HAU Becomes First Manufacturer to Benefit from Connecticut’s Energy Storage Solutions Program
CHESHIRE, Conn. – May 14, 2024 – Qcells, a global leader in complete clean energy solutions, and Hanwha Aerospace USA (HAU), a leading aviation and aerospace component manufacturer, both subsidiaries of the Hanwha Group, today announced the completion of two solar and energy storage projects in Connecticut to help HAU meet its energy demands. Under a 20-year Power Purchase Agreement (PPA) Qcells will provide HAU with nearly 20% of its energy needs. The projects are among the first to utilize Connecticut’s Energy Storage Solutions program and make HAU the first manufacturer to benefit from the state storage incentives.
Launched in 2022 by Connecticut’s Public Utilities Regulatory Authority (PURA), the nine-year Energy Storage Solutions program is managed by Connecticut Green Bank, the nation’s first state-level green bank, along with Eversource and UI. Qcells’ two projects – located in Cheshire and Newington, Connecticut – total 1.7 megawatts (MW) of solar and 1.2 megawatt-hours (MWh) of storage. Qcells ultimately is a one-stop shop for HAU, offering end-to-end service that covers customer power consumption pattern analysis, design, permitting, construction and operation, all fully financed.
During the life of the agreement, Qcells’ solar and storage systems could reap more than $2 million in utility bill savings. Beyond cost savings, in the long-term, Qcells’ projects are anticipated to avoid the release of more than 32,000 metric tons of CO2 equivalent, which is equal to taking more than 7,000 gas-powered passenger vehicles off the road for a year, according to the U.S. Environmental Protection Agency (EPA) calculator. Qcells’ combined solar and battery storage also effectively supplies backup power for critical loads during outages.
The state’s storage program is a key to bringing more reliable, affordable storage solutions to Connecticut. The program is aimed at helping all types of energy customers install clean storage solutions to increase reliability and lower energy costs. Qcells’ system will contribute to the grid during critical periods and in return is eligible for performance incentives. With its Geli EMS software, Qcells optimizes battery charging and discharging to comply with program requirements and maximize both the operational and financial performance of the projects.
Qcells’ projects for HAU were also made possible by incentives under the Inflation Reduction Act, which provides a 30% tax credit for both storage and solar installations. These projects are a prime example of how state and federal policies together can accelerate the clean energy transition, lower energy costs and increase grid reliability in a changing climate.
“Qcells’ solar and storage projects are an achievement for Connecticut manufacturing and for Eversource and UI ratepayers. Not only will Hanwha Aerospace USA benefit from demand charge savings on their electric bills and have backup power in case of an outage, but Connecticut ratepayers will also see the benefits that come from reduced strain on the grid,” said Sergio Carrillo, Managing Director, Incentive Programs at the Green Bank. “Energy Storage Solutions customers will send power from their batteries to the grid during times of peak demand in the summer and winter, which can help make the grid cleaner, cheaper, and more reliable.”
“From the aerospace engines business to the steel industry, we are seeing more and more manufacturers begin to understand the wide-ranging benefits Qcells’ full suite of clean energy solutions provide,” said Jin Han, Corporate Officer, Head of Distributed Energy at Qcells. “Our end-to-end energy solutions will help companies like Hanwha Aerospace USA and communities across the country alike, achieve sustainability goals while also increasing grid reliability, resiliency and cost savings. Ultimately, we are proud to help power Hanwha Aerospace’s operations and to be an inaugural part of Connecticut’s Energy Storage Solutions program.”
“As we continue to add renewable energy supply to the Connecticut electric grid, energy storage will become increasingly important for maintaining reliability,” DEEP Commissioner Katie Dykes said. “The Energy Storage Solution program was designed to jump-start efforts to add this storage. These two Hanwha projects evidence the success of the program and the potential to offer grid reliability benefits along with cost savings and reliability services for Connecticut businesses.”
“Hanwha Aerospace has made a strong commitment to Connecticut, establishing its International Engines Business Headquarters in Cheshire and pledging to further strengthen its presence here. Today’s announcement is another example of how Hanwha is following through,” said Dan O’Keefe, Commissioner of the Department of Economic and Community Development. “It is great to see an industry leader of Hanwha’s stature demonstrating leadership in terms of clean energy adoption in our state.”
“We see our 20-year agreement with Qcells as an incredible opportunity to make Hanwha Aerospace USA’s operations cleaner, more resilient and more affordable,” said Stephen Lindsey, Chief Technology Officer for Hanwha Aerospace USA. “We’re leading the way in our industry as we adopt clean energy solutions across our operations. HAU looks forward to the long-term benefits this agreement will yield both for our business and for the surrounding community as the projects provide us clean, resilient energy and contribute to a more sustainable and reliable power grid.”
###
About Qcells
Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers across the world. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea. Qcells offers Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning North America, Europe, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: https://qcells.com/us/.
About Hanwha Aerospace
Hanwha Aerospace is a global aerospace and defense company that offers a broad portfolio of products and services in land combat vehicles, including the world-renowned K9 Self-Propelled Howitzer and the Redback Infantry Fighting Vehicle, weapons systems, munitions, aircraft engine parts, and technology products and services. As South Korea’s largest aerospace and defense company, Hanwha Aerospace is engaged in the research, development, and manufacture of advanced technology systems, products, and services, and is spearheading the country’s space projects. More information about Hanwha Aerospace is available at www.hanwhaaerospace.com.
Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Connecticut Green Bank and OCOsink empower commercial building owners to make energy efficiency improvements
/in Building Solutions, NewsNew partnership combines the benefits of C-PACE financing with OCOsink’s process to simplify the creation of complex projects with an increased return on investment
Hartford, CT (August 1, 2024) – The Connecticut Green Bank announces a new partnership with OCOsink, a West Hartford-based energy consultant, designed to help commercial building owners develop and manage projects that will increase their energy efficiency and achieve their energy goals, while allowing them to focus on their core business needs. By leveraging OCOsink’s Energy Program Facilitation (EPF) services, building owners are empowered to make improvements as complex energy concepts are translated into actionable projects with measurable results. This comprehensive solution is a cost-effective way to professionally engineer and manage energy efficiency projects, while taking advantage of the benefits of C-PACE financing. Building owners who take advantage of EPF services could be eligible for interest rate reduction when they use C-PACE financing.
“Buildings have been increasingly expensive to operate, due to rising utility rates and maintenance costs. Our process provides owners with the resources and framework to make impactful energy efficiency upgrades, transforming energy audits into comprehensive energy projects,” said DJ Plis, Founder and Managing Director of OCOsink. “Our goal is to make decarbonization accessible and to ensure long-term benefits for our clients and the environment.”
OCOsink’s EPF services are value-driven and tailored to each property’s unique needs. The process includes project development, engineering and procurement, implementation oversight, and performance assurance.
“We understand the challenges property owners face when trying to address complicated energy efficiency projects and their need for these improvements to be cash flow positive,” said Alysse Lembo-Buzzelli, Director of Program Development and Origination at the Green Bank. “Designing projects is a major pain point for owners interested in making changes but are uncertain how to get started. Our partnership with OCOsink solves this problem by providing assistance from development through completion and performance assurance for energy efficiency projects.”
With C-PACE financing, building owners can cover up to 100 percent of the energy improvement costs with terms up to 25 years repaid through a voluntary benefit assessment. Projects financed through C-PACE are often cash flow positive in year one. Projects that utilize EPF services through OCOsink will be eligible for a reduced interest rate through the Green Bank. This interest rate reduction will offset the cost of EPF services, while also resulting in better financial return on investment for building owners.
Learn more about EPF services and C-PACE financing, please visit www.ctgreenbank.com/EPF.
July 2024 Newsletter
/in Newsletters, NewslettersGreen Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more
Connecticut Green Bank Seeks New Lending Partners to Continue Growth of Successful Smart-E Loan Program
/in Home Solutions, Investment Solutions, NewsLaunched in 2013, Smart-E helps residents improve the energy efficiency, resilience, and safety of their homes through a network of participating lenders and vetted contractors
Hartford, CT (July 22, 2024) – The Connecticut Green Bank today announced that it is seeking lenders interested in joining their Smart-E loan program through an open Request for Qualifications. Since 2013, the Smart-E loan has helped nearly 9,000 homeowners complete projects worth more than $170 million that have generated renewable energy, improved the efficiency and comfort of their homes, or removed health and safety hazards. The program is currently expanding to reach more homeowners across Connecticut, especially low-and-moderate income homeowners and communities of color, while increasing the program’s offerings into resilience and potential opportunities created by the Greenhouse Gas Reduction Fund (GGRF).
The Smart-E loan is offered through participating lending partners and a vetted network of local contractors who install the projects. For lenders, the Smart-E loan provides a no-cost way to engage with new and existing customers through a product that has proven to have few delinquencies and charge-offs. The Green Bank supports the program with marketing and technical assistance as well as a loan loss reserve.
“As the program continues to grow and evolve, serving diverse homeowners and contractors across the state, we are excited to add new credit unions, local and regional banks, and other lenders to our existing core group of partners,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank.
A virtual information session for lenders will be held on Wednesday, August 7 at 1 pm. Register here.
The RFQ can be found here.
Connecticut Green Bank Launches Award-Winning 11th Green Liberty Notes Offering
/in Investment Solutions, NewsWith investments starting at $100, the 11th offering makes energy efficiency upgrades more accessible for small businesses and organizations
Hartford, CT (July 9, 2024)—CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced the launch of its award-winning 11th offering today. The crowdfunding campaign, now in its third year, is made possible by Raise Green, an online marketplace for impact investing.
“We’re grateful for the opportunity to continue making much-needed energy efficiency upgrades more accessible to small businesses and organizations across Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Our 11th Green Liberty Notes offering will help bolster Connecticut’s clean energy transition and support the state’s local economy. By investing, you’re not just making a financial choice; you’re helping to build a more resilient future for our communities.”
Investments in the Green Liberty offering support Eversource’s SBEA program, which enables small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to the climate benefits associated with the SBEA program, Kestrel has reviewed and verified this Green Liberty offering for its environmental attributes. The Green Bank’s partnership with Amalgamated Bank has deployed over $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, starting with a $100 minimum. The previous Green Liberty offering was the eighth consecutive offer to surpass its maximum limit for a raised amount, so interested investors are encouraged to act quickly.
Featuring a low minimum investment, a short one-year term, and an easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. In total, more than $2.7 million has been raised from Connecticut citizens and buyers from 35 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents.
Investors from the seventh round of Green Liberty Notes (now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the seventh round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate “boost” as a thank-you for their early support of the Green Liberty Notes.
The Connecticut Green Bank was recognized by the Clean Energy States Alliance with the 2024 State Leadership in Clean Energy (SLICE) Award for its leadership, innovation, and effectiveness in advancing clean energy technologies through the Green Liberty Notes.
“We are deeply honored to receive CESA’s prestigious State Leadership in Clean Energy award for our Green Liberty Notes Program,” said David Beech, Senior Manager of Clean Energy Finance, who accepted the Award on behalf of the Green Bank at CESA’s annual meeting. “This award is a testament to the hard work and dedication of our team and partners who are committed to advancing clean energy solutions and making them more accessible.”
For more information about this investment opportunity, please visit invest.ctgreenbank.com.
Connecticut Green Bank wins 2024 State Leadership in Clean Energy Award from Clean Energy States Alliance (CESA)
/in News“The Clean Energy States Alliance was founded on the principle that states are the driving force behind this country’s clean energy transformation,” said CESA Executive Director Warren Leon. “CESA’s State Leadership in Clean Energy Awards recognize state innovation and accomplishments and share best practices so that creative programs in one state can spread to others.”
This year’s awards were presented in Chicago, IL on June 3 to the Connecticut Green Bank for its Green Liberty Notes Program. This program was developed following the Green Bank’s highly successful Green Liberty Bonds The Notes program provides small-dollar investors with the opportunity to support and benefit from clean energy development. It is the first one-year maturity designated green bond offered via a crowdfunding campaign, with an easy online process that doesn’t involve a broker. Investments start at $100 and are capped at $25,000, with priority given to smaller investments.
David Beech, center, accepts the SLICE Award from the CESA team.
This innovation makes it possible for everyone, regardless of income, to invest in Connecticut’s clean energy transition. Like other savings instruments, such as certificates of deposit, a competitive market rate of interest is paid at maturity (the previous offering was between 5-5½ percent). To date, more than $2 million in investment has been raised through the notes to support energy efficiency retrofits for small businesses. According to the judges: “The Connecticut Green Bank’s Green Liberty Notes Program is innovative and opens the rewards of the clean energy economy to a new community, extending the benefits so everyone can participate. The threshold to entry is low and the return on investment is good. Other states could adopt this highly replicable and cost-effective program.”
The other three winners were the California Energy Commission (CEC), the Maryland Energy Administration (MEA), and Massachusetts Clean Energy Center (MassCEC).
The five judges who donated their time to assess the programs nominated by state agencies across the country were Michael Brower, Clean Energy Venture Group; Greg Dierkers, U.S. Department of Energy; Deb Perry, International City/County Management Association (ICMA); Autumn Proudlove, North Carolina Clean Energy Technology Center; and Joan White, Solar Energy Industries Association. While CESA appreciates the time and expertise provided by the judges to this process, the judges’ participation in no way implies 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 highlight each of these programs with a case study. The report will be posted on CESA’s website at https://www.cesa.org/projects/state-leadership-in-clean-energy/2024-awards. This webpage will also contain information and registration links for a webinar series featuring the program managers of these exemplary programs. The webinars, which will take place in the summer and fall of 2024, will be free to attend and open to the public.
###
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 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 by championing renewable energy, pioneering energy storage solutions, promoting energy equity, and enhancing resilience. For more than two decades, CESA has played a pivotal role in transitioning the US towards accessible, sustainable, clean energy solutions. Learn more at www.cesa.org.
Connecticut Green Bank’s flagship financing programs now include resilience improvements for homes and commercial properties
/in Building Solutions, Home Solutions, NewsSmart-E and C-PACE expand beyond energy efficiency and renewable energy to new climate adaptation and resilience measures, taking green bank model into environmental infrastructure
Hartford, CT (June 18, 2024) – The Connecticut Green Bank is pleased to announce that two of its flagship financing offerings for homes and commercial buildings are expanding to include projects related to climate adaptation, resiliency, and water infrastructure. These additions allow home- and building-owners to protect their properties against extreme weather events and potential losses from climate change. The new measures added to the Smart-E and C-PACE programs are among the first steps forward in the Green Bank’s environmental infrastructure scope expansion, which applies the green bank model of leveraging public capital to attract multiples of private investment.
“As we move into hurricane season, we are officially launching the new financing capabilities of Smart-E and C-PACE. Both programs have been serving the market for over a decade, successfully helping homeowners and businesses improve their energy efficiency and reduce energy burdens,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Now, thanks to the Governor’s leadership and the support of the legislature, we can mobilize private investment in environmental infrastructure and resiliency.”
For homeowners, the Smart-E loan can offer financing for more than 50 upgrades including insulation, windows, HVAC, solar, geothermal, and battery storage. The new resiliency-focused measures are focused on storm protection (such as high impact glass windows and storm shutters), flood proofing (including installing French drains, replacing impervious surfaces, elevating or relocated plumbing or HVAC equipment, and basement flood proofing), drinking water quality (replacing lead pipes; overdrilling, redrilling, relocating, or improving a well; connecting to public water; and repairing leaks), and planting of native or shade trees or removal of dead trees.
For non-residential properties, the C-PACE program will allow financing for projects that address the challenges caused by climate change that can have negative effects on buildings and properties. Reinforcing structures through resilient building practices can help businesses stay open and operational. Improvements related to flood management, storm events, wind, fire, sea level rise, and extreme heat can qualify. Also, projects that embrace nature-based solutions including natural infrastructure that promote stormwater management, healthy vegetation, soils, and aquatic ecosystems that offer flood control and hazard risk reduction can be financed. Projects designed to FORTIFIED, a standard created by the Insurance Institute for Business & Home Safety (IBHS) can also access C-PACE financing.
“As the administrator of C-PACE in Connecticut, we are excited to expand the capacity of this successful program which has surpassed 400 closed projects and nearly $300 million in investment. The expansion creates new opportunities for both property owners to make improvements, and our capital provider partners who are currently able to offer this effective financing mechanism to address resilience projects,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank.
By statutory definition, resilience means the ability to prepare for and adapt to changing conditions and withstand and recover rapidly from deliberate attacks, accidents or naturally occurring threats or incidents, including, but not limited to, the impacts of climate change.
The Green Bank is also a co-administrator of the Public Utility Regulatory Authority (PURA) program Energy Storage Solutions, which provides upfront and performance-based incentives designed to make the installation of battery energy storage systems more affordable for homeowners and businesses. When combined with solar photovoltaic systems, batteries can provide resilience when grid outages occur.
For a list of participating C-PACE capital providers, please click here.
To learn more about Green Bank climate resilience offerings, please click here.
Clean Energy Industry Report Highlights Significant Economic Contributions and Continued Employment Growth for Connecticut
/in NewsAlternative transportation sector shows strongest growth while workforce development challenges remain, according to state’s fourth Clean Energy Industry Report from the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors
Hartford, CT (June 6, 2024) – Connecticut’s clean energy industry in 2022 contributed $7.68 billion to the state’s Gross Regional Product (GRP), an 8.5 percent increase from the previous year, according to the recently released 2023 Connecticut Clean Energy Industry Report. The sector gained 2.9 percent more jobs and has surpassed 44,000 workers – more than pre-pandemic totals – accounting for nearly 5 percent of total statewide employment growth. This growth was stronger than Connecticut’s economywide average of 1.7 percent and on par with growth seen in Maine, New York, and Rhode Island.
This is the fourth industry study produced by the Connecticut Green Bank, Department of Energy and Environmental Protection, Eversource, and United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of Avangrid Inc., operating through the Joint Committee of the Energy Efficiency Board (EEB).
“The Energy Efficiency Board believes that the continued economic growth from the state’s clean energy sector speaks volumes about Connecticut’s residents and businesses’ commitment towards achieving climate policy goals,” said Anthony Kosior, EEB Chair. “Their desire to invest in a more sustainable future is evident through the high demand for the Conservation and Load Management Programs, which has invested in education and development of Connecticut’s energy efficiency workforce. The EEB looks forward to the C&LM programs serving as an asset to further train and encourage diversification of this workforce to include more women and minorities.”
“We’re pleased to see Connecticut’s clean energy economy growing, particularly in energy efficiency, alternative transportation, and clean grid and storage employment,” said Eversource Director of Energy Efficiency Implementation and Connecticut Energy Efficiency Board member Ron Araujo. “Through technical assistance and incentives provided through participation in our programs, Eversource has worked with the state of Connecticut, business partners and our customers to help reduce its carbon footprint while strengthening the economy. As more of our customers become aware of the environmental and cost-saving benefits of energy efficiency technologies, these energy job markets will continue to flourish.”
“We are deeply encouraged and emboldened by the continued success of the energy efficiency economy right here in Connecticut,” said Hammad Chaudhry, Senior Manager of Conservation and Load Management at Avangrid and member of the Connecticut Energy Efficiency Board. “As part of a leading sustainable energy company with a global footprint, we are proud of our partnerships with an expanding clean energy workforce that is just as committed to a green and sustainable future as we are. We appreciate the dedication of the Green Bank and all the members of the Energy Efficiency Board as we commit to an equitable, innovative clean energy transition.”
“Connecticut’s clean energy economy continues to grow to address our climate challenges and our need for jobs that pay living wages. We have seen the benefits of energy efficiency and renewable energy for our families and businesses, especially in our vulnerable communities and understand the important role that this sector plays in our state’s overall economy,” said Connecticut Green Bank Board of Directors Chair Lonnie Reed. “We look forward to even stronger strategic alliances as we support the companies and workers in this industry and are eager to partner with legislators who share these important objectives.”
As with previous reports, this analysis from BW Research shows employment divided into five major technology sectors, their component sub-technologies, and industry or value chain segment. The five sectors are: energy efficiency; clean energy generation; alternative transportation; clean grid and storage; and clean fuels. All data presented is based on the 2023 United States Energy and Employment Report (USEER).
Some other key findings include:
“As an advocate for community and economic development, this report sheds light on the innovation happening in Connecticut. What this report also highlights is the work the industry needs to do, to promote workforce development opportunities that exist in the sector for black, brown, indigenous and women. I am excited about the possibilities for expanded collaboration and connecting the clean energy industry with workforce advocates”, said Brenda Watson, Executive Director at the North Hartford Partnership and Chair of Connecticut Green Bank and Energy Efficiency Board joint subcommittee.
To access the full report, please visit the Green Bank’s societal impact page or download directly here.
About Energize ConnecticutSM and the Joint Committee:
Energize CT is an initiative of the Energy Efficiency Fund, the Connecticut Green Bank, the Connecticut Department of Energy and Environmental Protection (DEEP), United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of Avangrid Inc., and Eversource, with funding from a charge on customer energy bills. Learn more at www.energizect.com.
Joint Committee
Pursuant to Section 16-245m(d)(2) of the Connecticut General Statutes, the Joint Committee shall examine opportunities to coordinate programs and activities contained in the plan developed under Section 16-245n(c) (i.e., Comprehensive Plan of the Green Bank) with the programs and activities contained in the plan developed under Section 16-245m(d)(1) (i.e., Conservation and Load Management Plan), and to provide financing to increase the benefits of programs funded by the plan developed under Section 16-245m(d)(1) so as to reduce the long-term cost, environmental impacts, and security risks of energy in the state.
To support the Joint Committee, the following is a principal statement to guide its activities: The Energy Efficiency Board and the Connecticut Green Bank have a shared goal to implement state energy policy throughout all sectors and populations of Connecticut with continuous innovation towards greater leveraging of ratepayer funds and a uniformly positive customer experience.
Connecticut Green Bank Subsidiary’s Tenth Investment Offering for Citizens Surpasses Its Maximum Raise
/in Investment Solutions, NewsFeaturing an increased maximum raise limit, investment opportunity exceeds target, becomes eighth consecutive sell out
Hartford, CT (May 28, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their tenth 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 third offering that featured an increased maximum raise limit of $350,000. This is the eighth consecutive offering to exceed the maximum. In total, more than $2.3 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 minimum investment of just $100. To date, more than 60% of original investments have been $1,000 or less, and more than half of the investors have been Connecticut residents. In total, individuals from 35 states have invested in 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. The Connecticut Green Bank and Amalgamated Bank (America’s largest B Corp bank) recently celebrated the purchase of more than $100M of SBEA loans, driving environmental benefits and economic growth in local restaurants, town halls, community organizations, and more.
As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and designated a Green Bond by Kestrel, a leading provider of external reviews for green, social and sustainability bond transactions and a Climate Bonds Initiative Approved Verifier.
For more information about investment opportunities, please visit invest.ctgreenbank.com.
Connecticut Green Bank Launches Turnkey Solar and Battery Storage Assistance for Affordable Multifamily Housing Owners
/in Building Owner, Building Solutions, NewsJoin the Connecticut Green Bank on June 6 for a webinar presentation on Solar MAP
Hartford, CT (May 20, 2024) – To help owners and residents of affordable multifamily housing in Connecticut have easier access to the benefits of solar energy and battery storage, the Connecticut Green Bank is proud to announce that their successful Solar Marketplace Assistance Program (Solar MAP) is now available to affordable properties with five or more units. This enhancement was enabled through passage of legislation in 2021, which expanded the definition of a residential customer as it relates to solar energy generation to include multifamily properties. Solar MAP for affordable multifamily properties will officially launch with an informational webinar presentation on Thursday, June 6 at 9 am.
Through Solar MAP, no-cost technical assistance is provided to affordable multifamily housing agencies, property managers, and owners to simplify and navigate the process of going solar (including battery storage) from start to finish. The program helps identify project sites, conduct feasibility and design solar installations. The Green Bank also provides the financing, incentives, and contractors to take projects from concept to completion.
Prior to 2021, affordable multifamily properties were defined as commercial properties, which compete for a capped incentive. Affordable multifamily properties can now access the Residential Renewable Energy Solutions program, which has no cap and will often provide benefits greater than the commercial incentive. The program also allows the tenants to share in the savings from the solar system. Solar MAP offers a lease arrangement to avoid complicated financing structures and easily share the benefits with property owners and tenants.
Affordable multifamily properties can also benefit from the Energy Storage Solutions program, which provides substantial incentives that help tenants become more resilient in the event of a grid outage.
The Connecticut Green Bank has been awarded Greenhouse Gas Reduction Funds from the Environmental Protection Agency (EPA) that will be used to reduce the cost of capital for affordable multifamily housing projects – passing along meaningful benefits to tenants and property owners alike including more energy savings, increase in resilience from grid outages through storage, and more. Additionally, Green Bank has partnered with the Council of Governments and submitted an implementation application under the EPA’s Climate Pollution Reduction Grant. This grant funding, if awarded, will be utilized to help deploy solar energy and battery storage in vulnerable communities and address other barriers to solar projects, such as scenarios where new roofs or structural upgrades are required prior to installation, or where interconnection is cost prohibitive.
Since 2020, Solar MAP has supported solar project development at state and municipal properties, including the Towns of Manchester, Portland, Mansfield, and Branford. 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.
Anyone interested in learning about Solar MAP for affordable multifamily properties can register for the June 6 webinar at: https://www.ctgreenbank.com/events/solar-map-for-affordable-multifamily-housing/
Qcells Completes Two Solar and Storage Projects on Hanwha Aerospace USA Sites
/in Building Solutions, NewsHAU Becomes First Manufacturer to Benefit from Connecticut’s Energy Storage Solutions Program
CHESHIRE, Conn. – May 14, 2024 – Qcells, a global leader in complete clean energy solutions, and Hanwha Aerospace USA (HAU), a leading aviation and aerospace component manufacturer, both subsidiaries of the Hanwha Group, today announced the completion of two solar and energy storage projects in Connecticut to help HAU meet its energy demands. Under a 20-year Power Purchase Agreement (PPA) Qcells will provide HAU with nearly 20% of its energy needs. The projects are among the first to utilize Connecticut’s Energy Storage Solutions program and make HAU the first manufacturer to benefit from the state storage incentives.
Launched in 2022 by Connecticut’s Public Utilities Regulatory Authority (PURA), the nine-year Energy Storage Solutions program is managed by Connecticut Green Bank, the nation’s first state-level green bank, along with Eversource and UI. Qcells’ two projects – located in Cheshire and Newington, Connecticut – total 1.7 megawatts (MW) of solar and 1.2 megawatt-hours (MWh) of storage. Qcells ultimately is a one-stop shop for HAU, offering end-to-end service that covers customer power consumption pattern analysis, design, permitting, construction and operation, all fully financed.
During the life of the agreement, Qcells’ solar and storage systems could reap more than $2 million in utility bill savings. Beyond cost savings, in the long-term, Qcells’ projects are anticipated to avoid the release of more than 32,000 metric tons of CO2 equivalent, which is equal to taking more than 7,000 gas-powered passenger vehicles off the road for a year, according to the U.S. Environmental Protection Agency (EPA) calculator. Qcells’ combined solar and battery storage also effectively supplies backup power for critical loads during outages.
The state’s storage program is a key to bringing more reliable, affordable storage solutions to Connecticut. The program is aimed at helping all types of energy customers install clean storage solutions to increase reliability and lower energy costs. Qcells’ system will contribute to the grid during critical periods and in return is eligible for performance incentives. With its Geli EMS software, Qcells optimizes battery charging and discharging to comply with program requirements and maximize both the operational and financial performance of the projects.
Qcells’ projects for HAU were also made possible by incentives under the Inflation Reduction Act, which provides a 30% tax credit for both storage and solar installations. These projects are a prime example of how state and federal policies together can accelerate the clean energy transition, lower energy costs and increase grid reliability in a changing climate.
“Qcells’ solar and storage projects are an achievement for Connecticut manufacturing and for Eversource and UI ratepayers. Not only will Hanwha Aerospace USA benefit from demand charge savings on their electric bills and have backup power in case of an outage, but Connecticut ratepayers will also see the benefits that come from reduced strain on the grid,” said Sergio Carrillo, Managing Director, Incentive Programs at the Green Bank. “Energy Storage Solutions customers will send power from their batteries to the grid during times of peak demand in the summer and winter, which can help make the grid cleaner, cheaper, and more reliable.”
“From the aerospace engines business to the steel industry, we are seeing more and more manufacturers begin to understand the wide-ranging benefits Qcells’ full suite of clean energy solutions provide,” said Jin Han, Corporate Officer, Head of Distributed Energy at Qcells. “Our end-to-end energy solutions will help companies like Hanwha Aerospace USA and communities across the country alike, achieve sustainability goals while also increasing grid reliability, resiliency and cost savings. Ultimately, we are proud to help power Hanwha Aerospace’s operations and to be an inaugural part of Connecticut’s Energy Storage Solutions program.”
“As we continue to add renewable energy supply to the Connecticut electric grid, energy storage will become increasingly important for maintaining reliability,” DEEP Commissioner Katie Dykes said. “The Energy Storage Solution program was designed to jump-start efforts to add this storage. These two Hanwha projects evidence the success of the program and the potential to offer grid reliability benefits along with cost savings and reliability services for Connecticut businesses.”
“Hanwha Aerospace has made a strong commitment to Connecticut, establishing its International Engines Business Headquarters in Cheshire and pledging to further strengthen its presence here. Today’s announcement is another example of how Hanwha is following through,” said Dan O’Keefe, Commissioner of the Department of Economic and Community Development. “It is great to see an industry leader of Hanwha’s stature demonstrating leadership in terms of clean energy adoption in our state.”
“We see our 20-year agreement with Qcells as an incredible opportunity to make Hanwha Aerospace USA’s operations cleaner, more resilient and more affordable,” said Stephen Lindsey, Chief Technology Officer for Hanwha Aerospace USA. “We’re leading the way in our industry as we adopt clean energy solutions across our operations. HAU looks forward to the long-term benefits this agreement will yield both for our business and for the surrounding community as the projects provide us clean, resilient energy and contribute to a more sustainable and reliable power grid.”
###
About Qcells
Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers across the world. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea. Qcells offers Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning North America, Europe, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: https://qcells.com/us/.
About Hanwha Aerospace
Hanwha Aerospace is a global aerospace and defense company that offers a broad portfolio of products and services in land combat vehicles, including the world-renowned K9 Self-Propelled Howitzer and the Redback Infantry Fighting Vehicle, weapons systems, munitions, aircraft engine parts, and technology products and services. As South Korea’s largest aerospace and defense company, Hanwha Aerospace is engaged in the research, development, and manufacture of advanced technology systems, products, and services, and is spearheading the country’s space projects. More information about Hanwha Aerospace is available at www.hanwhaaerospace.com.
Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.