67-1205 - Federal loan guarantees. - Virginia Statutes

§ 67-1205. Federal loan guarantees.

A. The Authority, on behalf of the Commonwealth, may apply to the U.S.Department of Energy for federal loan guarantees authorized or made availablepursuant to Title XVII of the Energy Policy Act of 2005, 42 U.S.C. § 16511 etseq., the American Recovery and Reinvestment Act of 2009, P.L. 111-5, orother similar federal legislation, to facilitate the development of offshorewind energy projects.

B. Upon obtaining federal loan guarantees for offshore wind energy projectspursuant to subsection A, the Authority, subject to any restrictions imposedby federal law, may allocate or assign all or portions thereof to qualifiedthird parties, on such terms and conditions as the Authority finds areappropriate. Actions of the Authority relating to the allocation andassignment of such loan guarantees shall be exempt from the provisions of theAdministrative Process Act (§ 2.2-4000 et seq.) pursuant to subdivision B 4of § 2.2-4002. Decisions of the Authority shall be final and not subject toreview or appeal.

(2010, cc. 507, 681.)