Dive Brief:

• The first Chicago Infrastructure Trust project – an energy efficiency project – has been approved, but after being cut back in size because of a lack of interest from investors.
• The Trust planned to raise $115 million from investors to make 104 city buildings more efficient. In the end, the Chicago City Council approved $13 million for 62 buildings.
• Bank of America will pay for the first project and earn a 4.95% return over 15 years. The city will pay Bank of America from the energy savings it gets from the retrofit projects.

Dive Insight:

When the infrastructure trust was created in 2011 it was seen as an innovative way to finance projects. However, it has been slow to get out of the gate and does not appear to be attracting investors. The projects are too risky for the amount of return offered, Chicago's chief financial officer told the the city's aldermen.