January 16, 2009
On January 12, 2009, Virginia Governor Timothy M. Kaine announced his proposal to bring green jobs to Virginia, including a package of tax credits and incentives for businesses offering energy efficient goods and services. This proposal is part of Kaine’s newly launched energy initiative “Renew Virginia” that is designed to promote renewable energy projects and conservation in the Commonwealth of Virginia. The initiative is also designed to make Virginia an attractive place for existing renewable energy companies to relocate.
Gov. Kaine’s proposal includes the following:
These initiatives were among a number of other efficiency and renewable proposals offered before the Virginia General Assembly as it convened the 2009 legislative session on January 14. They will be the topic of intense debate as Virginia seeks to deepen its participation in the “new energy” market — a move seen particularly important as experts anticipate broad national renewable and efficiency initiatives to come from the incoming Obama Administration and Democratic-controlled 111th Congress. McGuireWoods will continue to monitor both the Virginia and national proposals as they move through their respective legislative processes.
McGuireWoods LLP regularly assists clients with all aspects of renewable energy projects, including project finance, corporate formation and structuring, energy asset purchases and sales, negotiation of power marketing agreements, energy regulation before the FERC and state regulators, transmission projects and licensing and permitting matters. For further information on related renewable energy matters, please contact one of the following McGuireWoods attorneys: