CLIMATE CATALYTIC CAPITAL (C3) FUND

 

The Climate Catalytic Capital (C3) Fund, created with passage of the Climate Solutions Now Act (CSNA) of 2022,  exists to increase implementation of clean energy measures and technologies intended to reduce greenhouse gas emissions and mitigate the impact of climate change.  

An allocation of $15M over three fiscal years is committed to the C3 Fund beginning in FY24. The C3 Fund is intended to be leveraged further with additional investments of private capital for projects and programs. A minimum of 40% of C3 Fund investments are to be targeted to assist low-income households and communities across the state to access decarbonization solutions and strategies.

C3 - Climate Catalytic Capital Fund Logo

Eligible investment must measurably:

  • Facilitate the electrification of the transportation sector and the use of sustainable alternative fuels in aviation
  • Enable improvements in energy management and efficiency to reduce GHG emissions from buildings
  • Expand the deployment of clean energy generation and energy storage capacity
  • Target the implementation of energy weatherization measures for low-to-moderate-income households
  • Optimize the economic, health, social, and environmental value of community-scale infrastructure for resilience and energy equity
  • Allow the deployment of advanced clean energy technology
  • Provide for the creation of a Maryland Green Bond Program

Additional considerations include:

  • Not more than 5% of the fund balance may be used for administrative purposes
  • The fund may not be used for a project to install new equipment that uses fossil fuels or improve the efficiency of existing equipment that uses fossil fuels

The fund may consist of the following:

  • Money appropriated in the state budget
  • Private contributions
  • Federal Grants and programs
  • Proceeds from the sale, disposition, lease, or rental of collateral related to financing made available from the fund
  • Repayment of financing made from the fund
  • Returns from or recovery of any financing made from the fund
  • Proceeds from the sale of any financing made, or assets acquired with proceeds from the fund
  • Interest earnings on the money in the fund
  • Any other money from any other source accepted to benefit the fund

MCEC C3 Fund Investment Oversight Committee Membership & Meetings

An Investment Oversight Committee (IOC), appointed by the Maryland Clean Energy Center Board of Directors, will manage the fund. The IOC will determine fund use and distribution using approved Guidelines and may engage contracts for service as needed. Meetings of the IOC are currently scheduled bi-monthly and are held in accordance with Maryland Open Meetings Act regulations.

Eligibility & Investment Criteria

Individuals, businesses, and organizations eligible to apply must be in good standing with the Maryland Department of Assessments & Taxation with an active Federal Tax ID or Social Security number, and will be required to complete and submit a IRS W-9 form. View Eligibility & Investment Criteria.

View C3 Fund Investment Guidelines

Application Cycles

The application periods will run in two cycles:

1st Cycle

  • February 26, 2024 Call for Proposals & Applications
  • Applications Due April 15
  • Mid-April 2024 Staff Review
  • Mid-June 2024 IOC Meeting to Approve Recommended Allocations

2nd Cycle

  • Mid-June 2024 Call for Proposals and Applications
  • Applications Due July 31
  • Mid-July 2024 Staff Review
  • Mid-August 2024 IOC Meeting to ApproveRecommended Allocations

Potential project and investment partners interested in learning more about the fund and how to apply can view the C3 Fund Application Overview Webinar Recording and slide deck. 

MCEC staff will also be available on an ongoing basis to provide technical assistance to complete fund applications.