Rhode Island General Laws Title 39. Public Utilities and Carriers § 39-26-7. Renewable energy development fund

(a) There is hereby authorized and created within the Rhode Island commerce corporation a renewable energy development fund for the purpose of increasing the supply of NE-GIS certificates available for compliance in future years by obligated entities with renewable energy standard requirements, as established in this chapter. The fund shall be located at the Rhode Island commerce corporation. The Rhode Island commerce corporation shall administer the fund and adopt plans and guidelines for the management and use of the fund in coordination with the office of energy resources and the Rhode Island infrastructure bank.

(b) The Rhode Island commerce corporation shall enter into agreements with obligated entities to accept alternative compliance payments, consistent with rules of the commission and the purposes set forth in this section; and alternative compliance payments received pursuant to this section shall be trust funds to be held and applied solely for the purposes set forth in this section.

(c) The uses of the fund shall include but not be limited to:

(d) All applications received for the use of the fund shall be reviewed by the Rhode Island commerce corporation in consultation with the office of energy resources and the Rhode Island infrastructure bank.

(e) NE-GIS certificates acquired through the fund may be conveyed to obligated entities or may be credited against the renewable energy standard for the year of the certificate provided that the commission assesses the cost of the certificates to the obligated entity, or entities, benefiting from the credit against the renewable energy standard, which assessment shall be reduced by previously made alternative compliance payments and shall be paid to the fund.