Over the Next Decade in Virginia, Advanced Energy Tax Credits Will Generate:
$75B New Private Sector Investments
$12.9B New Manufacturing Investments
Wildcats Solar
- Status: In Development
- Location: Wise County, VA
- Congressional District: Virginia 9th
- Technology: Solar
- Relevant Tax Provisions:
- Investment Tax Credit (ITC)
- Energy Communities Adder (EC)
- Fast Facts:
- Built on the site of the former Indian Creek Surface Mine outside of Pound, Virginia, the Wildcats solar project will generate 10 megawatts of affordable electricity once complete.
- During construction, this project will create over 80 good-paying jobs.
- Over the lifetime of the facility, Wildcats will generate over $2 million in economic benefits for the locality and region, including $800,000 in tax revenue for Wise County.
Photo Steve Helber, Copyright 2021 The Associated Press. All rights reserved.
Volvo Trucks New River Valley Facility
- Status: Operational
- Location: Dublin, VA (Pulaski County)
- Congressional District: Virginia 9th
- Technology: Electric Vehicles (EVs)
- Relevant Tax Provision:
- Electric trucks produced at this facility are eligible for the Clean Commercial Vehicles Tax Credit (45W).
- Fast Facts:
- Volvo Truck’s New River Valley (NRV) facility employs approximately 3,600 people, making it the largest manufacturing employer in Southwestern Virginia.
- At 2.3 million square feet, the NRV facility is Volvo Truck’s largest factory in the world.
- Since 2021, the NRV facility has been producing the VNR Electric, among other models, an integral part of the global automaker’s fleet electrification strategy.
Photo: A rendering of LS Greenlink USA’s subsea cable manufacturing facility in Chesapeake, Virginia. The $680 million plant will service the offshore wind industry. Courtesy of LS Greenlink USA.
LS Greenlink Manufacturing Facility
- Status: In Development
- Location: Chesapeake, VA
- Congressional District: Virginia 3rd
- Technology: Submarine Cable (For Offshore Wind)
- Relevant Tax Provision: Advanced Energy Project Credit (48C)
- Fast Facts:
- A subsidiary of LS Cable & Systems will invest over $680 million to build the facility, which will produce high-voltage direct current submarine cable for offshore wind projects.
- The project represents the largest capital investment in the history of Chesapeake City.
- The 750,000-square-foot facility will create over 330 jobs, with an average annual salary of $76,000.
Coastal Virginia Offshore Wind (CVOW)
- Status: In Construction
- Location: 27 miles off Virginia Beach, VA
- Congressional District: Virginia 2nd
- Technology: Offshore Wind
- Relevant Tax Provision: Production Tax Credit (PTC)
- Fast Facts:
- When fully operational in 2026, CVOW will produce 2,600 megawatts of electricity, enough to power as many as 660,00 Virginia homes.
- During construction, CVOW has created 900 direct and indirect jobs each year, the majority of which are located in Hampton Roads.
- Once complete, it will support approximately 1,100 direct and indirect jobs annually.
If key advanced energy tax policies are repealed, new analysis indicates that the cost of energy for business, industry, and working families in Virginia will increase over 7% by 2026.
118,100
Advanced Energy Jobs in Virginia