Capitol Notebook: New group launches to help fund renewable energy projects in Iowa

In addition, Iowa Governor Kim Reynolds and other state leaders recently completed a 10-day trade trip to India

DES MOINES — A new nonprofit advocacy organization launched in Iowa this week to help fund energy efficiency and renewable energy projects in the state.

The Iowa Energy Fund was launched as part of the U.S. Green Bank 50 program, which is the largest-ever partnership between state and local green banks focused on clean energy, according to a press release.

Green banks, as defined by the federal Environmental Protection Agency, are public or nonprofit financial entities that leverage public and private capital to advance clean energy projects that reduce emissions.

According to a press release, the Iowa Energy Fund was established to provide Iowa financial institutions, municipalities and nonprofits with the knowledge, experience and resources to access federal funding to expand housing infrastructure, promote expanded business opportunities and help Iowa transition to clean energy technologies.

According to the Iowa Energy Fund, the federal Inflation Reduction Act allocated $27 billion for public and nonprofit green banks.

“IEF is proud to serve as the federal hub for Iowa’s clean energy implementation and help deliver resources to low-income and rural Iowans who may otherwise be left out of the clean energy transition,” Iowa Energy Fund President Jason MacDuff said in a press release. “Our organization can bridge the gap between public and private investment to help bring more clean energy projects to fruition in Iowa and help meet the moment by ensuring all Iowans benefit from more efficient use and cleaner energy production.”

The organization has appointed a statewide board of directors with experience in banking and credit unions, affordable housing, economic development and energy efficiency. Board members with ties to Eastern Iowa include Cedar Rapids City Councilman Dale Todd; Stephanie Murphy, executive director of the Neighborhood Finance Corporation, which serves Des Moines and Cedar Rapids; Waterloo Housing Authority Executive Director LeKeisha Veasley; and Araceli Vazquez, a community advocate in Columbus Junction.

Reynolds and Naig end trading trip to India

Iowa Governor Kim Reynolds and other state leaders recently completed a 10-day trade mission to India.

Reynolds was joined on the trip by Mike Naig, director of the Iowa Department of Agriculture and Land Management, and Debi Durham, director of the Iowa Economic Development Authority.

Reynolds spoke at numerous events and participated in roundtable discussions with trade groups, according to a press release from the governor’s office. During the trip, she met with U.S. Ambassador to India Eric Garcetti, Indian Food Processing Minister Chirag Paswan, Indian Commerce Minister Piyush Goyal and Indian Agriculture Secretary Dr. Devesh Chaturvedi.

Reynolds’ office said that during the trip, she witnessed memoranda of understanding — formal but nonbinding agreements — with the Compound Feed Manufacturers Association, the Confederation of Indian Industry and The Energies and Resources Institute (TERI). PowerPollen, an Iowa-based agricultural technology leader, signed a letter of intent with VNR Seed of India, the governor’s office said.

“Sixty years after Dr. Norman Borlaug partnered with Indian scientists to bring the Green Revolution to the region, Iowa remains ideally positioned to help India feed its growing population and fuel its rapidly expanding economy, while also providing a supportive business environment for the most innovative Indian companies to invest and grow,” Reynolds said in a press release. “Our trade mission has been to build on our rich history of cooperation by strengthening trade ties—and I am confident that this will continue to pay off for many years to come.”

Gazette-Lee Des Moines Office

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