Ohio Air Quality Development Authority

What Ohio Air Quality Development Authority does

The Ohio Air Quality Development Authority (OAQDA) is an independent, non-regulatory state agency established under Chapter 3706 of the Ohio Revised Code, headquartered at 175 South 3rd Street, Suite 1050, Columbus, Ohio. The Authority operates as a conduit issuer of tax-exempt revenue bonds, channeling private capital from lending institutions and bond purchasers to Ohio businesses and communities undertaking air quality improvement projects. Its core platform is a programmatic bond issuance and project-monitoring process, with applications reviewed at monthly board meetings supported by external technical, financial, legal, and economic consultants.

OAQDA's product portfolio spans four interconnected financing programs: the Clean Air Improvement Program (CAIP) for larger commercial and community projects (including tax-exempt bond issuance and real estate/sales tax exemptions); the Small Business Clean Air Program (formerly the Clean Air Resource Center/CARC) providing tiered financing packages and Small Business Assistance Fund grants up to $20,000; Property Assessed Clean Energy (PACE) enabling property-tax-billed energy retrofits; and a Green Bond Framework verified by Kestrel Verifiers. A $1 million Loan Loss Reserve Fund pilot, capitalized with the Ohio Department of Development's Office of Energy and Environment, provides credit enhancement for borrowers in Justice40 Census tracts. Named transactions include $307.2M in exempt facility bonds for AMG Vanadium (2019), $75M for Cargill's Sidney soybean facility, $55M for Rumpke Waste & Recycling, and up to $50M in 2026 AEP refunding bonds.

The Authority is governed by a seven-member board (five gubernatorial appointees, plus the Directors of Ohio EPA and Ohio Department of Health as ex-officio members), led by Executive Director Christina O'Keeffe since 2018. Its go-to-market is sales-led and direct — outreach to businesses, communities, and project developers — supported by a public website, quarterly AirFocus newsletter, social media presence, and monthly public meetings. Revenue is derived from transaction-based bond issuance and program fees; revenue figures are not publicly disclosed, consistent with its status as a state conduit authority rather than a commercial enterprise.

Name

Ohio Air Quality Development Authority

Legal name

Ohio Air Quality Development Authority

Website

https://ohioairquality.ohio.gov

Company type

Private

Founded year

1996

Operating status

Operating

Short description

The Ohio Air Quality Development Authority is a state-chartered conduit issuer that channels tax-exempt bond financing and program support to Ohio businesses, small enterprises, and communities for air quality improvement and clean energy projects. It operates CAIP, the Small Business Clean Air Program, PACE, and Green Bonds.

Ownership category

akta.pro rank

Product category

Environmental Finance and Bond Issuance

NAICS

Administration of Environmental Quality Programs (924), Public Administration (92), Regulation and Administration of Communications, Electric, Gas, and Other Utilities (926130)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Environmental Permitting & Impact Assessment (EIA/NEPA) (BPAIAMAK)

akta.pro secondary industry

Economic Growth, Trade & Private Sector Development Programs (BPADABAF)

Keywords

• Air quality financing
• Tax-exempt bonds
• Environmental infrastructure
• Conduit bond issuer
• Clean energy loans

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Bond Issuance Fees: Revenue generated from fees charged for processing and monitoring bond issuances for air quality projects. The Authority serves as a conduit issuer of bonds where lending institutions purchase Authority-issued bonds, and the Authority loans proceeds to businesses.
2. Program Fees: Fees collected from participants in the Clean Air Improvement Program (CAIP) and Small Business Clean Air Program (SBCAP) based on tiered fee structures for processing and monitoring projects of varying sizes and complexities.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

OAQDA is a state-chartered authority that issues tax-exempt revenue bonds and provides financing programs to help Ohio businesses and communities fund air quality improvement projects. As a conduit issuer, it partners with lending institutions to finance projects including pollution control equipment, energy efficiency upgrades, and renewable energy facilities, while also offering property-assessed clean energy financing and grants.

Product overview

The Ohio Air Quality Development Authority (OAQDA) is a state government financing agency that operates multiple interconnected financing programs rather than a single unified product. The core offerings include the Clean Air Improvement Program (CAIP) for larger commercial and community projects, the Small Business Clean Air Program (formerly Clean Air Resource Center/CARC) for small business financing, Property Assessed Clean Energy (PACE) for energy efficiency improvements paid through property taxes, and Green Bonds for environmental financing. These programs work together as a financing ecosystem where OAQDA serves as a conduit issuer of bonds, leveraging private capital to fund projects that improve air quality across Ohio. Additional offerings include a Loan Loss Reserve Fund for credit enhancement supporting underserved areas and Justice40 Census tracts.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Enabled air quality compliance for small businesses through quick board approval processes
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Ohio Environmental Protection AgencycoreStrategic or Co-development PartnerThe Director of Ohio EPA serves as an ex-officio member of OAQDA's board, ensuring coordination between environmental regulatory functions and air quality financing programs.
• Ohio Department of HealthcoreStrategic or Co-development PartnerThe Director of Ohio Department of Health serves as an ex-officio member of OAQDA's board, supporting alignment of air quality improvements with public health outcomes.
• Ohio Water Development AuthorityminorStrategic or Co-development PartnerShared office facilities at 480 South High Street, Columbus for some Authority meetings.
• Sustainable Capital AdvisorsminorImplementation/ SI/ Consulting PartnerConducted market needs assessment for OAQDA programs, identifying opportunities for expanding sustainable financing programs in Ohio.
• Mid-Ohio Regional Planning Commission (MORPC)minorStrategic or Co-development PartnerOAQDA Executive Director previously served as Director of Energy and Air Quality at MORPC, maintaining collaborative relationships for regional planning initiatives.

Scale indicators3 records

Expansion highlights5 records

Direct peers

• Connecticut Green Bank: Connecticut Green Bank is a state-level green financing authority that deploys public and private capital for clean energy, including PACE financing, commercial and residential clean energy lending, and green bond issuance. Like OAQDA, it serves as a state-chartered financing intermediary focused on environmental outcomes, using public capital to leverage private investment.
• Pennsylvania Energy Development Authority: PEDA is a Pennsylvania state authority that provides financing and grants for alternative energy and clean energy projects, including loans and bond/grant programs to businesses and developers. It is structurally analogous to OAQDA's CAIP and Green Bond programs in its use of state-authorized financing to drive clean energy investment.
• Ohio Water Development Authority: OWDA is OAQDA's sister Ohio state authority, providing financing for water quality, drinking water, and wastewater infrastructure through revenue bonds and loans. Both operate as Ohio state-chartered financing authorities with similar board governance structures and conduit bond issuance models; OWDA shares office facilities with OAQDA and covers the water-side analog to OAQDA's air quality mandate.
• DC Green Finance Authority: DC Green Finance Authority is a District-level green finance institution providing C-PACE financing, building decarbonization lending, and clean energy financing in the District of Columbia. It is directly comparable to OAQDA on the PACE and green bond dimensions, though operating at a smaller jurisdictional scale.
• California Pollution Control Financing Authority: CPCFA is the closest functional analog to OAQDA: a California state-level authority that issues tax-exempt bonds to finance pollution control, waste disposal, and clean energy facilities. Both agencies serve as conduit issuers of exempt-facility revenue bonds for environmental infrastructure, operate under similar state-chartered statutory authority, and target industrial and utility borrowers seeking tax-advantaged financing for air and water quality projects.
• New York Green Bank: NY Green Bank is a state-sponsored green financing institution that mobilizes private capital into clean energy and environmental projects across New York State. Both NY Green Bank and OAQDA act as state-affiliated financing intermediaries using public/private capital to support environmental infrastructure, though NY Green Bank operates as an investment fund rather than a bond issuer.

Emerging players

• Colorado Clean Energy Fund: Colorado Clean Energy Fund is a nonprofit clean energy finance organization providing C-PACE financing and clean energy lending in Colorado. Like OAQDA, it focuses on mobilizing private capital into clean energy and efficiency projects, but operates as a nonprofit rather than a state-chartered authority.

Broad incumbents

• Clean Energy Finance Corporation (CEFC): CEFC is Australia's federal green investment bank mobilizing private capital into clean energy, energy efficiency, and emissions reduction projects. It is comparable to OAQDA as a public-sector green finance institution channeling private investment into environmental projects, but operates nationally and across a much wider clean energy mandate.
• Texas Water Development Board: TWDB is a large, established state agency that provides financing for water and environmental infrastructure across Texas, including bond issuance and loan programs. Comparable to OAQDA in its role as a state financing authority for environmental infrastructure, but broader in scope (water, wastewater, and flood) and far larger in scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ohioairquality
• Facebookfacebook.com/ohioairquality
• LinkedInlinkedin.com/company/14032388

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ohio Air Quality Development Authority