Connecticut Green Bank Awards Solar Hot Water Equipment to CTECS and Cosgrove Animal Shelter in Branford

Education and community-focused organizations respond to equipment donation request for proposals (RFP); systems are still available for other organizations through the RFP

Hartford, CT (June 20, 2021) – The Connecticut Green Bank is pleased to announce that the Connecticut Technical Education and Career System (CTECS) in Hartford and the Dan Cosgrove Animal Shelter in Branford are the first two recipients for the award of donated domestic solar hot water equipment. These organizations were selected through a Request for Proposals (RFP) and will be responsible for providing all expenses associated with the installation and commissioning of the systems. The Green Bank has released an updated RFP seeking applications from other organizations that could benefit from the remaining solar hot water systems available for donation.

CTECS is the largest high school system in Connecticut, serving more than 11,000 full time students in 17 diploma-granting technical schools, one technical education center and two aviation maintenance programs. The systems donated to CTECS will be installed by students and staff at eight of their schools:  H.C. Wilcox Technical High School in Meriden; Eli Whitney Technical High in Hamden; H.H. Ellis Technical High School in Danielson; Platt Technical High School in Milford; Ella T. Grasso Technical High in Groton; J. M. Wright in Stamford; E.C. Goodwin in New Britain; and Emmett O’Brien in Ansonia.

The solar hot water systems will be used as part of CTECS E-House program, which serve as energy efficiency learning laboratories featuring high-efficiency and clean, renewable energy technologies and examples of past and present construction practices. The first E-House was opened in New Britain in 2011, with six more built since. They plan to construct an E-House at each of their locations.

“The Town of Branford is grateful for the solar thermal donation. Technology like this helps the Town keep operational costs low and simultaneously benefits our environment. We are pleased to reaffirm our commitment to being a sustainable community,” said James B. Cosgrove, First Selectman, Town of Branford.

The Dan Cosgrove Animal Shelter is a municipal animal shelter and animal control department serving Branford and North Branford. While they are dedicated to the two towns they serve, their adoption and education programs and their community engagement are known statewide. They emphasize and organize programming for children of all ages and adults with special needs to encourage bonding with animals. The two 120-gallon solar hot water systems donated to the Shelter are valued at approximately $11,500.

“In partnership with the local energy committee, a local architectural firm and the Office of Sustainability, the Shelter’s goal is to become one of the first net zero animal shelters in the country. By producing our own domestic hot water through solar thermal energy this will greatly help us achieve our net zero objectives,” said Laura Burban, Director of the Shelter. “We believe in helping to protect our environment and make our building healthy, comfortable and safe for all who work, visit and temporarily live here.”

Organizations that could benefit from the donation of the remaining solar hot water systems may apply to the RFP. Preference in award will be provided to proposals that demonstrate the following: benefits to persons of low and/or moderate income; capacity to achieve successful installation, maintenance, and monitoring of the equipment; and educational benefits of the installation and monitoring system output. To access the RFP, please visit https://www.ctgreenbank.com/about-us/open-rfps/.

Connecticut Green Bank Celebrates Tenth Anniversary

Successfully proving the impact of the Green Bank model for a decade, recent scope expansion led by Governor Lamont approved through bipartisan legislative action 

Gov. Lamont signs the bill for Public Act 21-115: An Act Concerning Climate Change Adaptation at Jacob’s Beach in Guilford.

Hartford, CT (July 7, 2021) – The Connecticut Green Bank is marking ten years of its model successfully enabling progress towards its goal of confronting climate change by mobilizing private investment into the state’s green economy. The Green Bank’s model demonstrates how the smart investment of public funds can mobilize more private investment in the state’s economy. Over the last decade, the Green Bank and its partners have deployed nearly $2.3 billion in capital for clean energy projects across the state. Projects recorded through FY 2020 show that for every $1 of public funds committed by the Green Bank that nearly an additional $8 in private investment occurred in the economy. As a result, Green Bank supported projects have created thousands of jobs in our communities, reduced the energy burden on thousands of families and businesses, avoided millions of tons of greenhouse gas emissions, and facilitated rapid growth in the deployment of clean energy.

Established on July 1, 2011, by Governor Dannel Malloy and the General Assembly, the Connecticut Green Bank was the first of its kind in the United States. While the landscape of the green economy has changed significantly, Connecticut continues to serve as the model for other green banks, as well as proposals on the national level.

After the signing, Bryan Garcia, Gov. Lamont, and Green Bank Chair Lonnie Reed paused to recognize the moment.

“As we mark our 10th anniversary, we are motivated by the leadership and commitment from Governor Lamont and the continued support of the Legislature, demonstrated by the recent expansion of our mission,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is an endorsement of the green bank model, which has successfully invested public resources to mobilize multiples of private capital investment into our green economy over the last decade. Since a similar need exists regarding private investment into modernizing Connecticut’s environmental infrastructure, we look forward to taking on this new role.”

Some recent Connecticut Green Bank program highlights include:

  • More support for commercial businesses and nonprofits. Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed $217 million in clean energy investment. This supported more than 345 closed projects and will provide an estimated lifetime energy cost savings of over $300 million.
  • Growing the green bond market for retail investors. In 2019, the Green Bank issued its first rated debt issuance and the first ever solar asset-backed security (ABS) transaction by a green bank. This $38.6 million issuance received two honors at Environmental Finance’s 2020 Bond Awards (winner for Innovation – Green Bond Structure, and winner Asset-Backed or Asset-Based Bond). In 2020, the first issuance of $17 million in Green Liberty Bonds, lower-dollar denomination climate-certified bonds available for retail and institutional buyers, sold out in two days. This issuance earned The Bond Buyer’s Deal of the Year award in the Innovative Financing category. In 2021, a second issuance of $25 million in Bonds also sold out, drawing more than four times as much demand as could be fulfilled from retail investors in Connecticut and across the U.S., as well as institutional investors interested in sustainability investments.
  • Reaching solar parity. In 2012, the Green Bank launched the Residential Solar Investment Program (RSIP) to make rooftop solar installations more affordable by providing Connecticut homeowners with rebates and performance-based incentives (PBI) designed to lower initial out-of-pocket costs, and easy access to affordable capital to finance such installations. In 2015, an observed income disparity in solar adoption was addressed through the creation of special incentives and financing for low- and moderate-income households, which accelerated solar adoption in these communities. Today, Connecticut is known as a “solar with justice” state as solar adoption is at parity for low- and moderate-income (LMI) residents versus non-LMI households and beyond parity for communities of color (i.e., Black and Hispanic families). Overall, RSIP has helped more than 45,700 households to date add solar as the achievement of the statutory target of 350 MW is approached.
  • Helping homeowners reduce energy costs. Through the Smart-E loan and our partnership with local lenders including credit unions and community banks, more than 5,400 households have been able to make energy saving upgrades to their homes, a total investment of nearly $100 million.
  • New office. In late spring 2021, the Green Bank relocated its headquarters from Rocky Hill into the Atlantic Screw Works building in Hartford. Built in 1903, the site is now home to the CT Nonprofit Center as well as the Capewell Lofts Apartments. This new space allows the Green Bank to operate in a building that represents the values of its mission while providing an opportunity to work with the City of Hartford.
  • Enhanced mission. In June 2021, with bipartisan support, Governor Lamont’s House Bill 6441, was passed and will extend the green bank model beyond clean energy to include environmental infrastructure. This increased scope will encompass structures, facilities, systems, services, and improvement projects related to water, waste and recycling, climate adaptation and resiliency, agriculture, land conservation, parks and recreation, and environmental markets such as carbon offsets and ecosystem services. A statutory requirement, the Green Bank will be developing a Comprehensive Plan over the next year to identify how its scope expansion can be supported through the issuance of bonds and accessing federal resources for environmental infrastructure. Watch the signing of this bill during a July 6, 2021, event at Jacob’s Beach in Guilford. 

For more information on Connecticut Green Bank’s programs visit website at www.ctgreenbank.com.

Running Brook Farms Adds Solar System to Power Their Business

Using a Rural Energy for America Program grant and C-PACE financing through the Connecticut Green Bank, the Killingworth business will save on their electricity costs

Hartford, CT (June 21, 2021) – The Connecticut Green Bank and Running Brook Farms in Killingworth are proud to announce the closing of Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a rooftop solar photovoltaic system at the property at 219 Route 80. The garden center and landscaping business has been in Killingworth for more than 50 years. In addition to a nursery and greenhouses, Running Brook Farms offers a complete range of landscaping services from design to construction. In 2019, Running Brook Farms became one of the first farms in Connecticut to grow hemp for the production of medicinal CBD oil.

“We have chosen to invest in solar technology simply because it is the right thing to do both for our business and the environment. We feel that is our responsibility to adopt more sustainable agricultural practices. In particular given the intense energy demands associated with indoor cannabis production, solar technology should be part of every growers’ sustainability plan!” said Scott Papoosha, owner of Running Brook Farms.

Running Brook Farms in Killingworth

The 47.52 kW solar system will be installed by Waldo Renewable Electric of Old Lyme, a solar contractor using the C-PACE program for the first time. The system is projected to produce energy savings equal to carbon sequestered by 450 tree seedlings grown for 10 years and gross total cost savings of more than $570,000 over the 25-year effective useful life of the panels.

Running Brook Farms was able to secure a Rural Energy for America Program (REAP) grant that covered 25% of the total project cost, with C-PACE financing covering the remainder. The Connecticut Resource Conservation & Development’s CT Farm Energy Program (CFEP) helped Running Brook Farms with one-on-one assistance in applying for the REAP grant. Since 2010 CFEP has assisted with the implementation of over $24 million dollars in energy projects in the state which equates to just under $5 million in REAP grants secured.

“Making farms resilient is more important than ever. Farms are not only stewards of the land but also providers of our food,” said Amanda Fargo-Johnson, CT Farm Energy Program (CFEP) Director. “Assistance from CFEP can help a farm create a sustainable plan for their energy needs, whether through energy efficiency upgrades or generating their own renewable energy. For some farms it’s one project for other farms it may mean multiple projects in phases to help them attain energy resilience.”

This project is also credited as the one that recently propelled Connecticut’s C-PACE program Commercial Property Assessed Clean Energy (C-PACE) program over the $200 million in clean energy investment milestone.

“I’m excited that Running Brook Farms is able to move forward with this solar project, and that they helped the program reach this milestone. Connecticut’s C-PACE program is the most successful in per capita deployment when compared to other state programs,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “It takes a strong network of contractors, lenders, and building owners working together towards the goal of reducing building level emissions to make this happen.”

For more information on Running Brook Farms please visit https://runningbrookfarms.com/, or for information on their CBD products, visit https://runningbrookhempco.com/. Information on C-PACE can be found at www.cpace.com.

Connecticut Green Bank’s July Webinars Focus on Energy Affordability & Environmental Justice

“Promoting the Renewable Energy of Community” webinar series continues

Hartford, CT (June 16, 2021) – The Connecticut Green Bank proudly announces the July webinars in their “Promoting the Renewable Energy of Community” webinar series.

On Thursday, July 8, at 12 pm, the session will be “Energy Affordability: Obstacles & Solutions.” Energy affordability is a pressing issue, consistently affecting household budgets in Connecticut and the region. Join experts in breaking down programs and resources addressing high residential energy costs, obstacles that customers face in accessing solutions, and efforts to improve outcomes in Connecticut, including through empowerment initiatives in disadvantaged communities. Hosted by Green Bank staff, this session will feature Alycia D. Jenkins, Sierra Club Connecticut’s “Ready for 100” campaign organizer, and Stefanie Keohane, who oversees the Clean and Affordable Energy Unit at the Connecticut Public Utilities Regulatory Authority (PURA). To register visit https://attendee.gotowebinar.com/register/4555952189616692492

On Thursday, July 22, at 12 pm, join the Green Bank and special guests for a webinar titled “History of Environmental Justice in America and the Frontlines of Climate Justice Today in Connecticut.” Keynote remarks will be presented by Deeohn Ferris, President of the Institute for Sustainable Communities, on the history of Executive Order 12898 “Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations” signed by President Clinton on February 11, 1994. What led our country to that moment? What happened as a result of that executive order? What are the lessons for environmental justice today? Then, Lonnie Reed, Chair of the Green Bank, will moderate a panel, including Representative Geraldo Reyes (75th District – Waterbury), and Brenda Watson (Executive Director of Operation Fuel), to discuss the climate justice issues in Connecticut today. To register, please visit https://attendee.gotowebinar.com/register/2287355136793977356

Information about the webinar series, including recordings of previous sessions, can be found at https://www.ctgreenbank.com/2021webinarseries/.

Governor Lamont Appoints Adrienne Farrar Houël to Connecticut Green Bank Board of Directors

Farrar Houël brings extensive background in economic and workforce development, environmental justice, innovative green contracting, and local leadership to the Board

Hartford, CT (June 14, 2021) – The Connecticut Green Bank proudly announces Governor Lamont’s appointment of Adrienne Farrar Houël to its Board of Directors. Ms. Farrar Houël is the Founder, President and CEO of the Greater Bridgeport Community Enterprises, Inc. (GBCE). GBCE is a nonprofit community development corporation that creates economic opportunity by developing “triple bottom line” businesses, featuring: environmental sustainability; social good by training and hiring disadvantaged, low-income unemployed residents enabling them to become economically self-sufficient; and economic and community development for distressed urban neighborhoods.

“We are very grateful to Gov. Lamont for appointing Adrienne to our Board,” said Green Bank Board Chairwoman Lonnie Reed. “Adrienne’s unique experience and her innovative efforts to pursue environmental justice, confront climate change, and enhance workforce development bring tremendous real world knowledge to our Board as we strive for a greater positive impact in vulnerable communities.”

Through her leadership with GBCE, which creates jobs for disadvantaged residents and advocates for more green jobs in the Bridgeport area and throughout the State, Ms. Farrar Houël has designed, funded and operated workforce development training programs and created three nonprofit, sustainability enterprises under its umbrella. In June 2012, GBCE opened Park City Green, a mattress deconstruction/materials recycling division. Park City Green employs 18 persons largely from Bridgeport’s Re-Entry community in its growing enterprise, recycling more than 325,000 units since the implementation of the state’s mattress recycling law in mid-2015.

“I’m excited to join the Green Bank’s Board and thank the Governor for this invitation,” said Ms. Farrar Houël. “I look forward to guiding the organization as it fulfills its mission of creating a healthier, more prosperous future for Connecticut residents, especially for those most in need.”

Ms. Farrar Houël has been active in preservation since 2003 to 2018 as a trustee and officer of the CT Trust for Historic Preservation. Also, in the interest of preserving and developing an important African-American historic site in Bridgeport, she joined the founding board of the Mary and Eliza Freeman Foundation for History and Community and still serves to this day. In 2012, GBCE’s Green Team conducted deconstruction classes in the initial phases of preserving the houses’ structures for future re-development.

“It has been an honor working with Adrienne through the Equity and Environmental Justice and Financing and Funding Climate Adaptation and Resilience Working Groups of Governor Lamont’s Council on Climate Change,” said Bryan Garcia, President and CEO of the Green Bank. “She brings incredible experience and passion for workforce development and environmental justice, including her work with the Mary and Eliza Freeman Center, which will all advance the mission of the Green Bank as we focus our efforts into vulnerable communities.”

For the State of Connecticut, Ms. Farrar Houël was Co-Chair of the 2013 Governor’s Task Force on Modernizing Recycling in Connecticut and served on the Green Jobs Committee, a joint committee of CT’s Department of Labor and Department of Energy and Environmental Protection. More recently in 2016-2019, she served on the state’s Energy Efficiency Board named by Commissioner Dykes of the Department of Energy and Environmental Protection and chaired the Residential Sub-Committee of the Board. In 2020, she began service on the Governor’s Climate Change Committee contributing to the policy recommendations for Financing and Funding Climate Adaptation and Resilience through the lens of Environmental Justice.

Ms. Farrar Houël earned her MBA at Harvard Business School and resides in Bridgeport, Connecticut with her husband, Christian.

For more information on GBCE, please visit https://greenteambpt.com/

Statement on the Passage of House Bill 6441

As we approach our 10th anniversary on July 1, 2021, the Connecticut Green Bank is incredibly excited that Governor Lamont’s House Bill 6441, with bipartisan support, will advance the green bank model that we have pioneered to extend beyond clean energy to now include environmental infrastructure. This increased scope will encompass structures, facilities, systems, services, and improvement projects related to water, waste and recycling, climate adaptation and resiliency, agriculture, land conservation, parks and recreation, and environmental markets such as carbon offsets and ecosystem services.

We extend our gratitude to state policymakers for expanding the Green Bank’s mission to confront climate change beyond the clean energy sector. We want to thank many key parties for their leadership and support of this scope expansion:

  • The Governor’s Office and the Governor’s Council on Climate Change (GC3), for their extensive work and community building on this important topic.
  • The Department of Energy and Environmental Protection, especially Commissioner Katie Dykes and Dr. Rebecca French, Director, Office of Climate Planning, who have been leading a stakeholder and public engagement process to support Connecticut’s efforts to confront climate change.
  • The Office of Policy and Management (OPM), specifically Secretary Melissa McCaw and Claire Coleman, Undersecretary for Legal Affairs, who brought the GC3 proposal into a Governor’s bill on climate change.
  • Senator Christine Cohen and Representative Joseph Gresko for their leadership on the Environment Committee.
  • Leaders of the Banking Committee, who championed a similar proposal in 2019, and the Energy and Technology Committee, who have been steadfast partners in their support for the Green Bank’s mission over the last decade.
  • Many mission-aligned groups in Connecticut, including the Audubon Connecticut, The Nature Conservancy, CT Land Conservation Council, Save the Sound, CT Forest and Park Association, CT Conservation Districts, CT Conference of Municipalities, and the CT Council of Small Towns, who were partners in advocating passage of this legislation.

In addition to the scope expansion, this passage creates an Environmental Infrastructure Fund within the Green Bank; increases bonding terms for clean energy and environmental infrastructure projects; and increases, from 80% to 100%, the amount of financing Green Bank and other non-equity financing sources can provide to projects.

Upon Governor Lamont’s final approval of this legislation, we look forward to building upon our last 10 years of success by implementing this policy and by meeting its promise in helping Connecticut mitigate and adapt to climate change.

Connecticut’s C-PACE Program Surpasses $200 Million in Clean Energy Investment for Commercial & Nonprofit Properties

Rocky Hill, CT (May 11, 2021) – The Connecticut Green Bank has announced that the state’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed $200 million in clean energy investment in local businesses. C-PACE is an innovative program that helps commercial, industrial and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.

According to PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, Connecticut’s C-PACE program is the most successful in per capita deployment when compared to other state programs.  

“Connecticut’s C-PACE program has achieved yet another significant milestone, having now deployed more than $200 million into commercial and industrial clean energy projects,” said Colin Bishopp, PACENation’s Executive Director. “The state continues to lead at a time when local business owners need access to capital to make their buildings more efficient and their businesses more competitive. These are the types of investments that strengthen our economy.”

This $200 million supported nearly 340 closed projects, which will provide an estimated lifetime energy cost savings of $300 million, and reducing energy usage by over 5 million MMBTUs through efficiency upgrades and renewables, which resulted in over 42 megawatts of installed solar PV capacity. The implementation of these projects also created more than 2,000 direct and indirect job years. The lifetime energy savings of these projects is equal to the home energy use of 88,000 homes, or the avoidance of the use of 86 million gallons of gasoline for automobiles.

“The continued growth of C-PACE, particularly during the unique challenges created by the global COVID-19 pandemic, is a testament to many stakeholders working together to help property owners take advantage of a financing tool that helps them become more energy efficient and save money. With many businesses struggling, finding new ways of reducing expenses and becoming more sustainable was a top priority,” said Bryan Garcia, President and CEO of the Green Bank. “We know that businesses and nonprofits that lower their energy burden are better equipped to face ongoing challenges and help us transition into a greener, more prosperous future.”

For more information on C-PACE, please visit www.cpace.com.

New Berkeley Lab Study Analyzes Success of Connecticut Green Bank Program

New study finds green bank program successfully reaches underserved communities

Finds delinquency and annualized losses of green bank financing program are next to zero

 

WASHINGTON (May 6, 2021) — The Electricity Markets & Policy Group at Berkeley Lab with support from the Department of Energy’s Solar Energy Technologies Office this week released a study on the Connecticut Green Bank and its solar leasing program in partnership with PosiGen.

“We show that this program has successfully reached underserved customers and has reasonable repayment rates given the credit characteristics of the participants,” said the research group at Berkeley Lab. “The Green Bank/PosiGen program reaches many more underserved customers than other PV financing programs in Connecticut.”

The Connecticut Green Bank was established in 2011 and has since deployed over $2.2 billion in capital for clean energy projects across the state. Projects recorded through 2020 show that for every $1 of public funds committed by the Green Bank that an additional $7.50 in private investment occurred in the economy.

This program by the Connecticut Green Bank targets underserved low- and moderate-income households to install solar.  These homeowners would typically be rejected by traditional solar financing.  Since its launch in 2015 the program has seen the installation of 26.4 MW of solar capacity to more than 4000 households.  The Green Bank estimates these individuals saved $500/year on average on their electricity bills from this solar and the included efficiency measures.

Green banks currently exist in more than 14 cities and states across the country and have supported nearly $7 billion in investment in clean energy projects in their states and local communities, and much of this investment has been targeted toward low- and moderate-income households and communities. View a list of projects that have been supported by already existing state and local green banks.

 

 

Barker Specialty, Premium Promotional Product Provider, Goes Solar

Barker Specialty in Cheshire brings solar to 55 Realty Drive property through C-PACE financing

 

Hartford, CT (May 5, 2021) – The Connecticut Green Bank proudly announces that 55 Realty Drive in Cheshire has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a rooftop solar photovoltaic system. The 26,458-square foot office building is owned by sibling partners Amy, Gerald, Adrienne and Steven Barker, and is home to six tenants, including Barker Specialty Advertising Co. Inc.

“Barker Specialty is committed to help build a sustainable future for our community and planet. We mitigate our carbon footprint through environmentally conscious actions, and partner with suppliers who responsibly source products and materials,” said Gerry Barker, President of Barker Specialty. “Adding solar to our property helps us take another step to our goals.”

The 102.4 kW solar system will be installed by Verogy, a solar developer headquartered in Hartford. The system is projected to produce energy savings equal to the energy used by 212 homes in a year and gross total cost savings of more than $730,000 over the 25-year effective useful life of the panels.

“To reach our goal of continuous reduction of our carbon footprint, we have looked inward to what we could control through business operations and culture. This project is a giant leap towards showing how our buildings can also be a part of the solution,” said Jane Leukart, Director of Sustainability at Barker Specialty.

Barker Specialty has been the one-stop source for all promotional and marketing needs for over 70 years. Barker is a service oriented, innovative promotional marketing agency, specializing in promotional products, logoed merchandise, apparel, premium gifts, awards, tradeshow displays and signage.

“We are always excited to see businesses using C-PACE financing to advance their sustainability plans,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “The installation of solar systems is a great way to reduce costs and improve the environmental footprint of a building.”

For more information on C-PACE please visit www.cpace.com.

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Green Liberty Bonds $25 Million Second Issuance Sells Out

Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers

 

Hartford, CT (April 23, 2021) – In celebration of the 51st Earth Day, the Connecticut Green Bank issued its second Green Liberty Bonds to retail and institutional investors, and sold out of nearly $25 million in bonds over two days. This builds upon a successful, award-winning 2020 issuance which sold nearly $17 million of bonds last July. With nearly $100 million in orders, demand this year was again greater than the supply of bonds could satisfy, showing the high-level of interest in supporting investment to confront climate change in Connecticut.

Retail investors were given priority during a one-day retail order period on Wednesday, April 21. Total retail orders received during this order period surpassed $20 million. With first priority given to Connecticut citizen investors, their orders for nearly $12 million of bonds were filled before approximately $9 million from national orders.  Institutional orders topped $77 million.

“The demand for the Earth Day 2021 issuance of the Green Liberty Bonds was so strong, that we had nearly four times as much demand as we had available. We saw incredible demand from retail investors in Connecticut and across the country, and enthusiastic institutional investors seeking to invest in confronting climate change in Connecticut,” said Bryan Garcia, President and CEO of the Green Bank.

Individuals accounted for 57% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.

Institutional investors were able to place orders on April 22, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors attracted by the issuance’s strong climate bonds certification standards. The overall interest cost dropped to 2.42% from the 2.61% achieved for the inaugural bonds issued last July, notwithstanding a significant rise in longer term interest rates.

“In two years, the Green Bank has issued more than $80 million in verified climate bonds to support residential solar PV and energy efficiency in Connecticut. The overwhelming response by investors to our latest bond offering as well as the pricing achieved signifies broad acceptance of the Connecticut Green Bank as an issuer,” noted Bert Hunter, the Green Bank’s Chief Investment Officer.

The use of proceeds from this issuance supports incentives for nearly 7,000 households and 60 megawatts of residential solar photovoltaic systems, totaling nearly $220 million of investment in projects in 165 cities and towns across the state, which created over 2,100 jobs.

The Green Liberty Bonds were created in honor of the 50th anniversary of Earth Day – a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.

To offer the Green Liberty Bonds, the Green Bank worked with Stifel, Nicolaus & Company, Inc. as lead underwriter, Ramirez & Co., Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds, state supported using a special capital reserve fund, received an A rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers. Support from the staffs of the Office of the State Treasurer and of the Office of Policy and Management was also instrumental.

“The Green Liberty Bonds were a huge success with the investor community. Investors liked the credit and were also attracted by the opportunity to invest in Certified Climate Bonds,” said Eric McKean, Managing Director of Stifel.

Encouraged by these first two issuances, the Green Bank anticipates offering Green Liberty Bonds annually around Earth Day. To stay informed about future issuances, please sign up for notifications at www.greenlibertybonds.com.

 

 

Disclaimer

This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.

 

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