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U.S. Treasury Officials Visit Standing Rock Sioux Tribe to Discuss Clean Energy Projects
FORT YATES, ND – On May 16, 2024, U.S. Treasurer Chief Lynn Malerba and General Counsel of the U.S. Department of the Treasury Neil MacBride visited the Standing Rock Sioux Tribe in Fort Yates, North Dakota. The visit included a tour of clean energy projects supported by the Inflation Reduction Act (IRA) and an announcement regarding State Small Business Credit Initiative (SSBCI) funding.
Treasurer Chief Malerba and General Counsel MacBride were joined by representatives from the Standing Rock Sioux Tribe, including Chairwoman Janet Alkire, and SAGE Development Authority. SAGE is a Section 17 corporation chartered under the Indian Reorganization Act of 1934 that acts as the Tribe’s public power authority. The delegation toured major clean energy projects on the reservation and discussed the 235 MW Anpetu Wi Wind Project, which aims to produce enough energy to power approximately 100,000 homes.
In the afternoon, a roundtable discussion focused on the IRA took place. Described as one of the largest investments in the American economy in recent history and significant legislation for combating climate change, the IRA includes provisions aimed at supporting Tribal Energy projects through extensive outreach and education efforts by the Treasury Department.
The IRA incentivizes clean technology investments in historically underserved areas like those outside coastal regions. For the Standing Rock Sioux Tribe, this legislation has potential implications for addressing high unemployment and poverty rates on their reservation. Despite ongoing efforts by the Tribe, more than half remain unemployed and 40 percent of families live below the poverty line.
A notable feature of the IRA is its new credit delivery mechanism known as elective pay or “direct pay.” This allows tax-exempt entities such as non-profits and Tribal governments to benefit from clean energy tax credits for the first time. This mechanism is expected to expedite project development while creating jobs and reducing energy costs.
Additionally, Treasurer Chief Malerba and General Counsel MacBride met with Oyate Community Development Corporation and Tribal leadership to announce that up to $3,576,734 in SSBCI Capital Program funding has been approved for the Standing Rock Sioux Tribe. These funds will support a loan participation program (LPP) aimed at providing credit support for Tribal member-owned businesses across various sectors including food production, livestock, and agriculture.
The Standing Rock Sioux Tribe anticipates that these programs will foster small business growth on their reservation, enhance economic opportunities through job creation and entrepreneurship, and contribute to lowering poverty rates among its members.
Treasurer Chief Malerba continues her commitment to supporting Tribal nations across the country.
