The VirginiaSaves Program is brought to you by:
The DMME Division of Energy is the sponsor of the VirginiaSAVES Green Community Program. The primary goal of the Division of Energy is to advance sustainable energy practices and behaviors. To achieve this goal, the Division of Energy works to:
- increase the use of proven energy conservation practices in Virginia;
- foster growth of emerging and sustainable energy industries and infrastructure;
- identify applications of new and innovative energy technologies in Virginia;
- advance partnerships that will enable energy efficiency and economic development opportunities;
- improve the energy efficiency of commercial, institutional, and residential buildings in Virginia; and
- provide energy education and outreach to Virginians to increase their ability to make informed energy choices.
CleanSource Capital, based in Charlotte, NC, is the administrator of the Program and is the affiliate formed by Abundant Power Group to administer and grow its SAVES platform using alternative forms of specialized financing as well as provide specialty finance solutions and advisory services in the energy efficiency industry.
Abundant Power, based in Charlotte, NC, is an energy management services company providing financial and technology solutions for the built environment ecosystem. Abundant brings expertise in finance, engineering, building science, technology and real estate to each of its programs.
Virginia Community Capital (VCC) is tasked with the primary marketing and origination for the Program. VCC is a state chartered Community Development Financial Institution (“CDFI”) and banking entity with the mission of offering innovative, flexible financial products designed to support housing and community development ventures, increase jobs and build sustainable communities. VCC entered into the commercial building energy efficiency and solar sectors in 2015.
The Program will work with two different conduit issuing authorities (the “Conduit Issuers”) in the Commonwealth depending upon the nature of the borrower through the Program.
Virginia Small Business Finance Authority (VSBFA) has authority to issue private activity bonds such as QECBs on a conduit basis for private commercial and industrial businesses, renewable energy projects, and non-profit institutions such as hospitals and private higher education.
Virginia Resource Authority (VRA) has authority to issue taxable and tax credit bonds such as QECBs on a conduit basis for governmental entities such as municipalities and counties, as well as local governmental entities.