; and (iv) the project has an installed capacity of 40 megawatts or less. (2) Requirements An exemption granted under paragraph (1) shall be subject to the same limitations (to ensure protection for fish and wildlife as well as other environmental concerns) as those which are set forth in subsections (c) and (d) of section 30 of the Federal Power Act with respect to determinations made and exemptions granted under subsection (b) of such section 30 and subsections (c) and (d) of such section 30 shall apply with respect to actions taken and exemptions granted under this subsection. (3) Effects (A) In general Except as provided in subparagraph (B), the granting of an exemption to a project under this subsection shall in no case have the effect of waiving or limiting the application (to such project) of the second sentence of subsection (b) of this section. (B) Environmental review The Commission granting an exemption under paragraph (1) may not be considered a major Federal action under section 102(2)(C) of the National Environmental Policy Act of 1969. (4) Exemption process The Commission shall make a determination with respect to any application for an exemption under paragraph (1)(B) not later than 90 days after submission of such application, which period shall include notice and opportunity for public comment. Any exemption granted under paragraph (1)(B) shall become effective upon the expiration of the applicable existing license. . (b) Expedited licensing of next-Generation hydropower Part I of the Federal Power Act ( 16 U.S.C. 792 et seq. ) is amended by adding at the end the following: 37. Expedited licensing of next-generation hydropower projects (a) In general The Commission shall issue licenses for all next-generation hydropower projects in accordance with this section. (b) Definitions In this section: (1) Emerging hydropower technology project The term emerging hydropower technology project means a project that the Commission determines— (A) will produce electricity from a generator driven by a turbine