Title 45.2. Mines, Minerals, and Energy
Chapter 1. Administration
§ 45.2-118. Strategic plan.
A. By December 15, 2026, and each December 15 in even-numbered years thereafter, the Bank shall develop and adopt a strategic plan that prioritizes the Bank's activities over the next two years. The strategic plan shall (i) identify targeted underserved markets for qualified projects in Virginia; (ii) develop specific programs to overcome market impediments through access to Bank financing and technical assistance; and (iii) develop outreach and marketing strategies designed to make potential project developers, participants, and communities aware of financing and technical assistance available from the Bank, including the deployment of community navigators.
B. Elements of the strategic plan shall be informed by the Bank's analysis of the market for qualified projects and by the Bank's experience under the previous strategic plan, including the degree to which performance targets were or were not achieved by each financing program. In addition, the Bank shall actively seek input regarding activities that should be included in the strategic plan from stakeholders, historically economically disadvantaged communities, the general public, and participants, including via meetings required pursuant to § 45.2-120.
C. The Bank shall establish annual targets in a strategic plan for each financing program regarding the number of projects, level of Bank investments, greenhouse gas emissions reductions, and installed generating capacity or energy savings the Bank hopes to achieve, including separate targets for Bank activities undertaken in historically economically disadvantaged communities.
D. The Bank's targets and strategies shall be designed to ensure that no less than 40 percent of the direct benefits of Bank activities flow to historically economically disadvantaged communities.
E. The Bank shall submit a draft strategic plan to the Bank Advisory Board no later than August 1 and, with any feedback from the Bank Advisory Board incorporated therein, to the General Assembly no later than October 15 in any even-numbered year.
