On March 7, 2026, Wyoming Governor Mark Gordon (R) signed Senate File 123 (2026 Senate Enrolled Act No. 69, Session Laws Chapter 107), creating the Wyoming Energy Dominance Fund (WEDF), a $105 million matching grant and loan program for oil, natural gas, coal, uranium, and critical-minerals projects, administered by the Wyoming Energy Authority (WEA). Sponsored by Senate President Bo Biteman (R-Ranchester), the bill passed the Senate 29-2 on February 23, cleared the House 44-16 on March 5, and won Senate concurrence 27-2 on March 6. The act takes effect July 1, 2026. For a legislature that has now stood up three separate state-capitalized energy funds since 2022, SF 123 signals that Wyoming intends to keep competing directly for fossil-fuel, nuclear-fuel, and critical-minerals capital.
Key Takeaways
| 01 | Wyoming created a $105 million grant and loan fund for coal, natural gas, uranium, and critical minerals. Wind and solar projects are barred, and the fund takes effect July 1, 2026. |
| 02 | Every state grant dollar needs a committed private or federal dollar before the award issues. In-kind contributions and capital spent before the application is filed do not count toward the match. |
| 03 | Loans run up to 10 years at the effective federal funds rate minus one point. Collateral, a feasibility-level business case, and a closing financial audit are required. |
| 04 | Uranium conversion, enrichment, and fuel fabrication and rare-earth processing are all eligible uses. The 2026-2028 biennial budget separately carries $16 million in rare-earth matching grants administered by the WEA. |
| 05 | The fund sunsets December 31, 2028. Any unexpended, unobligated balance reverts to the mineral trust fund's reserve account. |
The fund draws on Wyoming's severance taxes. For fiscal year 2027 only (July 1, 2026 through June 30, 2027), the enrolled act amends W.S. 39-14-801(b) to redirect the severance tax stream that otherwise feeds the Permanent Wyoming Mineral Trust Fund and the common school account of the permanent land fund into the new fund, capped at $105 million. Collections above the cap split evenly between the two permanent funds. WyoFile describes the diversion as 0.5% of paid severance taxes. The program sunsets December 31, 2028, and any unexpended, unobligated balance reverts to the mineral trust fund's reserve account, so the capital is designed to move fast.
SF 123 is Wyoming's third state-capitalized energy fund in four years, following the $155 million Energy Matching Funds program (2022) and the $100 million Large Energy Project Fund (2024), which Governor Gordon awarded in December 2025 to BWXT's tristructural isotropic (TRISO) nuclear fuel manufacturing facility in Gillette. Unlike its predecessors, the new fund excludes wind and solar projects outright, and its sponsor tied it to President Trump's energy dominance plan in Senate Appropriations Committee testimony.
"Wyoming is at the tip of the spear for President Trump's energy dominance plan."
Senate President Bo Biteman (R-Ranchester), sponsor of SF 123, in remarks to the Senate Appropriations Committee
Source: WyoFile, February 24, 2026. Photo: official portrait, Wyoming Legislature.
The enrolled act sets distinct terms for grants and loans, plus a shared set of review checkpoints every award must clear. Grants require a dollar-for-dollar nonstate match, and loans require proof that all forecasted project costs will be funded. Every proposed expenditure passes through the Legislature, the attorney general, and the governor before money moves.
Exhibit 1
Match requirement, grants under SF 123
| Requirement | Detail |
|---|---|
| Match ratio | Dollar-for-dollar, nonstate |
| Eligible match | Committed private or federal dollars, secured before the award is issued |
| Ineligible match | In-kind contributions; capital the applicant already spent before filing |
Source: SF0123, Senate Enrolled Act No. 69 (2026).
Exhibit 1 sets the match rule. Exhibit 2 sets out the loan terms.
Exhibit 2
Loan terms, as enacted
| Term | Detail |
|---|---|
| Interest rate | Effective federal funds rate minus 1.0 percentage point (0% floor); set as of the application date |
| Maximum term | Up to 10 years |
| Origination or guarantee fee | Starting at 1% of the loan amount |
| Underwriting | Written feasibility-level business case identifying the source of all project funds, proof that all forecasted project costs will be funded, plus adequate collateral |
| Ongoing reporting | Quarterly reports, plus a cumulative financial audit at the end of the term at the recipient's expense |
| Repayment destination | Mineral trust fund reserve account (not recycled back into the program) |
Source: SF0123, Senate Enrolled Act No. 69 (2026).
Exhibit 3 lists the four checkpoints every award must clear.
Exhibit 3
Review checkpoints, every grant or loan
| Step | Actor |
|---|---|
| 1. Advance notice, 30+ days before expenditure | WEA notifies the Legislature's Management Council, Joint Appropriations Committee, and Joint Minerals, Business and Economic Development Committee |
| 2. Recommendation vote | Legislature's Management Council, by majority vote |
| 3. Legality opinion | Wyoming Attorney General |
| 4. Final determination | Governor |
Sources: SF0123, Senate Enrolled Act No. 69 (2026), Section 3(c) and (d).
The match rule weighs most on early-stage projects. For a $20 million critical-minerals processing project seeking a $10 million WEDF grant, the developer needs the other $10 million committed from private or federal sources before the award issues. Spending its own capital first, or lining up an in-kind contribution, does not count. On the loan side, a $10 million, 10-year loan carries a minimum origination fee of $100,000 (1% of the loan amount).
The fund supports applied research, demonstration, pilot, and commercial development or deployment projects across seven categories tied to Wyoming energy needs. The enrolled act names each eligible use, grouped by category in Exhibit 4, and bars wind and solar projects from the fund entirely.
Exhibit 4
Eligible uses, grouped by category, grants under SF 123
| Eligible Use Category | Scope |
|---|---|
| Coal | Coal innovation and coal-fired electricity generation |
| Oil and gas | Natural gas, enhanced oil recovery, and pipeline infrastructure |
| Baseload and exports | Energy exports and baseload energy development and deployment |
| Nuclear fuel cycle | Uranium conversion, uranium enrichment, and nuclear fuel fabrication |
| Critical minerals | Rare earth and critical-mineral processing, separation, and manufacturing |
| Industrial minerals | Trona and bentonite development projects |
| Grid | Grid innovations |
Sources: SF0123, Senate Enrolled Act No. 69 (2026), Section 3(b)(i).
Critical minerals and the uranium fuel cycle figure prominently in the act. The act's legislative findings note that Wyoming produces 40% of U.S. uranium and two-thirds of U.S. bentonite and holds the world's largest trona deposit, and the full uranium fuel cycle plus rare-earth midstream processing are both named eligible uses. In the 2026 budget session, the Senate voted 23-8 to adopt Amendment 40 to Senate File 1, converting $16 million in proposed loans into rare-earth matching grants drawn from the legislative stabilization reserve account and administered by the WEA. The enacted 2026-2028 biennial budget retained the full $16 million appropriation. Exhibit 5 compares the new fund with Wyoming's two earlier state energy funds.
Exhibit 5
Wyoming state energy program capitalization, three funds, 2022 to 2026
Sources: Wyoming SF0123 enrolled act (2026); Wyoming Energy Authority, Large Project Energy Matching Funds award announcement (Dec. 19, 2025). Figures as of March 8, 2026.
The award path runs from a concept paper to the governor's desk. Applicants first submit a concept paper, followed by a full application, a public comment period, attorney general and Management Council review, and then the governor's final approval. Exhibit 6 sets out the program timeline.
Exhibit 6
Program timeline, as of March 8, 2026
| Date | Milestone |
|---|---|
| Feb. 23, 2026 | Senate passage, 29-2 |
| Mar. 5-6, 2026 | House passage 44-16; Senate concurrence 27-2 |
| Mar. 7, 2026 | Signed by Governor Gordon (Chapter 107) |
| July 1, 2026 | Effective date; fiscal year 2027 severance tax deposits begin |
| Dec. 31, 2028 | Fund repealed; unobligated balances revert to Permanent Wyoming Mineral Trust Fund reserve account |
Sources: Wyoming Legislature, SF0123 bill history and Senate Enrolled Act No. 69. Statuses as of March 8, 2026.
If your company is planning a coal, natural gas, uranium fuel cycle, or critical-minerals project in Wyoming and can line up private or federal match, this fund is worth a look. The concept paper is the first screen and does not require a full proposal. The fund takes effect July 1, 2026. If you want a read on fit before then, reach out to our team.
© Copyright 2026 TC Policy Group, LLC (d/b/a Crawford Partners). The views expressed herein are those of the author(s) and not necessarily the views of Crawford Partners, its management, its subsidiaries, its affiliates, or its other professionals. Crawford Partners is not a law firm and cannot provide legal advice.