NJEDA Extends Deadline for the New Jersey Green Fund RFEI

On Jan 29, 2024

The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Expressions of Interest (RFEI) for the planned New Jersey Green Fund (NJGF) indefinitely, until a formal application is launched. Through the RFEI, the NJEDA seeks proposals for NJGF support that provide a high-level overview of potential sites, projects, or assets and financing needs.

According to the NJEDA, the planned NJGF aims to facilitate an equitable clean energy transition in New Jersey by attracting private capital to enable the state to meet its clean energy goals while also providing benefits to overburdened communities. The NJGF may offer financial products and support to stimulate larger private capital investments for, and deployment at scale of, clean energy technologies.

The RFEI will help the NJGF identify parties interested in accessing at least $5 million capital from NJGF for projects primarily located in New Jersey. Projects and assets may fall within the priority categories of clean energy generation and storage, zero-emission transportation, building decarbonization and resiliency, or any other topic related to achieving the state’s clean energy goals.

Planned NJGF investments, which may include equity investments, credit enhancements, loans and/or other financial vehicles, will be aimed to attract private capital. RFEI responses will be used to support the design of financial products and structures for the NJGF.

Responses to the RFEI must be sent via email to [email protected] with the subject line NJGF RFEI Response – [Primary Applicant Name]. Please note that an RFEI response is not a formal application for funding nor a binding intent to pursue investment opportunities that may be made available through the NJGF in the future.

Potential Respondents to the RFEI may include but are not limited to:

• Property owners
• Real estate developers
• Renewable energy developers & operators
• Financial institutions
• Corporations
• Non-profit organizations
• Venture and private equity groups
• Community-based organizations, including those representing Environmental Justice Communities
• Other private entities

The NJEDA asks that Respondents submit proposals that at a minimum (1) summarize the Respondent’s organizational profile (e.g., background, history, and clean energy involvement), (2) provide brief descriptions of the potential site, project, or asset, (3) specify general capital requirements and desired form of financial support, and (4) discuss barriers to obtain capital.

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