Green Bank and partners creates a non-profit entity to enhance programs for under-served communities
The Connecticut Green Bank, in partnership with DEEP and several foundations including The Kresge Foundation and the William and Flora Hewlett Foundation, has recently created a non-profit entity to help it maintain progress in several programs. Operational as of August 3, 2018, Inclusive Prosperity Capital, Inc. (IPC) will focus on increasing access to capital for low-to-moderate income communities and organizations serving these communities (such as nonprofits, faith-based groups, housing authorities, schools, and smaller businesses).
IPC is a strategic partner of the Green Bank, focused on scaling the Green Bank’s work in Connecticut, and expanding this successful model into other states and regions by accessing and deploying new capital sources.
Since the Green Bank’s inception in July 2011, our innovative programs and partnerships have allowed us to make significant impacts in terms of investment, economic development, and environmental protection. For starters, we’ve helped infuse $1.3 billion of investment into the State’s economy and more than $57 million in state tax revenues. See the infographic report here.
The Green Bank recently released the quarterly statistics of its C-PACE program, which shows continued growth. Since 2013, more than 230 projects have been closed for over $127 million in total financing. Check out all of the Q2 stats here.
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. Hear from us and the Rhode Island Infrastructure Bank on September 25 at noon in this free webinar.
EV charging stations represent the “fueling stations of the 21st century” – the infrastructure needed to power electric vehicles (EVs) as they travel distances beyond the range provided by home chargers many EV drivers install.
A coalition of EV stakeholders including the Green Bank 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.
Read the full press release here and learn about the Green Bank’s exploration of the viability of using this new methodology to create carbon credits from EV charging sessions.