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SB 729STATE · VirginiaIntroduced

Virginia Clean Energy Innovation Bank; created, report.

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 nine-member Board of Directors, consisting of five nonlegislative citizen members to be appointed by the Governor and four 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, the State Treasurer, and the Chief Executive Officer of the Virginia Nuclear Innovation Hub or their designees. 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.

Voted: 4/17/2024

How representatives voted

367 yea·188 nay·13 other

Action history

  • 4/17/2024Governor's Action Deadline 11:59 p.m., May 17, 2024
  • 4/17/2024Communicated to Governor
  • 4/17/2024Senate rejected Governor's recommendation (18-Y 22-N)
  • 4/8/2024Governor's recommendation received by Senate
  • 3/31/2024Impact statement from DPB (SB729ER)
  • 3/27/2024Enrolled Bill Communicated to Governor on March 27, 2024
  • 3/27/2024Governor's Action Deadline 11:59 p.m., April 8, 2024
  • 3/26/2024Signed by Speaker
  • 3/25/2024Enrolled
  • 3/25/2024Bill text as passed Senate and House (SB729ER)