On September 26, 2024 the Virginia Department of Energy announced the creation of the Virginia Clean Energy Innovation Bank within the State Energy Office. The Clean Energy Innovation Bank will leverage public and private capital to finance clean energy generation projects throughout the state.
The Clean Energy Innovation Bank was established with $10 million in state budget funds. The bank will prioritize projects that will enhance the resilience and security of the electric grid while also creating well-paying jobs for Virginians. The bank also aims to promote the development of energy supply chains in the state while supporting the development of grid modernization and advanced nuclear technologies. Once the bank is fully established, the state will apply to designate it as a State Energy Financing Institution to leverage additional capital from U.S. DOE’s Loan Programs Office and elsewhere. The state expects that this influx of capital will help to attract leading clean energy companies to Virginia and foster new startups in the clean energy space.
The Clean Energy Innovation Bank is accepting project proposals. For more information, please contact Julianne Szyper at energybank@energy.virginia.gov.