JOINT CONFERENCE COMMITTEE REPORT We, the conferees, appointed by the respective bodies to consider and report upon the disagreeing vote on Senate Bill No.
Virginia2026Enacted
SB225
Virginia Clean Energy Innovation Bank Act
Last scannedAug 22, 2026, 5:26 AM
In one sentence
This act establishes the Virginia Clean Energy Innovation Bank to finance clean energy projects, reduce greenhouse gas emissions, and provide financial support for other qualified initiatives.
What it does
- Creates the Virginia Clean Energy Innovation Bank within the Department of the Commonwealth to finance clean energy projects and reduce greenhouse gas emissions.
- Establishes an advisory board with eight members (six non-legislative citizens and two ex officio members) to oversee the bank's operations and provide recommendations.
- Defines key terms such as 'qualified project,' 'renewable energy,' and 'smart grid' to ensure clarity in funding criteria.
- Sets out duties for the Bank, including advising on management, seeking federal and state grants, coordinating with existing programs, and developing marketing strategies to stimulate interest in clean energy projects.
Who it affects
- The Virginia Clean Energy Innovation Bank will affect individuals, businesses, and organizations seeking funding for clean energy projects.
- Local communities may benefit from reduced greenhouse gas emissions and improved access to clean energy resources.
- Government agencies involved in environmental protection and economic development will be impacted by the bank's activities.
Limits and unknowns
- The bill does not specify the exact amount of funding available to the bank.
- It is unclear how the advisory board will be selected or what specific criteria they must meet beyond expertise in relevant areas.
- Details on the strategic plan and investment strategy are not provided, leaving room for interpretation.
Plain language
Terms to know
- Qualified project
- A project that promotes energy efficiency, clean energy, electrification, or water conservation and quality, reducing greenhouse gas emissions and increasing renewable energy deployment.
- Smart grid
- Digital technology allowing two-way communication between utilities and customers for real-time control of power flow and load management.
Official record
Sources
Official summary
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. An advisory board consisting of nonlegislative citizen members and ex officio members shall oversee the Bank and provide recommendations related to the Bank and its effectiveness. The bill contains provisions for (i) the powers and duties of the Bank, (ii) lending practices, (iii) a strategic plan, (iv) an investment strategy, (v) public outreach requirements, (vi) audits, and (vii) reporting requirements. This bill is identical to HB 1444.
Official activity
Bill history
- Approved by Governor-Chapter 1126 (effective 7/1/2026)Governor
- Acts of Assembly Chapter text (CHAP1126)Governor
- Governor's recommendation adoptedGovernor
- Signed by SpeakerHouse
- Signed by PresidentSenate
- Communicated to GovernorSenate
- Governor's Action Deadline 11:59 p.m., May 23, 2026Governor
- Governor's Recommendation Nos 1, 2, and 3 passed by for the day (Voice Vote)Governor
- Senate passed by for the day Governor's recommendation Nos 1, 2, and 3 (Voice Vote)Senate
- ReenrolledSenate
- Reenrolled bill text (SB225ER2)Senate
- Senate concurred in Governor's recommendation Nos. 4, 5, 6, 7, and 8 (39-Y 0-N 0-A)Senate
- Governor's recommendation Nos. 1, 2, and 3 passed by (Voice Vote)Senate
- Governor's amendments nos. 4-8 agreed to (64-Y 33-N 0-A)House
- Governor's recommendation received by SenateGovernor
- Fiscal Impact Statement from Department of Planning and Budget (SB225)Senate
- Enrolled Bill communicated to Governor on March 31, 2026Senate
- Governor's Action Deadline 11:59 p.m., April 13, 2026Governor
- Signed by SpeakerHouse
- Enrolled Bill communicated to Governor on March 31, 2026Senate
Changes
Amendments
2 stored
(SB225) GOVERNOR'S RECOMMENDATION 1.