- Projects Geography:
- Within the State of Alaska
- Business Structure:
- Sole Proprietorship, Cooperative, Corporation, Firm, Partnership, or other association of persons organized in any manner, for any credit worthy business purpose.
- Qualified Energy Development:
- Includes the
- (A) transmission, generation, conservation, storage, or distribution of heat or electricity;
- (B) liquefaction, regasification, distribution, storage, or use of natural gas; in this subparagraph,
- (i) "distribution" does not include a natural gas pipeline project for transporting natural gas from the North Slope or Cook Inlet to market unless the pipeline has a diameter of 12 inches or less and transports the natural gas to Interior Alaska;
- (ii) "natural gas" includes propane or propane and air mixture;
- (C) distribution or storage of refined petroleum products.
- Guarantee Amount: 33.33% of total project cost up to a maximum of $20,000,000 without legislative approval.
- Maximum term: 30 years except for hydroelectric projects which can extend out 50 years.
- Preliminary application: none
- Full application fee: (non-refundable)
- $5,000 for less than $10 million,
- $10,000 for loans in between $10-$20 million.
- $20,000 for more than $20 million.
- Commitment fee: 1% (non-refundable)
- Guarantee fee:
- One time fixed amount.
- One time percentage of the principal amount guaranteed.
- A recurring annual fixed amount.
- A recurring annual percentage of the principal amount guaranteed.
- Any combination of the above options.
- Rate: based on transaction type.
- Maximum Loan to Value: 75% of project cost.
- To apply download preliminary application here.
Application Fee: $10,000 due with submission of complete application, non-refundable.
Commitment Fee: 1% of loan amount lent or guaranteed, due upon signing of commitment letter, refundable if not closed within 90 day closing period; reimbursable with loan/bond proceeds.
Closing Costs: Actual out-of-pocket expenses incurred by AIDEA for legal counsel, engineering, environmental and other technical evaluation services as well as site visit costs and other relevant expenses. Such costs may be reimbursable at closing from the proceeds of the financing.
Guarantee Fee: to be charged based on the guarantee of the SETS fund for a particular loan. Structured as an up-front charge paid at closing and based on the percentage of total principal and interest guaranteed.
AIDEA understands that during early stages, a proposal may be or include proprietary information about the project, the market, the competition, and other factors that if made public, could potentially jeopardize the viability of the project. Therefore, if confidential information is included in this submittal, please note as such: “This document is non-public, confidential, proprietary and not subject to public disclosure per AS 44.88.215.” See statute below.
Sec. 44.88.215. Confidentiality of records and information
(a) In order to promote the purposes of this chapter, unless the records or information were a matter of public record before submittal to the authority, the following records and information shall be kept confidential if the person supplying the records or information or the project, bond, loan, or guarantee applicant or borrower requests confidentiality and makes an adequate showing to the executive director of the authority that the records or information are:
(1) income tax returns;
(2) financial statements, profit-and-loss statements, and cash flow projections, except the information required by the authority to calculate debt service coverage on the loan;
(3) financial business plans;
(4) credit reports from consumer reporting agencies and other credit information obtained from banks, creditors, or other credit reporting entities;
(5) trade secrets, including confidential proprietary information and confidential information about products, pricing, or manufacturing or business processes;
(6) appraisals, except the name of the appraiser, the date of the appraisal, and the fair market value determined for the property appraised;
(7) market surveys and marketing strategy information; or
(8) any information required to be kept confidential by a federal law or regulation or by state law.
(b) Information compiled by the authority from information described in (a) of this section shall be kept confidential unless disclosure is authorized by the person supplying the information and by the project, bond, loan, or guarantee applicant or borrower.
(c) The records and information that the executive director of the authority determines to be confidential under (a) or (b) of this section are not public records under AS 40.25.110 - 40.25.220.
Nothing in this section shall prevent a legislator from reviewing information otherwise confidential under this section if the legislator has a valid legislative purpose for reviewing the information and if the legislator agrees to maintain the confidentiality of the information.