Ohio Governor Ted Strickland released an RFP on February 10, 2010 for selection of an Investment Manager for the Ohio Energy Gateway Fund. Unveiled in the State of the State address this past January, the Ohio Energy Gateway Fund was created by the State of Ohio as an investment vehicle in advanced energy industries. Based on a private-equity fund model, the Gateway Fund will consist of State and Federal funds totaling $40 Million.
One or more Investment Managers will be selected through a competitive RFP process to manage the fund and make strategic investments. All investments are expected to include a minimum 1-to-1 match of private investment dollars. The State envisions this program to be a "fund-of-funds" that uses returns on the state's investment to fund new and more advanced energy projects.
Fund managers wishing to apply need to submit questions by February 17, a one-page summary of proposed services by February 19, and final proposals by February 24, 2010. Experience, innovation, and advanced energy knowledge will be highly regarded during the RFP scoring process. The selected Investment Manager(s) will be expected to create a small rate of return in addition to payback of the state's original investment. Managers should look to invest in projects and industries that:
- Increase energy efficiencies;
- Focus on distributed generation;
- Encourage and develop advanced nuclear technologies;
- Create and expand the fuel cell industry;
- Use solid waste conversion to reduce greenhouse gases;
- Increase the use and accessibility of renewable energy resources; or,
- Innovate in the green technologies space with new and different products.
The Investment Manager(s) will invest funds with the help of an Investment Committee chosen by the Manager(s) with an agent of the State of Ohio sitting in a non-voting, advisory capacity.
The RFP can be downloaded on the Ohio Department of Development's website at www.development.ohio.gov/ohioenergygatewayfund.