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The California Energy Commission and the State Treasurer's Office signed a first-of-its-kind interagency agreement to create three financing programs for alternative fuel and transportation projects. Funding for the programs will come from the Energy Commission's Alternative and Renewable Fuel and Vehicle Technology Program and be jointly managed by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), overseen by the Treasurer's Office. "This agreement is the culmination of a significant effort between our two agencies and the private sector to implement an innovative financing strategy that will put people to work and move our alternative transportation efforts forward," said Energy Commission Vice Chairman James Boyd.

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The Energy Commission will shortly be soliciting qualified projects in three areas.

* The California Ethanol Plant Incentive Program (approximately $6,000,000 in available funding) will provide loan guarantees for qualifying projects selected by the Energy Commission.
* The Advanced Biofuel Production Plant Program (approximately $15,000,000 in available funding) and the
* Vehicle and Component Manufacturing Program (approximately $19,000,000 in available funding) will provide loan guarantees for qualifying projects up to $1,500,000 and bond and credit enhancement financial assistance for projects greater than $1,500,000.

"This agreement is an important step toward growing advanced transportation technologies in California," said Treasurer Bill Lockyer, chair of CAEATFA. "We're looking forward to final approval and working with the Energy Commission on putting these funds to work."

The Energy Commission promotes the development and deployment of alternative and renewable fuels and vehicles in California to reduce greenhouse gas emission impacts and reduce petroleum dependency and has an annual program budget of approximately $100,000,000 to support projects that:

* develop and improve alternative and renewable low-carbon fuels.
* optimize alternative and renewable fuels for existing and developing engine technologies.
* produce alternative and renewable low-carbon fuels in California.
* decrease the overall impact and carbon footprint of alternative and renewable fuels and increase sustainability.
* expand fuel infrastructure, fueling stations, and equipment.
* improve light-, medium-, and heavy-duty vehicle technologies.
* retrofit medium- and heavy-duty on-road and non-road vehicle fleets.
* expand infrastructure connected with existing fleets, public transit, and transportation corridors.
* establish workforce training programs, conduct public education

For more information about the Alternative and Renewable Fuels and Vehicle Technology Program, visit http://www.energy.ca.gov/altfuels/index.html.

Source: California Energy Commission