Financial Partnership Secures Growth of Nation’s Leading Low-Income Residential Solar Provider

NEW ORLEANS, Jan. 23, 2019 – PosiGen, the nation’s leading provider of renewable energy and efficiency solutions for low-to-moderate income households, is pleased to announce a credit facility structured and provided by LibreMax Capital, a New York based asset management firm, in conjunction with the Connecticut Green Bank, the nation’s first green bank, and Inclusive Prosperity Capital, a new not-for-profit clean energy investment fund sparked by the Connecticut Green Bank. The three-year, $90 million credit facility will allow PosiGen to continue to lease solar systems and provide energy efficiency upgrades to low-to-moderate income homeowners in Louisiana, Connecticut, New York and New Jersey. It also enables the company to expand its footprint into additional markets and states.

To date, 13,000 homeowners across the country are already enjoying lower utility bills and the benefits of clean energy thanks to PosiGen solar panels and energy efficiency upgrades. This new credit facility will nearly double that number of homeowner access over the next three years. According to Thomas Neyhart, CEO of PosiGen, “This partnership is really a game-changer for PosiGen as we work to reduce the energy cost burden experienced by low-to-moderate income families across the country. We have enjoyed a successful partnership with the Connecticut Green Bank for many years, and now adding LibreMax Capital as a new financial partner is not only exciting, but it allows us to confidently continue our mission of helping families who need it the most.”

LibreMax Capital believes in PosiGen’s industry-leading, low-cost model and is pleased to help with the company’s expansion.  Luke Doramus, LibreMax Capital Co-Head of Trading said, “PosiGen’s distinct business model serves a large and currently underserved market with strong economics and growth. We are thrilled that with our help PosiGen will be able to help even more deserving families by sustainably lowering utility costs.”

PosiGen and the Connecticut Green Bank have worked together for the past four years to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. Bryan Garcia, President and CEO of the Connecticut Green Bank said, “Just as PosiGen helps homeowners in Connecticut reduce the burden of energy costs through clean energy, we want homeowners in every state to have access to affordable solar and energy efficiency while creating jobs in their communities and reducing greenhouse gas emissions that are causing global climate change. Partnering with LibreMax on this innovative funding facility for PosiGen is another example of how the Green Bank attracts more private capital where it’s needed most.”

Kerry O’Neill, CEO of Inclusive Prosperity Capital adds, “We’re delighted to continue to grow the relationship with PosiGen. Their ability to reach households traditionally unable to access the benefits of solar really makes them a perfect partner for scaling energy savings, economic development and environmental benefits in communities across the country.”

 

About PosiGen:

Headquartered in New Orleans, LA, PosiGen is one of the nation’s leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 13,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey and Florida. PosiGen’s unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.

 

About LibreMax Capital:

Founded in 2010, LibreMax Capital, LLC (together with its affiliates “LibreMax”) is a $5.7 billion asset management firm specializing in structured products. LibreMax currently offers three commingled strategies, closed-end tactical opportunity funds, CLO management and customized solutions. LibreMax has 52 employees, 35 of whom are dedicated to investments, quantitative analysis and risk management.   To learn more about LibreMax Capital, please visit www.libremax.com

 

About the Connecticut Green Bank:

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) 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, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. 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 www.ctgreenbank.com.

 

About Inclusive Prosperity Capital:

Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment fund scaling clean energy financing solutions that channels investment capital to program partners in communities that need it most. As a spin-out and strategic partner of the Connecticut Green Bank, IPC is focused on scaling its work in Connecticut and expanding its successful model into other regions by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. www.inclusiveprosperitycapital.org.

 

 

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Wilton’s First Ground-Mounted Solar Power System Makes Debut

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CSCU partners with GE and Connecticut Green Bank to Unveil Solar Energy Systems at Manchester CC

(October 18, 2018)  Today, CSCU unveiled the first two of their new solar energy systems during a ribbon – cutting event at Manchester Community College attended by Governor Malloy, representatives from GE, CT Green Bank and CSCU President Mark Ojakian. The solar energy initiative was funded entirely with private capital and will cover 8.5% of all CSCU annual electricity usage with an estimated $15M in savings. For context, 1 year of electricity for all participating CSCU campuses is the equivalent of powering 1,202 homes for the same amount of time.

Construction began last fall shortly after CSCU announced the public-private partnership. The solar energy systems at Manchester CC will provide 45% of the college’s total electricity use saving an estimated $220,000 per year. Manchester CC is the first and largest solar energy site in the CSCU system, others include Asnuntuck CC, Central CT State University, Housatonic CC, Middlesex CC, Quinebaug Valley CC, Southern CT State University, Tunxis CC, Western CT State University.

 “This is a great example of a successful public-private partnership that is not only cost effective but makes the CSCU system more sustainable for the future,” said CSCU President Mark Ojakian. The more we can collaborate towards a common goal the more we can focus on our core mission which is to educate Connecticut students.” 

“It was an honor to partner with CSCU and Manchester Community College to make this project a success,” said Erik Schiemann, CEO, GE Solar. “It’s a great example for how solar can provide savings for the State while supporting sustainability goals and helping stabilize the campus’ power supply. We are excited about the opportunity GE Solar has to help institutions like CSCU transition to locally sourced clean energy.”

“The Connecticut Green Bank is excited to join Manchester Community College, Connecticut State College and Universities, and our private capital partners to unveil this green energy system,” states Bryan Garcia, President and CEO of the Connecticut Green Bank.  “This installation will reduce the burden of energy costs on our colleges and universities to ensure that our state’s limited resources are being put to better use educating the future leaders of Connecticut.”

Manchester Community College Student and Student Advisory Committee member, Mehwish Afridi added: “As a full-time student approaching my final semester, knowing that people are hard at work on innovative ways to contain the costs of higher education is important. Projects like this that help the campus reduce its operating budget help students like me to keep our eyes on our educational goals without as much worry about finances.”

 

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Jobs & Solar Savings Coming to Greater Hartford as Solar Company Opens Second Office

City and State Officials and local nonprofits welcomed PosiGen and the nationally-recognized Solar for All initiative to the Capitol Region

Cutting the ribbon are Hartford Mayor Luke Bronin and PosiGen CEO Tom Neyhart. Also pictured, from left to right, are Matt Macunas of the Connecticut Green Bank, DEEP Commissioner and Green Bank Board Member Rob Klee, Kerry O’Neill of Inclusive Prosperity Capital, Karraine Moody of Hartford Area Habitat for Humanity, and Susan Young of PosiGen.

Hartford, CT  –  On Friday, October 5, Hartford Mayor Luke Bronin and Department of Energy and Environmental Protection Commissioner Rob Klee welcomed PosiGen to Hartford at a ribbon cutting for their new office. In addition to new, well-paying jobs for the Capitol Region, PosiGen brings the Solar for All initiative, a nationally recognized program, financed through a public-private partnership between PosiGen and the Connecticut Green Bank, to area homeowners. The program offers a no money down, no credit requirement solar lease with energy efficiency upgrades to lower the energy burden on participating households.

“We are excited about the partnership between the City of Hartford, the Green Bank, and PosiGen,” said Mayor Luke Bronin.  “We’ve made sustainability and climate stewardship a priority and this Solar for All initiative allows our community to do the right thing for our environment, while also doing the right thing for family finances.”

With 1,700 residential solar and energy efficiency projects installed in three short years, PosiGen’s mission-oriented operation has an opportunity to grow through a second Connecticut office. The program’s success combines an affordable solar program, energy efficiency services, and a community partnership program to better reach those who need it most; 60% of customers are low and moderate-income homeowners, proving solar is not just for the rich.

“PosiGen’s success is a testament that it is possible to do it all: deploy clean energy options that help reduce our greenhouse gas emissions, package that with energy efficiency services that improve our housing stock, and ensure these resources are accessible to all Connecticut residents, while creating jobs and shrinking the energy-affordability gap,” said Commissioner Klee.

“Once one of our homeowners signed up and curiosity spread throughout the neighborhood, everyone wanted to know how the program could help lower their utility bills,” explained Karraine Moody, Executive Director for Hartford Area Habitat for Humanity and community partner of the program. Solar for All relies on a community outreach model to reach underserved communities. PosiGen has developed a Community Partnership program to reward non-profits for spreading the word about solar. With 19 Habitat homeowners going solar so far, the partnership has been one of the most successful.       

Appropriately housed in the Hartford American Jobs Center, the location of PosiGen’s second office is an indicator of what this company will bring to the region. Since opening their first Connecticut office in Bridgeport in 2015, they have hired over 50 employees with an additional 50 staff employed through PosiGen’s subcontractors.

“PosiGen has long hired within the communities we serve. We’re excited to make Hartford our second home, creating jobs and helping homeowners cut their energy costs,” said Tom Neyhart, President of PosiGen.

PosiGen and their energy efficiency partner, CMC Energy Services, are both hiring. Information can be found at: www.posigen.com/careers.html and www.cmcenergy.com/careers  

 

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Granite Property Holdings Goes Solar with C-PACE

The 26.5-kW system will save tenant businesses more than $230,000

 

Rocky Hill, CT (July 11, 2018) – The Connecticut Green Bank is pleased to announce that Granite Property Holdings, LLC, has installed a 26.5-kW solar photovoltaic (PV) system on their roof at 55 Middletown Ave., North Haven, using Commercial Property Assessed Clean Energy (C-PACE) financing. The system will help lower the energy burden on the tenant businesses, with projected energy savings over the life of the system expected to surpass $230,000.

The primary tenant is Granite Communications, a communications firm founded in 1996 to implement business and VoIP telephone systems, hosted or cloud based voice platforms and call management solutions, to improve customer service, enhance productivity and lower costs.

The 81 panels were installed by Harvest Power Solar, headquartered in Bay Shore, NY, and the property owners worked with Lori Scala, a solar consultant, to qualify and select the contractor.

“When Scott Ward and I bought the building in 2011, we felt that the flat roof and lack of any nearby trees made going solar a natural fit. However, we soon learned that the process and procedure was daunting with specific requirements from the town building department, the utility and various state departments,” said Gregg Haughton, partner in Granite Property Holdings and CEO of Granite Communications. “Lori Scala and Harvest Power helped us navigate the process to get C-PACE financing from Connecticut Green Bank, and qualify the Zero Emissions Energy Credits that make the project viable. They also satisfied the town building department’s requirements as well as worked with the utility to make sure the system meets electrical codes.”

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

 

 

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Malibu Fitness Installs Solar System with C-PACE Financing

Farmington fitness center anticipates energy savings of over $800,000

Rocky Hill, CT (June 7, 2018) – The Connecticut Green Bank announces that Powerhouse Partners, LLC, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 131 kW solar photovoltaic (PV) system at their business, Malibu Fitness, located at 15 Executive Drive in Farmington. The system will help lower the energy burden on the business, with projected energy savings over the life of the system expected to surpass $800,000.

Malibu Fitness was built in 2006 as a California style fitness center in a 27,000 square foot facility. Owners Paul Carson and Jack Banks have also been the owners of the hugely popular Powerhouse Gym of Berlin, CT, which began in 1981. Both Jack and Paul have designed Malibu Fitness with an open, airy space, superior air-flow, and individual group training rooms for yoga, spinning and Pilates as well as one on one boxing training. They pride themselves on their overall strict standards of cleanliness and attention to air filtration maintenance. Member satisfaction is personally attended to by a dedicated staff.

“At Malibu Fitness, we care about our members’ physical and mental health. That means a clean, comfortable facility and high-quality fitness equipment as well as HVAC equipment, and that requires a lot of electricity,” said Jack Banks. “With solar panels, we can generate clean energy, which helps the environment. It’s another commitment to the health of our community, and it lowers our costs too.”

64 Solar of Scarsdale, NY, installed the system, which is expected to produce 157,432 kWh in its first year.

“Between lighting, equipment, and other electronic needs, fitness centers like Malibu Fitness can face a sizeable energy burden,” said Mackey Dykes, Vice President Commercial and Industrial Programs. “Finding a way to reduce these costs can unlock cash flows, and help them focus on their core business. With C-PACE financing, Malibu Fitness will realize immediate savings and make a positive impact on the environment.”

For more information on Malibu Fitness, please visit www.malibufitness.us. For more information on Connecticut Green Bank or C-PACE financing, please visit cpace.com.

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Cross Island Provisions Closes on C-PACE Financing for Solar PV

Savings from the solar system are projected to surpass $560,000 over 20 years

Rocky Hill, CT (May 22, 2018) – The Connecticut Green Bank announces that Cross Island Provisions Inc., located at 49 Plains Road in Essex, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of an 80.6 kW solar photovoltaic (PV) system on their building. The system will help lower the energy burden on the business, with projected savings over the life of the system expected to surpass $560,000.

The 5,800-sq. ft. facility is used for commercial operations related to the distribution of Boar’s Head delicatessen meats, cheeses and condiments by a group of inter-related companies owned and operated by the Piagentini family.

“Our family business always strives to be the most environmentally friendly company in distribution. With the addition of solar panels to our warehouse we feel we are even closer to reaching this goal,” said Michael Piagentini, owner of Cross Island Provisions. “There are so many positives to this green project, both environmentally and financially. We are excited to share our solar success with other distributors in our industry.”

SolarUS, headquartered in Branford, installed the system, which is projected to reduce CO2e emissions by 61 tons and produce 91,130 kWh of electricity in year one. Commercial Solar Systems of Hamden is the contract holder.

“C-PACE financing is great for businesses like Cross Island Provisions,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “This solar project will reduce their carbon footprint and their energy costs. We hope other distributors will follow their example.”

For more information on C-PACE, please visit cpace.com. For more information on Solar US, please visit solarusmfg.com.

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Connecticut Green Bank Receives 2018 State Leadership in Clean Energy Award for Connecticut “Solar for All” Program

Partnership with PosiGen increased solar penetration by 188% in low-income communities

Rocky Hill, CT (May 16, 2018) — The Connecticut Green Bank was honored as a recipient of a 2018 State Leadership in Clean Energy Award for its Connecticut “Solar for All” program, a partnership with PosiGen Solar and Energy Efficiency. This was one of only six programs nationwide to win a 2018 “SLICE” Award for its outstanding accomplishments. The Clean Energy States Alliance (CESA), a nonprofit coalition of public agencies working together to advance clean energy, established these biennial awards to highlight model programs and projects that have accelerated the adoption of clean energy technologies and strengthened clean energy markets. The recipients of the awards were chosen by an independent panel of five distinguished judges, each with years of experience in clean energy.

The Connecticut “Solar for All” partnership is a ground-breaking public-private effort between the Green Bank and PosiGen. With Green Bank support, PosiGen offers a low-to-moderate income (LMI) targeted solar lease paired with energy efficiency measures for homeowners, regardless of income or traditional measures of creditworthiness. Since the partnership launched, solar penetration in Connecticut’s low-income communities has increased 188% and over 800 low-income verified households have signed up to go solar with PosiGen.

“Connecticut has the highest energy costs in the country, which places an undue energy burden on families, especially our most vulnerable citizens,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “In 2014, the Green Bank recognized that low to moderate income households were being left behind and were not benefiting from the growing green energy economy. Our ‘Solar for All’ partnership with PosiGen was created to address this issue, and the results speak for themselves. We are proud to be honored by CESA and proud to bring our vision for inclusive prosperity to all Connecticut residents.”

“Our partnership with the Green Bank has enabled us to dramatically lower energy costs and deliver positive financial impact to lower income families in Connecticut,” said Thomas Neyhart, CEO of PosiGen. “Our unique pairing of solar with energy efficiency further improves the health, safety, and comfort of our families, as well as the durability and value of their homes. We are truly honored to work with such an exceptional team at the Green Bank and look forward to continued success in our campaign to deliver Solar for All.”

CESA member organizations from across the U.S. submitted nominations for the 2018 SLICE Awards. Entries were judged based on public benefits and results, cost effectiveness, leadership and innovation, and replicability.

The five judges who reviewed all the nominated programs were: Elizabeth Doris (National Renewable Energy Laboratory); Sara Fisher-Goad (former Executive Director of the Alaska Energy Authority); John Geesman (former Commissioner at the California Energy Commission); Rebecca O’Neil (Pacific Northwest National Laboratory); and Devrashree Saha (Council of State Governments).

According to the judges, “The public-private partnership structure has allowed the CT Green Bank to use limited public dollars to attract sevenfold private investment, maximizing the program’s impact.”

CESA is publishing a case study on the Solar For All program in June. It will be posted on CESA’s website.

Additionally, CESA will host an upcoming webinar presentation on Thursday, August 2 at 1 pm EDT with guest speakers Kerry O’Neill, Vice President of Residential Programs at the Green Bank, and Beth Galante, Vice President of Business Development & Government Relations at PosiGen. For more information on this free webinar and to register, click here.

For more information, please visit posigen.com.

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Plastonics Closes on C-PACE Financing for Solar, Efficiency Project

Energy savings will surpass $775,000 for the Hartford powder coating business

 

Rocky Hill, CT (April 19, 2018) – The Connecticut Green Bank announces that Plastonics, located at 230 Locust Street, Hartford, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 99.7 kW solar photovoltaic (PV) system and energy efficiency upgrades to their lighting, HVAC system and roof insulation. Projected savings over the effective useful life of the upgrades is expected to surpass $775,000.

Established in 1959, Plastonics, Inc. was a pioneer in the powder coating business and continues to remain an innovator in the industry. They have developed specialized equipment for many unique applications, and automated equipment is used when possible to provide cost-effective operations. Plastonics applies coatings for automotive, medical, aerospace, military, marine, electronics and building hardware markets as well as consumer applications.

In addition to C-PACE financing, the project utility incentives and an Energy on the Line grant, an initiative funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund.

Design with Nature LLC in Avon, CT, provided technical assistance on the energy efficiency improvements, and the solar PV system was installed by All Green It, a solar photovoltaic contractor firm headquartered in Bristol, CT. The system is projected to produce 116,000 kWh per year.

“This was a perfect time to proceed with this project,” said Bob Zimmerli Jr., President of Plastonics. “The federal and state rebates were available, the solar panels will hopefully save us money for many years to come, and the LED lighting will make our work space brighter and better for our employees.”

“Using C-PACE financing, manufactures can lower energy costs, run more efficiently, have a greener footprint in the environment, and improve condition for their employees,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “Energy efficiency measures and solar will help Plastonics, like many other Connecticut manufacturers that have used C-PACE, remain strong.”

For more information about Plastonics, visit www.plastonics.com. For information on C-PACE, visit www.cpace.com.

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Connecticut Green Bank presents 2017 PACEsetter Awards

Rocky Hill, CT (March 15, 2018) – The Connecticut Green Bank announced the winners of the 2017 PACEsetter Awards during a ceremony today at the Energize Connecticut Center in North Haven. The award winners are a driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. This is the third annual PACEsetter Awards ceremony. 

The Connecticut Green Bank created the PACEsetter Awards to acknowledge contractors, building owners and other stakeholders who are advancing the green energy movement through C-PACE, and whose leadership establishes a “pace” for others in their field to follow.

C-PACE is an innovative program, administered by the Green Bank, which helps commercial, industrial, and non-profit property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line. The Green Bank recently announced that they had closed their 200th C-PACE project.  

“Our ‘PACEsetters’ are the driving force behind the C-PACE program. Without our strong contractor network, leadership by building owners, dedicated municipal officials, and other stakeholders who are leading the charge, the program would not have realized so much success,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Connecticut Green Bank. “The Connecticut Green Bank recently passed an exciting milestone, closing our 200th C-PACE project – we are pleased to recognize some of the individuals and organizations who helped us to achieve this.”

The Green Bank acknowledged contractors, building owners and other stakeholders across multiple categories:

 Top Performer, 2017

Green Earth Energy, a C-PACE contractor based in East Windsor who closed 8 C-PACE projects in 2017, the most of any contractor in the program

Outstanding Project, 2017

Earthlight Technologies of Ellington & Constantinos Constantinou for their comprehensive solar and energy efficiency project financed through C-PACE at 28 High Street, Hartford, CT, a mixed-use property including residential space. This project included a 52.2 kW solar PV system and upgrades to insulation, LED lighting, windows, condensing furnaces, and HVAC systems.

Design With Nature of Avon, CT & Metal Finishing Technologies for their comprehensive energy efficiency project financed through C-PACE at Metal Finishing Technologies’ Bristol, CT manufacturing facility. This project included upgrades to HVAC systems, compressors, interior lighting and windows.

Direct Energy Solar, a Centrica Business Solutions company, of Middletown, CT & Durham Agricultural Fair Association, Inc. for their solar project, a Power Purchase Agreement (PPA) secured by C-PACE, at the Durham Agricultural Association Fairgrounds in Durham, CT. The solar PV system at the Fairgrounds is 188.65 kW.

Accelerating PACE, 2017

Patricia Crisco, Tax Collector for the Town of Woodbridge, CT, who has been a leader in her municipality’s participation in C-PACE.

Jeffrey Pugliese of the Middlesex Chamber of Commerce, who has been a driving force in supporting the use of C-PACE to strengthen the business community in the Middlesex region.

NorthEast Energy Designs and Solutions of Stamford, CT, which is effectively utilizing C-PACE to collaborate with building owners and develop comprehensive C-PACE projects.

64 Solar of Port Chester, NY, which closed five solar projects in 2017 using C-PACE financing and C-PACE secured PPAs, demonstrating how solar and PACE can empower Connecticut building owners.

  

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