. (2) results in quantifiable reductions in, or the avoidance of:

   1. (A) the use of electricity produced by traditional electric generating facilities that use fossil fuels as their fuel source; or
   2. (B) regulated air pollutants and carbon emissions produced by traditional electric generating facilities that use fossil fuels as their fuel source; and

3. (3) is implemented under a plan approved by:

   1. (A) the office; and
   2. (B) a corporation's or a cooperatively owned power supplier's board of directors.

As added by P.L.151-2009, SEC.5. Amended by P.L.150-2011, SEC.15.