Bill > A6158

Introduced Session

This bill would direct the New Jersey Economic Development Authority (EDA) to establish a New Jersey Energy Independence Bank (NJEIB). In April 2024, the EDA board approved the creation of the "New Jersey Green Bank," as part of its attempt to implement the 2019 Energy Master Plan and Governor Murphy's Executive Order No. 316, which directed the EDA to implement programs supporting building electrification. This bill would codify the Green Bank in statutory law, with certain changes, including changing the name of the bank to the "New Jersey Energy Independence Bank." Under the bill, the NJEIB would be established as an independent, wholly-owned subsidiary of the EDA. The purpose of the NJEIB would be to provide access to capital to support the development and construction of certain environmental projects and to leverage public funds to attract private investment. Projects that would be funded by the NJEIB would include, but not be limited to, the construction and operation of a renewable energy generation facility or energy storage facility, an energy efficiency project, or a project to deploy an electric vehicle or associated infrastructure. The bill would require the NJEIB to have a board of directors, consisting of no fewer than seven members, the majority of whom would be independent of the EDA. The chairperson of the NJEIB board would be selected by, and from amongst, the members of the NJEIB board. The bill would give the NJEIB certain specified authorities, including the ability to effect any corporate action such as a consolidation, dissolution, bankruptcy, or merger of the NJEIB, as well as the general authority to take any action, as may be reasonably necessary, in order to structurally establish, maintain, and assert the NJEIB as an independent, wholly-owned subsidiary of the EDA. The bill would give the NJEIB the authority to establish, administer, and maintain bank accounts, investment accounts, or other types of financial accounts, separate and apart from other EDA funds. The bill would also give the NJEIB the authority to enter into contracts with private sources to raise capital and to borrow money and issue bonds.

AI Summary

Committee Categories

Rosaura Bagolie (D)*,  Dan Hutchison (D)*,  Yvonne Lopez (D)*, 

Introduced, Referred to Assembly Telecommunications and Utilities Committee (on 12/04/2025)

Official Document