SB729 - Virginia Clean Energy Innovation Bank; created, report.

1 Co-Sponsor

Virginia Clean Energy Innovation Bank; established; report. Creates the Virginia Clean Energy Innovation Bank to finance clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public funds in the form of grants, loans, credit enhancements, and other financing mechanisms. The Bank is governed by a 12-member Board of Directors, consisting of nine nonlegislative citizen members and three ex officio members with voting privileges, who include the Director of the Department of Energy, the Chief Executive Officer of the Virginia Economic Development Partnership Authority, and the State Treasurer or their designees. The bill provides that the nonlegislative citizen members are to be appointed as follows: four members by the Senate Committee on Rules, four members by the Speaker of the House of Delegates, and one member by the Governor, each of whom are required to have expertise in real estate, finance, or project development or legal expertise in zero-emission or low-emission energy generation, infrastructure, transportation, agriculture, storm water management, or housing. The bill contains provisions for (i) the appointment of a president and the hiring of staff, (ii) the powers and duties of the Bank, (iii) lending practices, (iv) a strategic plan, (v) an investment strategy, (vi) public outreach requirements, (vii) audits, (viii) exemptions from taxes and from personnel and procurement procedures, and (ix) reporting requirements. Virginia Clean Energy Innovation Bank; established; report. Creates the Virginia Clean Energy Innovation Bank to finance clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public funds in the form of grants, loans, credit enhancements, and other financing mechanisms. The Bank is governed by a 12-member Board of Directors, consisting of nine nonlegislative citizen members and three ex officio members with voting privileges, who include the Director of the Department of Energy, the Chief Executive Officer of the Virginia Economic Development Partnership Authority, and the State Treasurer or their designees. The bill provides that the nonlegislative citizen members are to be appointed as follows: four members by the Senate Committee on Rules, four members by the Speaker of the House of Delegates, and one member by the Governor, each of whom are required to have expertise in real estate, finance, or project development or legal expertise in zero-emission or low-emission energy generation, infrastructure, transportation, agriculture, storm water management, or housing. The bill contains provisions for (i) the appointment of a president and the hiring of staff, (ii) the powers and duties of the Bank, (iii) lending practices, (iv) a strategic plan, (v) an investment strategy, (vi) public outreach requirements, (vii) audits, (viii) exemptions from taxes and from personnel and procurement procedures, and (ix) reporting requirements.