VA SB225

Establishes the Virginia Clean Energy Innovation Bank as a public body corporate and political subdivision to accelerate deployment of clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through grants, loans, credit enhancements, and other financing mechanisms

Governed by a 12-member Board of Directors consisting of nine nonlegislative citizen members appointed by the Senate Committee on Rules (4), Speaker of the House (4), and Governor (1), plus three ex officio members including the Director of the Department of Energy, CEO of the Virginia Economic Development Partnership Authority, and State Treasurer

Requires at least 40 percent of direct benefits from Bank activities to flow to historically economically disadvantaged communities, with no more than 15 percent of funds financing projects involving coalbed methane gas or nuclear power

Mandates adoption of a strategic plan by December 15, 2026, and every two years thereafter, plus a long-term investment strategy by December 15, 2026, and every four years thereafter, with drafts submitted to the General Assembly for review

Authorizes the Bank to seek qualification as a state energy financing institution under federal law and collaborate with the U.S. Department of Energy Loan Programs Office to maximize benefits from the Inflation Reduction Act of 2022