FuelCell Energy to Acquire 14.9 Megawatt Bridgeport Fuel Cell Park from Dominion Energy

  • Increases the Company’s generation portfolio to 26.1 megawatts
  • Fuel cell park is one of the largest producers of renewable energy credits in CT            

DANBURY, CT (Nov. 05, 2018) —  FuelCell Energy, Inc., a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced that it has entered into an agreement to acquire the existing 14.9 megawatt fuel cell park in Bridgeport, CT from Dominion Energy. FuelCell Energy developed, constructed and commissioned the Bridgeport fuel cell park in December of 2013. FuelCell Energy has operated and maintained the plant under a service agreement with Dominion Energy since it was commissioned.

FuelCell Energy intends to own and operate the plant as part of its generation portfolio. The transaction is expected to:

  • Add annual revenue in excess of $15 million per year;
  • Deliver EBITDA margins in excess of 50%, and
  • Be accretive to FuelCell Energy’s earnings per share.

Under the terms of the agreement, FuelCell Energy will acquire 100% of the equity interest in Dominion Bridgeport Fuel Cell, LLC, the owner of the 14.9 MW project asset, whose parent is currently Dominion Energy. This agreement is the result of a competitive bid process undertaken by Dominion Energy.

“The purchase of the Bridgeport fuel cell park project from Dominion Energy is strategically important for FuelCell Energy,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “We undertook the construction of this project in 2012 with the support of Dominion Energy, leading to substantial benefits for numerous stakeholders.”

Mr. Bottone continued, “Having been the operator of the Bridgeport fuel cell park for the past five years, we are uniquely positioned to acquire and benefit from this established project. This important acquisition will materially accelerate our strategy to retain generation assets and to benefit from their financial profile of consistent revenues, operating profits and cash generation. Lastly, I would like to acknowledge the continued support of the Connecticut Green Bank who supported us five years ago in the construction of this project, and is playing a key role in financing this acquisition.”

Total cash consideration to be paid is $36.6 million. FuelCell Energy expects to fund the acquisition with a combination of third party financing and $15 million of restricted cash on hand that is tied to the project and would be released at closing. Financing for this acquisition is expected to include a term lender and the Connecticut Green Bank, who also participated in the initial financing of the construction of the project. The closing of this transaction is expected to happen on or before December 31, 2018, subject to customary closing conditions and contingencies including closing third party financing.

“We were excited to play an integral part in this project since its inception, development, and commissioning, and are equally thrilled to have the opportunity to help FuelCell Energy purchase the project,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.  “This project is important to the Connecticut Green Bank as it uses a technology manufactured in our state which creates jobs, is located on a remediated brownfield in an industrial zone, is helping our largest city with economic development through private investment in green energy, and is reducing greenhouse gas emissions that cause climate change.  The fuel cell park is one of the largest in the world bringing reliable and resilient power to our electric grid.”

This acquisition will bring Fuel Cell Energy’s generation portfolio to 26.1 MW, which coupled with 83 MW of new project awards and backlog, provides a line of sight to achieving the company’s long-term generation portfolio milestone of 60 MW.

 

Cautionary Language  

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

 

 

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Coalition Announces New Funding Source for Electric Vehicle Charging From Carbon Credit Markets

New Methodology Will Increase Infrastructure Revenues and Encourage Further Investment to Address a Key Barrier to EV Adoption — Lack of Charging Stations

Portland, OR (Sept. 18, 2018) — A coalition of electric vehicle (EV) stakeholders has developed an innovative pathway to use the carbon credit markets to improve EV charging infrastructure revenues and thus help support continued EV sales growth.

The new method, pioneered by the Electric Vehicle Charging Carbon Coalition (EVCCC), provides a blueprint to certify the reduction in greenhouse gas (GHG) emissions that result when EVs are powered by electric vehicle charging stations compared with conventional vehicles and fossil fuels. These reductions translate into carbon credits that can be sold to help improve current EV infrastructure revenues and make future investments more attractive.

The EVCCC founding members include the Carbon Neutral Cities Alliance (CNCA), Connecticut Green Bank, Electrify America, EVgo, Exelon, and Siemens. Leading the project is the Climate Neutral Business Network (CNBN) which developed the methodology with the EVCCC and the voluntary carbon market’s leading third-party certifier, the Verified Carbon Standard (VCS) program, managed by Verra.

EV charging stations represent the “fueling stations of the 21st century” as EVs grow in popularity and more EV models with longer ranges are introduced in the coming years. Not only is more widely available infrastructure needed to power these EVs outside of the home – where the majority of charging is typically done overnight — but faster charging technology reduces the time drivers wait for their vehicles to charge.

The EVCCC was formed to open up access to the carbon credit markets for EV charging systems – specifically to strengthen the business case fundamentals and thus accelerate deployment potential. In the early stages of market development for any new infrastructure investment, securing new sources of capital helps accelerate critical mass and scale. New sources of capital are vital contributors to the success of U.S. clean tech innovation, but as experts at MIT have pointed out, compared to IT software and medical sectors, “clean tech clearly does not fit the risk, return or time profiles of traditional venture capital investors… As a result, the sector requires a more diverse set of actors and innovation models…or, in other words, more ‘patient capital’.”  EV charging systems’ access to carbon credit markets represents an innovative, new source of such “patient capital.”

Sue Hall, founder and CEO of CNBN, explains “one of the original motivations for this project was to compensate for the higher costs of deploying and operating EV charging infrastructure. The new carbon credit revenues — which are expected to yield an estimated 5 percent to 10 percent return on capital — make these deployments more financially sustainable.”

Here’s how it will work: 1) EV charging systems will charge electric cars, reducing CO2; 2) the eligible EV charging operator receives certified carbon credits based on this action; 3) those credits can then be sold to a voluntary credit purchaser such as a company, government, or other entity that is looking to go carbon neutral (e.g., cities, university campuses, utilities, and individuals), which in turn creates new capital to help companies fund more EV infrastructure. 

The carbon credits available through this new voluntary capital market can only be issued once independently certified by Verra’s VCS Program, including assessments by its qualified third-party validation and verification body.  This provides the credible assurance needed for buyers to have credit purchase confidence.

“Verra’s approval of this VCS carbon offset methodology provides another arrow in the quiver to reduce greenhouse gas emissions and confront climate change,” states Bryan Garcia, President and CEO of the Connecticut Green Bank. “By valuing emission reductions we can increase private investment in EV infrastructure, which in turn will help increase consumer demand for EVs. By seeing more EV infrastructure, consumers will understand that EVs come with easy access to cheaper and cleaner fuel.”  

In Connecticut, the Green Bank is evaluating a plan to create a revenue stream for owners of EV infrastructure; owners should register their equipment now. 

The newly developed Methodology for Electric Vehicle Charging Systems represents the culmination of nearly two years of collaboration that began with a carbon business case and concept paper.  In a detailed report, the methodology provides the instructions and formulas for EV infrastructure operators and investors to develop precise project design descriptions. Projects whose descriptions are in accordance with VCS methodology requirements can become eligible to generate carbon credits after they are validated and verified. 

Specifically, the methodology details how measurement of electricity (in kilowatt hours) dispensed at EV chargers corresponds to a net reduction of carbon emissions compared to equivalent fossil fueled vehicles in the light, medium and heavy-duty sectors, while it also adjusts for the carbon content of localized electricity as well as project emissions consumed by the EV charging equipment to provide charging services.

The resulting carbon credits create a new choice for a growing market of buyers seeking to offset their GHG emissions via transportation-focused investments and complements existing carbon offset sources like sustainable forestry management or methane gas reduction from landfills.

“Cities everywhere desperately need more EV fast charging. There’s not enough to make a road-trip across this country or any country easy. This investment grows the options for everyday EV drivers, making electric charging simple and more efficient for everyone. Any business needing a new carbon offset should jump on board. This will be a game-changer for carbon markets, and a crowd-pleaser for EV drivers everywhere” said Jessie Denver, Energy Program Manager with the City and County of San Francisco’s Department of the Environment, a member of CNCA.

Wayne Killen, Director for Charging Infrastructure Planning and Business Development at Electrify America, agrees: “There is an acute lack of charging infrastructure, especially more costly DC fast charging, in convenient public locations.  More comprehensive and faster EV charging infrastructure have both been identified as key reasons drivers avoid EVs, according to several surveys, including Strategic Vision’s New Vehicle Experience Survey. “

“EVgo has already built out the nation’s largest public fast charging network in the U.S., with more than 1,000 DC fast chargers across the country,” said Jonathan Levy, Vice President of Strategic Initiatives at EVgo.  “We recognize the need to expand and accelerate the growth of public charging infrastructure to enable the deployment of electric vehicles, which is why EVgo supports innovative approaches like this that reduce the costs of building more DC fast charging infrastructure.” 

Suzanna Mora, Director of Utility Initiatives at Exelon, adds “as the nation’s largest utility company, we know that our customers want clean energy and new tools to help them reduce their carbon emissions.  This new initiative will support our efforts to invest in EV charging infrastructure and make it easier and faster for our customers to adopt cleaner transportation options.”

Carbon credits from this new source will be available for sale in 2019 when the first inventories from Exelon, Electrify America and EVgo are offered.  More importantly, this new investment alternative should help accelerate the adoption of private, shared, ride hail and fleet owned EVs, because their corresponding GHG reductions from higher sales volumes can be supported by more robust and financially viable charging infrastructure.

For further information or media inquiries, please contact: Sue Hall, President CNBN. Fact sheet available at http://climateneutral.com/index.php/evccc/

 

 

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C-PACE New Construction Pilot Program Launched

New program makes long-term and affordable financing available for higher performance new and redeveloped buildings

 

Rocky Hill, CT (June 15, 2018) – The Connecticut Green Bank is proud to announce a pilot program that will make Commercial Property Assessed Clean Energy (C-PACE) financing available for new construction in Connecticut. The C-PACE New Construction Pilot will provide property developers and owners with long-term, affordable and non-recourse financing to help them design and construct buildings that achieve a higher level of energy performance and reduced operating costs.

C-PACE New Construction can fill gaps in the capital stack needed for a new construction project, lower the overall cost of financing, or both. New commercial and industrial buildings designed and built to exceed what is required by Connecticut building and energy codes will be eligible to receive C-PACE financing for a portion of their overall eligible construction cost. C-PACE New Construction can be applied for a wide range of property types, including major redevelopment of existing and historic sites.

“Connecticut’s C-PACE program has already been very successful, providing more than 200 projects with $114 million in financing,” said David Gabrielson, Executive Director of PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, “This New Construction Pilot expands C-PACE into an untapped market in the state by offering innovative financing to developers who can more affordably build to higher energy standards.”

When applying for C-PACE financing in the C-PACE New Construction Pilot, applicants will use whole building energy modeling to demonstrate that their project’s energy performance will exceed a code-compliant baseline. An eligible finance amount will be determined based on the performance beyond the baseline up to a maximum 20 percent of the total eligible construction cost.

“C-PACE for new construction opens many new opportunities in Connecticut,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “By expanding the reach of C-PACE beyond building retrofits, C-PACE New Construction provides another financing option for developers. Other lenders view C-PACE more like equity than debt, which can help developers with overall project financing.  New buildings in Connecticut will serve our residents for 50 years or more, and we want to help get them right from the start.”

Financing through the C-PACE New Construction Pilot will be able to include costs directly related to the building’s design and construction, for example:

  • Engineering and design expenses;
  • Energy modeling expenses;
  • Building core and shell;
  • Energy consuming equipment and energy saving measures (HVAC, lighting, elevators, controls, windows, green or cool roofs, meters, etc.); and
  • Clean energy generation.

Applicants seeking funding through the C-PACE New Construction Pilot should discuss and review their projects with the Green Bank before submitting a financing application. This engagement ahead of application submission will help ensure that projects meet the requirements of the C-PACE New Construction Pilot.

Connecticut Green Bank will be hosting a launch event for the C-PACE New Construction Pilot on Wednesday, June 20 from 1:00 PM to 2:30 PM at the Energize CT Center, 122 Universal Drive N, North Haven, CT. For more information and to register to attend the event, please visit ctgreenbank.com/event/c-pace-new-construction-launch-event/

Learn more about the Pilot at http://www.cpace.com/newconstruction.

 

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Connecticut Green Bank to Participate in Solar Energy Innovation Network Project

The Green Bank is partnering with the Clean Energy States Alliance on a multi-state initiative to identify locations for distributed energy resources that provide benefits to the grid.

 

Rocky Hill, Connecticut (May 1, 2018) – The Connecticut Green Bank is participating in a multistate initiative that was selected by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to participate in a collaborative research effort to explore new ways solar energy can improve the affordability, reliability, and resiliency of the nation’s electric grid.

The multistate initiative is being led by the Clean Energy States Alliance (CESA), a national nonprofit coalition of public agencies and organizations working together to advance clean energy. The Green Bank will work with CESA and five other state partners to identify locations for distributed energy resources (DER) that provide benefits to the grid. The Green Bank’s work will focus on strategies for achieving customer adoption of DERs in high-value locations and measuring the impact these resources have on the electric distribution system.

The other agencies CESA is partnering with on this initiative are:

  • Office of the People’s Counsel for the District of Columbia
  • New Hampshire Public Utilities Commission – Sustainable Energy Division
  • Rhode Island Office of Energy Resources
  • Washington Department of Commerce – State Energy Office
  • Wisconsin Office of Energy Innovation

The multistate initiative is one of just nine teams selected to join the program, which is known as the Solar Energy Innovation Network.

“We selected teams that are experimenting with promising ideas to use solar power to improve the future of grid security and reliability in their communities,” said Kristen Ardani, who leads the Innovation Network at NREL.

The Green Bank will receive financial, analytical, and facilitation support as it works to anticipate and address new challenges and opportunities stemming from solar energy and other distributed energy technologies. The solutions developed and demonstrated by this multistate initiative will serve as a blueprint for other communities facing similar challenges and opportunities.

Distributed solar and other distributed energy resources are playing an increasingly important role in electricity systems across the United States. “When distributed energy is deployed optimally, it can offer benefits to the customer, to the grid, and to the other ratepayers,” says CESA Executive Director Warren Leon. “Well-sited DER can provide resiliency benefits, reduce grid congestion, and help defer or avoid distribution system upgrade costs.”

“Determining how we can extract the most value from distributed energy resources is critical to the sustained orderly development of the local clean energy industry,” says Bryan Garcia, President and CEO of the Connecticut Green Bank. “This project will help Connecticut and our partners identify areas where DERs can play a role in grid modernization and develop deployment strategies with utilities to capture these additional benefits.”

NREL is operating the Solar Energy Innovation Network with funding from the U.S. Department of Energy Solar Energy Technologies Office. NREL pursues fundamental research and development of renewable energy and energy efficiency technologies to transform the way we use energy.

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Multifamily Pre-Development Loan & Permanent Financing Together

The Community Preservation Corporation (CPC) and the Connecticut Green Bank are now working together to offer you a simple way to improve the energy efficiency, cost savings, comfort, safety and attractiveness of your multifamily property. This joint effort combines a Navigator Pre-Development Energy Loan with a HUD 223(f) loan or a Freddie Mac Small Business Loan (SBL) offering.

The unsecured Navigator loan funds customized analysis and design of energy improvements for multifamily properties using owner-selected and managed technical service providers.

Eligible Costs include:

  • Energy benchmarking, opportunity assessments, audits
  • Assessments of energy-related health and safety issues
  • Design, engineering and bidding of work
  • Costs to secure project financing for energy upgrades
  • Green charrettes and green physical needs assessments
  • Other reasonable energy-related expenses needed to design and fund your project
Read more about how a Navigator Loan with HUD/FHA or Freddie Mac financing works.

Ask your mortgage officer how we can help tailor a lending solution to fit your needs, and find out if we can underwrite to savings for sustainability improvements.

For more information about CPC, please contact Michael Staton or Timothy Deegan.

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Middlesex Chamber Announces Joint Energy Saving Effort with Connecticut Green Bank

Program will help local businesses save energy and money 

Middletown, CT – March 2018 – The Middlesex County Chamber of Commerce announced a new initiative to help local businesses afford renewable energy and energy efficiency upgrades. The effort is a collaboration between the Chamber, the Connecticut Green Bank, and Chambers for Innovation and Clean Energy. The team will help local businesses take advantage of C-PACE (Commercial Property Assessed Clean Energy), an innovative financing program for green energy upgrades. C-PACE offers long-term financing for projects that lower energy costs and generate positive cash flow.

The initiative’s official announcement was made at the Chamber’s Member Breakfast Meeting on February 26, 2018. Pictured, from left to right, are: Larry McHugh, President, Middlesex County Chamber of Commerce; Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank; Robert Schmitt, Associate Manager, Marketing, Connecticut Green Bank; and Jeff Pugliese, Vice President, Middlesex County Chamber of Commerce.

“This initiative is meant to help connect local business owners to financing that will help them afford recommended energy and renewable upgrades to their buildings” said Jeff Pugliese, Vice President of the Middlesex County Chamber of Commerce. “The idea is to help our members cut down on energy usage so that they can reinvest the savings back into the business.”

The Middlesex County Chamber of Commerce is a dynamic business organization with over 2,125 members that employ over 50,000 people in and around its service area. The chamber represents businesses from all industry sectors and of all sizes, from Fortune 500 companies, to micro businesses.

The team will reach out to the business community in a variety of strategic ways, and will highlight local businesses who have saved through the program.

“We are excited to be working directly with the Middlesex County Chamber of Commerce to promote C-PACE,” said Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank. “C-PACE is a proven tool for businesses to modernize their buildings, save energy, and increase their bottom line – but it is also a powerful economic development tool. The Middlesex Chamber is a valuable partner, and we look forward to working with them to build an even more resilient business community with C-PACE.”

The initiative will target all eligible local businesses including manufacturers, offices, retail establishments, business in mixed use spaces, and non-profits.

To learn more about the collaboration, please visit middlesexchamber.com or cpace.com.  

 

 About Middlesex County Chamber of Commerce

 The Middlesex County Chamber of Commerce is a dynamic business organization with over 2,125 members that employ over 50,000 people in and around its service area. The chamber represents businesses from all industry sectors and of all sizes, from Fortune 500 companies, to micro businesses. It has 12 county based divisions, and over 30 industry based committees and councils that focus on issues of importance to the business community. The Middlesex County Chamber of Commerce has been honored with the Governor’s Laurel Award for Responsible Social Involvement, The President’s White House Citation for Private Sector Initiatives, the U.S. Department of Labor’s LIFT America Award, Connecticut Small Business Advocate Award, Vision 2000 Excellence Award, and the NAACP Business Award.

 Please visit www.middlesexchamber.com for more information.

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Connecticut Green Bank Closes 200th C-PACE Project

Rocky Hill, CT (Jan. 30, 2018) – The Connecticut Green Bank announces that the state’s Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 200 closed projects totaling more than $114 million in clean energy investment in businesses. C-PACE is an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing to save money and make smart energy upgrades to their buildings.

According to PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, Connecticut is second only to California in total dollars financed through C-PACE.

“Again, Connecticut leads the C-PACE market it helped pioneer, topping 200 projects”, said David Gabrielson, PACENation’s Executive Director. “The Green Bank team has built a very effective program centered on high standards, great marketing, and an open market approach that encourages private sector engagement and investment in improving buildings throughout the state.”

The Connecticut Green Bank, the nation’s first full-scale green bank, leverages limited public dollars to attract private investments that scale-up renewable energy deployment and energy efficiency projects across the state. Of the capital deployed through the Green Bank’s C-PACE program 70 percent comes from private investors, including from a $100 million facility established with a private sector investor, and C-PACE projects originated and financed through other capital providers. The Green Bank has also securitized and sold C-PACE transactions in the past. The Green Bank’s administration of the program ensures that investors are confident using their capital to finance C-PACE projects.

In 2017, 50 projects closed on financing through the Green Bank’s C-PACE program – these projects will provide an estimated cost savings of $8.6 million, create 119 job years and will result in 6,653 kW of installed solar PV capacity. Cumulative program total for installed capacity is now nearly 25,000 kW and total job years now exceeds 1,300. In total, Connecticut’s C-PACE projects will produce an estimated $204.5 million in energy cost savings reducing the burden of energy costs on businesses and non-profit organizations across the state.

“While the majority of C-PACE projects are in industrial, retail or office buildings, we are seeing building owners and tenants in other sectors, such as houses of worship, non-profits, and educational facilities, taking advantage of C-PACE financing,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Green Bank. “C-PACE can help modernize and improve the efficiency of almost any type of commercial building, while lowering energy costs and increasing the value of the property, making it easy to understand why C-PACE has been so successful. Connecticut’s C-PACE program has a strong growth trajectory thanks to an engaged community of contractors, municipal officials, capital providers, building owners and other stakeholders that support C-PACE.”

“By attracting private investment into Connecticut to finance the deployment of clean energy in our communities, together we are reducing the burden of energy costs on our businesses and non-profit organizations,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We are enabling businesses to be more competitive and helping our non-profit organizations better serve their missions by reducing energy costs.”

The Green Bank also reports that Q3 and Q4 of calendar year 2017 were the best back-to-back quarters in number of closed projects (36) since the C-PACE program’s inception in 2013.

Click here to read more about the 200th project.

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

 

 

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Greenworks Lending, the Connecticut Green Bank, State and Local Legislators Discuss Growth of Clean Energy & Energy Efficiency Investment Industry in Connecticut

State’s C-PACE program helps commercial property owners improve cash flows, reduce energy costs and enhance building stock

Pictured are: (front row, L-R) Carlo Leone, CT State Senator; Pamela Sparkman, Board of Selectmen, Darien; Bob Duff, CT State Senate Majority Leader; Alexandra Cooley, CFO & Co-founder Greenworks Lending; Jessica Bailey CEO & Co-founder, Greenworks Lending; Jayme Stevenson, First Selectman, Darien; Mackey Dykes, Vice President Commercial and Industrial Programs, Connecticut Green Bank. Second Row (L-R) Matt Macunas, Senior Marketing Manager, Connecticut Green Bank; and Bryan Garcia, President and CEO, Connecticut Green Bank.

Darien, CT (December 6, 2017) – Greenworks Lending, a Darien-based specialty finance firm that deploys private capital in support of energy efficient and renewable energy investments made by commercial properties, brought local and state legislators together with Connecticut Green Bank leaders to discuss the firm’s growth and economic development in the clean energy investment industry via an effective public-private partnership and public policy.

Senate Majority Leader Bob Duff, Senator Carlo Leone, Darien First Selectman Jayme Stevenson and Selectman Pamela Sparkman were in attendance.

Using the Commercial Property Assessed Clean Energy (C-PACE) program, Greenworks financed projects to date will reduce carbon dioxide output equivalent to transforming all of Darien north of I-95 (roughly 16 square miles) into a forest for 20 years.

“We are thankful for the Connecticut Green Bank bringing our work to the attention of legislators as an example of what can originate from effective public-private partnerships,” stated Jessica Bailey, CEO and co-founder of Greenworks Lending. “It was inspiring to discuss the role of private capital in economic development and to see the interest of legislators in both the environmental and commercial real estate development aspects of the C-PACE program.”

“Greenworks is showing how to mobilize private investment to meet state policy goals,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is driving economic growth and job creation in our communities, all while lowering the energy burden on businesses by creating clean energy property improvements.”

Greenworks Lending is a woman-owned enterprise founded by two former directors from the state’s Connecticut Green Bank. This clean energy and energy efficiency finance company is the fastest-growing firm in Connecticut by percentage growth, and recently closed an industry-first $75 million AA-rated securitization transaction. They are helping to scale the market for private investment in energy-saving commercial property improvements with the state’s C-PACE program. This helps commercial property owners and tenants save money and improve cash flow, while supporting jobs in the growing clean energy and energy efficiency industries.

For more information on Greenworks, please visit https://www.greenworkslending.com/. For more on C-PACE, please visit www.cpace.com.

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SunShot Prize Competition Ends with Connecticut Team as One of Final Two

Impressive results earned team an award of distinction, highlight path to continued success

 

Rocky Hill, CT (Nov. 2, 2017) – The U.S. Department of Energy’s SunShot Prize: Race to 7-Day Solar, a national competition intended to reduce the time it takes to “go solar” across the country, has ended, and the Connecticut Permit to Plug-in Challenge team was among the two final participants. While neither team was eligible for the grand prize, both teams made impressive progress and were given an award of distinction for their efforts.

The SunShot competition began in September 2015 with five competing teams across the country and concluded in March 2017. During the competition, three teams — Northern and Central California SunShot Alliance, Sunrun, and the Connecticut Permit to Plug-in Challenge — reached a major milestone in the competition and were each awarded $100,000 in seed prizes and received the title “SunShot Prize Change Champion.”

The Connecticut Permit to Plug-in Challenge team was comprised of the Connecticut Green Bank, and the state’s investor-owned utilities, Eversource Energy and the United Illuminating Company, as well as solar installers representing nearly 60% of the state’s solar market, and many municipalities. Working together, they created a multi-pronged strategic approach to reducing solar installation times, and relied on detailed project tracking and evaluation, which enabled them to inform and replicate strategies that positively impacted project completion times.

According to the challenge’s criteria, to win the competition’s $3 million grand prize, teams needed to get a minimum of 2,250 points and complete 85% of its total installed capacity in 56 days or less. The Connecticut Permit to Plug-in Challenge team reported the installation of 1,501 systems in 49 participating municipalities covering 141 different zip codes. The systems that were installed averaged 8.74 kW, resulting in 13.03 MW of total installed solar capacity. The median total time, from permit to plug-in was 89 days and 78.6% of its total installed capacity was completed in 56 days or less.

To attain this success, the team worked closely to identify and implement process improvements for solar installations across the value chain. The competition enabled the team to create resources that walk residents through the permit to plug-in process, standardize aspects of municipal solar permitting processes, and implement improvements to the utility interconnection process for solar PV.

“While there was no winning team, it’s clear that the residents of Connecticut are the winners here,” said Connecticut Green Bank President and CEO Bryan Garcia. “Residents will continue to benefit from the lessons learned from the interaction between the utilities, solar contractors, municipalities and the Green Bank. We are proud to have been one of the final two teams striving towards such an important goal for the adoption of residential solar PV.”

The other final team was the Northern and Central California SunShot Alliance, who completed 80% of their total installed capacity in 56 days or less.  While California was not able to meet the minimum point threshold for a grand prize, they completed the competition with 1,780 points – only 10 points more than Connecticut.

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CURE Innovation Commons to save energy costs through C-PACE program

Groton, CT (August 14, 2017) –  Using the Connecticut Green Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program, CURE Innovation Commons (“The Commons”) has financed energy improvements that will save the laboratory incubator more than $1.7 million in energy costs over the 17-year life of the loan term.

The project at The Commons is a perfect example of how support from Connecticut Green Bank can advance green energy goals and expand our economy by investing in the jobs and technologies of the future.

“This green energy project is very important to us from a bottom line perspective, because of the long-term cost savings, but it is also vital in terms of our role in the community,” said Susan Froshauer PhD, President and CEO of CURE. “We are in the business of science and research, and we strive to lead by example when it comes to using the latest technology to improve the quality of life for those who work at our facilities and our neighbors in Groton.”

The Commons is one of Connecticut’s newest science and technology incubators for entrepreneurs, professionals, scientists, start-ups and growing companies to develop ideas and build businesses in a collaborative community setting. In addition to funds provided for renovations by the Connecticut Department of Economic and Community Development (DECD), The Commons used C-PACE to fund energy efficiency upgrades including the installation of new HVAC equipment and a high efficiency generator.

“We are committed to making green energy accessible to businesses throughout the state,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE allows nonprofit, commercial and industrial property owners to access financing for green energy projects and to pay off projects through a property assessment. Financial innovations like these make projects possible at properties like The Commons, where new ideas and innovations in science and technology are being incubated – creating an opportunity for new jobs and economic growth in the community.”

Since its creation in 2011, the Connecticut Green Bank has deployed more than $1 billion in capital to fund green energy projects in Connecticut. This investment helps Connecticut create jobs, meet carbon reduction goals and improve the state’s energy security.

 

 

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