Green Liberty Bond Named Bond Buyer Deal of the Year Finalist as the Winner in Innovative Financing Category

November 10, 2020 — The Bond Buyer announced yesterday that the Connecticut Green Bank is among the recipients of its annual Deal of the Year awards as the winner in the Innovative Financing category for their 2020 Green Liberty Bond issuance.

For the second straight year, The Bond Buyer has named winners in 10 categories: five awards in our regional areas of coverage, along with five in additional categories. All award winners are also finalists for the national Deal of the Year Award, which will be announced at a virtual event to be held Dec. 16. This is the 19th year that The Bond Buyer has recognized outstanding achievement in municipal finance.

“This year’s lineup reflects the full range of communities and public purposes this market comprises,” said Mike Scarchilli, Editor in Chief of The Bond Buyer. “The deals honored exemplify the creativity and resourcefulness this industry brings to bear on projects that advance the infrastructure and quality of life in the nation’s municipalities. These qualities take on additional importance here in 2020, as issuers across the nation face unprecedented challenges.”

The Bond Buyer’s editorial board considered a range of factors when judging entries, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.

“We are very excited and honored to be recognized by The Bond Buyer in the Innovative Financing category for 2020,” said Lonnie Reed, Chair of the Board of Directors of the Connecticut Green Bank. “Issuing our first Green Liberty Bond during the COVID-19 pandemic presented unique challenges, however, the response from retail investors in Connecticut and across the country was incredibly positive. The desire to invest in Green Liberty Bonds is strong because it is both great for the environment and great for the green energy economy.”

The Connecticut Green Bank’s $16.8 million issuance of “Green Liberty Bonds” is this year’s Innovative Financing winner. Modeled after the Series-E War Bonds of the 1940s, this new sub-category of green bonds is sold in maximum denominations of $1,000, making them accessible to everyday citizens and retail investors.

To see all the finalists, please visit The Bond Buyer’s announcement.

Connecticut’s First Clean Energy Industry Report Released

Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors evaluates Connecticut’s Clean Energy jobs; pre-pandemic workforce saw an increase of 9.1% from 2015

Rocky Hill, CT (Nov. 10, 2020) – According to a recently released 2020 Connecticut Clean Energy Industry Report, more than 44,000 people, an increase of 9.1% from 2015, made up the clean energy workforce in Connecticut in 2019. In total, clean energy jobs accounted for 2.6% of all jobs and a gross state product of $6.5 billion in Connecticut in 2019.

This is the first joint job study produced by the Connecticut Green Bank, Department of Energy and Environmental Protection, Eversource, and United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., operating through the Joint Committee of the Energy Efficiency Board (EEB) and the Connecticut Green Bank Board of Directors.

“A robust clean energy workforce is essential to delivering the benefits of energy efficiency programs to ratepayers. In these uncertain economic times, establishing a baseline estimate of these jobs is critical for maintaining and growing a green employment base in Connecticut,” said Neil W. Beup, Energy Efficiency Board Chair.

Based on analysis from BW Research, employment in this report is broken out into five major technology sectors and clean energy-specific sub-technologies. The major clean energy sectors are: energy efficiency; clean energy generation; alternative transportation; clean grid and storage; and clean fuels.

In addition to jobs data, the report details clean energy employment by value chain segment, clean energy wages and wage premiums, employer hiring difficulties, geographic opportunity zones, and the demographic distribution of clean energy workers compared to state- and nationwide averages.

Some highlights include:

  • Since 2015, full-time equivalent clean energy jobs in Connecticut have grown by 13.9%, indicating that employees are spending more of their time on clean energy work in the state.
  • Energy efficiency workers represent eight out of 10 clean energy jobs. This sector has also seen the greatest growth since 2017, creating 1,257 new jobs— a growth rate of 3.6%.
  • Clean energy generation is the second largest sector. Businesses in this sector employ 4,830 workers and experienced a growth rate of 6.2% from 2017 to 2019. The majority of these workers are in the solar or nuclear sectors.
  • The majority of the surveyed clean energy jobs pay more than their corresponding occupational average, especially for entry-level workers. In total, just over three-quarters (76.9%) of clean energy jobs in Connecticut earn more than the corresponding occupational average across all levels of experience. For entry-level workers in particular, 92% of surveyed occupations are paid a premium.
  • Hiring difficulty in the clean energy industry in Connecticut was lower than the national clean energy industry average. The biggest challenges cited by employers were potential workers lacking experience, training or technical skills, and a small applicant pool for open positions.
  • Connecticut has a higher-than-average concentration of Veterans in the clean energy industry compared to the statewide workforce overall and the national clean energy industry average. Women and Hispanic or Latinx and Black or African American individuals are underrepresented compared to overall averages.

“While it’s good to see hiring challenges faced by clean energy employers are lower than those experienced nation-wide, there is still plenty of opportunity for job growth in the sector in Connecticut,” said Lonnie Reed, Chair of the Connecticut Green Bank’s Board of Directors. “As we continue to strive to bring energy efficiency and renewables to all of society, we will need to create job opportunities across all demographics.”

The report also briefly explores the negative effects of the COVID-19 pandemic in 2020 as the shutdown caused more than 6,500 industry job losses in March, April and May. The energy efficiency sector suffered the most with nearly 85% of these lost jobs in that sector. Overall, the pandemic derailed projected industry growth for the year, which had been estimated to surpass 46,000 clean energy jobs by the end of 2020; the current projection is now 40,668 jobs by year end, less than total number of clean energy jobs at the end of 2016. A separate survey of clean energy contractors painted a stark picture of the impact and recovery, which most responded would take between 6-12 months after “stay at home” orders were lifted.

“While COVID-19 has impacted our progress, it has not weakened our resolve,” said Eric Brown, Chair of the Joint Committee of the Energy Efficiency Board and the CT Green Bank. “Through the Energize CT initiative, we are committed to building a vibrant, resilient, and growing clean energy industry for Connecticut that can withstand future pandemics, budget pressures or other unforeseen challenges.”

In collaboration with the Connecticut Department of Labor and their Office of Workforce Competitiveness, a set of career profiles in clean energy were created that identify the requisite level of education, salary range, health care and retirement benefits, and more for ten specific clean energy technology jobs.  To see these profiles, please visit CT DOL’s Connecticut Green Occupations website.

To access the full report, please click here. A webinar presenting the report’s findings was held on Wednesday, Nov. 18; a recording of that webinar can be found here and the slides can be accessed here

About Energize CT and the Joint Committee:

Energize CT is an initiative of the Energy Efficiency Fund, the Connecticut Green Bank, the Connecticut Department of Energy and Environmental Protection (DEEP), United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., and Eversource, with funding from a charge on customer energy bills. Learn more at

Joint Committee

Pursuant to Section 16-245m(d)(2) of the Connecticut General Statutes, the Joint Committee shall examine opportunities to coordinate programs and activities contained in the plan developed under Section 16-245n(c) (i.e., Comprehensive Plan of the Green Bank) with the programs and activities contained in the plan developed under Section 16-245m(d)(1) (i.e., Conservation and Load Management Plan), and to provide financing to increase the benefits of programs funded by the plan developed under Section 16-245m(d)(1) so as to reduce the long-term cost, environmental impacts, and security risks of energy in the state.

To support the Joint Committee, the following is a principal statement to guide its activities: The Energy Efficiency Board and the Connecticut Green Bank have a shared goal to implement state energy policy throughout all sectors and populations of Connecticut with continuous innovation towards greater leveraging of ratepayer funds and a uniformly positive customer experience.

Industrial Space at 75 Crystal Avenue Adds Solar Power

Energy savings, environmental commitment motivate property owner to use C-PACE financing

New London, Conn. (Sept. 29, 2020) – Thames River Properties LLC is pleased to announced the installation of a solar photovoltaic (PV) system on the roof of their 75 Crystal Avenue, New London, property using Commercial Property Assessed Clean Energy (C-PACE) financing through the Connecticut Green Bank. Originally erected in 1965, the 35,000 square foot single story building primarily serves as rental space for industrial and commercial tenants.

“We are very much looking forward to the savings that we expect to make due to this installation,” said John Johnson, principal of Thames River Properties. “Working with Advanced Energy Efficiencies, we created a great clean energy project. Our tenants will benefit almost as much as the owner of the building. Installing roof-top solar energy panels demonstrates to our community and tenants our environmental commitment for clean, efficient energy. The Green Bank has been most helpful in this process, and we thank them for their cooperation.”

The 69.9 kilowatt (kw) system will be installed by JD Solar Solutions of Glastonbury. Over the 25-year estimated useful life of the solar panels, the installation is projected to provide more than $500,000 in electricity cost savings.

This is the second property at which Thames River’s management has used C-PACE financing through the Green Bank to install a solar system. In 2015, a solar system at Quiambaug Cove Professional Center, 107 Wilcox Road, Stonington, which provides office space for wellness, healthcare, and law practitioners, was financed using C-PACE.

C-PACE allows property owners to install energy efficiency upgrades or renewables on their buildings without upfront costs using financing that is repaid through the town’s property tax billing system as a benefit assessment akin to a water or sewer assessment. Through C-PACE, energy savings projections help building owners to feel confident that expected savings should exceed their investment and result in positive cashflow.

“The Green’s Bank C-PACE program has financed 10 projects at diverse properties in New London, including car and motorcycle dealerships, a restaurant, office buildings and now a manufacturing space,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “It’s great to see building owners realizing the savings potential in renewable energy and energy efficiency upgrades, and moving forward with these projects that immediately have a positive impact on the bottom line.”

Other building owners looking to finance energy efficiency upgrades or add solar should visit to learn more.

Heat Pumps Provide Comfort and Improve Air Quality All Year

Low-rate financing combined with increased incentives makes heat pump installation more attractive

Rocky Hill, CT (Sept. 22, 2020) – Did you know that heat pumps are a great way to keep your home cool and enhance your home’s air quality? According to the Northeast Energy Efficiency Partnerships (NEEP) “Air Source Heat Pump Buying Guide,” heat pumps are the best choice when trying to your reduce carbon footprint as well as filtering or dehumidifying air in your home.

Now, with summer’s heat fading and Connecticut residents looking to keep their home’s warm and improve home air quality and filtration, homeowners can address these concerns by taking advantage of heat pump technology and low-rate financing through the Energize CT Smart-E loan. Offered through the Connecticut Green Bank, select local banks and credit unions, and a network of contractors, this special limited-time Smart-E loan offer provides 2.99% financing for 5-, 7- and 10-year terms on new heat pump installations. Standard rate Smart-E Loans (4.49% – 6.99%) can be used to finance energy improvements including solar, windows, heating and cooling and other energy efficiency measures.

“When we design a special Smart-E offer, we have a number of goals in mind,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We want to support state policies to reach environmental targets, and we want consumers to save energy and money. We also want to give our clean energy contractors resources as the green energy economy begins to recover from the impact of the COVID-19 pandemic.”

This special offer was designed to support Connecticut’s climate change plan which aims to reduce greenhouse gas emissions by 45 percent by 2030, and encourage adoption of energy-efficiency technologies such as air source heat pumps, ground source heat pumps, and heat pump water heaters to decarbonize buildings.

“People often forget that heat pumps can perform like an air conditioning unit in the warmer months,” said Ryan F. Murphy of Ryan F. Murphy Heating and Cooling LLC in New Milford, one of the Green Bank’s “top performer” Smart-E contractors in recent years. “Heat pumps are typically twice as efficient as window units, and more efficient than conventional central AC also. In colder months, operating costs of heat pumps generally beat homes heated with oil or electric baseboard.”

“Technological advancements in recent years have greatly improved this type of heating and cooling, and we’re currently seeing thousands of cold-climate heat pumps being installed at high rates of customer satisfaction,” said Derek Koundakjian, NEEP Buildings and Technologies Associate. “On top of being highly efficient machines with a lighter carbon footprint, heat pumps effectively filter and dehumidify air, improving air quality and comfort of your home year-round.”

Smart-E borrowers must have an Energize CT Home Energy Solutions (HES) program energy assessment of their home completed to qualify for the loan. Currently, all HES assessments are available to eligible customers at no-cost. The program is also offering up to 100% off approved insulation projects recommended during the assessment.

Learn more about this special offer at

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit

About NEEP

NEEP was founded in 1996 as a non-profit whose mission is to serve the Northeast and Mid-Atlantic to accelerate regional collaboration to promote advanced energy efficiency and related solutions in home, buildings, industry, and communities. Our vision is that the region’s homes, buildings, and communities are transformed into efficient, affordable, low-carbon resilient places to live, work, and play. For more information about NEEP, please visit


Free EV Charging Stations for Commercial Properties Financing Efficiency Projects through C-PACE

Charge Up CT Buildings campaign pairs growing EV demand with need for property efficiency

 Rocky Hill, Conn. (September 15, 2020) – The Connecticut Green Bank is pleased to announce the relaunch of its Charge Up CT Buildings program, an initiative originally launched in January that offers free electric vehicle (EV) charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing . The initiative was put on hold in March due to COVID-19 restrictions.

C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that provides building owners with access to 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. C-PACE can also support building owners in reducing operating expenses and increasing cash flow, providing a vital lifeline to help businesses get through tough economic times. Plus, the Green Bank is currently offering flexible payment options for new borrowers that let them choose to defer or pay interest-only on initial payments, offering borrowers ways to improve their building and save energy while freeing up cash and receiving immediate financial relief.

“The Green Bank is enabling building owners to take control of their energy costs and save money by using C-PACE, which could provide many borrowers the breathing room they need while the economy recovers and things get back to ‘normal,’” said Mackey Dykes, Vice President, Financing Programs at Connecticut Green Bank. “But with C-PACE and Charge Up CT Buildings, we’re also helping borrowers to position their properties and businesses – and our community – for future success, and a better, new ‘normal.’ Borrowers will not only make their buildings more modern and attractive, but their customers, tenants, and employees will be able to charge up and enjoy the benefits of electric vehicles.”

The addition of free EV charging equipment means property owners leveraging C-PACE won’t just be using the clean energy financing mechanism as a tool to improve their financial position in the near term, but also to modernize their buildings and position them more competitively in the future. Whether building tenants are commercial or residential, as the EV market continues to grow, properties with charging stations can lead the way.

To qualify for a free EV charging station, energy saving projects must utilize at least $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive. 

Property owners will now have until December 18, 2020 to apply for C-PACE financing in order to be eligible for this limited time promotion. Property owners are encouraged to contact the Green Bank early to start the application process.

For more information about the initiative, please visit or call 866-324-0099.

Connecticut Green Bank sells solar projects to Skyview Ventures

Completed projects will provide energy savings to municipal properties, a nonprofit organization and an affordable multifamily housing provider

Rocky Hill, CT (August 18, 2020) – The Connecticut Green Bank is pleased to announce the acquisition by Skyview Ventures, a Connecticut based renewable energy investor, of six solar photovoltaic (PV) projects. The projects, developed by the Green Bank, total 1.2 megawatts of solar capacity, and will produce energy that will benefit municipal properties, a nonprofit organization and an affordable multifamily housing provider. All six projects are backed by Power Purchase Agreements (PPAs), and one is also secured by the Green Bank’s award-winning Commercial Property Assessed Clean Energy program (C-PACE).

“Connecticut Green Bank has a track record in developing solar PPA projects across the state that reduce the energy burden for customers, thereby freeing up budget for the services that they provide,” said Bert Hunter, Chief Investment Officer and Executive Vice President. “When compared with expected utility-sourced energy, these six solar projects are anticipated to provide the customers an estimated $1.3 million in energy cost savings over the next 20 years.”

While the Green Bank Solar PPA provides businesses, nonprofits and public properties the opportunity to go solar with no money down and deliver immediate savings on their electricity costs, over the last two years, the Green Bank has redefined its role in the commercial solar PPA market. The focus is now on the development and construction of solar projects, often with underserved credits or in markets that might get overlooked for on-site solar PPA projects. These projects are then sold to owners, like Skyview, allowing the Green Bank to remain closely involved in these projects as a long-term debt provider.

“In Skyview, we have found a like-minded local partner and look forward to bringing more on-site solar power to customers in the future,” said Hunter.

“Skyview has developed and owns and operates over 50 solar PV projects in the state of Connecticut. The Green Bank’s leadership over the years has allowed the renewable energy industry in Connecticut to mature without the fits and starts of most other markets. We are a Connecticut-based company that enables community institutions to allocate their capital and resources to their core missions while benefiting from locally produced clean electricity. Working with the Green Bank has allowed us to accelerate our impact across the state and make solar power accessible to a broader range of stakeholders.” said Matt Coleman, Partner at Skyview Ventures.

The projects in this transaction were:

  • A 321 kW rooftop system at the Jewish Community Center of Greater New Haven, installed by AEC Solar.
  • A 302 kW ground mount system at Samuel Staples Elementary School in Easton, installed by Encon Inc. of Stratford.
  • A 119 kW rooftop system at Prescott Bush Apartments, an Elm City Communities property in New Haven, installed by PurePoint Energy LLC of Norwalk.
  • Three rooftop systems on Town of Darien buildings, totaling 215 kW, installed by Encon Inc. of Stratford.
  • A 131 kW rooftop system at Barlow Mountain Elementary School in Ridgefield, installed by Davis Hill Development.
  • A 130 kW rooftop system at Scotts Ridge Middle School in Ridgefield, installed by Davis Hill Development.

About Skyview Ventures

Skyview was founded in December 2008 to pursue investment opportunities in renewable energy. Our investments fall along four themes: environmental commodities; solar project finance, development and ownership; electric vehicle infrastructure; and early-stage startups. Skyview Ventures develops renewable energy under its subsidiary Davis Hill Development (DHD). DHD has developed a broad range of renewable energy projects throughout the Eastern US and the Caribbean.  In Connecticut, DHD has developed over 50 solar projects serving over a dozen municipalities and school districts, as well as churches, non-profits, and commercial real estate customers. For more information please visit 


About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, its mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit

Connecticut Green Bank Announces Open Request for Proposals for Green Bank Capital Solutions

Seeking to further catalyze green investment in the state, the open RFP provides access to developers and others with projects that need financial acceleration

Rocky Hill, CT (July 29, 2020) – Through its Open Request for Proposals for Green Bank Capital Solutions, the Connecticut Green Bank plans to further catalyze the green energy economy in Connecticut by providing access by project developers and others to capital. Projects financed through the RFP would either not happen or be realized at a much slower pace or with less impact without the Green Bank’s participation.

“The Open RFP for Green Bank Capital Solutions will support a variety of developers and capital providers – from emerging developers of commercially established technologies to well-established manufacturers of emerging technologies and lenders and investors of all types,” said Bert Hunter, Chief Investment Officer for the Green Bank. “We’ve seen other green banks, specifically the New York Green Bank and Australia’s Clean Energy Finance Corporation, successfully use similar open and ongoing solicitations to bring in project proposals. We believe this approach in Connecticut will also produce much needed investment in our state, jobs and clean energy impact.”

The RFP is open to technologies that have already proven to be commercially viable or have demonstrated clear potential for commercial viability through well-documented feasibility studies or pilot programs with clear evidence of a viable business model and path to sustainable impact.

All proposals must support Connecticut’s goals for clean energy deployment and energy efficiency, reduction of greenhouse gases, improved public health outcomes, job creation and economic development.

True to the green bank model, this open RFP will allow the Green Bank to leverage public dollars to bring in multiples of private investment and potentially other investment partners. It is important to note that the Open RFP is not intended to be a venture capital program nor will it seek to assume risks that do not align with the Green Bank’s mission. At its core, the Green Bank is a special purpose financial institution, with a responsibility to be good stewards of funds committed to it by statute to promote the clean energy and resiliency goals of the state.

Proposers interested in learning more can access the RFP on the Green Bank’s website:

Green Liberty Bond’s $16 Million Inaugural 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

Rocky Hill, CT (July 27, 2020) – Earlier this month, the Connecticut Green Bank successfully sold-out of its inaugural Green Liberty Bond offering of $16,795,000 to retail and institutional investors in Connecticut and across the country. Demand was so strong that the supply of bonds could not meet the interest of those seeking to invest in Connecticut’s green economy.

Green Bank President and CEO Bryan Garcia executes and signs the inaugural Green Liberty Bonds as Brian Farnen, Chief Legal Counsel, looks on.

Retail investors were given priority during a one-day retail order period on Tuesday, July 14. Total retail orders received during this order period surpassed $9.9 million. With first priority given to Connecticut citizen investors, their orders for nearly $5 million of bonds were filled before the national orders. Due to heavy volume of interest seeking the first two maturities, the Green Bank was only able to fill $1 million of the national retail order.

“When we conceived of the idea of the Green Liberty Bond, we wanted to develop a type of green investment that would enable everyday citizens to invest in confronting climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.  “Green bonds now have a new sub-category – a bond sold directly to the people the proceeds of which are independently certified as financing projects with climate and environmental benefits. We invite other issuers to use the Green Liberty Bond structure and help fulfill the demand of our American investors.”

Individuals accounted for 74% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.

“The level of interest from individual retail buyers was spectacular, something we have not seen in recent memory,” said Alfredo Quintero, Senior Managing Director at Ramirez & Co., the lead underwriter on the issuance. “Clearly, there is an untapped segment of investors that is concerned about environmental and social challenges that we face today.  Through this offering, the Green Bank has addressed the desire for action on the part of these individuals.”

Institutional investors were able to place orders on July 15, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors. Almost the entire 2027 maturity was purchased by an institutional ESG investor as a result of direct outreach by the Green Bank.

“We frequently receive requests from foundations and endowments seeking ways to invest in our Green Bank projects. Green Liberty Bonds are an ideal investment to meet this need,” observed Bert Hunter, the Green Bank’s Chief Investment Officer.  

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.

Beyond the direct sales of the Green Liberty Bonds, Green Bank leadership received a number of inquiries from other states and non-profit organizations seeking information about replicating this product to support of other green causes like forest protection.

To launch the Green Liberty Bonds, the Green Bank worked with Ramirez & Co., Inc. as lead underwriter, Stifel, Nicolaus & Company, 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 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.

Additionally, the Green Bank received important assistance from the staffs of the Office of the State Treasurer and of the Office of Policy and Management.

Encouraged by the success of this first issuance, the Green Bank is already planning its next Green Liberty Bond issuance, as well as looking into other ways to allow for more inclusive citizen investment in green projects. To receive notifications about future issuances, please visit

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit


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 the initial Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the initial 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 the initial 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.

Connecticut Green Bank Offering New Flexible Payment Options for Commercial Energy Upgrade Loans

Rocky Hill (July 23, 2020) – The Connecticut Green Bank is offering flexible repayment options to new borrowers who use its Commercial Property Assessed Clean Energy (C-PACE) financing to make energy saving improvements. C-PACE is an innovative program which helps commercial, industrial, and non-profit property owners access affordable, long-term financing for qualifying energy efficiency and renewable energy upgrades. The projects are repaid through a voluntary assessment on the building owner’s property tax bill.

The Green Bank has designed these new repayment options in order to provide relief to property owners impacted by COVID-19. The repayment options will provide borrowers with immediate increased cashflow by significantly reducing operating expenses in the near term and deferring all or a portion of payments until later. Building owners will also enjoy the long-term benefits of energy efficiency or renewable energy projects (like HVAC improvements or solar PV). The

Green Bank also hopes that these options will support its contractor community, which has been significantly impacted by COVID-19, in generating more leads and completing more projects.

New borrowers will have the option of:

  • Deferring their first two payments on a new C-PACE assessment.
  • Making interest only payments for up to three years on a new C-PACE assessment.

With businesses facing unprecedented challenge and tighter margins, this increased cash flow could provide significant relief for businesses, who will also enjoy the long-term benefits of C-PACE (including a more modern, efficient and cost-effective building) once their position has improved.

The Green Bank’s programs support job growth and economic development in Connecticut while also benefiting families, businesses and the State as a whole. The Green Bank believes that by investing in the green economy, we can not only get Connecticut “back to normal,” but we can build cleaner, greener and more resilient communities where businesses and people flourish. Together, we can create a better more prosperous future for Connecticut.

For more information, please visit:

Sweet Sunlight: Solar Energy to Power DiMare Pastry Shop

Using financing from Connecticut Green Bank’s C-PACE program helps Stamford family business save money

Stamford, Conn. (July 20, 2020) – The DiMare Pastry Shop in Stamford is known for bringing sunshine into customers’ daily lives and special moments through their baked goods, cakes and cookies. Now, the family-owned and operated business will power its 12 Largo Drive South location thanks to a solar photovoltaic (PV) system on their roof.

DiMare Pastry celebrated their 44th year in business in May 2020. Photo courtesy of their Facebook page

Started by Ugo and Bice DiMare in 1976, DiMare Pastry expanded to a second Stamford location in 1997. Three generations, including Ugo and Bice’s daughters Maria and Sabrina and granddaughter Brittany, now keep the two shops running.

“We’ve spent over 40 years as a family baking delicious treats for our community and making customers happy,” said Maria DiMare. “Going green with our new solar system takes some of the pressure off our business by giving us lower energy costs. We’re proud to be doing the right thing for the environment too. We want to keep baking, delighting our customers and continuing on as a long-standing partner with the towns we serve.”

“Going solar is sweet! We’re saving money, helping the environment and I think our customers appreciate how we’re leading the way into the future with our new solar system,” said Sabrina.

The 75.8 kW solar PV system was financed through the Connecticut Green Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program, which allows property owners to take advantage of energy upgrades immediately and pay for them over time alongside their property taxes. The solar PV system is estimated to save the business more than $20,000 a year on their electricity costs. The system was installed by 64Solar.

Drone image from 64Solar

“We are proud to see a great family business like DiMare Pastry using C-PACE to go solar,” said Mackey Dykes, Vice President of Financing Programs at the Connecticut Green Bank. “Energy efficiency and renewable energy can provide many opportunities for small businesses, the backbone of our communities, to save money and help the environment. Financing these types of projects with C-PACE gives small business owners more control over their energy costs by both lowering and making them more predictable. With businesses looking more carefully at their operating expenses, additional cash flow from reduced energy costs can mean that they can focus on their core work, their employees and serving their communities.”

“We are thrilled to help DiMare Bakery go green and realize significant savings on their electricity expenses,” said James Patenaude, Director of Sales Management for 64Solar. “Working with the Connecticut Green Bank with C-PACE financing has allowed for a smooth process and will bring solar to DiMare with no initial investment required! Smart building owners are seeing the advantages of using solar energy paired with C-PACE financing to achieve their clean energy goals.”

DiMare, which remained opened throughout the COVID-19 pandemic, has been delivering donations to frontline workers at Stamford Hospital throughout the health crisis.

To learn more about DiMare Pastry, please visit their website at  For information on C-PACE, please visit

About 64Solar

64Solar is a provider of comprehensive solar energy solutions. Our team manages each phase of the project – designing, developing, engineering, financing, and installing, as well as operating and maintaining. 64Solar develops and structures both utility size installations as well as Commercial & Industrial (C&I) Rooftop installations, reducing the dependency on foreign energy and fossil fuels while working towards a healthier environment for our communities. For more about 64Solar, please visit