On May 14, 2025, Governor Kay Ivey signed Alabama’s “Powering Growth” Plan into law, establishing a new framework for energy security and economic development across the state. The plan establishes the Alabama Energy Infrastructure Bank (AEIB) and two new funds, the Alabama Energy Infrastructure Fund and the Strategic Energy Infrastructure Development Fund. These funds will provide flexible financing for power infrastructure projects tied to industrial growth and job creation, without raising taxes.
In addition to establishing flexible financing programs, the ”Powering Growth” Plan also streamlines permitting processes and cuts regulatory red tape, making it faster and more cost-effective for new energy infrastructure projects to move forward. By addressing supply chain bottlenecks through measures such as pre-purchasing long lead-time equipment, the plan accelerates the delivery of critical energy equipment and materials, ensuring that projects can move forward without unnecessary delays. Furthermore, the plan helps local communities develop more move-in ready industrial sites, making Alabama more competitive in attracting new industries and supporting job creation.
Alabama hopes that the Powering Growth plan will ensure the state remains competitive with its neighbors while supporting a foundation for long-term economic growth. For more information, please view this press release from the Office of Alabama Governor Kay Ivey.