Virginia Clean Energy Innovation Bank; created, report. (SB729)

Introduced By

Sen. Scott Surovell (D-Mount Vernon) with support from co-patron Del. Alfonso Lopez (D-Arlington)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


The fiscal impact of this legislation is estimated to be indeterminate. The bill establishes the Virginia Clean Energy Innovation Bank, which will be responsible for accelerating the deployment of clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the use of public funds. The Bank will be governed by a Board of Directors, and the costs of compensation and expenses for the members will be provided by the Bank. The bill also allows the Bank to hire employees and agents as necessary. However, no funding source is identified, so the exact size and scope of the Bank and its staffing needs are currently unknown. The specific agencies affected by this legislation include the Department of Energy, Office of the Attorney General, Virginia Economic Development Partnership, and the Department of Treasury. No technical amendments are deemed necessary, and there are no other comments provided.

Summary generated automatically by OpenAI.


03/25/2024: Passed the General Assembly


01/19/2024Presented and ordered printed 24104393D
01/19/2024Referred to Committee on Local Government
01/29/2024Rereferred from Local Government (14-Y 0-N) (see vote tally)
01/29/2024Rereferred to Commerce and Labor
01/31/2024Impact statement from DPB (SB729)
02/05/2024Senate committee, floor amendments and substitutes offered
02/05/2024Reported from Commerce and Labor with substitute (10-Y 5-N) (see vote tally)
02/05/2024Committee substitute printed 24107051D-S1
02/05/2024Rereferred to Finance and Appropriations
02/07/2024Impact statement from DPB (SB729S1)
02/12/2024Reported from Finance and Appropriations (11-Y 0-N 4-A) (see vote tally)
02/12/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/13/2024Read second time
02/13/2024Reading of substitute waived
02/13/2024Committee substitute agreed to 24107051D-S1
02/13/2024Engrossed by Senate - committee substitute SB729S1
02/13/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/13/2024Passed Senate (29-Y 9-N) (see vote tally)
02/16/2024Placed on Calendar
02/16/2024Read first time
02/16/2024Referred to Committee on Rules
02/22/2024Assigned Rules sub: Studies Subcommittee
02/23/2024Subcommittee recommends reporting (5-Y 1-N)
02/23/2024Subcommittee recommends referring to Committee on Appropriations
02/23/2024Reported from Rules (11-Y 6-N) (see vote tally)
02/23/2024Referred to Committee on Appropriations
02/28/2024Reported from Appropriations with amendment(s) (12-Y 10-N) (see vote tally)
03/01/2024Read second time
03/04/2024Read third time
03/04/2024Committee amendments agreed to
03/04/2024Engrossed by House as amended
03/04/2024Passed House with amendments (57-Y 40-N)
03/04/2024VOTE: Passage (57-Y 40-N)
03/05/2024Passed by for the day
03/06/2024Passed by for the day
03/07/2024House amendments rejected by Senate (0-Y 40-N)
03/07/2024House insisted on amendments
03/07/2024House requested conference committee
03/07/2024Senate acceded to request (40-Y 0-N)
03/07/2024Conferees appointed by Senate
03/07/2024Senators: Surovell, McPike, Hackworth
03/07/2024Conferees appointed by House
03/07/2024Delegates: Lopez, Willett, Obenshain
03/09/2024C Amended by conference committee
03/09/2024Conference substitute printed 24109184D-S2
03/09/2024Conference report agreed to by Senate (28-Y 12-N)
03/09/2024Conference report agreed to by House (56-Y 43-N)
03/09/2024VOTE: Adoption (56-Y 43-N)
03/25/2024Bill text as passed Senate and House (SB729ER)
03/25/2024Signed by President
03/26/2024Signed by Speaker
03/27/2024Enrolled Bill Communicated to Governor on March 27, 2024
03/27/2024G Governor's Action Deadline 11:59 p.m., April 8, 2024
03/31/2024Impact statement from DPB (SB729ER)
04/08/2024Governor's recommendation received by Senate
04/17/2024Senate rejected Governor's recommendation (18-Y 22-N)
04/17/2024Communicated to Governor

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