A. The Authority, on behalf of the Commonwealth, may apply to the U.S. Department of Energy for federal loan guarantees authorized or made available pursuant to Title XVII of the federal Energy Policy Act of 2005, P.L. 109-58; the federal American Recovery and Reinvestment Act of 2009, P.L. 111-5; or other similar federal legislation to facilitate the development of offshore wind energy projects.
B. Upon obtaining a federal loan guarantee for an offshore wind energy project pursuant to subsection A, the Authority, subject to any restrictions imposed by federal law, may allocate or assign all or any portion thereof to a qualified third party on terms and conditions the Authority finds appropriate. Any action of the Authority relating to the allocation and assignment of such loan guarantee shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.) pursuant to subdivision B 4 of § 2.2-4002. Any decision of the Authority pursuant to this section shall be final and not subject to review or appeal.