The Alaska Energy Authority (AEA) has completed its evaluation period for Round 15 of the Renewable Energy Fund (REF). On April 5, 2023, AEA presented 27 project recommendations to the Renewable Energy Fund Advisory Committee (REFAC), as required by statute. At the conclusion of its meeting, the REFAC unanimously approved all projects, which have been advanced to the Alaska State Legislature for Fiscal Year 2024 funding consideration, at a total capital request of $25.25 million.
Round 15 marks the third year in a row that Governor Mike Dunleavy has supported and proposed funding the REF program. Approval and appropriation of REF funds, by statute, for any and all REF projects as recommended by AEA, is at the discretion of the Legislature.
The REF is a competitive grant program that was established by the Alaska State Legislature in 2008. Since its inception, the REF has invested nearly $300 million, and leveraged an additional $250 million in local matching funds, to finance 271 renewable energy projects across Alaska. To date, 271 REF grants have been awarded, with over 100 operating projects constructed with REF contributions.
As the program has matured, the quality of the proposed projects has improved, and the knowledge base for designing, constructing and operating renewable energy projects in Alaska’s diverse climates and terrain has advanced. The program remains unique in its ability to fund projects across all development phases, serving as a catalyst for the continued pursuit of integrating proven technologies, and implementing those nascent, within Alaska’s energy portfolio.
The REF is administered by AEA and guided by the REFAC, which provides valuable input and policy direction on the application and evaluation process, as well as final funding recommendations for submission to the Legislature. Nine members make up the REFAC, five of whom are appointed by the Governor and four by the Legislature.
The Alaska Energy Authority is a public corporation of the state. Its mission is to reduce the cost of energy in Alaska.
