The Office of the Comptroller of the Currency (OCC) today published an online newsletter that provides information showing how national banks and federal savings associations can use public welfare investment authority to invest in wind energy projects.
The online newsletter describes how banks and thrifts, with the requisite credit, legal, and accounting expertise, may use the public welfare investment authority to invest in wind energy facilities that create jobs in low- and moderate-income communities, government targeted areas for revitalization, and rural underserved or distressed middle-income communities.
“By serving as investors in wind facilities developed in conjunction with community and economic development projects, banks are able to help to reduce project costs and create jobs in economically targeted areas,” said Comptroller of the Currency Thomas J. Curry. “In some cases, investments in wind energy facilities can help banks meet their Community Reinvestment Act objectives. Banks looking to invest in such activities should ensure that they have the requisite risk systems to manage this type of financing.”
This Community Developments Investments newsletter, “Investing in Wind Energy Using the Public Welfare Investment Authority,” can be accessed on the OCC’s Web site at www.occ.gov.