The Minnesota Climate Innovation Finance Authority is a publicly accountable financing authority, commonly known in other states as a “green bank.” More on the history of MnCIFA.
We are open for business!
MnCIFA’s vision: To ensure all Minnesotans share the individual and economic benefits of clean and renewable energy, particularly in low-income communities, environmental justice communities, and communities in which fossil fuel electric generating plants are retiring.
MnCIFA’s investments:
- Reduce the economic burden of energy costs.
- Maintain energy reliability.
- Accelerate deployment of clean energy projects.
- Create more local clean energy jobs.
- Increase Minnesotans’ ownership of and contribution to the clean energy system.
- Support the achievement of statewide greenhouse gas reduction targets.
MnCIFA’s strategic plan and investment strategy.
What is a qualified project?*
- Requires any loan to a single entity to be $250,000 or more.
- Projects over $100,000 must pay prevailing wage.
- Reduces energy use and/or reduces greenhouse gas emissions.
- Increases renewable energy, energy storage, smart grid technology, microgrids, or electrification (for homes, vehicles, etc.)
- Reduces water uses, or protects, restores, preserves surface waters
*These are requirements in state law.
Applying for MnCIFA Financing: More formalized lending standard are being developed and will be approved by the Credit Committee and Board of Directors. Until then, criteria needed would include:
- Project narrative
- Budget with sources and uses
- Audited financials (2 years)
All projects require approval by the Board of Directors.