§ 39-26-7 Renewable energy development fund. – (a) There is hereby authorized and created within the economic development corporation a renewable energy development fund for the purpose of increasing the supply of NE-GIS certificates available for compliance in future years by obligated entities with renewable energy standard requirements, as established in this chapter. The fund shall be located at and administered by the Rhode Island economic development corporation in accrodance with § 42-64-13.2. The economic development corporation shall:
Adopt plans and guidelines for the management and use of the fund in accordance with § 42-64-13.2, and
(b) The economic development corporation shall enter into agreements with obligated entities to accept alternative compliance payments, consistent with rules of the commission and the purposes set forth in this section; and alternative compliance payments received pursuant to this section shall be trust funds to be held and applied solely for the purposes set forth in this section.
(c) The uses of the fund shall include but not be limited to:
(1) Stimulating investment in renewable energy development by entering into agreements, including multi-year agreements, for renewable energy certificates;
(2) Issuing assurances and/or guarantees to support the acquisition of renewable energy certificates and/or the development of new renewable energy sources for Rhode Island;
(3) Establishing escrows, reserves, and/or acquiring insurance for the obligations of the fund;
(4) Paying administrative costs of the fund incurred by the economic development corporation, the board of trustees, or the office of energy resources, not to exceed ten percent (10%) of the income of the fund, including, but not limited to, alternative compliance payments. All funds transferred from the economic development corporation to support the office of energy resources' administrative costs shall be deposited as restricted receipts.
(d) NE-GIS certificates acquired through the fund may be conveyed to obligated entities or may be credited against the renewable energy standard for the year of the certificate provided that the commission assesses the cost of the certificates to the obligated entity, or entities, benefiting from the credit against the renewable energy standard, which assessment shall be reduced by previously made alternative compliance payments and shall be paid to the fund.