Connecticut Green Bank and Onyx Renewable Partners Announce Commercial Solar Funding Agreement

Power Purchase Agreements to deploy 15-20+ MW of commercial solar projects in Connecticut

 

Rocky Hill, CT and New York, NY (Sept. 12) – The Connecticut Green Bank and Onyx Renewable Partners L.P. (“Onyx”) are excited to announce the Green Bank Solar PPA (power purchase agreement), a joint program that will provide funding for 15-20+ megawatts of commercial-scale solar projects in Connecticut.

Onyx was selected by the Green Bank through a competitive process, which demonstrated Onyx’s ability to provide the flexibility and cost of capital necessary to fund a growing portfolio of commercial-scale projects within Connecticut. Under this partnership, Onyx will leverage its existing fund structure and relationships with Credit Suisse and future tax equity partners to capitalize and own solar photovoltaic projects originated by the Green Bank and local solar developers. This new Connecticut-specific allocation within Onyx’s larger commercial solar portfolio will build upon the success of the Green Bank’s Solar Lease 2 fund, which reached capacity earlier in 2017.

The new Green Bank Solar PPA fund will provide power purchase agreements to a broad range of property owners by making use of Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) Program to allow unrated solar customers, including commercial, industrial, and non-profit property owners, to access financing alongside state agencies, housing authorities, municipalities, schools, and rated corporations. This innovative structure was pioneered under the Green Bank’s Solar Lease 2 program and has successfully opened the solar PPA market to customers traditionally excluded from solar financing.

“The Connecticut Green Bank’s partnership with Onyx provides our local installers with easy access to affordable capital so that their customers can finance solar PV projects that save money from day one,” stated Catherine Smith, Chair of the Connecticut Green Bank and Commissioner of the Connecticut Department of Economic and Community Development (DECD).  “Via this initiative, the Green Bank is providing our local installers with a pathway to developing projects that can help accelerate their business growth both in Connecticut and scale throughout the region.”

The first two projects under this program are nearing completion and will provide significant savings to their hosts.

First, a 600+ kW rooftop solar system was installed at the Reed Intermediate School in Newtown by Direct Energy, in partnership with the Newtown Sustainability Commission. The long-term savings to Newtown are projected to be over $1.6 million over the 25-year term of the PPA.

“Installing the solar system on the school provides many opportunities for us,” said Frederick Hurley, Director of Public Works for the Town of Newtown. “We can show students, parents, and staff how the technology works, and it will provide significant savings to the town and its residents. Plus, we are using clean energy, which is good for the environment and future generations.”

Additionally, the Town of West Hartford will benefit from the largest solar project the Green Bank has helped develop to date when a 2.4 MW ground mount solar array at the Barrette Farm in Thompson comes online. The project is being installed by C-TEC Solar. The state’s Virtual Net Metering (VNM) program allows West Hartford to take advantage of the energy generated, with projected savings approaching $1.3 million over the term.

“We are excited to be part of the Green Bank’s largest solar project to date, and a pioneer in the state’s VNM program,” said Catherine Diviney, Energy Specialist for the Town of West Hartford. “VNM is a valuable addition to the extensive on-site generation that we currently have on 11 buildings. VNM allows us to both support clean energy and realize some financial savings on the electricity bills at our schools and town facilities. It’s a green win-win for everyone.”

Onyx is a leader in the development and finance of commercial, industrial, and small-scale utility solar projects in North America and brings significant experience in solar project development and financing. Backed by funds managed by Blackstone Energy Partners and Blackstone Capital Partners, and operating under an existing partnership with Credit Suisse, Onyx’s established capabilities represent a strong development and financing solution for Connecticut’s commercial-scale solar sector. Onyx provides a vertically integrated approach with strong supply chain relationships, facilitating procurement of lower cost solar equipment, employs a seasoned team of design, engineering, construction and project management experts, and offers full-service capabilities for long-term asset management.

“The Green Bank and Onyx are proud of this mutually rewarding partnership under which Connecticut will benefit greatly from Onyx’s depth of commercial solar development and financing expertise. In turn, Onyx will be able to expand its solar portfolio in the state and gain first-hand experience using C-PACE as a security mechanism under a PPA fund structure, which we hope can be replicated elsewhere,” said Bert Hunter, Executive Vice-President & Chief Investment Officer of the Connecticut Green Bank.

“Onyx is dedicated to bringing more sustainable energy solutions to the State of Connecticut through our partnership with Green Bank.  Utilizing our wealth of experience and relationships in the industry, we will work with, and invest in local developers to promote economic development and growth in their communities,” said Ja Kao, President of Onyx. 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. 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” nomination. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

About Onyx Renewable Partners

Onyx is a Blackstone portfolio company specializing in renewable energy development and finance. Onyx is focused on greenfield development and M&A opportunities in the North American solar and wind sectors. Onyx is also continuously evaluating the market to partner with experienced teams to pursue opportunities employing other renewable power technologies. For more information about Onyx, please visit www.onyxrenewables.com.

 

 

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Connecticut State Colleges & Universities Partners with GE, Sunlight Solar Energy and Connecticut Green Bank to install Solar Systems for Three Campuses in Fall 2017

Other campuses to go solar in the next two years

(September 8, 2017)  – The Connecticut State Colleges & Universities (CSCU) has partnered with Current powered by GE, SunLight Solar Energy and CT Green Bank to install solar energy systems at three campuses in order to reduce energy consumption and decrease operating expenses. Construction is scheduled to begin at Manchester and Middlesex Community Colleges as well as Southern CT State University in late fall with the goal of extending to other campuses including Central, Housatonic, Asnuntuck, Quinebaug, Tunxis and Western in the next two years. The solar energy initiative is funded entirely with private capital sourced by Connecticut Green Bank and once fully implemented is estimated to save CSCU more than $10 million within the first 20 years.

“Anything we can do to make our system and our planet more viable and sustainable in the future is a step we’re willing to take,” said CSCU President Ojakian. “I want to sincerely thank all our partners who worked hard to make this important project possible.”

“The CSCU has shown tremendous leadership with this initiative,” commented Connecticut Green Bank President and CEO Bryan Garcia. “The Connecticut Green Bank is thrilled to be supporting CSCU’s efforts to go green. By not only installing solar energy systems across multiple campuses at once but using private capital to finance the projects, CSCU will be saving significant dollars for the State. And with a high-quality partner like GE overseeing the installations, there is little question these systems will perform and create a win-win-win for all involved.”

“This project is a great representation of the potential of solar generation,” said Amol Kapur, Current by GE’s business development manager for the CSCU portfolio, “CSCU is demonstrating the value of bringing together engineering, technology and finance to support both business and sustainability goals.”

 

About Current, powered by GE:

Current is the digital engine for intelligent environments. A first-of-its-kind startup within the walls of GE (NYSE: GE), Current blends advanced energy technologies like LED and solar with networked sensors and software to make commercial buildings and industrial facilities more energy efficient & productive. Backed by the power of Predix*, GE’s platform for the Industrial Internet, and a broad ecosystem of technology partners, Current is helping businesses and cities unlock hidden value and realize the potential of their environments. www.currentbyge.com

 

About GE:

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com.

 

 

 

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CURE Innovation Commons to save energy costs through C-PACE program

Groton, CT (August 14, 2017) –  Using the Connecticut Green Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program, CURE Innovation Commons (“The Commons”) has financed energy improvements that will save the laboratory incubator more than $1.7 million in energy costs over the 17-year life of the loan term.

The project at The Commons is a perfect example of how support from Connecticut Green Bank can advance green energy goals and expand our economy by investing in the jobs and technologies of the future.

“This green energy project is very important to us from a bottom line perspective, because of the long-term cost savings, but it is also vital in terms of our role in the community,” said Susan Froshauer PhD, President and CEO of CURE. “We are in the business of science and research, and we strive to lead by example when it comes to using the latest technology to improve the quality of life for those who work at our facilities and our neighbors in Groton.”

The Commons is one of Connecticut’s newest science and technology incubators for entrepreneurs, professionals, scientists, start-ups and growing companies to develop ideas and build businesses in a collaborative community setting. In addition to funds provided for renovations by the Connecticut Department of Economic and Community Development (DECD), The Commons used C-PACE to fund energy efficiency upgrades including the installation of new HVAC equipment and a high efficiency generator.

“We are committed to making green energy accessible to businesses throughout the state,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE allows nonprofit, commercial and industrial property owners to access financing for green energy projects and to pay off projects through a property assessment. Financial innovations like these make projects possible at properties like The Commons, where new ideas and innovations in science and technology are being incubated – creating an opportunity for new jobs and economic growth in the community.”

Since its creation in 2011, the Connecticut Green Bank has deployed more than $1 billion in capital to fund green energy projects in Connecticut. This investment helps Connecticut create jobs, meet carbon reduction goals and improve the state’s energy security.

 

 

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Ferazzoli Imports of New England (Galleria Stone) Adds Solar through C-PACE

Galleria Stone will reduce operating expenses and increase efficiency

 

Middletown, CT (August 1, 2017) – Ferazzoli Imports of New England, Inc., which conducts business as Galleria Stone, an importer, distributor and fabricator of tile and natural stone, is the most recent business to reduce their energy burden by installing a renewable energy source on their building through Connecticut Green Bank’s Commercial Property Assessed Clean Energy (C-PACE), an innovative program that helps property owners access affordable, long-term financing for smart energy upgrades to their buildings.

Northeast Smart Energy LLC of Hartford will install a 125 kW solar photovoltaic (PV) system to the roof of the Galleria Design Center, located at 234 Middle Street in Middletown. The estimated annual energy cost savings exceeds $37,000.

“The C-PACE financing program is the smartest long-term solution for achieving our clean energy demands,” said Jerry Martorelli, owner of Galleria Design Center. “With C-PACE, we are able to reduce operation expenses and increase efficiency, all while making a measurable impact on the environment and surrounding community.”

Through C-PACE, a building owner can pay for green energy improvements over terms up to 25 years through a voluntary benefit assessment on their property tax bill. Building owners can secure long-term, low-interest capital to fund these energy improvements, with no up-front costs required. The program is structured so that the energy savings offset the benefit assessment – meaning positive cash flow for the business – and includes a technical review process that leaves building owners feeling confident in the predicted energy savings of their project.

This project is part of Connecticut Green Bank’s Energy on the Line program, funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. Energy on the Line provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the C-PACE program.

“Manufacturers, who feel the burden of energy costs more than anyone, can realize substantial benefits from green energy projects,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE is a perfect fit for manufacturers, allowing them to take control of their energy costs and realize predictable positive cashflow. The solar project at Ferazzoli Imports is an excellent example of how green energy and C-PACE can improve a manufacture’s bottom line.”

For more information on Galleria Stone, please visit www.galleriastone.com, and for more information the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About Ferazzoli Imports

Ferazzoli Imports of New England Inc., now doing business as Galleria Stone, was incorporated in 1988 as an importer, distributor and fabricator of tile and natural stone. Originally located in North Haven, Connecticut, Galleria Stone relocated its corporate headquarters in June 2002 to the 100,000 square foot Galleria Design Center in Middletown, CT. The Galleria Design Center includes an expansive 30,000 square foot showroom, indoor natural stone gallery and a state-of-the-art fabrication plant that helps Galleria Stone continue the tradition of elegance, craftsmanship and efficiency for which it is best known.

 

About Northeast Smart Energy

Northeast Smart Energy was established in May of 2007 by its founders whose vision is rooted in their love for our planet. Northeast Smart Energy’s primary focus is to provide people with renewable and cost effective energy solutions that reduce our dependence on polluting sources of energy. Northeast Smart Energy is ready to help you do your part by reducing your environmental impact and leaving our planet in a condition of which our children would be proud.

 

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Connecticut Green Bank’s C-PACE Program Reaches $100 Million Milestone

State’s Commercial Property Assessed Clean Energy program continues to be an economic development tool for Connecticut businesses

 

Rocky Hill, CT (July 24, 2017) – The Connecticut Green Bank announced its C-PACE (Commercial Property Assessed Clean Energy) program has reached the milestone of $100 million in total closed project financing. The solar photovoltaic (PV) and energy efficiency projects, which vary in size and scope, are saving more than $9.29 million annually in energy costs for nearly 170 building owners across multiple sectors.

The Green Bank, which administers the C-PACE program, seeks to make green energy more accessible and affordable to commercial and industrial property owners by providing no money down long-term financing for meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses can achieve lower energy costs. 

Reaching $100 million in closed project financing positions Connecticut’s program as a national leader. According to market data from PACENation, an industry group promoting Property Assessed Clean Energy, California is the only state to have closed a larger total sum of project financing for commercial PACE projects.

“Connecticut’s Green Bank has really been the national leader for C-PACE,” said David Gabrielson, the Executive Director of PACENation, the national non-profit that supports development of PACE programs nationwide. “The way they administer their program has really served as a great example for other program administrators throughout the U.S., and we congratulate the entire Green Bank team on this impressive milestone.”

The project that propelled the Green Bank over this milestone will be installed at Farmington Sports Arena (FSA). FSA is a 130,000-square foot modern indoor sports facility that is home to four indoor and three outdoor artificial turf fields as well as four natural grass outdoor fields. The project, which will be installed by 64 Solar, consists of two solar PV systems (170 kW total).

Since its inception in 2011, 166 C-PACE projects have been closed in 69 of the 128 municipalities that have opted-into the program. C-PACE funds have been used in manufacturing facilities, non-profits, houses of worship, retail establishments, office buildings, and other business entities.  The projects consist of solar installations, new boilers, energy efficiency lighting measures, HVAC systems, and other energy improvements that help building owners to take control of their energy costs. Connecticut’s C-PACE program maintains an open market approach, allowing private capital providers to finance projects for building owners, and, in 2015, the Green Bank reached an agreement that provided it access to up to $100 million in private funding for C-PACE projects. Today, nearly 70% of the funding in the program consists of private capital.

“The Connecticut Green Bank’s C-PACE program reaching the $100 million in closed project financing milestone is significant,” said Governor Dannel P. Malloy. “This achievement shows our state’s continued leadership in combating climate change while simultaneously supporting the business and non-profit sectors.”

This milestone was achieved through the efforts of many key stakeholders.

“The Connecticut Green Bank is a leader in the green energy movement, but the rapid growth of C-PACE wouldn’t be possible without the support of our contractors, capital providers, municipal officials, and other stakeholders who have contributed to the C-PACE movement,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional programs at the Connecticut Green Bank. “There is still significant potential for energy improvements for Connecticut businesses and non-profits, and we look forward to bringing cleaner and cheaper energy to more building owners across the state.”

The Connecticut Green Bank’s success, and that of the C-PACE program, has led to the Green Bank being used as a model for other states.

 

 

 

 

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Connecticut Green Bank Staff Appointed to PACENation Board of Directors, Leadership Council

EVP/CIO Bert Hunter named to PACENation board; VP Mackey Dykes to serve on Leadership Council

 

Rocky Hill, CT (March 27, 2017) – The Connecticut Green Bank is proud to announce that Executive Vice President and Chief Investment Officer Bert Hunter has been named to the PACENation Board of Directors. Additionally, Vice President Commercial and Industrial Programs Mackey Dykes has been appointed to serve on the PACENation Leadership Council, an advisory committee for the organization.

PACENation is a movement of people and organizations united in their support for Property Assessed Clean Energy (PACE) financing. PACENation works towards a future in which PACE financing is used to fund energy efficiency, renewable energy, and resiliency upgrades to homes and commercial buildings in every municipality across the United States. Currently, PACE programs are operating in 19 states, including Connecticut, which has a thriving Commercial PACE (C-PACE) program.

“We are very glad that Bert agreed to join our Board,” said David Gabrielson, Executive Director of PACENation. “He’s got a very extensive background in finance and investment, and he’s a leading expert in clean energy finance and PACE. It’s a perfect fit and he will be a great asset as we continue to promote the value of PACE.”

As the Connecticut Green Bank’s Chief Investment Officer, Hunter leads the development of new and innovative financing programs designed to attract more private capital to scale-up the state’s clean energy investments. In its first five years, the Green Bank has used its resources to drive more than $1 billion of clean energy investment in Connecticut. Projects recorded through FY 2016 show that for every $1 of public funds committed by the Green Bank that an additional $6 in private investment occurred in the economy, which has helped create thousands of jobs in our communities, prevented the emissions of millions of tons of greenhouse gas emissions, and facilitated rapid growth in the deployment of clean energy.

After joining the Connecticut Green Bank in 2012, Dykes served as their Vice President and Chief Operating Officer. In that role, he helped lead the transformation, development and implementation of the Green Bank’s clean energy financing mission as well as running its day-to-day operations. In 2016, Dykes assumed responsibility for the Commercial, Industrial and Institutional portfolio, and through programs such as C-PACE, he helps commercial and industrial building owners, non-profits, schools and hospitals access affordable capital for clean energy projects. Prior to joining the Green Bank, Dykes was the White House Liaison at the U.S. Department of Energy.

The formation of the Leadership Council will create a more formal means for members to share insights on the market, ideas, opinions, and advice with PACENation staff and its Board of Directors.

“Our goal is to create a Council whose members are leaders in the PACE marketplace and whose composition really reflects the breadth of organizations from all sectors that have been working constructively toward making PACE financing available to all building owners throughout the U.S.” said Gabrielson, adding “Mackey has helped build one of the most successful C-PACE programs in the country.”

For more information on Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About PACENation

PACENation is the national, non-profit advocacy organization for Property Assessed Clean Energy (PACE) financing. To learn more about PACENation, please visit pacenation.us

 

 

For More Information, Contact:

Rudy Sturk

[email protected]

 

 

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Connecticut Green Bank Presents PACEsetter Awards

Rocky Hill, CT (March 2, 2017) – The Connecticut Green Bank announced the winners of the 2016 PACEsetter Awards during a ceremony today at the Energize Connecticut Center in North Haven. The award winners are the driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. This is the second annual PACEsetter Awards ceremony.

The Connecticut Green Bank created the PACEsetter Awards to acknowledge contractors, building owners and other stakeholders who are advancing the green energy movement through C-PACE, and who’s leadership establishes a ‘pace’ for others in their field to follow.

C-PACE is an innovative program, administered by the Green Bank, which helps commercial and industrial property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line.

The Green Bank acknowledged contractors, building owners and other stakeholders across multiple categories:

  • Top Performer, 2016
    • Green Earth Energy, a C-PACE contractor based in East Windsor who closed 13 C-PACE projects in 2016, the most of any contractor in the program
  • Best Newcomer, 2016
    • Beacon Mechanical Service, a C-PACE contractor based in Granby who closed their first C-PACE project in 2016 and utilized technical assistance that Green Bank offers to new contractors
  • Outstanding Project, 2016
    • Ross Solar Group of Danbury & Defeo Manufacturing for their C-PACE project at Defeo Manufacturing’s Brookfield facility – the 64.7 kW rooftop solar system and roof replacement was the first C-PACE project to close through the Green Bank’s Energy on the Line program
    • Energy Resources of Thomaston & HARC for their comprehensive energy efficiency and solar C-PACE project at HARC’s Hartford facility
  • Accelerating PACE, 2016:
    • Donna Pellitteri, Tax Collector for the Town of Trumbull, who has been a leader in her municipality’s participation in C-PACE
    • Jeff Bishop of the Bridgeport Regional Business Council, who has been a driving force in using C-PACE for economic development in the Bridgeport region.
    • Ralph Coppola, owner of Northeast Quality Services in Cromwell, which used C-PACE to complete a comprehensive energy efficiency project that included HVAC, lighting and air sealing, has advocated for C-PACE and communicated the benefits to fellow property owners

 “The strength of our contractor network, leadership from building owners, and the countless individuals advocating for C-PACE is what has made this program a success,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at Connecticut Green Bank.  “The Connecticut Green Bank is very pleased to recognize these PACEsetters, whose efforts continue to strengthen the C-PACE program. Their hard work means more Connecticut businesses are using more green energy and reducing their energy costs. We look forward to continuing to work with them and others to accelerate the green energy movement with C-PACE.”

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

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For More Information, Contact:
Rudy Sturk
[email protected]

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Green Bank Financed Green Energy Project Nears Completion

Curtis Packaging Uses C-PACE for Solar and Natural Gas Conversion Project

Sandy Hook, CT (October 4, 2016) – Curtis Packaging, a provider of luxury packaging for some of the world’s top brands, is nearing completion on a multi-million-dollar project to improve energy efficiency and utilize renewable energy systems at its production headquarters in Sandy Hook, Connecticut.

The $2.5 million project is being financed through Connecticut Green Bank’s C-PACE (Commercial Property Assessed Clean Energy) program. C-PACE allows commercial and industrial property owners access to affordable, long-term financing for green energy. Building owners finance qualifying improvements through a voluntary assessment on their property tax bill and projects are developed so that energy savings exceed the cost of financing. The innovative financing results in lower energy costs and positive cash flow, while enabling businesses like Curtis Packaging to support their sustainability efforts.

Curtis Packaging has financed a natural gas conversion project, new energy efficient HVAC and lighting systems, and a solar array capable of producing an average of nearly 950,000 kWh of electricity annually. The project is being financed over a period of 16 years and is expected to produce energy cost savings of $4.5 million over the life of the project.

Using green energy is very important to Curtis Packaging and the company’s customers, who benefit from the ability to market their products as having a reduced impact on the environment.

“Green companies want to work with other green companies,” said Don Droppo, Jr., President and CEO of Curtis Packaging, “so this has opened up an entire new avenue of growth for us. Curtis is the first luxury packaging company to be 100% carbon neutral and the first to rely on 100% renewable energy. With the help of the C-PACE program, we were able to further our sustainability efforts and make these most recent upgrades, including getting rid of a 50-year-old oil burner with very little out of pocket investment. Everyone wins in this deal and we couldn’t have done it without the Connecticut Green Bank.”

The project is being completed by JK Energy Solutions, based in Thomaston, Connecticut. JK Energy Solutions designs comprehensive, multi-measure energy projects based on the energy needs of clients and is currently working on several other C-PACE projects.

“Our first step is to improve efficiency of existing systems before designing renewable energy systems like the Curtis Packaging solar array,” said Rich Cardita of JK Energy Solutions. “Using this ground-up planning process, we avoid the installation of new systems that exceed the needs of our clients and help them to build better businesses. Curtis Packaging’s decision to use a Connecticut based company helps foster the growth of the renewable energy industry in Connecticut.”

“The C-PACE project at Curtis Packaging is a great example of how Connecticut businesses can use more green energy,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at Connecticut Green Bank. “Thanks to the C-PACE financing model, energy upgrades that have long been back-burner issues for businesses like Curtis Packaging are now much easier to address. We’re very proud to have been a part of this great project. Now Curtis Packaging can improve their bottom line and solidify their commitment to sustainability.”

The Connecticut Green Bank is currently offering owner-occupied manufacturers extra support to take control of their energy costs through its Energy on the Line Program, launched this spring. Qualifying manufacturers who apply for C-PACE financing are eligible for a grant of up to $50,000. The program is funded through the Connecticut DECD’s Manufacturing Innovation Fund and the deadline for applications was recently extended until November 4th, 2016. To learn more, please visit EnergyOnTheLine.com.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

About Curtis Packaging

Curtis Packaging is a leading provider of luxury packaging solutions. We manufacture high quality folding cartons for the most discerning global brands. Every paperboard carton they create passes through the hands of many experienced packaging professionals. Each touch exemplifies the dedication, knowledge, and tradition cultivated since their establishment in 1845. They are a global leader in both printing innovation and environmental stewardship. Curtis Packaging is the first packaging company in North America to be 100% carbon neutral and use 100% renewable electricity.

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Dean Pagani

McDowell Jewett Communications
[email protected]
860-918-5075

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Strong Interest Leads CT Green Bank to Extend Energy On the Line Program

Affordable financing and grant opportunities will help eligible manufacturers
Application Deadline NOW: November 4th

Rocky Hill, CT (September 7, 2106) – Due to strong interest from Connecticut manufacturers, the Connecticut Green Bank has announced a deadline extension for applications for the Energy on the Line program. Nearly 60 Connecticut manufacturing companies have expressed interest in financing for green energy upgrades since the program launched in April. Energy On the Line offers grants for renewable energy and energy efficiency building upgrades at owner-occupied manufacturing facilities across the state.

Through Energy On the Line, the Green Bank provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE provides commercial property owners with 100% financing for green energy projects that help reduce energy costs. The supplemental funding from Energy on the Line (up to $50,000) may be used for any project-related expenses at the discretion of the recipients. Manufacturers, who account for 10% of the state’s energy usage, can enjoy positive cash flow and more predictable energy costs when they make green energy upgrades using C-PACE and the Energy on the Line program.

“Connecticut manufacturers feel the burden of energy costs more than anyone, and we’re excited to see C-PACE put manufacturers back in control of their businesses through the Energy on the Line program,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We look forward to working with the manufacturing community and to making green energy financing more accessible and affordable to them. That’s a win for Connecticut’s environment and economy.”

Energy On the Line is an $800,000 program funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. The Connecticut Green Bank administers the program. Five energy savings projects have already been approved to receive supplemental funds and C-PACE financing through the Energy on the Line program, with another seven applications in review. Green Bank Staff estimate that current approvals and the additional project pipeline will account for more than half of the $800,000 in funding.

“We are proud of the response so far by manufacturers to the Energy On the Line program,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at the Connecticut Green Bank. “Manufacturers are realizing that they are a great fit for C-PACE, and extending this deadline through November 4th will make it easier for more manufacturers to participate, taking control of their energy usage and reducing costs.”

Defeo Manufacturing was the first company to close C-PACE financing and secure access to supplemental funding through the Energy On the Line program. Defeo Manufacturing, a maker and supplier of parts for Allison Transmissions, will install a rooftop solar array capable of producing more than 80,000 kWh of electricity annually.

Funding for the Defeo Manufacturing project was made available through Greenworks Lending, a private finance company and a qualified capital provider for the Connecticut Green Bank’s C-PACE program. Connecticut’s C-PACE program allows private capital providers to be the primary financier of C-PACE projects, while it serves as a program administrator. Attracting and leveraging private investment in green energy from organizations such as Greenworks Lending allows the Green Bank to work with more commercial property owners to accelerate the adoption of green energy while using fewer public dollars to offer programs like Energy on the Line.

“Connecticut is a leader in financing renewable energy and energy efficiency and our focus is on helping companies like Defeo Manufacturing use the power of PACE to bring projects to completion,” said Jessica Baily, CEO of Greenworks Lending. “Energy On the Line makes it easy for manufacturers to realize deep energy savings and this first project, financed by Greenworks Lending, is a great success story.”

Through the Energy on the Line program, owner-occupied manufacturing facilities are eligible for up to $50,000 in grant money that can be used for project-related expenses. A limited number of grant opportunities are available to property owners who submit an application by the extended deadline of November 4th. For more information, please visit www.energyontheline.com.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

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FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
[email protected]

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Meriden Enterprise Center Unveils New Solar Array

Major energy efficiency project complete with Green Bank financing

Meriden, CT (July 27, 2016) – The Meriden Enterprise Center at 290 Pratt Street has completed a comprehensive two-part, multi-year energy efficiency project with the unveiling of a new rooftop solar array. The 215 kW solar photovoltaic installation will produce over 250,000 kWh of energy annually.

The completion of the solar energy project is the final piece of an energy efficiency program financed using the Connecticut Green Bank’s C-PACE program (Commercial Property Assessed Clean Energy). The upgrades include new windows, rooftop cooling units and a building management system which will benefit the building’s varied tenants. While many of the upgrade decisions appear to be obvious ways to achieve energy efficiency, the retrofitting of a building constructed in 1884 can be cost prohibitive without reliable financing.

C-PACE allows commercial and industrial property owners access to affordable, long-term financing for green energy. Building owners finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill and projects are developed so that energy savings exceed the cost of financing. The innovative financing results in lower energy costs and increases a building owner’s bottom line, while also modernizing buildings and making them more comfortable for tenants.

“This is one of the larger projects the Connecticut Green Bank has financed through the C-PACE program,” said Mackey Dykes, Vice President of Commercial & Industrial Programs at Connecticut Green Bank. “With C-PACE, green energy projects of this scale are more accessible and affordable to building owners. By combining multiple energy efficiency measures with a solar project, the impact on the building owner’s bottom line has been maximized while this building has been transformed into a model for similar industrial sites statewide who are looking to reduce their energy costs. We are excited to partner with contractors like Lockheed Martin Energy and Greenskies Renewable Energy, who understand the value that comprehensive, multiple-measure green energy projects deliver to building owners.”

The Meriden Enterprise Center is expected to save over $4.7 million in energy costs over the 20-year financing term of the project. The payment schedule provides the Meriden Enterprise Center with more predictable energy costs, making business planning easier. The total cost of the project, financed by Connecticut Green Bank, is nearly $3 million.

The Enterprise Center is a 430,000 square foot industrial space with warehouse, light industrial, flex space and office space available. It is located in an enterprise zone.

“290 Pratt Street is a wonderful historic mill building with a dynamic mix of office and industrial tenants, but when we first acquired it, it could have been best described as a gas guzzler, which translated into very high utility and maintenance bills,” stated Steven Ancona, with the building ownership group. “By making energy efficiency investments, we significantly reduced utility and maintenance costs, allowing us to continue offering very competitive rents, lower our tenants’ operating costs, improve tenant comfort, and the aesthetics of the building. We have also significantly reduced the building’s carbon footprint.”

The energy efficiency upgrades at the Meriden Enterprise Center were done by Lockheed Martin Energy. Lockheed Martin Energy works with utilities, commercial businesses, government agencies and more on energy generation, distribution and transmission projects. The solar array was installed in a partnership between Lockheed Martin and Greenskies Renewable Energy, LLC, a solar energy company and C-PACE contractor based in Middletown, Connecticut.

“This effort is a landmark project that demonstrates the value of cost-effective energy conservation upgrades for commercial developers,” said Bobbie Griffin, senior manager of Lockheed Martin Energy’s Engineering, Procurement and Construction business. “Working closely with Connecticut Green Bank and building ownership, we were able to identify and implement efficiency measures like programmable thermostats, new energy-efficient windows, high-efficiency HVAC systems and roof-mounted solar panels that will save thousands of kilowatt-hours of electricity, reduce gas consumption by 50 percent each year, and save millions of dollars in energy costs over the life of the improvements.”

The Connecticut Green Bank is currently working with owner-occupied manufacturers across the state through its Energy on the Line program. Eligible manufactures may qualify for up to $50,000 in grant money when using C-PACE to implement green energy upgrades. Please visit EnergyOnTheLine.com to learn more.

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About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

About the Meriden Enterprise Center

The Meriden Enterprise Center, located at 290 Pratt Street, Meriden, Connecticut is an historic mill building offering office and industrial spaces for rent. Tenants may be eligible for a variety of incentives due to the building’s location within an Enterprise Zone. For more information, please visit www.290pratt.com.

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
860-918-5075
[email protected]

Download PDF File Download PDF

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