ImpactAssets, the impact investing trailblazer with a decade-plus track record of mobilizing capital for good, announced today that it is partnering with Connecticut Green Bank and Inclusive Prosperity Capital to provide a $12 million loan to PosiGen, a high-impact residential solar and energy efficiency provider focused on low- and moderate-income communities. The catalytic loan fills a crucial financing gap, enabling PosiGen to deploy thousands of solar energy systems and scale its transformative real-world outcomes across underserved regions of the United States.
The loan partnership comes as ImpactAssets, widely known for its deep impact investing expertise in the private market and its prestigious IA 50 list of impact investment fund managers, is mobilizing a growing volume of capital to address the climate emergency, leveraging philanthropy and impact investing to fill critical gaps. The PosiGen initiative aligns to multiple ImpactAssets climate finance imperatives by accelerating the adoption of renewable energy and ensuring that deployment is equitably distributed to all communities.
With this financing, PosiGen will deploy thousands of residential solar energy systems paired with energy efficiency upgrades in low- and moderate-income communities, reducing energy burdens for those customers while contributing critical progress toward decarbonization.
“This bridge loan is a prime example of ImpactAssets’ unwavering commitment to addressing the climate crisis with an urgent, holistic investment approach that centers climate justice,” said ImpactAssets’ Chief Executive Officer and Chief Investment Officer Margret Trilli. “Financing a just energy transition is one of our core impact objectives as we activate more and more capital for climate solutions. By supporting PosiGen’s mission to democratize solar access in low-income communities, we are taking another crucial step towards a more sustainable, equitable future for all.”
Based in New Orleans, PosiGen offers a unique solar leasing model that removes barriers for low- and moderate-income homeowners, allowing them access to solar energy and energy efficiency while helping them achieve energy independence. Increases in energy prices disproportionately impact such households, as energy costs consume a much larger percentage of overall household budgets and can force difficult choices between paying electricity bills and buying food, medicine, or other essentials. PosiGen’s solar and energy efficiency model operates without restrictive income requirements or credit score minimums, which often prevent lower income populations from accessing solar energy solutions as easily as the more affluent.
The $12 million loan will instantly boost PosiGen’s cash flow – enabling the immediate deployment of their solar energy systems and energy efficiency upgrades among underserved communities, while bridging the company toward additional funding in the future. The loan will assist in unlocking tax credits under the new federal Investment Tax Credit adders (“ITC adders”). The credits, expected to be awarded by the U.S. Department of Treasury within the coming year, will help attract additional private capital from tax equity investors.
“This bridge loan is essential in advancing our vision and scaling PosiGen’s impact during this interim period,” said PosiGen CEO Ben Healey. “By partnering with ImpactAssets, Connecticut Green Bank, and Inclusive Prosperity, we are better equipped to empower more families with clean energy solutions that reduce their energy burdens, build energy resilience, and address the urgent climate challenges we all face, together.”
PosiGen has already delivered significant positive impact for low-to-moderate-income communities: The company has completed more than 25,000 solar energy systems and 20,000 energy efficiency upgrades for nearly 22,000 families, as of March 2023, serving a diverse customer base with 48% identifying as people of color. PosiGen customers have produced nearly 570,000 MWh of electricity and saved an estimated $66 million on their utility bills to date.
“The climate emergency is far too dire for renewable energy solutions to be concentrated among higher-income populations,” said Dana Cotter, Managing Director of Impact at ImpactAssets. “This collaboration with PosiGen reflects our deep commitment to investing with a climate justice lens, centering the communities who have contributed the least to the climate crisis but are disproportionately impacted by its effects. We are pleased to see community-centered approaches to climate solutions gain traction not only among impact investors and philanthropists, but also in private companies like PosiGen and even in the federal government, where initiatives like the Environmental Protection Agency’s Greenhouse Gas Reduction Fund are embedding equity and justice considerations. The climate emergency demands a broad, unified approach that marries climate action to community empowerment.”
“In Connecticut, through the Solar for All partnership, nearly 5,000 low-income families have been able to lessen the crushing impact of inflation and save millions on their utility bills in the face of rising energy costs,” said Bert Hunter, Executive Vice President and Chief Financial Officer at Connecticut Green Bank. “By working with partners like PosiGen, ImpactAssets, and Inclusive Prosperity Capital, the Green Bank continues to make a difference for our most vulnerable families.”
“IPC is thrilled to partner with ImpactAssets and Connecticut Green Bank to support PosiGen with tax credit bridge financing, unlocking capital right now to the benefit of families suffering high energy burdens,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “This type of creative structuring for an innovative leader like PosiGen is exactly what is needed to ensure no one is left behind in the clean energy transition.”
Connecticut Green Bank Subsidiary’s Eighth Investment Offering for Citizens Surpasses Its Maximum Raise
/in Investment Solutions, NewsFeaturing an increased maximum raise limit, investment opportunity exceeds 100% of target for sixth consecutive time
Hartford, CT (Nov. 3, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their eighth Green Liberty offering, surpassing its maximum raise amount. To allow for more investors to participate in this innovative and certified green investment opportunity, this was the second offering that featured an increased maximum raise limit of $350,000. This is the sixth consecutive offering to exceed the maximum. In total, more than $1.8 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. The campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing.
Green Liberty Notes, which are offered quarterly, can be purchased through an online platform without a broker, with a $100 minimum. To date, more than 60% of original investments have been $1,000 or less, with buyers from 35 states around the nation and more than half of the investors have been Connecticut residents.
Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.
As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Bert Hunter Joins Justice Climate Fund Board of Directors
/in NewsCommunities-First Coalition Expands Its Capacity to Deliver on EPA Goal of Addressing Climate Crisis Among Those Most Impacted
(Washington, D.C./October 19, 2023)—The Justice Climate Fund (JCF) has added five new members to its Board of Directors, representing three organizations: Connecticut (CT) Green Bank, ImpactAssets, and the Housing Partnership Network (HPN). The additions strengthen the nonprofit’s ability to ensure those who have been left behind and are most impacted by climate change benefit as the United States works to achieve net zero greenhouse gas emissions through the Environmental Protection Agency’s (EPA) National Clean Investment Fund (NCIF) competitive grant program.
JCF submitted its application to the program last week.
“Our expanding Board embodies our commitment to bringing transformative environmental and socioeconomic change to low-income and disadvantaged communities,” said Lenwood V. Long Sr., President and CEO of the African American Alliance of CDFI CEOs and JCF Board Chair. “The wisdom and dedication of our board members are more than just invaluable; they are critical. We’re not just tackling climate issues; we are fervently fighting for our shared vision of a greener, just future where every individual’s worth is recognized, regardless of their zip code.”
New board members Bert Hunter, Margret Trilli, Ivy Duke, Dan Skaff, and Robin Hughes bring decades of expertise ranging from green financing and lending, impact investing, and making housing affordable. The combined leadership of the Board will steer JCF to effectively deploy capital and resources for improved health, security, and quality of life in communities across the country, particularly those historically underserved.
“Our green bank model changed the government subsidy-driven approach to clean energy by working with community-based lenders and private-sector investors to create accessible, low-cost, and long-term sustainable financing to maximize the use of public funds,” said Bert Hunter, Chief Investment Officer of Connecticut Green Bank and new JCF Board member.
He added that “our partnership with JCF and its vast network of community lenders will be transformative for our efforts to further reduce energy burdens and increase energy security for families and businesses here in Connecticut and across the country, while creating jobs and making all of our communities healthier as we reduce emissions of GHGs that are contributing to global climate change. This is an exceptional opportunity for all of us to reach every community and accelerate investment at scale.”
Since its formation in 2011, CT Green Bank has successfully mobilized nearly $2.5 billion in investments into the state’s green economy using $360 million in public funds.
“It is an incredible honor to join the JCF Board as we work to ensure a just and livable future for all our nation’s communities,” said Margret Trilli, ImpactAssets CEO and Chief Investment Officer and new JCF Board member. “The ImpactAssets team is pleased to partner with JCF to direct capital to the projects and communities where it is most urgently needed, and we look forward to bringing our unwavering focus on climate and equity solutions to this most important work of our time.”
A leading impact investment firm recognized for its innovative approach to philanthropy and investing, ImpactAssets has the robust investment and operational infrastructure to support JCF’s strategy of leveraging private capital and investments to address GHG reduction and transform communities. Now in its second decade, ImpactAssets manages more than $3 billion in assets invested in impactful projects, companies and funds advancing climate and equity solutions.
Joining Trilli on the JCF Board from ImpactAssets are General Counsel Ivy Wafford Duke and Board Member Dan Skaff. Wafford Duke brings over 30 years of risk, compliance and legal experience, including expertise in general corporate law, risk, corporate governance and regulatory compliance functions. Skaff, who is the Co-Founder and Managing Partner of Radicle Impact as well as former CEO of Beneficial State Bank, brings deep experience in financial services and business building.
“Our practitioner-led network of developers, owners, and lenders and national community lending and investment partners will shape and share the best and most successful practices and green financing tools,” said Robin Hughes, President and CEO of HPN and new JCF Board member. “As with my colleagues on the JCF Board, we are committed to effectively connecting capital resources with shovel-ready projects to produce and preserve affordable housing in qualified communities across the country.”
HPN’s Housing Sustainability Collaborative, comprised of the nation’s leading Community Development Financial Institutions, nonprofit syndicators and affordable housing developers, will merge financing products and programs with cutting-edge climate solutions.
In addition to the NCIF program, JCF has applied to the EPA’s Clean Communities Investment Accelerator program.
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About the Justice Climate Fund
The Justice Climate Fund is a nonprofit that provides capital, leverages resources and supports zero-emission technologies in underserved communities across the country. JCF is founded by the Community Builders of Color Coalition. It is steered by a Board that includes the African American Alliance of CDFI CEOs, the National Association for Latino Community Asset Builders, Inclusiv, National Bankers Association, Oweesta Corporation, Opportunity Finance Network, Partners for the Common Good and the Community Development Bankers Association, ImpactAssets, the Housing Partnership Network, and Connecticut Green Bank. They have come together to ensure that all communities equitably benefit from the GGRF. See www.justiceclimatefund.org.
Connecticut Green Bank Looks to Expand Solar MAP Program to Benefit Affordable Multifamily Properties
/in NewsHartford, Conn. – Oct. 17, 2023 – Affordable multifamily properties can now access the benefits of solar for their residents, thanks to Connecticut’s expansion of the definition of a residential customer as it relates to solar energy generation through Public Act No. 21-48. To better serve these families, the Connecticut Green Bank plans to expand its Solar Marketplace Assistance Program (Solar MAP) to help fill the market gap and usher in more projects in this sector.
“In the past, affordable multifamily properties were defined as commercial properties and had to compete for a capped incentive. Now, affordable multifamily properties can access the Residential Tariff, which has no cap and will often provide benefits greater than the commercial incentive while allowing the tenants to share in the savings from the project,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Through Solar MAP, we have helped municipalities and state agencies navigate the complex process of going solar. We anticipate growing interest as we expand the program into the affordable multifamily housing sector and from other Connecticut communities working to achieve their sustainability goals over the next several years.”
Due to this anticipated future growth, the Green Bank is seeking new team members, a Senior Manager of Market Engagement and a Solar Project Manager, to assist the Solar MAP program, specifically in the affordable multifamily market sector.
Solar MAP is in its fourth year and has supported the Towns of Manchester, Portland, Mansfield, Branford, and multiple State of Connecticut facilities. Future rounds of the program will support the state’s 10 megawatt per year solar goal and growing interest from all sectors in battery storage and EV charging.
The Town of Manchester added systems at seven municipal buildings, including six schools, which are projected to save the Town more than $100,000 annually in energy costs and more than $2.1 million over the term of the power purchase agreements (PPAs).
The Department of Correction will install seven systems across their campuses as part of the program. The 8.3 MW of solar installations will provide 11 million kilowatt hours of solar electricity to their buildings, creating almost $800,000 in annual savings and nearly $20 million over the life of the installations.
To learn more about the Solar MAP program, visit www.ctgreenbank.com/community-solutions/solar-solutions-for-communities/solar-map/.
To read the open job descriptions and apply for one of the open positions, please visit https://www.ctgreenbank.com/career-opportunities/.
Coalition for Green Capital Board Elects Bryan Garcia as Board Chairman
/in NewsReed Hundt, former Chair and CGC’s current CEO said, “Bryan Garcia’s leadership and experience throughout the green bank movement will contribute to our success as a national green bank and result in significant clean energy benefits for everyone. I speak for the whole board and I am sure all our sub-awardees and partners in expressing gratitude to Bryan for taking on this role.”
Bryan Garcia, President and CEO of the Connecticut Green Bank, and newly elected Chair of CGC said, “I am grateful to Reed, and honored by the Board of Directors of CGC, for electing me to serve in this capacity as we look ahead to advancing the green bank model to every community across our country. At this important moment in our country, our collective efforts to confront climate change can only be met with our actions to mobilize investment into our low-income and disadvantaged communities.”
Lonnie Reed, Chair of the Connecticut Green Bank and former Co-Chair of the Energy and Technology Committee of the Connecticut General Assembly. “When we created the Connecticut Green Bank, we needed an entity focused on attracting private investment into the ambitious bipartisan public policies we were advancing. Bryan built an amazing team of people committed to that mission. I have every confidence that in his new role as Chair of CGC, Bryan will bring that same successful sense of purpose to the whole country.”
Roger Dower, CGC Board Member, Lead Independent Director, and Former President of the Johnson Foundation at Wingspread said “Bryan is the right person for the job. Throughout the summer, Bryan worked tirelessly alongside the CGC team, board of directors, partners, and members of the American Green Bank Consortium to improve the governance structure and prepare the organization to become the national green bank.”
The Connecticut Green Bank is a member of the American Green Bank Consortium and a partner alongside hundreds of community organizations and lenders in support of CGC’s applications to the EPA’s Greenhouse Gas Reduction Fund which will be filed on Thursday, October 12, 2023.
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About the Coalition for Green Capital
The Coalition for Green Capital, operating as the American Green Bank Consortium, is a 501(c)(3) organization specifically chartered to reduce greenhouse gas emissions, combat other forms of air pollution, and address climate and energy-related environmental injustice. Green banks are a proven finance model that utilizes public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has been at the forefront of the Green Bank movement, collaborating at the federal, state, and local levels in the U.S. and internationally.
Learn more at https://coalitionforgreencapital.com
October 2023 Newsletter
/in Newsletters, NewslettersGreen Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more
Connecticut Green Bank Announces Eighth Green Liberty Investment Opportunity to Help Tackle Climate Change
/in Investment Solutions, NewsIn partnership with Raise Green, investments start as low as $100
Hartford, CT (Sept. 29, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches its eighth Green Liberty offering today. The crowdfunding campaign is made possible with Raise Green, an award-winning online marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can support small businesses in improving their energy efficiency and reducing energy costs.
“We are pleased to see demand for these notes continually increasing, as demonstrated earlier this summer when we surpassed the maximum raise of $350,000 during our seventh offering. We’ve raised over $1.5 million through the seven offerings to date, which helps small businesses reduce energy costs and allows our investors to earn a competitive return while being great environmental stewards,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.
Notes may be purchased through the online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the fifth consecutive offer to surpass its maximum raised amount, so interested investors are encouraged to act quickly. To date, 60% of investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.
Investors from the fourth round of Green Liberty Notes (which is now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the fourth and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate increase as a thank-you for their early support of the Green Liberty Notes.
Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.
As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Renovated state-of-the-art sports facility will have almost $2 million in lifetime energy savings.
/in Building Solutions, C-PACEc-pace
Renovated state-of-the-art sports facility will have almost $2 million in lifetime energy savings.
Spinnaker Real Estate Partners (managing partner and a principle investor) has a passion for projects that connect people, housing, business, jobs, and recreation. This widespread passion aligns with the versatility of the C-PACE program. It can even apply to properties like this one with two ice rinks! Buildings with rooftop solar photovoltaic systems financed using C-PACE save money by lowering the overall energy costs of the building, raising the profile of the property. Spinnaker utilized C-PACE to help it achieve its mission to build responsibly and affordably. Across a portfolio of 3 solar projects financed with C-PACE, Spinnaker will have annual energy savings of $203,700, amounting to $4,074,005 in total energy savings over financing term.
“Spinnaker is committed to meeting or exceeding standards in green building development. And the Connecticut Green Bank is an excellent partner in that mission.”
– Clay Fowler, Chairman and CEO, Spinnaker Real Estate Partners
Location
SoNo Ice House • Norwalk, CT
Energy Update
312 kW roof mounted solar photovoltaic system and roof upgrades
C-PACE Financing
$1.02 million • Over 20 years
Projected Energy Savings
$1.96 million • Over the life of the upgrades
Let's Get Started!
Spotlight on Residential Solar in Connecticut webinars
/in Home Solutions, Investment Solutions, NewsWebinar One: Residential Solar Investment and Deployment in Connecticut: An In-Depth Review of a 10-Year Incentive Program (2012-2022)
The first webinar in the multipart “Spotlight on Residential Solar in Connecticut” series, “Residential Solar Investment and Deployment in Connecticut: An In-Depth Review of a 10-Year Incentive Program (2012-2022),” provided an in-depth review of a residential solar incentive program administered by the Green Bank, including the market, policy, and practices that enabled 380 megawatts (MW) of residential solar deployment across nearly 50,000 rooftops, including low-to-moderate income families.
The series aligns with the opportunities created by the U.S. Environmental Protection Agency’s (EPA) Greenhouse Gas Reduction Fund’s zero emissions technologies for low-income and disadvantaged communities, which will allow states, municipalities, tribes, and others to reduce greenhouse gas (GHG) emissions and other air pollutants, deliver benefits to low-income and disadvantaged communities, and mobilize financing and private capital to stimulate additional deployment of such projects.
Webinar Two: Financing Residential Solar in Connecticut #1: Insights into Loan Programs
The second webinar in the series focused on the role of financing, delving deeper into the structure and benefits of two loan products: the CT Solar Loan and the Smart-E Loan. Together with $8 million of repurposed American Recovery and Reinvestment Act (ARRA) funds as credit enhancements, the Connecticut Green Bank was able to use $25 million in state and these federal funds to mobilize $180 million of private capital investment in residential clean energy deployment. In a venture with Sungage Financial, the Connecticut Green Bank supported a clean energy finance entrepreneur to demonstrate the viability of a specific solar loan product – the first solar loan product not secured by a mortgage on the home or a requirement to use solar equipment from a particular manufacturer. In collaboration with 13 local community banks and credit unions, the Connecticut Green Bank’s Smart-E loan provides a “second loss” loan loss reserve for unsecured financing of clean energy projects, including residential solar – which encourages these lenders to lend unsecured at affordable interest rates for longer maturities.
Webinar Three: Financing Residential Solar in Connecticut #2: Insights into Lease and Third-Party Ownership Programs
The third webinar in the series will focus on two lease products: the CT Solar Lease and Solar for All. Through the leveraging of ARRA funds as credit enhancements, the Connecticut Green Bank provided access to lease financing for local contractors, in partnership with a syndicate of local lenders and tax equity providers. In recognition of the need to provide access to capital to low-income and vulnerable communities, in partnership with PosiGen, the Green Bank launched the Solar for All solar and energy efficiency lease product. This session will look at the structure of these lease financing products, including the various benefits that result from increasing easy and affordable access to residential solar, especially for vulnerable communities.
Webinar Four: Solar + Storage for All in Connecticut: Framework for Deployment in Low Income and Disadvantaged Communities
The fourth and final webinar in this series will focus on Solar + Storage for All in Connecticut. Through Residential Renewable Energy Solutions and Energy Storage Solutions incentive programs, Connecticut is seeking to mobilize investment in and deployment of solar + storage in low-income and disadvantaged communities to reduce energy burden, increase energy security, and more. This webinar will provide useful insights into how Connecticut is thinking about its “Solar for All” application into the Greenhouse Gas Reduction Fund.
Webinar slides are linked here.
ImpactAssets and Partners Extend $12 Million Loan to High-Impact Residential Solar Provider PosiGen, Catalyzing the Energy Transition in Lower-Income American Communities
/in NewsImpactAssets, the impact investing trailblazer with a decade-plus track record of mobilizing capital for good, announced today that it is partnering with Connecticut Green Bank and Inclusive Prosperity Capital to provide a $12 million loan to PosiGen, a high-impact residential solar and energy efficiency provider focused on low- and moderate-income communities. The catalytic loan fills a crucial financing gap, enabling PosiGen to deploy thousands of solar energy systems and scale its transformative real-world outcomes across underserved regions of the United States.
The loan partnership comes as ImpactAssets, widely known for its deep impact investing expertise in the private market and its prestigious IA 50 list of impact investment fund managers, is mobilizing a growing volume of capital to address the climate emergency, leveraging philanthropy and impact investing to fill critical gaps. The PosiGen initiative aligns to multiple ImpactAssets climate finance imperatives by accelerating the adoption of renewable energy and ensuring that deployment is equitably distributed to all communities.
With this financing, PosiGen will deploy thousands of residential solar energy systems paired with energy efficiency upgrades in low- and moderate-income communities, reducing energy burdens for those customers while contributing critical progress toward decarbonization.
“This bridge loan is a prime example of ImpactAssets’ unwavering commitment to addressing the climate crisis with an urgent, holistic investment approach that centers climate justice,” said ImpactAssets’ Chief Executive Officer and Chief Investment Officer Margret Trilli. “Financing a just energy transition is one of our core impact objectives as we activate more and more capital for climate solutions. By supporting PosiGen’s mission to democratize solar access in low-income communities, we are taking another crucial step towards a more sustainable, equitable future for all.”
Based in New Orleans, PosiGen offers a unique solar leasing model that removes barriers for low- and moderate-income homeowners, allowing them access to solar energy and energy efficiency while helping them achieve energy independence. Increases in energy prices disproportionately impact such households, as energy costs consume a much larger percentage of overall household budgets and can force difficult choices between paying electricity bills and buying food, medicine, or other essentials. PosiGen’s solar and energy efficiency model operates without restrictive income requirements or credit score minimums, which often prevent lower income populations from accessing solar energy solutions as easily as the more affluent.
The $12 million loan will instantly boost PosiGen’s cash flow – enabling the immediate deployment of their solar energy systems and energy efficiency upgrades among underserved communities, while bridging the company toward additional funding in the future. The loan will assist in unlocking tax credits under the new federal Investment Tax Credit adders (“ITC adders”). The credits, expected to be awarded by the U.S. Department of Treasury within the coming year, will help attract additional private capital from tax equity investors.
“This bridge loan is essential in advancing our vision and scaling PosiGen’s impact during this interim period,” said PosiGen CEO Ben Healey. “By partnering with ImpactAssets, Connecticut Green Bank, and Inclusive Prosperity, we are better equipped to empower more families with clean energy solutions that reduce their energy burdens, build energy resilience, and address the urgent climate challenges we all face, together.”
PosiGen has already delivered significant positive impact for low-to-moderate-income communities: The company has completed more than 25,000 solar energy systems and 20,000 energy efficiency upgrades for nearly 22,000 families, as of March 2023, serving a diverse customer base with 48% identifying as people of color. PosiGen customers have produced nearly 570,000 MWh of electricity and saved an estimated $66 million on their utility bills to date.
“The climate emergency is far too dire for renewable energy solutions to be concentrated among higher-income populations,” said Dana Cotter, Managing Director of Impact at ImpactAssets. “This collaboration with PosiGen reflects our deep commitment to investing with a climate justice lens, centering the communities who have contributed the least to the climate crisis but are disproportionately impacted by its effects. We are pleased to see community-centered approaches to climate solutions gain traction not only among impact investors and philanthropists, but also in private companies like PosiGen and even in the federal government, where initiatives like the Environmental Protection Agency’s Greenhouse Gas Reduction Fund are embedding equity and justice considerations. The climate emergency demands a broad, unified approach that marries climate action to community empowerment.”
“In Connecticut, through the Solar for All partnership, nearly 5,000 low-income families have been able to lessen the crushing impact of inflation and save millions on their utility bills in the face of rising energy costs,” said Bert Hunter, Executive Vice President and Chief Financial Officer at Connecticut Green Bank. “By working with partners like PosiGen, ImpactAssets, and Inclusive Prosperity Capital, the Green Bank continues to make a difference for our most vulnerable families.”
“IPC is thrilled to partner with ImpactAssets and Connecticut Green Bank to support PosiGen with tax credit bridge financing, unlocking capital right now to the benefit of families suffering high energy burdens,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “This type of creative structuring for an innovative leader like PosiGen is exactly what is needed to ensure no one is left behind in the clean energy transition.”
Westport Tennis Club Aces Solar Installation
/in Building Solutions, NewsWTC installs rooftop solar project using C-PACE financing
Westport, CT (August 16, 2023) – The Connecticut Green Bank announces that Westport Tennis Club, 1696 Post Road East, Westport, installed a solar photovoltaic (PV) system on their roof using Commercial Property Assessed Clean Energy (C-PACE) financing. The 60.72 kW system is expected to save the facility more than $328,090 in avoided electricity costs over the 20-year financing term.
For more than 40 years, the Westport Tennis Club (WTC) has been serving the community with a safe, clean environment for play. Their facility features indoor, fully lighted Har-Tru courts providing year-round tennis lessons, clinics, and open courts for the whole family.
“We are thrilled to announce the successful installation of our state-of-the-art solar roof panels, marking a significant milestone in our commitment towards sustainable energy solutions and reducing our carbon footprint,” said Robert Mercorella of Westport Tennis Club.
Earthlight Technologies, headquartered in Ellington, installed the system.
“We are seeing more businesses with long histories in their community, like Westport Tennis Club, installing solar financed through C-PACE as part of their operations,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Solar helps reduce their energy costs, makes a positive environmental impact, and shows the families WTC serves that they care about sustainable solutions.”
For more information about the Green Bank, please visit www.ctgreenbank.com. For more about the Tennis Club, visit https://www.westporttennisclub.com/.