The Hawaii Green Infrastructure Authority (“HGIA”) was the result of Act 211, 2013 Session Laws of Hawaii, which created the framework for establishing a State-administered clean energy financing Authority. The loan fund was capitalized with the net proceeds of a $150.0 million Green Energy Market Securitization bond, which innovatively re-purposed a financing mechanism historically leveraged to rescue stranded utility assets.
HGIA was constituted in November 2014 to democratize clean energy for at least 51% of its portfolio, by making it accessible and affordable for Hawaii’s underserved ratepayers, defined as low and moderate-income homeowners, renters, nonprofits, small businesses (as defined by the U.S. Small Business Administration) and multi-family rental projects. Effective September 1, 2019, HGIA strengthened its commitment to democratizing clean energy by restricting all remaining GEMS loan capital to benefit only underserved ratepayers.
Act 107, SLH 2021 authorized HGIA to implement and administer programs on behalf of sister agencies. In March 2022, HGIA executed a memorandum of agreement to administer a $40.0 million SSBCI-funded HI-CAP Collateral Support, CDFI Loan Pool and Loans Programs to expand access to capital for small businesses and nonprofits statewide.
Act 183, SLH 2022, which was signed into law on June 27, 2022, authorized HGIA to administer a Commercial Property Assessed Financing Program for Hawaii.
100% of HGIA funding benefits underserved ratepayers defined as low and moderate-income homeowners, renters, small businesses (as defined by the U.S. Small Business Administration’s Size Standards), nonprofits, and multi-family rental projects.