(a) The authority may make a grant from the fund for an eligible utility for a small power project that will reduce the cost of generating or transmitting power to the customers of the utility. The amount of the grant may not exceed 75 percent of the cost of the project. The authority may not make a grant under this section unless the eligible utility has secured financing for 25 percent of the cost of the project from a source other than the power cost equalization and rural electric capitalization fund, as provided under (c) of this section.
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Terms Used In Alaska Statutes 42.45.180

  • authority: means the Alaska Energy Authority. See Alaska Statutes 42.45.990
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • power: includes electrical energy generated, distributed, bought, or sold for lighting, heating, power, and every other useful purpose. See Alaska Statutes 42.45.990
  • project: means a plant, works, system, or facility, together with related or necessary facilities and appurtenances, including a divided or undivided interest in or a right to the capacity of a power project or project, that is used or is useful for the purpose of
    (A) electrical or thermal energy production. See Alaska Statutes 42.45.990
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) The authority may not allocate more than three percent of the balance in the fund to grants under this section in a fiscal year.
(c) In determining whether an eligible utility has secured financing for 25 percent of the cost of the project from a source other than the power cost equalization and rural electric capitalization fund, the authority shall accept solicited and unsolicited proposals for third party financing or for a joint venture between the utility and an entity from the private sector provided that the private sector participant has

(1) a valid state business license;
(2) a resolution or letter of agreement executed by the eligible utility agreeing to participation by the private sector participant;
(3) a business plan that illustrates how the proposed project will reduce the cost of generating or transmitting power to the customers of the utility.
(d) In this section,

(1) “eligible utility” has the meaning given in Alaska Stat. § 42.45.150;
(2) “project” includes

(A) power generation systems;
(B) transmission systems;
(C) distribution systems;
(D) metering systems;
(E) energy store systems;
(F) energy conservation programs; and
(G) bulk fuel storage facilities;
(3) “small power project” means a new or modified project that will either generate, store, or conserve no more than 1.5 megawatts of power or provide a metering system, transmission system, distribution system, or bulk fuel storage facility that has an estimated cost of less than $3,000,000.
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