1. The Commission may adopt regulations to establish a temporary renewable energy development program that is designed to assist with the completion of new renewable energy projects.

2. The Commission may require a utility provider to participate in a temporary renewable energy development program.

3. If the Commission adopts regulations establishing a temporary renewable energy development program, the program may include, without limitation:

(a) The establishment of a private trust administered by an independent trustee; and

(b) The payment of money from the private trust to carry out the terms and conditions of renewable energy contracts approved by the Commission between a utility provider and one or more new renewable energy projects.

4. If a utility provider is participating in a temporary renewable energy development program, the utility provider may apply to the Commission for authority to close the program to new renewable energy projects if the utility provider has achieved an investment grade credit rating as determined by either Moody’s Investors Service, Inc., or Standard and Poor’s Rating Services and has maintained that credit rating for 24 consecutive months.

5. The Commission may grant an application to close a temporary renewable energy development program only after finding that the creditworthiness of the utility provider is sufficiently restored so that closure of the program to new renewable energy projects is in the public interest.

6. An order issued by the Commission closing a temporary renewable energy development program to new renewable energy projects is not effective as to any new renewable energy project which has previously been accepted into the program and which is receiving money from a private trust established under the program until the earlier of:

(a) The expiration or termination of the original renewable energy contract approved by the Commission between the utility provider and the new renewable energy project; or

(b) The original financing, including debt, equity, or both debt and equity, as applicable, entered into by the new renewable energy project upon completion of construction of the project has been fully satisfied pursuant to its original terms.

7. As used in this section, “new renewable energy project” means a project to construct a renewable energy system if:

(a) The project is associated with one or more renewable energy contracts approved by the Commission pursuant to NRS 704.7821; and

(b) Construction on the project commenced on or after July 1, 2001.

(Added to NRS by 2005, 22nd Special Session, 81)