Connecticut Green Bank Recognized with National Award for State Leadership from Clean Energy States Alliance

Green Liberty Bond program wins for “interesting, innovative, and highly creative way to generate revenue for clean energy projects.” 

Pictured are, from left to right, Connecticut Green Bank staff Sergio Carrillo, Director of Incentive Programs; Sara Harari, Associate Director of Innovation and Strategic Advisor to the President & CEO; Emily Basham, Senior Manager of Partnership Development; and Warren Leon, Executive Director of the Clean Energy States Alliance.

Hartford, CT (June 8, 2022) – The Connecticut Green Bank was honored as a recipient of the 2022 State Leadership in Clean Energy Awards for its Green Liberty Bond program from the Clean Energy States Alliance (CESA), a national nonprofit coalition of public agencies working together to advance clean energy. Since 2009, the biennial Leadership Awards have recognized outstanding state programs and projects that have accelerated the adoption of clean energy technologies. The six winners were chosen by an independent panel of judges, and were evaluated based on leadership, innovation, cost-effectiveness, and replicability. 

“States across the country have been taking strong and creative action to expand the use of clean energy,” said CESA Executive Director Warren Leon.  “These award winners highlight the important, innovative, and diverse ways that states are moving clean energy forward.” 

Modelled after the War Bonds of the 1940s, Green Liberty Bonds are purchased by individual investors in lower-dollar denominations (the bonds are offered in $1,000 increments), enabling people to directly participate in the green economy and earn a return on their investment. The proceeds of Green Liberty Bonds are invested in projects that confront climate change in Connecticut. According to the judges: “This program is an interesting, innovative, and highly creative way to generate revenue for clean energy projects.” 

“We submitted the Green Liberty Bond program for SLICE Award consideration because of the Bonds innovative revenue structure, their accessibility to retail and institutional investors, their replicability, and their overall success in 2020 and 2021,” said Bert Hunter, Chief Investment Officer of the Connecticut Green Bank. “We are honored to be recognized by CESA, and add the Green Liberty Bonds to the list of our programs that have earned this acknowledgement.” 

The first issuance of the Green Liberty Bonds in July 2020 sold nearly $17 million, and the second issuance in May 2021 sold nearly $25 million with over $98 million of orders placed from a broad array of investors, including retail investors across the United States. Both bonds are Climate Bond Certified and rated “A+” by S&P. The bonds are backed by a unique revenue stream created by the sale of Solar Home Renewable Energy Credits (SHRECs), which are generated by solar panels on homes. 

The Green Bank was also a SLICE Award winner in 2018 for the Solar for All program, in 2016 for the CT Solar Lease Commercial PPA program, and in 2014 for its C-PACE program. 

This year’s awards were presented at a reception in Washington, DC on June 7. Other recipients were the California Energy Commission, Maryland Energy Administration, New York State Energy Research and Development Authority (NYSERDA) and New York State Homes and Community Renewal (HCR), Oregon Department of Energy, and the Washington Dept. of Commerce – Energy Office. 

The judges who donated their time to assess the programs nominated by state agencies across the country were from World Resources Institute, Energy Foundation, Union of Concerned Scientists, Vote Solar, and the McKnight Foundation. The judges’ participation in this process in no way connotes their respective organizations’ endorsements of these programs.  

In July, CESA will release a report on the State Leadership in Clean Energy Award (SLICE) winners that will include case studies of the programs. The report will be posted on CESA’s website at https://www.cesa.org/projects/state-leadership-in-clean-energy/2022-awards/. This webpage also contains information and registration links for a webinar series highlighting these exemplary programs. The webinars, which will take place in the summer and fall of 2022, will be free to attend and open to the public. 

To learn more about Green Liberty Bonds and Green Liberty Notes, another citizen-focused investment offering with a $100 minimum, please visit www.greenlibertybonds.com 

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About the Clean Energy States Alliance (CESA)  

The Clean Energy States Alliance (CESA) is a leading US coalition of state energy agencies working together to advance the rapid expansion of clean energy technologies and bring the benefits of clean energy to all. Established in 2002, CESA is a national, member-supported nonprofit that works with its members to develop and implement effective clean energy policies and programs. CESA’s members include many of the nation’s most innovative, successful, and influential implementers of clean energy policies. CESA facilitates the expansion of state clean energy policies, programs, and innovation, with an emphasis on renewable energy, energy storage, energy equity, and resiliency. CESA and its members perform an essential role in moving the nation from fossil fuels to affordable clean energy. www.cesa.org   

Connecticut Green Bank Subsidiary Closes Second Investment Offering, Raises More than $300,000 in Total 

Offering provided an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program 

Hartford, CT (May 18, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their spring crowdfunding investment offering, successfully bringing their total raise to $303,635 this year. This offering is the second-of-its-kind, continuing the success of a January offering, made possible through a partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. 

“In total, we have raised more than $300,000 from everyday people who want to support our mission and small business energy efficiency, using lower minimum investments,” said Bryan Garcia, President and CEO of the Green Bank.  

The Green Liberty Note was created as an investment companion to Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, 86 investments of $1,000 or less have been made.    

The latest offering’s coupon, which is set with each new issuance, was 1.50%. Future issuances are anticipated quarterly, with summer and fall offerings in the works. 

“With a rate on par or better than a comparable term certificate of deposit, and much better than a traditional savings account, we are encouraging investors to add a Green Liberty Note to their portfolio because it earns a solid return and makes a difference for small businesses making their operations more energy efficient,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank.    

Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption through deploying energy efficient equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers. 

To sign up for notifications about future offerings, please visit invest.ctgreenbank.com.   

Connecticut Green Bank Subsidiary Closed Successful First Crowdfunding Offer with Over $180,000 Raised in a Month

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

Investors from 25 states participated in the first offering.

Hartford, CT (Jan. 24, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their first crowdfunding investment offering, successfully raising 180% of its target ($180,000) in a month. This first-of-its-kind offering was launched on Dec. 14, 2021, in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allowed citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.

“It has become part of our mission to create investment opportunities for everyday people, allowing them to help directly combat climate change, through offerings with lower investment minimums,” said Bryan Garcia, President and CEO of the Green Bank.  “We are excited by the public reception of our first Notes offering, both from families in Connecticut to citizens across 24 other states who are supporting energy efficiency projects for small businesses across Connecticut.”

This initial offering of one-year maturity 1% coupon notes received an average investment of $1,600 and 75% of investments were $1,000 or less. Future issuances of Green Liberty Notes are expected every three months.

“For several years now, the Green Bank has been expanding its distribution channels to reach a broad cross section of investors – from the most sophisticated institutional ESG investors to everyday retail investors. This digital channel through the Raise Green crowdfunding platform is another innovation we’re using to bring access to our investment portfolio to even small-dollar investors across the USA,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank

Green Liberty Notes 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.

To sign up for notifications about future offerings, please visit invest.ctgreenbank.com.

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