HB1171:

Commonwealth Clean Energy Financing Authority and Fund; established, report.

Bill Summary:

Commonwealth Clean Energy Financing Authority
and Fund; established. Establishes the Commonwealth Clean Energy
Financing Authority and the Commonwealth Clean Energy Financing Authority
Fund to increase private investment in clean energy and resiliency
projects in the Commonwealth. The bill requires the Authority to
ensure that the projects and programs financed complement the goals
of the Virginia Energy Plan and programs implemented by the Department
of Energy, Department of Housing and Community Development, Department
of Conservation and Recreation, and other relevant public and private
entities. The bill requires that at least 40 percent of the resources
deployed through the Authority are directed to historically economically
disadvantaged communities. The bill provides that the Authority will
have a total membership of 11 members that consist of nine nonlegislative
citizen members and the Director of the Department of Energy and
the Director of the Department of Housing and Community Development
or their designees as ex officio members. The bill includes general
powers and duties of the Authority, including submission of an annual
report. The bill also includes various requirements for notes and
bonds issued by the Authority.