Establishes the Virginia Clean Energy Innovation Bank to finance clean energy projects.
The Virginia Clean Energy Innovation Bank is established to accelerate clean energy deployment and reduce greenhouse gas emissions. The Bank will finance projects that reduce emissions, increase renewable energy use, and improve energy efficiency. The Bank will be governed by a Board of Directors with expertise in relevant fields. The Bank must adopt a long-term investment strategy and a strategic plan every two years, focusing on underserved markets and maximizing impact. The Bank is exempt from certain state laws and personnel procedures.
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