Va. Coalfield Economic Development Authority establishes $1M Renewable Energy Fund

Funding to assist renewable energy projects, component manufacturing

Published November 19, 2020 by Sydney Lake

The Virginia Coalfield Economic Development Authority (VCEDA) announced Thursday it has established a $1 million Renewable Energy Fund from coal tax credit funds. 

“With the establishment of the Renewable Energy Fund, VCEDA is poised to readily assist in the development of renewable energy projects, which will add new jobs and investment to the region and help prepare the workforce for those new jobs,” Jonathan Belcher, VCEDA executive director and general counsel, said in a statement.

The funding will go toward new energy production facilities and energy component manufacturing, Belcher said. 

“We believe that the Renewable Energy Fund will be a tremendous step towards the diversification of existing businesses and it will help promote the growth of innovative solutions in our region for the energization industry,” Appalachian Council for Innovation President Donald Purdie said in a statement.

The Renewable Energy Fund will also allow for more regional job opportunities, Belcher said.

The VCEDA was created by the Virginia General Assembly in 1988 to grow and diversify Southwest Virginia’s economy and help create jobs.

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