HB 1171

Abstract

Commonwealth Clean Energy Financing Authorityand Fund; established. Establishes the Commonwealth Clean EnergyFinancing Authority and the Commonwealth Clean Energy Financing Authority Fund to increase private investment in clean energy and resiliencyprojects in the Commonwealth. The bill requires the Authority to ensure that the projects and programs financed complement the goalsof the Virginia Energy Plan and programs implemented by the Departmentof Energy, Department of Housing and Community Development, Departmentof Conservation and Recreation, and other relevant public and privateentities. The bill requires that at least 40 percent of the resourcesdeployed through the Authority are directed to historically economicallydisadvantaged communities. The bill provides that the Authority willhave a total membership of 11 members that consist of nine nonlegislativecitizen members and the Director of the Department of Energy andthe Director of the Department of Housing and Community Developmentor their designees as ex officio members. The bill includes generalpowers and duties of the Authority, including submission of an annualreport. The bill also includes various requirements for notes andbonds issued by the Authority.