Darien celebrates Earth Day with a ribbon cutting on solar projects

Pictured from, left to right, are Craig Flaherty, Chairman of the Advisory Committee on Sustainability, Ed Gentile, Director of Public Works,  First Selectman Jayme Stevenson and Bert Hunter, Chief Investment Officer, Connecticut Green Bank.

On Earth Day (Monday, April 22, 2019), the town of Darien held a ribbon cutting ceremony to recognize the installation of solar photovoltiac systems at their police station, the Department of Public Works Garage, and Town Hall.  These are the first of six new solar systems on the roofs of town facilities to go online; the other sites are Tokeneke School, Holmes School, and the Board of Education Administration Building. 

The Connecticut Green Bank owns the systems, which were designed and constructed by Encon.  The town paid no upfront costs for the systems and will purchase power from the Connecticut Green Bank at a fixed and flat rate over the next 20 years. When all six projects are installed and producing energy, the town’s savings are projected to exceed $1 million over the 20 year contract term.

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Connecticut Green Bank sells $38.6 million in monetized solar home renewable energy credits (SHRECs)

First-of-its-kind issuance is backed by more than 14,000 residential solar systems

Rocky Hill, CT (April 9, 2019) – The Connecticut Green Bank is pleased to announce the sale of $38.6 million investment-grade rated ABS notes. This innovative first-of-its-kind issuance monetizes the solar home renewable energy credits (SHRECs) generated through the Residential Solar Investment Program (RSIP). The sale was comprised of two tranches of SHRECs produced by more than 105 megawatts of 14,000 residential solar photovoltaic (PV) systems. The SHRECs were aggregated by the Green Bank and sold in annual tranches to Connecticut’s two investor-owned utilities, Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The funds raised through this sale will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants in the program.

The Green Bank worked with Kestrel Verifiers to certify that this issuance conforms with the Climate Bonds Standard.  Further, it partnered with the Climate Action Reserve (CAR) to independently assess the impact of the systems in tranches one and two of the SHRECs. CAR estimates that these systems will produce 238,000 MWh of electricity each year, avoiding the emission of approximately 749,494 tonnes carbon dioxide equivalents (tCO2e) of greenhouse gases (GHGs).  CAR leveraged the Environmental Protection Agency’s (EPA) Avoided Emissions Generation Tool (AVERT) and Co-Benefits Risk Assessment (CoBRA) in their assessment of air quality and public health impacts respectively.

“The proceeds from this green bond support the many families reducing the burden of energy costs by putting solar PV systems on the rooftops of their homes,” states Bryan Garcia, President and CEO of the Connecticut Green Bank.  “By attracting more private investment into Connecticut’s growing green energy economy, we are creating jobs in our communities while at the same time confronting global climate change.”

“This groundbreaking transaction, the first rated issuance for the Green Bank and the first ever solar ABS transaction by a green bank, demonstrates how governments can leverage public funds to harness the tremendous depth of the capital markets to accelerate investment in clean renewable energy. The innovative structure of the SHREC program enables the Green Bank to reach a new class of investors seeking to achieve steady long-term returns while at the same time supporting the state’s energy, environment and economic development policies,” states Bert Hunter, Executive Vice President and Chief Investment Officer of the Connecticut Green Bank. “Working with the RBC Capital Markets as our underwriter, we were able to sell our green bonds and continue to support Connecticut’s growing green economy.”

RBC Capital Markets was the sole book runner in this transaction.

“RBC is thrilled to partner with Connecticut Green Bank on this first securitization exclusively backed by renewable energy credits,” said Nick Rogers, Director, Securitization Finance at RBC Capital Markets.  “Achieving a higher advance rate and lower cost-of-funds than other recent solar production ABS speaks to the strength of the SHREC program and its resonance in the market.”

 

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

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

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

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

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

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

 

About PosiGen:

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

 

About LibreMax Capital:

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

 

About the Connecticut Green Bank:

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About Inclusive Prosperity Capital:

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

 

 

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For more information, please visit posigen.com.

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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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Daughters of Mary to save $1.3 million in energy costs

The Daughters of Mary of the Immaculate Conception have added solar arrays at their New Britain property through an investment of $2.8 million. The Daughters will benefit from $1.3 million of energy savings over the next 20 years, and this savings will help them continue to provide tremendous service to domestic abuse victims as well as affordable senior housing and day care services for children and the elderly. Bryan Garcia, President and CEO of the Green Bank, spoke at the ribbon cutting ceremony, and was presented a plaque by Mother Jennifer, superior general of the Daughters of Mary, for the Green Bank’s role in this project. 

Facts about this solar installation:

  • A total of 3,668 solar panels were installed in three fields.
  • The Green Bank, Eversource Energy and Ecosolar worked together to bring this project to completion.
  • Panels were installed with five and seven foot screws, drilled into the ground to withstand winds over 110 MPH.
  • Installation is projected to produce more than 1.4 million kWh’s annually.
  • St. Lucian’s Residence, Prudence Crandall and Monsignor Bojnowski Manor went online in July 2017.
  • Hospital for Special Care Education and Research Center and Marian Heights went online in November 2017.
  • As of early January 2018, more than 275,000 kWh’s have been produced, saving more than $50,000 for the Daughters of Mary.

 

Click here to read the story in the New Britain Herald.

 

 

 

 

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