Iowa Energy Fund Launched to Accelerate Clean Energy Investment Across Iowa
DES MOINES, Iowa, Sept. 25, 2024 /PRNewswire/ -- The Iowa Energy Fund (IEF), a non-profit organization created to help fund building efficiency and renewable energy projects across Iowa, launched this week as part of U.S. Green Bank 50 (GB 50), the largest-ever partnership between clean energy-focused state and local green banks.
IEF was created to ensure Iowa financial institutions, municipalities, and non-profits will have the knowledge, expertise and resources to access federal funds from the Inflation Reduction Act to expand affordable housing, promote expanded business opportunities and assist Iowa in the transition to clean-energy technologies.
"IEF is proud to serve as a federal clean energy implementation hub for Iowa, and help bring resources to low-income and rural Iowans who otherwise could be left out of the clean energy transition," said Jason MacDuff, President of IEF. "Our organization can bridge the gap between public and private investments to help make more clean energy projects a reality in Iowa, and help "meet the moment" by ensuring all Iowans benefit from more efficient use and cleaner generation of energy."
To fulfill the organization's mission, an experienced and diverse Board of Directors was formed from communities across the state, including from Council Bluffs in the west to Columbus Junction in the east. The board consists of banking, credit union, affordable housing, economic development and energy efficiency experience.
"As a community banker in Iowa, I enjoy serving on the board for the Iowa Energy Fund to help leverage federal dollars with private-sector finance for more local investment in our Iowa communities," said John Rigler III, Co-Chair of IEF and President/COO of People's Bank. "Banks like ours may choose to partner with IEF to turn these critical dollars into tangible projects that will provide long-lasting benefits."
IEF will collaborate with community organizations that work with low-income partners to create housing solutions, coordinate with financing partners from the banking, credit union, and community development financial institution (CDFI) communities, and will connect Iowa-based funders, developers, non-profit organizations and vendors to make projects easier to plan and finance.
"This is an opportunity to leverage financing to not just lower utility bills, but help increase the amount of affordable housing in Iowa," said Bob Rafferty, Chair of the Iowa Energy Fund. "IEF will be able to help our local lenders meet this growing demand through technical expertise and support bringing federal dollars to Iowa."
Nationally, GB50 will act as a hub for state and local green banks to build and share best practices, coordinate and leverage shared resources including tools, research, news, technology and innovation, and advocate for the collective needs of the rapidly growing green financing industry.
"Green banks are essential for driving the clean energy transition and bringing transformative benefits to communities, from health and safety to finances and comfort," said Ben Passer, Midwest Climate & Energy Program Director at McKnight Foundation. "We are thrilled to see the Iowa Energy Fund established to ensure that all Iowans have access to a greener future. By providing financing for energy-saving and clean energy projects, the Iowa Energy Fund will help to reduce pollution, cut costs for working families, expand jobs, and create a more resilient energy system. This investment in the civic fabric and economic prosperity of the state will positively impact Iowans for generations to come."
The Inflation Reduction Act has infused $27 billion into public and non-profit green lending institutions. For more information about how IEF is helping to bring these funds to Iowa, visit www.iowaenergyfund.org.
SOURCE Iowa Energy Fund
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