Rocky Hill, CT (Dec. 3, 2020) – The Connecticut Green Bank announces the acquisition of four solar power purchase agreement (PPA) projects by Inclusive Prosperity Capital (IPC) as well as the closing of a debt facility designed to help IPC continue its management and growth of the Green Bank’s PPA portfolio in Connecticut.
“IPC will be one of our key partners in continuing to serve the Connecticut solar market and expand upon the success the Connecticut Green Bank has had in creatively de-risking projects to provide access to previously underserved solar customers,” said Bert Hunter, Chief Investment Officer at Connecticut Green Bank. “This transaction continues to exemplify the Green Bank model of leveraging limited public dollars to mobilize private investment.”
Created in 2018 as a spin out of the Connecticut Green Bank, IPC is a mission-driven specialty finance organization working at the intersection of community development, clean energy finance, and climate impact. In Connecticut, they partner with the Green Bank on a number of programs including the solar PPA, which focuses on delivering energy savings to a variety of customers, like commercial properties, houses of worship, affordable multifamily, and non-profits.
The solar projects sold to IPC include installations on two schools, an Islamic community center and a Boys and Girls Club. The projects total 495 kW and are anticipated to save the customers approximately $20,000 in their first year of operation. These solar customers are:
- Boys and Girls Club of the Lower Naugatuck Valley, Shelton, 127 kW Rooftop Project
- Bridgeport Islamic Community Center, Bridgeport, 75 kW Rooftop Project
- The Country School, Madison, 107 kW Rooftop Project
- Washington Montessori School, New Preston, 186 kW Rooftop Project
“The Country School’s solar project has had a catalytic effect. Not only have our students, as future leaders, seen the benefits of renewable energy but so too have their families, as they install solar at their homes and businesses, recognizing the short-term and long-term benefits for the country and the world. While our utility costs have already decreased, the greatest benefit is how excited our students have been, knowing that they have had a hand in this project. Connecticut Green Bank has been a great partner throughout the experience. We only wish we had more roofs for them,” said Head of School John Fixx.
“Our goal for adding solar to our Shelton facility was two-fold. First to be good stewards for our environment and second to reduce our operating expenses. By working with Encon and the Connecticut Green Bank, our club was able to reduce our carbon footprint, set a good example for our Club kids and reduce our monthly electric bill with no money out of pocket for the installation” says Shaye Roscoe, Chief Executive Officer of The Boys & Girls Club of The Lower Naugatuck Valley.
Learn more about the solar PPA at https://www.ctgreenbank.com/programs/building-owners/green-bank-solar-ppa/.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. 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 nationwide 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.