Authorizes EDA to use moneys in "Global Warming Solutions Fund" to support projects to refurbish or upgrade existing electricity generation facilities.

This bill authorizes the New Jersey Economic Development Authority (EDA) to use funds from the "Global Warming Solutions Fund" to provide grants or financial assistance to commercial, institutional, and industrial entities. The funds specifically support projects that refurbish or upgrade existing electricity generation facilities to modernize, expand, or extend their lifespan. To qualify, projects must demonstrate measurable reductions in greenhouse gas emissions or energy demand, though combined heat and power projects are exempt from this requirement. The fund, sourced from New Jersey's participation in the Regional Greenhouse Gas Initiative (RGGI), is allocated 60% to the EDA for these purposes under the bill's amendments to P.L.2007, c.340.