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Community Developments Investments (Fall 2013)

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A Look Inside…
National banks and federal savings associations can be sources of financing for facilities that generate renewable energy, including wind energy installations, and in certain circumstances, they can invest in such facilities using the public welfare investment authority.

  The Elbow Creek Wind Farm, in Howard County, Tex., uses 53 turbine generators to provide electrical power to nearly 100,000 households.
State of the Wind Market
Wind energy has given the United States a new manufacturing sector, investment in the domestic economy, and a clean, affordable source of electricity that provides long-term price stability for American ratepayers.
  The Goodnoe Hills Wind Project, in Klickitat County, Wash., contains 47 turbines that each stand 414 feet tall.
U.S. Department of Energy Programs Support Wind Energy
The U.S. Department of Energy aids the development and deployment of this clean energy technology, which has doubled its generating capacity in the United States over the past four years.
  Dry Lake Wind Power Project, in Navajo Country, Arizona, is the state’s utility-scale wind farm with 30 turbines.
Financing Community-Scale Wind Energy Projects
Wells Fargo, NA, is one bank that is investing in wind energy transactions using the public welfare investment authority.
  Lime Wind, a three-megawatt, community-scale wind project in eastern Oregon, produces enough electricity each year to power 800 households.
How ‘Green’ Investments May Qualify for CRA Consideration
If a renewable-energy activity has a primary purpose of community development, as defined in the Community Reinvestment Act, the activity could receive positive consideration under the CRA, as long as the bank’s geographic requirements also are met.
  A worker at a Peachtree City, Ga., plant welds cranes and hydraulic excavators for use in turbine construction.
Using the Public Welfare Investment Authority to Make Wind Energy Investments
National banks and federal savings associations may invest in wind energy generation facilities if the investment meets the requirements of the public welfare investment authority.
  The Goodnoe Hills Wind Project, in Klickitat County, Wash., uses wind turbines manufactured by REpower, which makes both onshore and offshore wind equipment.