Connecticut Green Bank Presents 2021 Awards

Top performing commercial and residential green energy contractors and other stakeholders recognized for their contributions to our communities

Hartford, CT (March 28, 2022) – In recognition of their contributions to the deployment of clean energy and demonstrated leadership in their industries in 2021, the Connecticut Green Bank has announced the honorees of their seventh annual awards. The awards recognize key partners in the dedicated network of contractors, developers, lending partners, community leaders and home- and building-owners who have supported the Green Bank in the creation of more than 25,600 job years and over 60,000 clean energy projects since 2012. The 2021 awards recognize 27 contractors who are offering Green Bank’s Home Solutions or Building Solutions programs and are performing at a high level and developing outstanding projects, as well as recognizing other Green Bank partners.

“Each year, selecting contractors and projects to award is a challenge because there are so many people and organizations forging the way to a thriving clean energy future in our state,” said Bryan Garcia, President and CEO of the Green Bank. “While all industries have faced challenges due to the global pandemic, Connecticut’s clean energy economy has proven more resilient than that of other states in the region and the nation overall. This is thanks to the continued collaboration between state leaders and agencies, our utility partners, and the contractors, lenders and residents and building owners who understand the benefits of combatting climate change and reducing energy burdens.”

Here are the award recipients for 2021:

Building Solutions

2021 – C-PACE Outstanding Project

Redevelopment project at One Park Road in West Hartford. This project is an outstanding example of the ability of Commercial Property Assessed Clean Energy (C-PACE) financing to support the redevelopment of historic properties. This $70 million project received $13.7 million in C-PACE financing from CastleGreen Finance, LLC (a C-PACE capital provider and an affiliate of X-Caliber Capital), supporting the conversion of a 135-year-old convent to a 292-unit multi-family housing complex, allowing the Sisters of St. Joseph of Chambéry to remain in their home. The project, developed by Lex-Laz West Hartford, LLC, an affiliate of Lexington Partners LLC, was also made possible by Martin Kenny and Alan Lazowski, the Town of West Hartford and Liberty Bank. The project is the largest C-PACE project closed in the State of Connecticut to date.

2021 – Solar PPA Outstanding Project

Solar installation at Ridgefield High School. The Green Bank honors Con Edison Solutions and the Ridgefield Board of Education for their 319.95 kW solar installation at Ridgefield High School. The solar system was installed through a Power Purchase Agreement (PPA) which is producing electricity and is estimated to help Ridgefield achieve more than $450,000 in savings over the 20 year-term.  This is the fourth project the Town of Ridgefield has developed in partnership with the Green Bank.

Home Solutions

2021 – Residential Solar Investment Program – Top Newcomer – Green Power Energy

In only their second year in the Residential Solar Investment Program (RSIP), Green Power Energy installed more than 1 megawatt (MW) of solar PV systems in 2021 through the program. Since entering the state’s residential market in 2020, they have quickly grown into one of the highest volume residential solar PV contractors in Connecticut. Green Power Energy recently opened a Connecticut location in Durham with a staff of 15. Since 2020, Green Power Energy has installed a total of 212 projects for 2.5 MW of capacity.

2021 – Residential Solar Investment Program – Top Local Performer – Earthlight

Connecticut-based installer Earthlight had more than a MW of solar PV approved in 2021 through the RSIP. With 2.4 MW, Ellington-based Earthlight has demonstrated that local installers are continuing to grow their business with residential solar. Earthlight has participated in the RSIP since 2013 and has grown into one of Connecticut’s largest local installers of residential solar PV. Since 2013, Earthlight has installed a total of 1,380 projects for 13.6 MW of capacity.

2021 – Smart-E Loan – Top Performers

For 2021, the Green Bank is recognizing 24 Smart-E Loan Top Performers. In 2021, the Top Performers helped over 450 families across Connecticut make home energy improvements – allowing them to save money, reduce their carbon footprint, and live more comfortably in their homes. The Smart-E Loan offers homeowners no money down, low-interest financing for more than 40 qualifying projects that reduce energy use and lower utility costs. Since 2013, the Smart-E loan has enabled more than 6,000 families to make improvements with a projected lifetime energy cost savings over $70 million.

In partnership with nine participating local lenders, the Top Performers’ projects surpassed $91 million in closed Smart-E Loans. Financed projects included insulation and window upgrades, high efficiency heating and cooling solutions, rooftop solar PV and battery storage systems, health and safety improvements, and more.

The 2021 Top Performers (in alphabetical order; * denotes 2020 Top Performer recognition):

  • 20/20 Air Mechanical (New Milford)
  • Absolute Air Services LLC (Portland)*
  • Advanced Heating and Air Conditioning (South Windsor)
  • Aiello Home Services LLC (Windsor Locks)
  • Benvenuti Oil (Waterford)*
  • Busy Bee Services (Burlington)
  • Campbell Cooling LLC (Newington)
  • Celco Heating and Air Conditioning (Bridgeport)
  • Deitch Energy LLC (Hartford)
  • Ductworks HVAC Services (Southington)
  • Energy Unlimited, LLC (Bolton)*
  • Glasco Heating & Air Conditioning Inc. (South Windsor)*
  • Highland Window Co. (West Hartford)*
  • Home Comfort Heating and Cooling Solutions, LLC (East Haven)*
  • Homestead Fuel, Inc. (Ellington)*
  • Link Mechanical Services Inc. (New Britain)*
  • Nutmeg Mechanical Services, Inc. (Manchester)*
  • Omni Mechanical Services (South Windsor)
  • R&W Heating Energy Solutions LLC (Salem)*
  • Ralph Mann & Sons Inc. (Ansonia)*
  • Ryan F. Murphy Heating & Cooling LLC (New Milford)*
  • Service Stars (Danbury)
  • SolvIt, Inc. (Plainville)*
  • Viglione Heating & Cooling Inc. (East Haven)*

Connecticut Green Bank surpasses $2 billion in total investment into state’s green economy

Fiscal year 2021 annual report highlights 10 years of cumulative success of nation’s first green bank

 

Hartford, CT (Feb. 14, 2022) – In fiscal year 2021, the Connecticut Green Bank exceeded $2 billion of cumulative investment in the state’s green economy, according to the Green Bank’s recently released annual report. Since July 2011, the Green Bank has mobilized $288.4 million in public dollars to attract $1.85 billion in private investment, a leverage ratio of $7.40 for every $1.

The Green Bank measures the impact of the deployment of renewable energy and energy efficiency to families, businesses, and communities in terms of economic development, environmental protection, equity, and energy (E4 metrics). These statistics can be found on page two of the annual report.

“Our annual report, as well as our annual Comprehensive Financial Report, provides us with an opportunity to share our accomplishments and progress towards achieving our E4 metrics’ goals while demonstrating our commitment to transparency. We develop and promote these reports so that our elected officials, investors, Connecticut residents and businesses, industry leaders, and other key stakeholders can see the positive impact Connecticut’s green bank is making in our communities,” said Bryan Garcia, President and CEO of the Green Bank.

Some highlights of the fiscal year 2021 include:

  • The Residential Solar Investment Program (RSIP) surpassed its public policy target of 350 megawatts of solar deployment one year ahead of schedule, with $1.33 billion of investment and more than 43,000 homes adding solar. The program has ensured equitable access for low-to-moderate income families, making Connecticut a “solar with justice” state.
  • A second successful issuance of Green Liberty Bonds sold nearly $25 million of bonds to retail and institutional investors in the two-day period, with almost $100 million in demand, in April 2021.
  • The Smart-E Loan, which allows homeowners to finance energy upgrades improvements through a network of local community banks and credit unions, surpassed $100 million of investment.
  • The State’s Commercial Property Assessed Clean Energy (C-PACE) program exceeded $200 million of total investment across more than 348 energy efficiency and renewable energy projects.
  • More than $100 million of investment to deploy solar on nearly 200 commercial and industrial buildings, including state and municipal facilities and nonprofit organizations.

To access the FY21 report, please visit https://www.ctgreenbank.com/fy21-annual-report/ and watch our short videos on our progress on investment, environmental impact and economic impact.

 

Connecticut’s Clean Energy Industry More Resilient During Pandemic Than That of Other States in Region, Nation

Industry is well-positioned for growth, according to state’s second Clean Energy Industry Report from the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors

Hartford, CT (Jan. 24, 2022) – Connecticut’s clean energy industry has remained resilient and is positioned for future growth, despite the continued impact of the COVID-19 pandemic, according to the recently released 2021 Connecticut Clean Energy Industry Report. This report highlights that Connecticut’s clean energy economy was more resilient than other states in the region and the nation overall. Total clean energy employment in Connecticut declined by only six percent in 2020 to 41,488 jobs; compared to a nationwide energy employment decrease of nine percent and neighboring state declines ranging from seven to 16 percent.

A webinar presenting the report’s findings to press, industry partners, and other stakeholders will be held on Wednesday, Feb. 2, from 12 to 1 pm. To register for the webinar, visit https://attendee.gotowebinar.com/register/1737419007598298123.

“The pandemic required the energy efficiency industry to reimagine how to conduct business safely in Connecticut. I am proud of the quick and meaningful actions taken by DEEP, DECD, the Connecticut Green Bank, the Energy Efficiency Board, our clean energy contractors, and our utility program administrators, in close collaboration, placing Connecticut at the top of the pack regionally and nationally in preserving our critical clean energy workforce,” said Governor Ned Lamont.

“At a time when good paying jobs in a growth industry and continued efforts to combat the climate crisis are essential, this report demonstrates the resilience of our clean energy industry, supported by state initiatives such as EnergizeCT and CareerConneCT, and the potential to leverage federal ARPA and Bipartisan Infrastructure Act funding for further growth.”

With the majority of COVID-19 related job losses incurred in March through May 2020, the industry in Connecticut had steady, modest growth from June through December. Clean energy contributions to statewide Gross Regional Product (GRP) increased by two percent between 2019 and 2020, an overall increase of 14 percent since 2017. These GRP contributions totaled nearly $6.64 billion, almost three percent of the state’s GRP.

This is the second industry 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.

“Reducing the negative impact of the pandemic on our clean energy industry required significant collaboration between government, industry and key stakeholders,” said Neil Beup, EEB chair. “Through these conversations and efforts, Connecticut was able to preserve much of the progress made by the clean energy sector over the last decade while maintaining a positive outlook for the future.”

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.

Some other highlights include:

  • Throughout 2020, clean energy employment losses in Connecticut were lower compared to the overall statewide economy, the national clean energy labor market, and other clean energy economies in the Northeast, like Massachusetts and Rhode Island.
  • The number of firms conducting alternative transportation and clean grid and storage work increased between 2019 and 2020.
  • Alternative transportation firms grew in 2020 by nearly seven percent, led by job growth in the hybrid electric and electric vehicle sub-sectors.
  • Finding qualified workers continued to be an obstacle for firms in 2020, with fewer firms hiring, and more firms indicating difficulty hiring.
  • The clean energy workforce became more diverse in 2020, as the proportion of Hispanic/Latinx and Black/African American workers grew.

“This report delivers the good news that Connecticut is providing Clean Energy companies with the encouragement they need to remain robust and resilient through tough times. Despite the downturn triggered by the pandemic, Connecticut’s clean energy industry is suffering fewer job loses than the national average and their business leadership is staying positive and innovative,” said Lonnie Reed, Chair of the Connecticut Green Bank. “Continued support from state leaders combined with new policies and programs launching in 2022 will help grow the industry, reduce the energy burden on vulnerable communities and strengthen our ability to confront climate change.” 

The report also highlighted the ongoing need for more workers in the industry.

“While many firms were not hiring, those that were faced difficulty filling open positions,” said Brenda Watson, Chair of the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank and Executive Director of Operation Fuel. “The clean energy industry is helping our families and businesses reduce energy costs while creating well-paying jobs. We must work with many community-based organizations, to not only widen the jobs funnel, but develop a clear pathway for Hispanic, Black and women workers to increase their presence in the industry.”

To access the full report, please www.ctgreenbank.com/2021-CT-Clean-Energy-Industry-Report. To register for the webinar presenting the report’s findings on Wednesday, Feb. 2, from 12 to 1 pm, visit https://attendee.gotowebinar.com/register/1737419007598298123.

 

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 www.energizect.com.

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.

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Connecticut Green Bank Subsidiary Launches Investment Offering through Raise Green Crowdfunding Platform

Offering provides an opportunity for citizens to support Green Bank’s mission to confront climate change through investment in Eversource’s Small Business Energy Advantage Program

 

Hartford, CT (Dec. 15, 2021) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their new Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. This new program allows citizens to invest in the Green Bank’s mission to confront climate change. The Green Liberty offering will support Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan.

As a result of the climate benefits associated with this program, the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.

“Climate change is an existential threat, and massive amounts of capital investment are needed to help combat its effects,” said Bryan Garcia, President and CEO of the Green Bank.  “To grow our impact, we need investment support from everyday people – from families in Connecticut to citizens across the country.”

The SBEA program enables small businesses to reduce their energy costs by making energy efficiency upgrades in their office, shops, restaurants, and factories, using zero interest loans. Participants in the SBEA program can borrow up to $100,000 to address these measures at zero interest and repay their financing on their electric bills. In 2019, the Green Bank closed on a financing structure that brought cheaper capital from the market to the program, thereby reducing the ratepayers’ subsidy, by lowering the cost of the capital in the program through a public-private partnership between the Green Bank and Amalgamated Bank.

“Millions of people are alarmed about the climate crisis and are looking for something they can do to make a difference. Taking direct action on the climate crisis can be as simple as investing a few hundred dollars into climate solutions,” said Franz Hochstrasser CEO and Co-Founder of Raise Green. “With Raise Green, we make it easy to invest in climate solutions so everyone can take direct action on the climate crisis and help make real climate projects happen.”

For more information about the crowdfunding opportunity, please visit  invest.ctgreenbank.com.

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.

Connecticut Green Bank Announces 2021 Green Liberty Bond Issuance to Support State’s Green Energy Economy

Building upon the success of the 2020 issuance, the Connecticut Green Bank’s lower-dollar denomination bond is designed to encourage individuals to invest to confront climate change; Webinar April 15

 

Hartford, CT (April 10, 2021) – The Connecticut Green Bank is proud to announce its 2021 Green Liberty Bond issuance, which is anticipated to be available to retail and institutional investors on or about April 21, 2021. Green Liberty Bonds are lower-dollar denomination bonds (offered in $1,000 increments), making it easier for individual investors to consider an investment. The bond proceeds will be independently certified as financing infrastructure projects with climate and environmental benefits that will help strengthen our state’s green energy economy and create much needed jobs.

This is the Green Bank’s second Green Liberty Bond release, and builds upon the success of the July 2020 issuance, which raised $16,795,000 from retail and institutional investors in Connecticut and across the country. Retail demand was so strong that the supply of bonds could not meet the interest of those seeking to invest.

“We were very pleased by the response to our 2020 issuance of Green Liberty Bonds. In the midst of a global pandemic with so much uncertainty, the support of this new sub-category of green bonds that helps confront climate change was overwhelming,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We hope even more retail investors in Connecticut and nationwide are able to invest in green infrastructure with us this year.”

Retail investors’ orders will be given first priority. Investors must have an account with one of the brokerage firms participating in the bond sale, or with another firm that can place an order through a brokerage firm participating in the bond sale. Interested retail investors who do not have a brokerage account should contact lead bond underwriter Stifel, Nicolaus & Company, Inc. or co-underwriter Ramirez & Co., Inc. to begin the process of opening a new account. Visit https://www.ctgreenbank.com/how-to-buy-green-liberty-bonds for their contact information.

To help inform residents about the Green Bank’s mission and programs, including the 2021 Green Liberty Bond, the Green Bank will host a webinar on Thursday, April 15 from 7 – 8 pm. (register here: https://attendee.gotowebinar.com/register/5920454914183848720). The Preliminary Official Statement, notifications and bond information can be found at www.greenlibertybonds.com.

Modeled after the World War II Series-E bonds, which were purchased by more than 80 million Americans, Green Liberty Bonds are an opportunity for investors to take on the shared challenge of climate change and green infrastructure investment through the purchase of bonds. In November 2020, the Green Liberty Bond was honored by The Bond Buyer as the winner of Deal of the Year in the Innovative Financing category.

Like the previous issuance, these Green Liberty Bonds are expected to be labeled “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards will be verified by Kestrel Verifiers.

 

Connecticut Green Bank and Its EV Charging Partners Register the First Validated Multi-Partner Carbon Offset Credit Project

Project Paves Way for More EV Charging Stations and Partners Across the U.S.

HARTFORD, CONN. (December 9, 2020) — Connecticut Green Bank (“Green Bank”) and its partners are proud to announce a unique collaboration that is the first joinable, grouped carbon offset credit project registered under the new methodology for electric vehicle (EV) charging systems. The project design has been successfully validated under Verra’s internationally recognized Verified Carbon Standard (VCS) Program by third-party verification firm, SCS Global Services. 

CT Green Bank’s expanding roster of project partners, which currently includes EV pioneers Volta, U-Go Stations which was recently acquired by Blink Charging, Proterra, and the Ev Structure Company – with Dominion Energy joining – already have 725 EV charging stations across the United States enrolled with the project. With registered carbon credits, this validated project, once verified in mid-2021, is expected to bring in new funding from the carbon capital markets, which will increase the value proposition and accelerate the deployment of EV charging infrastructure in communities across the U.S.

“This is a partnership between innovators who are each working to secure a safer and healthier future for the communities they serve by addressing a key challenge in mitigating climate change – deploying charging infrastructure for electric vehicles,” said Bert Hunter, CT Green Bank Executive Vice President and Chief Investment Officer. “We’re proud to debut this project as a scalable climate finance solution that – like the Green Bank itself – sources investment capital from private markets.”

These partners span sectors from electricity-powered transit buses to public destination charging stations and infrastructure, providing reliability for EV drivers.

  • Volta designs, builds and operates extensive networks of free charging, located in the most convenient, most utilized, high traffic locations.
  • Blink Charging (Nasdaq: BLNK) is a leading owner and operator of EV charging solutions. Blink recently acquired U-Go Stations who pioneered early high-speed EV charger deployments.
  • Proterra is a leading U.S. manufacturer of electric buses and technology provider for commercial electric vehicles.
  • EvStructure was among the earliest integrated services companies to install EV charging, and most recently introduced the first charging network to the largest Harley-Davison outlet in Utah.

Additional sites will be added over time throughout the project, and diverse new partners are already seeking to join the project to secure access to the carbon capital markets for their EV charging systems and take advantage of the Green Bank’s unique value proposition as a way for projects to scale up over time and reduce transaction costs.

Jeff Allen of Forth, a non-profit dedicated to accelerating e-mobility, said, “We congratulate the Connecticut Green Bank and its partners and look forward to working with them to help other businesses and organizations take advantage of this innovative financing strategy.” 

“In addition to reducing our own emissions, Dominion Energy is committed to helping accelerate greenhouse gas reductions in other industries like transportation,” said Mark Webb, Chief Innovation Officer, Dominion Energy. “As we continue to invest in the electrification of transportation through programs like workplace charging, our electric school bus program, a greener fleet, and other EV incentives, this partnership will allow us to take concrete steps to quantify those carbon reductions.”

In this first example of an EV charger carbon offset credit multi-partner project, Green Bank partners may enroll their selected EV chargers to create carbon credits from their EV charger datasets, which opens private carbon capital as a new source of investment for EV charging. The result is a performance-based system where EV chargers earn funds based upon the amount of electricity dispensed to vehicles, factoring in the carbon intensity of the electricity used.

The Green Bank was among a coalition of companies collectively awarded an Innovative Partnership Certificate for methodology development at the 2019 Climate Leadership Conference, hosted by C2ES and The Carbon Registry. “We welcome this innovative new partnership and the first-of-its-kind electric vehicle carbon emissions offset program,” says Bob Perciasepe, President of C2ES. “Expanding charging infrastructure and incentivizing increased uptake of electric vehicles is essential for decarbonizing our economy by 2050. We look forward to seeing new private capital through this program and hope this partnership will inspire others to join the collaborative project in the future.”


Quotes from Partners:

“EV charging should be a natural experience, not a chore. Volta’s free charging network goes where people work, shop, and play. This breakthrough with voluntary carbon credits adds even more value to the equation, which in turn supports the availability and deployment of free charging. We look forward to working with Connecticut Green Bank.” – Dr. Abdellah Cherkaoui, Senior VP of Government, Automotive & Utilities, Volta

“Transitioning to zero-emission transportation means cleaner air and healthier communities. As fleet operators embrace electric vehicles and reduce their carbon emissions, it’s also an opportunity to create even more financial value. By offering carbon credits for the voluntary purchase market, we look forward to working with the Green Bank to enhance the value proposition for our customers.” – Gareth Joyce, President, Proterra Powered and Energy

“Blink has been a pioneer among national charging networks. With our recent acquisition of U-Go Stations, we are pleased to continue U-Go’s partnership for its charging stations with the Green Bank, and examine the expansion opportunities this opens up for the rest of our network.” – Brendan Jones, Chief Operating Officer, Blink Charging

“Being in the business means knowing how to spot opportunities, and this innovative project is a game-changer. As a company’s that’s been among the earliest in EV charging in the US, EvStructure is proud to call itself a founding partner. We look forward to finding new ways to integrate this into our core business, and potentially into others’ businesses.” – Todd Ritter, President, EvStructure

“Congratulations to Connecticut Green Bank and its partners on achieving the first-ever grouped project validation in the EV arena. They have demonstrated a reduction of CO2 emissions compared to the baseline case of fueling and driving gasoline-powered vehicles under the new VM0038, Methodology for Electric Vehicle Charging Systems v1.0, and we celebrate their innovation of collaborating as a grouped project.” – Dr. Letty B. Brown, program manager of GHG verification, SCS Global Services

“It’s great to see the successful registration of the first grouped Electric Vehicle (EV) charging station project that can generate carbon credits under the VCS Program. The transportation sector is a huge source of GHG emissions and this project is an important step towards providing climate finance for the underlying infrastructure needed to get more EVs on the road, and thus achieving emission reductions at scale.” – David Antonioli, CEO of Verra

“Since Electrify America created the first ever project to use the Verified Carbon Standard methodology for EV charging, we couldn’t be happier to welcome the arrival of this second project.  Connecticut Green Bank’s aggregation model provides a nice platform for other companies with charging assets to enjoy the financial benefits of their investments without the legwork of applying for their own projects.” – Wayne Killen, Director of Infrastructure Planning & Business Development, Electrify America


Program Contact:

Matt Macunas, Legislative Liaison & Associate Director of Transportation Initiatives, Connecticut Green Bank, Matt.Macunas@ctgreenbank.com

Media Contacts:

Justin May, Gaffney Bennett Public Relations, jmay@gbpr.com

Rudy Sturk, Sr. Manager of Marketing Innovation, Connecticut Green Bank, Rudy.Sturk@ctgreenbank.com


About 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 www.ctgreenbank.com


About SCS Global Services
SCS Global Services is a global leader in third-party environmental and sustainability verification, certification, auditing, testing, and standards development. Its programs span a cross-section of industries, recognizing achievements in climate mitigation, green building, product manufacturing, food and agriculture, forestry, consumer products, and more. Headquartered in Emeryville, California, SCS has representatives and affiliate offices throughout the Americas, Asia/Pacific, Europe and Africa. Its broad network of auditors are experts in their fields, and the company is a trusted partner to companies, agencies and advocacy organizations due to its dedication to quality and professionalism. SCS is a chartered Benefit Corporation, reflecting its commitment to socially and environmentally responsible business practices. For more information visit www.scsglobalservices.com and learn more about carbon offset verification at https://www.scsglobalservices.com/services/carbon-offset-verification.

Contact:  Nikki Helms, Marketing Project Manager, nhelms@scsglobalservices.com,   (510) 295-0667


About Verra

Verra is a global leader helping to tackle the world’s most intractable environmental and social challenges by developing and managing standards that help the private sector, countries, and civil society achieve ambitious sustainable development and climate action goals. 

Verra develops and manages standards that help the private sector, countries, and civil society achieve ambitious sustainable development and climate action goals. Verra’s global standards frameworks serve as linchpins for channeling finance towards high-impact activities that tackle some of the most pressing environmental issues of our day.

For more information about Verra visit www.verra.org and for more information about the Verified Carbon Standard Program go to https://verra.org/project/vcs-program/

Contact:  Anne Thiel, Communications Manager,  athiel@verra.org, (202) 470-5664


About Volta

For over a decade, Volta has been building a nationwide electric vehicle charging network to drive the world forward. Named after Alessandro Volta, the inventor of the electric battery, Volta’s award-winning charging stations benefit brands, consumers, and real-estate locations by providing valuable advertising space to businesses and free charging to drivers. Strategically located in places where consumers already spend their time and money, Volta is creating the sustainable fueling network of the 21st century. Headquartered in San Francisco, Volta chargers are currently the most utilized electric vehicle charging stations in the United States. To learn more, visit voltacharging.com.


About Ugo Stations / Blink Charging

On November 20, 2020 U-Go Stations announced its acquisition by Blink Charging and the transition of their EV charging assets into the Blink portfolio and network.  Blink Charging Co. (Nasdaq: BLNK) is a leader in electric vehicle (EV) charging equipment and has deployed more than 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink Charging’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services.

Contact:  Rebecca Gutierrez, Blink Charging VP of Marketing, rgutierrez@blinkcharging.com, (305) 521-0200 x209


About Proterra

Proterra is a leader in the design and manufacture of zero-emission electric transit vehicles and Proterra Powered electric vehicle technology solutions for heavy-duty applications. Since 2004, Proterra technology has been proven through more than 14 million miles on the road in purpose-built electric transit buses. As major cities are converting to 100% electric fleets, Proterra vehicles have become the most popular electric buses on the road in North America. Proterra has sold more than 1,000 electric buses to 125 communities across 43 U.S. states and Canadian provinces, with more than 10 years of deliveries.

Contact:  Shane Levy, Corporate Communications, slevy@proterra.com, (201) 679-9507


About the Ev Structure Company

EvStructure was among the earliest integrated service companies to install the very first public fleet level 2 non-networked EV charging stations, in 1998, for the cities of Pasadena and Santa Monica for the Toyota RAV4 electric city fleet pilot program. In 2008, EvStructure installed charging for Los Angeles Police Department – the largest to use EVs. Most recently EvStructure introduced the first charging network to the largest Harley-Davison dealership in Utah. 


About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

Contact: Samantha Moore, samantha.q.moore@dominionenergy.com, (804) 771-6115


About Electrify America
Electrify America LLC, the largest open DC fast charging network in the U.S., is investing $2 billion over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of workplace, community and highway chargers that are convenient and reliable. Electrify America expects to install or have under development approximately 800 total charging stations with about 3,500 DC fast chargers by December 2021. During this period, the company will be expanding to 29 metros and 45 states, including two cross-country routes, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly. Electrify America’s Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs. For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.

Contact: Mike Moran, Mike.Moran@electrifyamerica.com, (703) 872-7936


About Forth

Forth is a nonprofit organization advancing electric, shared and smart transportation through innovation, demonstration, advocacy, and engagement. For more information, visit www.forthmobility.org.

Contact: Kevin Friedman, kevinf@forthmobility.org, (503) 381-4085


About C2ES

The Center for Climate and Energy Solutions (C2ES) is an independent, nonpartisan, nonprofit organization working to forge practical solutions to climate change. Its mission is to advance strong policy and action to reduce greenhouse gas emissions, promote clean energy, and strengthen resilience to climate impacts. Learn more at www.c2es.org.

Contact:  press@c2es.org (703) 516-4146

Connecticut’s Energy and Transportation Costs are Unaffordable for Many Households, Especially the Most Vulnerable

New report shows gap between what Connecticut families are paying for energy and transportation and what is affordable, creating a cost burden for lower income households

Rocky Hill, CT (Dec. 1, 2020) – According to a recently released report, combined spending on energy, transportation, and housing in Connecticut households exceeds affordable levels in areas throughout the state. On average, these costs are 49% statewide, which is above the 45% threshold for affordability. Low- and moderate-income households are burdened at a higher rate – 68% – than wealthier residents because these costs consume a larger portion of their household income.

These findings are from “Mapping Household Energy and Transportation Affordability in Connecticut,” a study produced by VEIC on behalf of the Connecticut Green Bank and Operation Fuel. The report was partially funded by a U.S. Department of Energy grant for research into strategies for improving access to solar for low-income communities. The Connecticut Green Bank, in partnership with the Clean Energy States Alliance, the grant’s managing organization, has been exploring energy’s intersection with other low-income household burdens.

The study focused on spending in three categories: building energy (household heating fuel and electricity); transportation (vehicle fuel, transit costs, and vehicle ownership costs); and housing (total shelter costs, insurance, taxes, fees, etc.). Examining these categories, VEIC was able to determine the cost burden, household spending expressed as a percentage of annual income, and the affordability gap, which is the difference between an affordable level of spending and actual dollars spent.

“We know that Connecticut is among the states with the highest energy costs in the nation. When you combine this expense with high transportation and housing costs, it can be crippling for a low-income household. While over 430,000 households in Connecticut meet the eligibility requirements for energy bill assistance, only 18.7% are served through available funding. We need more comprehensive and sustainable solutions to help low-income families in Connecticut afford their energy costs,” said Brenda Watson, Executive Director of Operation Fuel and member of the Board of Directors of the Green Bank.

Other key findings include:

  • Energy burden is highest among low-income households: 6-7 times higher.
  • High energy burdens are clustered in urban areas such as New Haven, Hartford, and Bridgeport.
  • The combination of efficiency and solar can help close the building energy affordability gap for most households in the state that own their dwelling, dramatically reducing annual energy costs.
  • Fewer options are available to renting households, although existing programs, like Energize CT’s Home Energy Solutions do substantially reduce building energy burden.
  • While Connecticut has multiple programs available to low-income customers to help them better afford their utility bills, these programs on their own lack sufficient funding to meet all the needs of customers.
  • Transportation costs are high not just in urban centers, but across the entire state
  • Reducing transportation costs is crucial to preserving affordability
  • Inadequate public and shared transport options result in a personal vehicle needed almost everywhere for an acceptable level of mobility

The report sits at the intersection of many current issues brought to the forefront in 2020, including increased energy usage as people are sheltering in place, greater focus on indoor air quality issues, and the way these factors disproportionately impact communities of color and low-income residents.

The report points out that existing resources are not enough to cover energy needs for the most vulnerable. The Connecticut Energy Assistance Program (“CEAP”) provides direct bill assistance to households earning <60% of state median income. The CEAP program budget is approximately $88 million, which is only sufficient to serve roughly 20% of the 430,825 eligible households in the state. Both of the state’s investor-owned utilities also offer matching payment and arrearage forgiveness programs. In 2019 these programs served nearly 19,000 customers but only 58% successfully completed the program.

A bright spot was VEIC’s finding that programs that combine energy efficiency and solar can close the building energy affordability gap for many low- and moderate-income households who are homeowners. Customers that participated in the Solar For All program from PosiGen and the Connecticut Green Bank in 2019 are estimated to have saved an average of $1,315 on their energy costs.

“There are a number of promising, transformative opportunities to reduce energy burdens in Connecticut,” said Justine Sears, Consultant at VEIC. “For instance, working to make the transportation system more equitable and accessible in urban, suburban, and rural areas would significantly reduce transportation burdens for people – especially low-income households.” To address the transportation issues identified in the report, VEIC recommends strategies to minimize the need for and use of private vehicles by increasing public transit, and promoting electric vehicles and e-bikes, which offer fuel savings over gasoline-powered vehicles.

To access the full report, please visit: https://www.ctgreenbank.com/wp-content/uploads/2020/11/Mapping-Household-Energy-and-Transportation-Affordability-Report-Oct-2020.pdf

To join an informational webinar detailing the report on Thursday, Dec. 17 at 1 pm EST, register here: https://register.gotowebinar.com/register/6590608348170594317

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 www.ctgreenbank.com

 About Operation Fuel

Operation Fuel was founded in 1977 after a worldwide oil embargo caused an unprecedented escalation in the price of home heating. Although federal and state governments had developed energy assistance programs for families experiencing poverty, low-income working families who were not eligible for government help and in crisis were left out in the cold.

To address the crisis in Connecticut, a collaboration among religious communities, industry leaders in banking, insurance, and utilities, Father Thomas Lynch, and Governor Ella Grasso created Operation Fuel, intended to provide relief for residents who fell through the gaps of government assistance programs. Our mission, is to ensure equitable access to energy for all by providing year-round energy and utility assistance, promoting energy independence, and advocating for affordable energy

About VEIC

VEIC is a sustainable energy company on a mission to generate the energy solutions the world needs. For over 30 years VEIC has been working with governments, utilities, foundations and businesses across North America to develop and deploy clean energy services that provide immediate and lasting change. With expertise in energy efficiency, building and transportation electrification, and new approaches for a clean and flexible grid, VEIC brings innovative solutions to the market. VEIC is nationally recognized for developing pilots and programs that optimize energy use, reduce energy burdens for low-income customers, and advance new technologies. In addition to our full-service consulting business, VEIC administers three large-scale sustainable energy programs: Efficiency Vermont, Efficiency Smart, and the DC Sustainable Energy Utility (DCSEU). www.veic.org.   

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Construction Nears Completion at Connecticut’s First Biogas Dairy Digester System

Fort Hill Farms digester will produce renewable energy and soil products from food waste and manure

Thompson, Conn. (Nov.  19, 2020) – Earlier this summer, ground was broken at Fort Hill Farms in Thompson to begin the construction of Connecticut’s first biogas dairy digester system that will recycle food waste and manure into renewable energy and soil products. The project is moving forward thanks to a partnership between the farm, Live Oak Bank, the Connecticut Green Bank, and Ag-Grid Energy. When completed, the digester is expected to produce 550 kilowatts of electricity and reduce 25,000 tons of organic waste annually.

“I want to thank everyone who played a role in helping this first-of-its-kind project in Connecticut become a reality, from the Department of Agriculture providing funding assistance through the Farm Transition Grant for the project’s planning phase, to financing by the Green Bank,” Governor Lamont said.  “Scaling up infrastructure that manages organic waste is so critical for our state’s sustainability goals.  This innovative project is a win for our economy and our environment, and something that we hope to advance more of through DEEP’s participation in the Connecticut Coalition for Sustainable Materials Management, launched in August.”

Fort Hill Farms is a fourth-generation farm that currently has over 400 cows, 230 milking, and is part of two dairy farm cooperatives named The Farmer’s Cow and Agri-Mark (Cabot Cheese), which supplies products to both large, big box groceries and local markets. The farm has been regarded as “Best in New England” by Yankee Magazine, named Connecticut Tourism Ambassadors, and in 2013 was the first ever winner of Thompson’s “Business of the Year” Award. Due to their focus on local products and being named Connecticut Tourism Ambassadors, the farm is a popular destination for people to enjoy.

“Cows produce cow manure which can fertilize your gardens or make electricity for your home. This completes the circle, growing the food to feed the cows and then using cow manure to power our farm,” said Kies Orr, co-owner and operator of Fort Hill Farms. “It just feels good to be doing the right thing and being sustainable for the next generation.”

The digester project was developed by Ag-Grid Energy LLC, a company focused on anaerobic digestion technology, and is being constructed by Martin Construction Resource.

“Ag-Grid Energy is very excited to lead the installation of first dairy digester that produces renewable electricity in State of Connecticut,” said Dr. Rashi Akki, Founder and CEO of Ag-Grid Energy. “This project is a culmination of State’s supportive net-metering and food waste diversion laws.  It has also been an excellent partnership between Town of Thompson, NRCS, DEEP and Eversource to allow for permitting of this very first such installation.  We thank the City of Middletown and City of New Britain for also supporting this project by being the pioneers and purchasing the renewable electricity. We thank Connecticut Green Bank and Live Oak Bank for financially supporting this project and Ag-Grid Energy in general.”

There are a number of benefits of integrating an anaerobic digester with a dairy farm. It helps to enhance farm sustainability with improved manure management, generates an additional income stream for the farm, and produces steady electricity generation. A digester also helps reduce methane emissions coming from cow manure, improving air quality and lowering greenhouse gases.

“We are very excited to have played a role in this project’s financing, and to help a local family farm continue to find ways to become more sustainable while creating a great product and being a tourist attraction,” said Bryan Garcia, President and CEO of the Green Bank. “Anytime we are involved with a ‘first’ in the state that supports our joint energy and environmental goals and opens doors to similar future projects, it’s a win for everyone.”

This project is being financed by Live Oak Bank as the senior lender, the Small Business Administration (“SBA”) Lender and Development Company Loan Program, a grant from the USDA Rural Energy for America Program (“REAP”), a grant from the Connecticut Department of Agriculture, and the developer’s own equity investment.

“Live Oak is very grateful to assist the development of this innovative project and support the joint venture between Fort Hill Farms and Ag-Grid,” said Max Vernier, VP, Head of Bioenergy, at Live Oak. “This is another great step forward in the decarbonization of the U.S., especially for the state of Connecticut, and a flagship project led by an impressive team of experts to demonstrate the full capability of a circular economy.”

Construction is anticipated to be completed in December 2020.

 

About Ag-Grid Energy LLC

Ag-Grid Energy LLC was established by Rashi Akki on March 30, 2016 a Delaware limited liability company.  Ag-Grid Energy has a vision to drive dairy farm sustainability by converting agricultural and organic waste to energy, enhance nutrient management practices thereby improving farm viability and financial stability.  This is accomplished by partnering with dairy farms, local utilities, local food waste providers and local regulatory bodies to develop stand-alone special purpose entities that support the states mission of renewable energy and waste reduction.  For more information about Ag-Grid Energy LLC, please visit www.aggridenergy.com.

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 www.ctgreenbank.com.

About Fort Hill Farms

Fort Hill Farms is a family-owned and-operated dairy farm located in Thompson. The farm has been active through three generations in over 70 years. We thrive on sustainability and educating people about local farming. To learn more visit https://forthillfarms.com/.

About Live Oak Bank

Live Oak was established in 2007, and we’re on a mission to be America’s small business bank.  We are proud to contribute to the growth of small businesses, drive job creation, create prosperity and boost local economies by structuring creative capital investments. Live Oak is the largest SBA lender and the largest USDA Rural Development lender in the country by volume of originations. Our project finance team has deployed over $1B in debt investments to the renewable energy sector since 2016 and will continue to accelerate the shift to sustainability.

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.