Vita Nuova was proud to attend and participate in the recent Interagency Working Group on Coal and Power Plant Communities and Economic Revitalization (Energy Communities IWG) Stakeholder Retreat in Washington, DC, held July 23-24.
VN Founder & President Michael Taylor participated in a panel on effective strategies for attracting private investment in energy communities. Other panelists included Donna Gambrell, President and CEO of Appalachian Community Capital, Thomas Minney, Executive Director of The Nature Conservancy (West Virginia). The panel was moderated by Jigar Shah, Director of the Loan Programs Office at the U.S. Department of Energy. Key themes throughout the discussion included collaboration, strategic planning, and strong community engagement.
Strategies for Planning Reuse, Attracting Investment
Taylor highlighted the current level of interest in U.S.-based projects and emphasized the various funding opportunities available at the federal level, many of which earmark funding for energy communities, such as the 48C program, which focuses on accelerating domestic clean energy manufacturing and reducing greenhouse gas emissions at industrial facilities. These favorable market conditions and incentives provide an unprecedented opportunity for investing in and revitalizing energy communities nationwide.
Outlining a strategic approach for planning reuse and attracting investment, Taylor stressed the importance of conducting reuse assessments to evaluate markets, identify assets, and uncover potential flaws. He urged communities and asset owners to provide investors with the necessary information to help them make informed decisions. He shared two resources that VN helped develop for EPA’s brownfields program, which can be used to create similar plans for sites in energy communities: Preparing Your Plan for Site Reuse and Creating a Brownfields Investment Package.
In response to questions about corporations seeking sites, Taylor stressed prioritizing long-term benefits over rushing projects. He highlighted the importance of integrating projects into the existing economic infrastructure and engaging local communities and representatives to address potential roadblocks. “Companies must feel welcomed and supported to commit to long-term investments,” and communities must carefully vet potential corporate partners to ensure alignment with community goals and the ability to sustain investments.
Additional Resources & VN Services
For more information about the IWG, please listen to the recent podcast from our partner organization, the Redevelopment Institute. Redevelopment Trailblazers Episode 16 features Brian Anderson, Executive Director of the Energy Communities IWG. You can also sign up for IWG updates here.
Vita Nuova offers various Energy Transition related services to assist clients in repurposing, repositioning, and reimagining properties for renewable energy generation and storage. Please reach out to Michael Taylor to assist with your project needs.
