Tag Archive for: Latest News

Connecticut Green Bank’s Fiscal Year 2024 Annual Report Highlights Progress as Economic Catalyst Through Partnerships

/in , , ,

Green Bank programs continue to create jobs and grow the green economy while helping thousands of families and businesses reduce their energy costs

 

Hartford, CT (Jan. 8, 2025) – The Connecticut Green Bank recently released its 13th annual report for fiscal year 2024, which showed continued leadership in the state’s green economy. Every public dollar invested by the Green Bank attracted $8.60 in private capital in FY2024, bringing its total contribution to nearly $3 billion since it was created through bipartisan legislation in 2011. This investment helps reduce the energy burden on more than 71,000 families and businesses across Connecticut. Additionally, this investment supports the creation of thousands of jobs and reduces greenhouse gas emissions and air pollution, which benefits public health.

“The Green Bank is proud to be a leading catalyst driving the green economy. Since our establishment, we have helped enable nearly $3 billion of investment in our state’s green economy, which has supported the creation of more than 29,000 jobs and contributed nearly $150 million in state tax revenues to Connecticut’s budget,” said Bryan Garcia, President and CEO of the Green Bank. “Since 2011, we have forged strong relationships with lending institutions, contractors, advocates, and community and labor organizations as a reliable, dependable leader in this space. We remain committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity.”

Some highlights of the fiscal year 2024 include:

  • Supporting the financing of several fuel cell projects in Derby, including the nation’s first “Community Fuel Cell” that will reduce energy burdens on low- and moderate-income families
  • Providing energy security and resilience through the financing of a microgrid for our military at the U.S. Naval Submarine Base in Groton.
  • Expanding our flagship residential (Smart-E Loan) and commercial (C-PACE) financing programs to address environmental infrastructure improvements, especially resilience measures.
  • Helping commercial building owners make energy improvements that reduce their operating costs, in part through the co-administration of the Energy Storage Solutions program, which has experienced strong demand from businesses driven to increase their resilience and control expenses.
  • Utilizing our Solar Marketplace Assistance Program (Solar MAP) to successfully guide municipal and school leaders through the solar process while expanding the program to include storage and serve affordable multifamily housing properties so providers can reduce energy costs while increasing energy security.

To access the FY24 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/connecticut-green-bank-annual-report-2024/.

Milford Holdings LLC closes on 1.1-megawatt solar project

/in ,

Wampus Lane project is estimated to generate $4 million in energy revenue for the ownership 

 

Hartford, CT (Dec. 16, 2024) – The Connecticut Green Bank is pleased to announce that Milford Holdings LLC has recently closed on C-PACE financing for a 1.1-megawatt solar project at their property at 80 Wampus Lane in Milford. The tenants on-site include both industrial and manufacturing operations. The total gross installed costs are approximately $2.2 million and the estimated energy revenue for the ownership over the next 20 years will surpass $4 million. The project participated in Connecticut’s Non-residential Renewable Energy Solutions (NRES) program, through which the utility company will buy the produced electricity from the property owner. 

“I’m pleased with our decision to utilize the C-PACE program to finance our Solar project at 80 Wampus Lane. The process was straightforward across the multiple partners involved. Additionally, the Green Bank worked efficiently to close C-PACE financing allowing us to begin saving energy,” said Ahron Rosengarten, the project manager working for the property ownership. “We want to give a big thanks Jodi French of KPT Renewables for being an indispensable resource to get this transaction closed and giving us expert guidance on every step of the process. Thanks to Evergreen Energy for developing the project, managing the NRES submission process as well as coordinating the installation.” 

The system will generate approximately 1.1 million kWh annually which equals a carbon reduction of 785 metric tons, or the carbon offset of 1,025 acres of forest. 

“I enjoyed the role of coordinating the efforts of multiple project partners in order to facilitate the critical element of successful project financing,” said Jodi French of KPT Renewables. 

“It was a wonderful opportunity to develop and install this solar facility for Milford Holdings and take part in the NRES program,” said Jacob Sussman, Chief Operating Officer of Evergreen Energy. “We are extremely satisfied working with the Green Bank and appreciate Jodi’s guidance through the process.”  

In Connecticut, the Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 400 closed projects for more than $300 million in total investment. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, including energy efficiency improvements, renewable energy sources, and projects to increase resilience. 

“Commercial property owners’ interest in adding large solar systems to their roofs continues to remain strong in Connecticut,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “C-PACE was designed to allow these projects to make financial sense in addition to the positive environmental impact.”   

For more information about C-PACE, please visit ctgreenbank.com/cpace.