Section 23J:9A - Massachusetts Offshore Wind Industry Investment Trist Fund(a) There shall be established and placed within the center a trust fund to be known as the Massachusetts Offshore Wind Industry Investment Trust Fund to be held by the center. The trust fund shall be credited with: (i) any appropriations, proceeds or other monies authorized by the general court and specifically designated to be credited thereto; (ii) funds from public and private sources and other gifts, grants and donations; and (iii) any income derived from the investment of amounts credited to the trust fund. All amounts credited to the trust fund shall be held in trust and used solely for activities and expenditures consistent with the public purpose of the trust fund pursuant to subsection (b), and the ordinary and necessary expenses of administration and operation associated with the trust fund. All available monies in the trust fund that are unexpended at the end of each fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year.(b) To advance the following public purposes for the offshore wind industry in the commonwealth, the center may make expenditures from the fund solely to: (1) promote the manufacture, fabrication and assembly within the commonwealth of domestic supply chain components of the offshore wind industry and new or existing advanced technologies and offshore wind research;(2) advance clean energy research, technology and innovation by assisting commonwealth-based investors, entrepreneurs and institutions, inclusive of federally recognized and state acknowledged tribes within the commonwealth, involved in the offshore wind energy industry;(3) convene and manage multi-institutional research teams, including a state-wide research partnership tasked with coordinating between member institutions, the center, federal partners, partners from other states and international partners;(4) stimulate increased financing for the siting and expansion of permanent offshore wind manufacturing facilities in the commonwealth by providing financing for the construction or expansion of new or substantially renovated facilities;(5) provide funding for planning, technical and program support to assist a certified offshore wind company with interconnection studies or plans;(6) support the revitalization and development of ports in the commonwealth to support the offshore wind industry;(7) prepare individuals for offshore wind careers by supporting workforce training provided at: (i) state and municipal public higher education institutions, private higher education institutions and vocational-technical education institutions, including basic safety training and basic technical training programs; provided, that the center shall prioritize awards to education institutions seeking accreditation in internationally recognized training standards, including, but not limited to, standards developed by the Global Wind Organisation; (ii) state and municipal public higher education institutions, private higher education institutions and vocational-technical education institutions for the development, expansion and promotion of offshore wind professional certificate programs and courses tailored to careers in the offshore wind industry; (iii) state and municipal public higher education institutions, private higher education institutions and vocational-technical education institutions for the sponsorship of award, scholarship and paid internship programs to support the education and training of individuals seeking careers in the offshore wind industry; provided, that the center shall prioritize the promotion of careers in the skilled trades, water transportation, operations and maintenance and other occupations that the center may identify as high priority; and (iv) regional employment boards, to develop regional strategies to support the development of the offshore wind industry, which strategies may be published as addenda to their workforce development blueprints; provided, that recipients of funds under this clause shall demonstrate a commitment to workforce training for members of socially or economically disadvantaged communities;(8) secure future federal funding to support the offshore wind industry;(9) support the development and coordination of secondary, vocational-technical and higher education programs related to the offshore wind industry;(10) support site remediation, preparation and ancillary infrastructure improvement projects related to the manufacture, fabrication, and assembly within the commonwealth of domestic supply chain components of the offshore wind industry;(11) provide funding for planning, technical and program support to enable a municipality or group of municipalities with an approved municipal load aggregation plan authorized pursuant to section 134 of chapter 164, or with approved aggregations authorized pursuant to section 137 of said chapter 164 and other private aggregations with plans approved by the center, to enter into a long-term contract to purchase electricity from an offshore wind developer; and(12) otherwise further the public purposes set forth in this section.(c) In furtherance of the public purposes set forth in subsection (b), the center may expend monies from the trust fund to: (i) make grants, contracts, loans, equity investments, energy production credits, bill credits or rebates available to customers; (ii) provide financial or debt service obligation assistance; or (iii) take any other action, in such forms, under such terms and conditions and under such selection procedures as the center deems appropriate and otherwise in a manner consistent with good business practices; provided, that the center shall conduct, when practicable, competitive procurements; provided further, that the center shall endeavor to leverage the full range of resources, expertise and participation of other state and federal agencies and instrumentalities in the design and implementation of programs conducted pursuant to this section; and provided further, that the board shall determine and incorporate into the minutes of its proceedings a finding that any such action is calculated to advance the public purpose and public interests set forth in this section.(d) The center shall make no expenditure from the trust fund unless: (i) the expenditure has been approved by a majority vote of the board; (ii) the recipient is an offshore wind company or offshore wind organization; provided, that an offshore wind company that has not been certified pursuant to section 8A shall not receive an award in an amount greater than $5,000,000; (iii) the center finds, to the extent possible, that a definite benefit to the commonwealth's economy may reasonably be expected from said expenditure; and (iv) the expenditure conforms with any rules the board may adopt to administer the trust fund. In evaluating a request or application for funding, the center shall consider the following: (i) the appropriateness of the project; (ii) whether the project has significant potential to expand employment; (iii) the project's potential to enhance technological advancements; (iv) the project's potential for leveraging additional funding or attracting resources to the commonwealth; and (v) the project's potential to promote manufacturing in the commonwealth.(e) Subject to the approval of the board and not inconsistent with any strategic or annual operational plans, investment activity of monies from the trust fund by the center may include: (i) an equity fund to provide risk capital to offshore wind companies, offshore wind organizations and projects; (ii) a debt fund to provide loans to offshore wind companies, offshore wind organizations, projects, intermediaries and end-users; and (iii) a market growth assistance fund to be used to attract private capital to the equity and debt funds. To implement these investment activities, the center may retain, through a bid process, public or private sector investment fund managers, who shall have prior knowledge and experience in fund management and possess related skills in offshore wind, renewable energy or related development, to direct the investment activity described in this section and to seek other fund co-sponsors to contribute public and private capital from the commonwealth and other states; provided, however, that such capital shall be appropriately segregated. Subject to the approval of the board, the managers may retain necessary services and consultants to carry out the purposes of the trust fund. The managers shall develop a business plan to guide investment decisions, which shall be approved by the board before any expenditure from the trust fund and which shall be consistent with the plan for the trust fund as adopted by the board.(f) The center shall not make expenditures from or commit the assets of the trust fund if the amount of the trust fund is less than the minimum requirement established by the board.Mass. Gen. Laws ch. 23J, § 9A
Amended by Acts 2023 , c. 2, § 7, eff. 3/29/2023.Amended by Acts 2023 , c. 2, § 6, eff. 3/29/2023.Amended by Acts 2022 , c. 268, § 35, eff. 11/10/2022.Amended by Acts 2022 , c. 179, § 18, eff. 8/11/2022.Added by Acts 2021 , c. 102, § 13, eff. 12/13/2021.