California

Infrastructure Bank (IBank)

GREEN BANK FEATURES

Bank Model

Quasi-Public

Bank Scope

Statewide

Year Est.

2020

Initial Funding

Legislative Funding

Political Landscape

Democratic Trifecta

Reporting

IBank Reporting

Implement. Process?

The California Infrastructure and Economic Development Bank (IBank) was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities and in June of 2020 California Governor Gavin Newsom signed the Climate Catalyst Revolving Loan Fund Act, establishing the Climate Catalyst Fund at the Infrastructure Bank (IBank) as the state’s all-purpose financing vehicle for climate and sustainability projects.

New Instit.

Existing

More Info

IBank is located within the Governor’s Office of Business and Economic Development (GO-Biz) and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public and private agencies, provide credit enhancements, acquire or lease facilities and leverage state and federal funds. 2021/2022: The California Infrastructure and Economic Development Bank launched its Climate Catalyst green bank with $47 million in capital."
  • Jumpstart critical climate solutions through flexible, low-cost credit and credit support.
  • Help bridge the financing gap that currently prevents these advanced technologies from scaling into the marketplace.
  • Mobilize public and private finance for shovel-ready projects that are stuck in the deployment phase.
  • Accelerate the speed and scale at which technologically proven, critical climate solutions are deployed.

GOALS

They offer a range of financial instruments to help bridge the financing gap currently preventing advanced technologies from scaling into the marketplace. The Fund will be the state’s principal method for partnership with federal initiatives in climate and sustainability infrastructure. They collaborate closely with the state’s Strategic Growth Council and Labor and Workforce Development Agency.

APPROACH

1. Climate-Smart Agriculture: Projects that promote climate-smart technologies and practices across the agricultural value chain, may include (but are not limited to): On-farm and food processing renewable energy, including electricity, fuels, and bioenergy, Energy, water, and materials efficiency, Methane reduction projects that use best practice approaches consistent with state policy goals, Energy storage or microgrids, Equipment replacements. 2. Forest Biomass Management and Utilization: Projects that reduce wildfire threats through forest biomass management and utilization, may include (but are not limited to): Sustainable vegetation management, Forestry practices, Timber harvesting products such as advance energy and construction materials. 3. Clean Energy Transmission: Projects that increase access to zero-carbon resources through new clean energy transmission infrastructure, may include (but are not limited to): Clean energy transmission project infrastructure, Other necessary technical elements of transmission infrastructure, such as environmental planning, permitting, and preconstruction costs for projects.

PRODUCTS AND PORTFOLIO

The Fund is designed to enable direct lending, credit support, conduit financing and special-purpose financing vehicles for private, public, tribal and nonprofit sponsors for projects that promote climate-smart Agriculture technologies, Forest Biomass Management and Utilization, Clean Energy Transmission.

FOCUS

WEBSITE: Click Here HQ ADDRESS: Office Address: 1325 J Street, Suite 1300, Sacramento, CA 95814 Mailing Address: P.O. Box 2830, Sacramento, CA 95812-2830 EMAIL: IBank@IBank.ca.gov PHONE: (916) 341-6600 FACEBOOK: Yes LINKEDIN: Yes TWITTER: Yes INSTAGRAM: Yes TIKTOK: No NEWSLETTER:Yes BLOG: No YOUTUBE: Yes

CONTACT INFORMATION

The state of California has 2 green banks!