# Va. Code Ann. § 45.2-114: Virginia Clean Energy Innovation Bank; Bank Advisory Board

> Virginia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-114

## Section

- **Citation:** Va. Code Ann. § 45.2-114
- **Heading:** Virginia Clean Energy Innovation Bank; Bank Advisory Board
- **Jurisdiction:** Virginia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Code / Title 45.2 / Subtitle I / Chapter 1 / Article 3 / Section 45.2-114

## Text

A. The Virginia Clean Energy Innovation Bank is established in the Department. The purpose of the Bank is to accelerate the deployment of 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 in order to leverage existing public and private sources of capital to reduce the upfront and total cost of qualified projects and to overcome financial barriers to project adoption, especially in low-income communities.

B. 1. The Virginia Clean Energy Innovation Bank Advisory Board (the Bank Advisory Board) is established as an advisory board in the executive branch of state government for the purpose of advising, overseeing, and making advisory recommendations related to the Virginia Clean Energy Innovation Bank and its effectiveness in fulfilling the purposes described subsection A.

2. The Bank Advisory Board shall have a total membership of eight members that shall consist of six nonlegislative citizen members and two ex officio members. Nonlegislative citizen members shall be appointed as follows: two members to be appointed by the Senate Committee on Rules, two members to be appointed by the Speaker of the House of Delegates, and two members to be appointed by the Governor. Each nonlegislative citizen member shall have expertise in matters relevant to the Bank. The Director and the Chief Executive Officer of the Virginia Economic Development Partnership Authority, or their designees, shall serve ex officio with voting privileges. Nonlegislative citizen members of the Board shall be citizens of the Commonwealth.

3. The nonlegislative citizen members of the Bank Advisory Board shall be appointed for five-year staggered terms. Each ex officio member of the Bank Advisory Board shall serve a term coincident with his term of office. Appointments to fill vacancies, other than by expiration of a term, shall be for the unexpired term. Vacancies shall be filled in the same manner as the original appointments. No person shall serve more than two consecutive terms. The remainder of any term to which a member is appointed to fill a vacancy shall not constitute a term in determining the member's eligibility for reappointment.

4. The Bank Advisory Board shall annually elect a chair and vice-chair from among its membership and shall formulate rules for its organization and procedure. A majority of the members shall constitute a quorum.

5. The nonlegislative citizen members of the Bank Advisory Board shall serve without compensation or reimbursement for expenses incurred in the performance of their duties.

2026, cc. 1125 , 1126 .

## Nearby sections

- [Va. Code Ann. § 45.2-114 Virginia Clean Energy Innovation Bank; Bank Advisory Board](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-114.md)
- [Va. Code Ann. § 45.2-115 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-115.md)
- [Va. Code Ann. § 45.2-116 Duties of the Bank](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-116.md)
- [Va. Code Ann. § 45.2-117 Bank lending practices; consumer protection](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-117.md)
- [Va. Code Ann. § 45.2-118 Strategic plan](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-118.md)
- [Va. Code Ann. § 45.2-119 Investment strategy; content; process](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-119.md)
- [Va. Code Ann. § 45.2-120 Public outreach](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-120.md)
- [Va. Code Ann. § 45.2-121 Form and audit of accounts and records](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-121.md)
- [Va. Code Ann. § 45.2-122 Annual report](https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-122.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_T45.2_SI_C1_A3_S45.2-114. Check the current official text before relying on it. Not legal advice.