A dozen years of work with San Francisco, Marin, and Sonoma County, including partnerships with Los Alamos National Laboratory and the California Energy Commission, spawned a Revolution in Power that has replicated massively ever since. We could not be more pleased.
The California Community Choice Financing Authority has issued $6 billion in 2024, with a significant uptick in the past 12 weeks, cementing its place as the 10th biggest green bond issuer in the world—larger than either the governments of China or Canada, as reported last week in Bloomberg. helping green bond sales approach previous records. That made US the largest issuer, too!
Local Power developed the CCA 2.0 model as a way to scale and accelerate climate action while avoiding rate increases for consumers. California CCAs have maintained competitive rates while issueing $15B in Green Bonds and leveraging $20-25B in private financing, approaching $40B in investment in renewables in California and the West and creating over 25,000 jobs.
By inventing this model, Local Power LLC has proven right: a scaled, accelerated demonstration of the power of municipalities, independent of federal politics, to implement climate action on a global scale, without increasing costs to consumers, through local power and local action. CCA 2.0 is now record-smashing.
In California, the California Community Choice financing Authority (CCCFA) has implement Local Power's CCA 2.0 program design, copying Local Power LLC's groundbreaking work for San Francisco (CleanPowerSF), Marin County (Marin Clean Energy) and Sonoma County (Sonoma Clean Power) from 2001 to 2014 to use CCA to leverage Green Bond financing of new renewable energy facilities to the tune of $15 billion dollars. In California CCAs procure power for more than 14 million customers—over a third of the state's population. Two hundred cities and and counties throughout the state have amassed a total of 346 long-term power purchase agreements adding about 18 MW of new-build renewable energy resources, including over 10,000 MW in renewable energy and over 7500 MW of energy storage. PPAs range from 10 to 27 years in length and average 16 years across all agreements. CCAs tax-exempt status to lower interest rates and energy costs.
The California Community Choice Financing Authority (CCCFA), a public agency formed to help CCAs finance clean energy purchases, uses “green bond” prepayment transactions. This approach can reduce CCA PPA costs by 10 percent or more.
CCCFA has ten CCAs as members - under half of the two dozen CCAs in the California. CCCFA has issued $16 billion in prepayment bonds, equating to savings of approximately $100 million per year for community choice customers or nearly $3 billion over the lifetime of the contracts. according to CCCFA. For reliability, in the past year CCAs invested in both stand-alone and co-located energy storage with various technologies including lithium-ion batteries, vanadium redox flow batteries, and compressed air energy storage. CCA providers have also procured 617 MW of long duration storage with an eight-hour discharge capability to help stabilize the grid.
Interest is growing in our latest, newer business model under development for the past decade and now coming to market outside California: CCA 3.0: Climate Mobilization. This is CCA for decarbonizing all addressable carbon sources, and based not only on Green Bonds and third party financing, but on direct investment by customers based on local finance, cooperation and sharing. This is a new level of energy transition beyond even California's great leap beyond even the gargantuan scale of China! Its secret weapon is: an ownership model based on the energy user.
To learn more about Local Power's Green Bond work, click here
To learn more about Local Power's creation of CCA 2.0 in California, click here
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