Free EV Charging Stations for Commercial Properties Financing Efficiency Projects through C-PACE

Charge Up CT Buildings campaign pairs growing EV demand with need for property efficiency

Rocky Hill, Conn. (Jan. 14, 2020) – The Connecticut Green Bank is pleased to launch Charge Up CT Buildings, a new initiative that offers free electric vehicle charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing to improve the energy efficiency of their building. Property owners who apply for C-PACE financing by May 15, 2020 may be eligible for this limited time promotion. Property owners are encouraged to contact the Green Bank early to start the application process.

C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that allows building owners to access 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. Hundreds of property owners across Connecticut have already taken advantage of C-PACE to finance energy-saving upgrades and Charge Up CT Buildings offers another incentive to attract new property owners to learn about the benefits of C-PACE.

A broad range of properties can benefit from this initiative, including retail spaces, nonprofit organizations, houses of worship, recreational facilities, restaurants, manufacturers, hotels, and other non-residential properties. C-PACE addresses the needs of businesses of all sizes – from owner-occupied buildings to portfolio real estate owners like Spinnaker Real Estate Partners, who the Green Bank recently profiled.

Through Charge Up CT Buildings, building owners will not only make their buildings more modern and attractive, but their customers, tenants, and employees will be able to charge up and enjoy the benefits of electric vehicles. An EV charging station can help owners and businesses to distinguish their property from others, showing leadership and commitment to sustainability.

The number of electric vehicles on the road in Connecticut continues to grow year-over-year. With over 13,000 electric vehicles registered to date, and a projected 125,000 to 150,000 vehicles by 2025, there is growing demand for more electric vehicle charging infrastructure. This creates an opportunity for property owners to offer their customers or employees EV recharging as an additional amenity.

“Connecticut Green Bank is committed to promoting the growth of electric vehicles in Connecticut, and that includes supporting the development of a more resilient EV charging infrastructure that is suited to handle increasing demand” said Bryan Garcia, President and CEO of Connecticut Green Bank. “We see this initiative as having many benefits to building owners, tenants, employees and customers – as well as to our communities. Property owners who choose to host electric vehicle charging stations are not only doing something positive to promote and grow their businesses, they’re also doing something positive for Connecticut and playing an important role in building a cleaner, greener and more prosperous future where our state has a robust electric vehicle charging infrastructure and where we are all less reliant on fossil fuels.”

To qualify for a free EV charging station, energy saving projects must utilize at $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive.

“This initiative simultaneously addresses two of the state’s largest contributors to greenhouse gas emissions: transportation and commercial/industrial properties,” said Mackey Dykes, Vice President, Financing Programs at Connecticut Green Bank. “Through Charge Up CT Buildings, the Green Bank is re-investing in the buildings of property owners who use C-PACE financing. The cost of the EV charging stations offered through this initiative will be offset by future interest income generated by the C-PACE financing – and by repurposing this future income into an electric vehicle charging station, these properties will create an even bigger impact on reducing emissions. Not only is the Green Bank enabling building owners to take control of their energy costs and save money, we’re also helping them to position their business and our community for future success.”

Building owners are invited to an open house about Charge Up CT Buildings on Wednesday, March 25 at J Roos, 243 State Street, North Haven. Pre-registration is required at the following link: https://www.eventbrite.com/e/charge-up-ct-building-owner-open-house-tickets-86918556743?aff=PR

For more information about the initiative, please visit chargeupct.com or call 866-324-0099.

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Green Development at Repurposed Properties using C-PACE Financing

Spinnaker Real Estate Partners Goes Solar with C-PACE

How does an outdated engineering plant become a state-of-the-art, energy-efficient sports facility? And how is an industrial complex repurposed into a home for makers, artisans, and manufacturers?

Through innovative C-PACE financing,  Norwalk-based Spinnaker Real Estate Partners has harnessed the power of solar to reduce operating costs, exceed industry standards in sustainability, and give new life – and purpose – to older buildings.

Spinnaker is a privately owned real estate company engaged in the acquisition, development, ownership, and management of commercial properties and multi-unit housing communities for almost 70 years. With a focus on urban redevelopment opportunities, Spinnaker has a passion for projects that connect people, housing, business, jobs, and recreation. In fact, since taking over the business over three decades ago, chairman and CEO Clay Fowler has focused on a commitment to resilient and sustainable
building practices.

However, updating the energy profile of older buildings to lower energy use and improve operations is a challenge that can tie up capital and reduce the  return on investment that Spinnaker and its investment partners expect. That’s why 64 Solar, specialists in designing energy-saving solar systems for commercial real estate, suggested that C-PACE financing from the Connecticut Green Bank would be the perfect fit for Spinnaker.

Watch the case study video or download the PDF through the icon below to learn more.

Download
Spinnaker Case Study
 

 

Available for any type of commercial property, C-PACE gives building owners a way to work with contractors to design custom projects that save both money and energy through upgrades ranging from heating, cooling, and insulation to lighting and solar. Unlike self-funding or a more traditional loan product, building owners can leverage C-PACE’s long financing terms and low rates to spread payments out over time and immediately realize positive cash flow. Because energy savings are designed to offset repayment terms, using C-PACE means more money is freed up for whatever opportunities come a building owner’s way.

The details about Spinnaker’s solar project at Glenbrook Road in Stamford are shown in graphic below.

To learn more about C-PACE, click here.

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Connecticut Green Bank offers financing for remediation of health and safety issues that prevent energy upgrades

Single and multifamily properties can benefit from low interest rate loans to remove mold, asbestos and other issues

 

Rocky Hill, CT (Nov. 21, 2019) – In Connecticut, 58% of the housing stock was built prior to 1969, according to the Partnership for Strong Communities, and this older housing stock can often present problems to home owners and residents. Along with structural and code violations from possible deferred maintenance over time, there is potential for the presence of health and safety issues, like mold and asbestos. The existence of these hazards can also make energy assessments, and related efficiency improvements, impossible. To help implement home energy upgrades and remediate health and safety problems, the Connecticut Green Bank and its partners are offering special low interest rate financing solutions for single- and multi-family homeowners.

For owner-occupied 1-4 family properties, the Smart-E Loan program now allows asbestos and mold remediation to be financed in full (up to $25,000) when completed with an Energize CT Home Energy Solutions (HES) program assessment or other energy-related improvements.

“Mold or asbestos in a home prevents blower door guided air sealing, which is an important part of the HES program,” said Lorenzo Wyatt, owner of Home Comfort Practice. “If we can’t complete this part of the assessment, home owners can’t access the full benefits of efficiency improvements, not to mention the obvious negative health implications.”

Administered by the Green Bank in partnership with nine local lenders (community banks, credit unions and a community development financial institution), the Smart-E Loan offers long-term, low-cost financing for more than 40 qualifying energy improvements. A network of over 500 eligible local contractors completes these upgrades, including insulation, windows, efficient heating and cooling, electric vehicle home charging stations, and solar systems.

“We heard concerns from contractors who are often unable to complete home energy assessments and make recommendations for more comprehensive energy efficiency improvements because of mold or asbestos, especially in low-to-moderate income households,” said Bryan Garcia, President and CEO of the Green Bank. “We understand that to provide all of society with a healthier, more prosperous future through the green economy, our financing programs must address these critical issues.”

Smart-E Loan terms range from 5-20 years, with associated not-to-exceed rates fixed between 4.49% – 6.99%. Loan amounts range from $500 – $40,000, though several of the participating community banks do not lend over $25,000. Through June 30, 2019, participating Smart-E Lenders closed 4,266 loans for $65.4 million in financed projects.

For multifamily property owners, particularly those serving low- and moderate-income residents, the Green Bank offers the Energize CT Health and Safety Revolving Loan Fund. This loan was designed to address a wide range of health and safety issues, including mold, asbestos, lead, knob-and-tube wiring, radon, and leaky roofs, that block the way to full energy improvements.

Created thanks to $1.5 million of Regional Greenhouse Gas Initiative (RGGI) dollars from the Department of Energy & Environmental Protection (DEEP), the Green Bank has already financed projects with these funds. One example is Success Village, a 924-unit housing co-operative in Bridgeport and Stratford. The $165,000 loan will cover a phase one pilot that includes asbestos removal from piping on the central heating system which was installed in the 1960s. Completion of the pilot will inform design, engineering and implementation of health and safety and energy upgrades for the full property.

“We are seeing significant energy, maintenance and other cost savings on properties that replace old, inefficient HVAC equipment, weatherize building envelopes or add solar,” said Kim Stevenson, Director of Strategic Initiatives at Inclusive Prosperity Capital, the non-profit that manages the Multifamily Program on behalf of the Green Bank. “These savings also improve the living environment for residents and improve property values.  We strongly encourage owners to evaluate their buildings for missed savings opportunities.” 

The Energize CT Health and Safety Loan fund offers financing of $10,000 to $300,000 (waivers for larger loans are possible) with terms up to 20 years at 2.99%.

To learn more about these loans, visit https://ctgreenbank.com/smartehealthsafety/ and https://ctgreenbank.com/programs/multifamily/energizect-health-safety-loan/.

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New Report Highlights Connecticut’s Solar For All Program as an Example of Clean Energy Policy Innovation

Report Details Key State Efforts to Expand Clean Energy since 2015

 

Connecticut is highlighted in the newly released report, Returning Champions: State Clean Energy Leadership Since 2015, by the Clean Energy States Alliance (CESA), a national, nonprofit coalition of state agencies and other public organizations. The report provides a comprehensive look at the ways in which states are advancing clean energy and suggests how to further encourage growth. Insert a sentence at the end of this paragraph which briefly summarizes the clean energy developments in your states, as recognized within the CESA report. Connecticut was recognized for the Solar For All program with PosiGen and its solar incentive for low-and-moderate income homeowners.

“We are pleased to be recognized as one of 21 innovative models states are using to grow clean energy markets nationwide,” said Isabelle Hazlewood, manager at the Green Bank. “The Connecticut Solar for All program is a shining example of how public-private partnerships can expand access to clean energy for underserved communities and achieve inclusive prosperity in the clean energy economy.”

View the Full Report 

Returning Champions describes the many important ways that states across the nation are supporting clean energy generation and markets. The report highlights 21 case studies from 19 states, covering a variety of state programs such as r community solar, low-income solar access, bioenergy, renewable heating and cooling technologies, energy storage, offshore wind, and renewable thermal.

The report’s four thematic chapters emphasize the most important issues that the states have been focusing on over the past few years:

  • Setting more aggressive goals for renewable energy electricity generation, for carbon-free energy, and for energy storage.
  • Supporting markets for emerging technologies, including offshore wind, electric vehicles, air source heat pumps, battery storage, microgrids, hydropower from irrigation systems, and advanced biomass and biogas systems.
  • Modernizing the electricity grid to incorporate variable sources of electricity generation, distributed generation, and electric vehicles efficiently and cost-effectively, as well as efforts to replace fossil fuels for heating.
  • Focusing on fairness and equity for clean energy to ensure that low- and moderate-income households can access the benefits of clean energy and to put appropriate consumer protection measures in place.

CESA Executive Director Warren Leon, the report’s lead author, summarizes the overall role of the states: “The United States is experiencing a transition to clean energy in great part because states have been able to propel clean energy policy implementation, and because governors, legislators, and state agency staff have provided leadership, innovation, and funding to support the transformation of the energy sector to cleaner and more reliable technologies.” He added, “It is important to recognize the achievements of Connecticut’s clean energy programs and those of other states so that public support for these programs continues and additional progress is made.”

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Brick Walk Professional Building Looks to the Sun

New rooftop solar system will provide electricity for medical offices

 

Fairfield, CT (October 21, 2019) – The Connecticut Green Bank and Kleban Properties LLC are proud to announce that a rooftop solar photovoltaic system will soon produce electricity for the Brick Walk Professional Building, part of the portfolio of Brick Walk properties located on the Post Road in Fairfield. The 64 kilowatt system will be financed through the Green Bank’s C-PACE program, and installed by Energy Resources. The building provides offices for doctors, dentists, social workers, and other medical professionals.

Kleban Properties, a real estate development firm headquartered in Fairfield, manages over 1.5 million square feet of commercial and residential property for the Kleban family. Working in real estate development in Connecticut for five generations, the Klebans have a history of visionary leadership in property development, including in Fairfield where they have created mixed-use spaces like Brick Walk that serve as community destinations.

“As a leader in commercial property management, we are always looking for cogent value-add strategies, and we believe in creating sustainable communities. Installing solar on the Brick Walk Professional Building fits this model,” said Ken Kleban, President of Kleban Properties. “It adds value to the property, lowers energy costs, and shows our environmental commitment to our tenants and residents.”

C-PACE, or Commercial Property Assessed Clean Energy, allows building owners to make energy upgrades immediately and pay back over time through a voluntary benefit assessment lien that is repaid along with real property taxes.

“We are excited to see leaders like Ken Kleban, who focus on building thriving communities, making energy consciousness decisions part of their investments,” said Mackey Dykes, Vice President of Commercial and Industrial Programs. “Projects on high-traffic properties help spread the word to other developers, building owners, and residents that energy efficiency and renewables are good financially and for the environment.”

The financed amount of the project was $243,790 and the estimated cost savings over the expected useful life of the project (20 years) is over $340,000.

For more information on C-PACE, please visit www.cpace.com.

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Using Sunshine to Make Stencils: Stencil Ease Goes Solar

First commercial/industrial property in Old Saybrook to use C-PACE financing

 

Old Saybrook, Conn. (Oct. 7, 2019) – The Connecticut Green Bank and Greenho Enterprises are pleased to announce the closing of a financing agreement that will allow Stencil Ease, located at 7 Center Road West in Old Saybrook, to generate over 90 percent of their business electricity needs from a solar photovoltaic (PV) system on their roof. Stencil Ease is the largest specialty stencil manufacturing company in the United States, producing stencils from one-off custom to production runs in excess of 100,000 units.

“When I moved Stencil Ease to Old Saybrook in 1997, we bought our first piece of manufacturing equipment and have been vertically integrated ever since,” said Brian Greenho. “I sold the business to private equity in 2015 and the new owner group has built on the legacy of stencil manufacturing and being able to ship any of 55,000 items anywhere in the world in 24-48 hours. Through my commercial real estate and solar development company, Greenho Enterprises, LLC, I wanted to make an environmentally conscious decision to globally reduce overall consumption of fossil fuels.”

This 15,000 square foot state-of-the-art laser cutting facility is the first commercial/industrial business in town to use Commercial Property Assessed Clean Energy (C-PACE) financing provided by the Connecticut Green Bank. The 72 kilowatt (kw) system consisting of 208 roof top panels will be installed by Smart Roofs Solar of Newtown.

C-PACE allows property owners to install energy efficiency upgrades or renewables on their buildings without upfront costs using financing that is repaid through the town’s property tax billing system as a benefit assessment akin to a water or sewer assessment. Through C-PACE, energy savings projections help building owners to feel confident that expected savings should exceed their investment and result in positive cashflow. The project’s gross installed cost is $215,000, and the expected average annual energy cost savings over 20 years is estimated at about $20,000 a year. Stencil Ease is also a beneficiary of an Energy on the Line grant of $14,081, a program developed in partnership with the state’s Department of Economic and Community Development’s (DECD) Manufacturing Innovation Fund to provide Connecticut manufacturers with even greater net energy savings from a C-PACE project.

“Connecticut is home to many great manufacturers, from submarines to stencils and everything in between, and our C-PACE program is helping them reduce their energy costs,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Connecticut Green Bank. “With a lower energy burden, these businesses can focus on their products and services, while increasing their bottom line.”

Greenho hopes to realize further green energy improvements to the property in the future.

“By 2021, the building will have electric vehicle charging stations enabling employees to charge their cars directly from the sun,” said Greenho.

 

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. For information on C-PACE, please visit www.cpace.com.

About Stencil Ease

Stencil Ease is the largest specialty stencil manufacturing company in the USA. Since 1980, our focus and dedication to manufacturing stencils, be it large-scale industrial, custom stencil or decorative painting stencil, has separated us from all others. Our web site offers an unlimited selection of designs, sizes, material options and customization options. Learn more at https://www.stencilease.com/pages/about-us.

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Connecticut Green Bank Multifamily Housing Program Surpasses 100 Project Milestone

Five-year-old program has financed more than $34 million in energy upgrades for affordable multifamily properties

 

Rocky Hill, Conn. (Sept. 24, 2019) – The Connecticut Green Bank is proud to announce that its Multifamily Housing Program has provided financing and technical assistance to more than 100 funded multifamily projects since the program’s inception in 2014. 

Through its various products, the Green Bank’s Multifamily Program, along with financing partners’ Capital for Change and the Housing Development Fund, has deployed over $34 million in financing for energy efficiency, solar and health and safety upgrades.  This capital has been used to fund individual energy projects as well as energy upgrades that are part of larger renovation or new construction projects – with $160 million total capital outlay for all project costs. 

“We are pleased with the accomplishments of our Multifamily program, which has touched more than 8,000 housing units in Connecticut that serve low- and moderate-income residents,” said Bryan Garcia, President and CEO of the Green Bank. “While there is still plenty of work to do, this investment is helping to improve the lives and health of families and reduce the energy burden on property owners.

The Program enables multifamily property owners to design and implement energy improvements that reduce energy, maintenance and other operating costs, improve the living environment for residents, and increase property values. The Program also funds remediation of important health and safety issues. Savings resulting from energy improvements are often used to fund other needed capital improvements. Through this approach, the Green Bank is helping to preserve critical affordable housing resources in Connecticut. This is especially important because of the affordable housing shortage in the state and budget challenges which limit public funding for this sector. 

Funded projects include a range of energy-related upgrades, for example, new, efficient HVAC equipment, building envelope improvements, and energy saving controls.  A hydroelectric project and more than 5 megawatts of solar photovoltaic (PV) systems have also been installed.  On the health and safety front, roofs can be repaired or replaced to prevent mold and other moisture related air quality issues from leaks, which is especially important if a property is to be weatherized and sealed. 

Funding is specifically designed to accommodate restrictions on existing debt or other covenants that might prevent a property owner from moving forward with a project.  For example, if additional mortgage debt is prohibited, a common occurrence, the Program will provide unsecured project financing. Solar programs are specifically designed so that non-profits and housing authorities, unable to take advantage of tax credits and other incentives, can still “go solar” and take advantage of long term, lower electricity costs.

The Program predominantly provides financing for existing housing that serves low- and moderate-income residents in Connecticut.  This includes subsidized, rent restricted properties as well as non-subsidized housing.

“The Green Bank will often take on properties that are in physical and financial distress but can be resuscitated by lowering high energy and related maintenance costs.  These are properties that traditional lenders are often unable to finance.  We understand how to underwrite and support owners in making these projects work.” said Kim Stevenson, Director of Strategic Initiatives at Inclusive Prosperity Capital, the non-profit that manages the Multifamily Program on behalf of the Green Bank. “However, we could not accomplish our work without the support of a dedicated group of professional service providers, contractors, property owners and managers, and partners, including the Affordable Housing Alliance of Connecticut, Urban Homesteading Assistance Board, Connecticut Housing Finance Authority, Connecticut Department of Housing, the Department of Housing and Urban Development, and many others.”

For more information on the Multifamily Program, please visit www.ctgreenbank.com/multifamily.

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Seabury Cooperative receives financing to preserve and improve their property

UHAB, HDF and the Connecticut Green Bank partner to provide technical assistance and financing to increase housing cooperative’s viability

 

New Haven, Conn. (Aug. 13, 2019) – The Urban Homesteading Assistance Board (UHAB) announces the closing of an initial loan that is the first installment of a more than $500,000 operating bridge loan for Seabury Cooperative. Located at the corner of Elm and Howe Streets in New Haven, Seabury Cooperative is a two-building complex with 88 affordable apartments. The UHAB financing also allows the Housing Development Fund (HDF) and the Connecticut Green Bank to provide further pre-development financial support for energy- and health/safety-related design and improvements. Together, this financing will help preserve important affordable housing in the city by increasing occupancy, improving the property, and reducing energy costs.

“Creating and preserving cooperative housing like Seabury is our mission” said Andrew Reicher, Executive Director of UHAB. “We are excited that our training, technical assistance and bridge lending could help preserve this important affordable housing resource in New Haven.”

Built in 1973, Seabury has all electric HVAC systems. As the property has aged, the electricity costs have risen significantly (50% from 2013 to 2015). Under this strain, residents reached out to their utility provider, the United Illuminating Company (UI), who conducted an energy audit and referred them to the Connecticut Green Bank for technical and financing assistance.

“The resident-owners of Seabury are excited to move ahead with long needed improvements to our home,” said Demetria Lindsey, President of the Cooperative Board. “We are looking for families and seniors of low or moderate income who would like to be part of our community.”

The Green Bank and UHAB began working together to help Connecticut cooperatives in late 2017. This partnership includes technical assistance to individual cooperatives as well as outreach to the affordable cooperatives in the state. Working with the Connecticut Housing Coalition they held a statewide training for cooperative boards members in the spring of 2018 and continue to provide technical assistance at properties facing high energy costs.

The financing from HDF and the Green Bank will be used to cover the costs of pre-development work necessary to secure permanent financing for the project. This will include the contracting of an architectural and engineering team to plan and design the replacement of the HVAC systems, evaluating the addition of roof insulation and new windows, investigate other energy and health and safety issues, and bidding out the construction work.

“HDF is proud to be partnered with UHAB and The Connecticut Green Bank on this project,” said Joan Carty, President and CEO of HDF. “It is a great example of like-minded organizations coming together to simultaneously improve energy efficiency and preserve desperately needed affordable housing for the residents of the Seabury Cooperative.”

“The partnership between UHAB and the Green Bank is a natural fit,” said Kim Stevenson, Director of Multifamily Programs at the Green Bank. “We are focused on helping residents and property owners reduce their energy expenses through the financing of renewables and efficiency projects. UHAB understands cooperatives and how to train residents on key skills needed to manage their properties. Together, we are making a difference in the long-term sustainability and financial viability of these important communities.”

Limited equity co-ops like Seabury provide home ownership opportunities that are permanently affordable in communities that are increasingly unaffordable to low-income households. Having provided affordable housing for nearly 50 years, this co-op will be rehabbed and updated focusing particularly on energy, health and safety measures, and will be able to provide affordable home ownership for another 50 years. Co-ops are an affordable housing solution that lasts.

The New Haven Independent wrote a follow-up article about the work at Seabury. Read the article here.

About UHAB

The Urban Homesteading Assistance Board was born in the midst of New York City’s economic crisis of the 1970s. With landlords abandoning their buildings en masse, the city found itself with more than 11,000 buildings on hand and no idea what to do with them. UHAB became a voice for the residents living in those buildings – longtime New Yorkers who had no intention of leaving. Turning buildings over to their residents to manage began as an experiment. But soon the city was convinced that this revolutionary approach could be sustained. The first year UHAB offered training, in Harlem, residents of 200 buildings learned how to cooperatively govern and operate their own multi-family dwellings. UHAB has now assisted in the preservation of more than 1,600 buildings (comprising 1,350 housing cooperatives), creating homeownership opportunities for residents of more than 30,000 apartments. For more information, please visit http:\\www.uhab.org.

About the Housing Development Fund (HDF)

The Housing Development Fund, Inc was established in 1989 as a nonprofit organization to finance the development of affordable housing in Stamford, CT. Today we have offices in Stamford, Bridgeport, and Danbury providing unique lending products and free homeownership counseling. With more than $120 million in funds under management, our programs include the pre-development, acquisition, rehabilitation, and construction of affordable housing, as well as down-payment and closing cost assistance loan programs for low- and moderate-income families. Our service area includes the entire state of Connecticut as well as the counties of Nassau, Suffolk, Rockland, Putnam, and Westchester counties in New York state, the five boroughs of New York City, and a recent expansion into Massachusetts. For more information, please visit hdfconnects.org.

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. 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.

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Connecticut Green Bank’s Groundbreaking ABS Deal Demonstrates the Power of Tech-Enabled Market Transformation

Trend Report: Fintech’s Ripple Effect on the Renewable Energy Market

Written for members of the investment community focused on energy T-REX Trend Report: Fintech’s Ripple Effect on the Renewable Energy Market - Access a Complimentary Copy of the Full Reportefficient asset classes, this issue of the T-REX Trend Report uses Connecticut Green Bank’s landmark SHREC ABS deal to showcase how smart technology drives market transformation.

New York, NY, July 16, 2019 — T-REX, a leading data services and software provider for complex financial markets, shares insights on investing, data transparency, and technology trends in its latest Trend Report.

Report Abstract: Financing for solar installations is challenging. However, with greater access to financing, more solar energy systems can be installed. This increased deployment of clean energy not only leads to an overall better quality of life for the public, it creates a ripple effect that impacts local communities from a number of different angles. This, coupled with their high yield potential, makes renewables extremely attractive for investors seeking high impact, socially responsible additions to their portfolios. Despite the draw, green energy remains exposed to friction across the financing and investment lifecycle due to data, analytics, and workflow limitations.

Knowing the friction that exists in the financing of solar and other renewables, Connecticut Green Bank (CGB) decided to leverage T-REX to bring transparency and efficiency to their first securitization. The highly successful, landmark transaction not only led to a number of benefits for Connecticut’s 3.5 million residents, it also set an important example of how smart technology transforms markets by simplifying and streamlining process. In this edition of the Trend Report, we use CGB’s transaction to walk through the typical financing challenges and best practices that pre-emptively address them.

Access a complimentary copy of the T-REX Trend Report at https://www.trexgroup.com/t-rex-trend-report-july-2019/


About T-REX

T-REX combines sophisticated SaaS technology with big data and asset class expertise to drive down cost of capital and reduce risk exposure for complex investments. Solutions address friction at each stage of the asset lifecycle, from origination through investment. By empowering efficient finance, T-REX creates significant investment opportunities across $500 billion in new assets every year. Performance Data Service and analytics platform for Loan and Asset Warehousing, Structured Credit, and Energy Project Finance.

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Canton Hydroelectric Facility to Produce Clean Energy for Connecticut

Historic powerhouse will produce 1 MW of renewable, clean energy and provide many benefits to the Town of Canton, the people of Connecticut, and the environment

Rocky Hill, Conn. (July 8, 2019) – The construction of a 1 megawatt (MW) hydroelectric facility at the Upper Collinsville Dam on the Farmington River in Canton is resuming after the closing of the construction loans, according to the project’s developer, Canton Hydro, LLC. The project is the result of significant expertise and innovation from many stakeholders, including the Town of Canton, The Provident Bank, the Department of Energy and Environmental Protection (DEEP), and the Connecticut Green Bank. Once operational, the facility is projected to generate an average 4.3 million kWh of clean energy and save 3.2 metric tons of CO2 emissions annually, while preserving a historic powerhouse, enhancing public safety features, and revitalizing aquatic habitat by allowing fish to swim upstream for spawning for the first time since 1867.

“Hydro projects like this one in Canton are very exciting for Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Although these projects require significant work and coordination, they provide a great example of how the Green Bank’s public-private partnership model works to leverage capital, revitalize Connecticut’s environmental infrastructure, and produce clean energy for years to come.”

This project is the culmination of more than a decade of efforts, including the drafting of the Collinsville Renewable Energy Promotion Act (H.R. 316; Pub.L. 113–122), a U.S. public law that was introduced into the 113th United States Congress, which was signed into law by President Barack Obama on June 30, 2014. The bill allowed the Town to take over the lapsed Federal Energy Regulatory Commission (FERC) licenses to refurbish two old dams. Originally constructed for hydropower that generated electricity for the former Collins Company factory, the site ceased generation in 1966. After a pre-feasibility study concluded the site could again support hydroelectric, the Town of Canton selected Canton Hydro through a competitive request for proposals.

“In addition to the generation of clean energy and reduction of carbon emissions, this hydro project will provide long-term benefits to Canton residents, the state, the environment and the wildlife,” said Canton First Selectman Beth Kandrysawtz. “Some of the other positive outcomes will be the construction of an upstream fish and eel passage, enhanced recreational possibilities due to the increased water level in the upper impoundment area, the improvement of flood control, and the creation of jobs. Not to mention the preservation of the historic powerhouse which was built in the 1930s.”

Clean Energy Through Creative Financing

The final requirement for the project was securing financing, which was accomplished through a creative partnership structure. The total project cost is approximately $6.6 million with the Green Bank providing a $1.2 million subordinate loan and $500,000 limited guaranty to leverage an approximately $4.7 million senior loan from The Provident Bank through the U.S. Small Business Administration (SBA) 504 Loan program. Additional equity is being provided by Canton Hydro.

“When a project has this many moving parts — environmental, economic, legislative and so on — it’s vital to have a financial partner willing to take a comprehensive approach that benefits both the client and their community,” says Dave Mansfield, CEO of The Provident Bank. “The Provident team is powered by innovation and that’s why renewable energy lending and the type of creative financing required for something such as the Upper Collinsville Dam, are not only a specialty of ours, but true passion projects.”

Redeveloping Historic Hydropower

The dam is owned by the State of Connecticut and the water rights will be leased to Canton Hydro over a 30-year period. Utilizing the state’s Virtual Net Metering program, State of Connecticut owned buildings through DEEP will benefit from the lower cost renewable energy. 

“This is a terrific project that builds on Connecticut’s legacy of leadership in environmental protection and clean energy development,” said DEEP Commissioner Katie Dykes. “Working with the Green Bank and local developers across Connecticut, we can improve our historic dams to provide clean energy, while at the same time restoring these facilities that create opportunities for recreation and wildlife conservation, and protecting our precious water resources. The process and documentation established with this project will serve as a replicable model that can be used with other state buildings that could benefit from clean energy technologies.”

The project will use a Kaplan turbine manufactured by WWS Wasserkraft GmbH, an Austrian company with longstanding experience in the construction of high-performance hydroelectric plants smaller than 10 MW per unit. In addition to supplying the main equipment, Wasserkraft will act as the turnkey solution provider and will supervise construction. A Denil Fishway passage to support the migration of fish into the Farmington River will be installed along with a new low-level fish guidance barrier to prevent fish swimming towards the primary spillway and guide them directly to the entrance of the upstream fish passage.

“This project is a truly innovative approach to the redevelopment of a hydropower plant in Connecticut,” said Mariana Cardenas Trief, clean energy finance consultant to the Green Bank. “The capital stack displays a creative blend of public funding, from sources like the Green Bank and the SBA 504 Loan program, and private investment from Provident.”

 

About Canton Hydro LLC

Canton Hydro was established in 2015 for the purposed of the redevelopment of the Upper Collinsville Hydro facility by a group of architects, engineers and investors passionate about revitalizing hydro power assets and preserving historic structures while improving the aquatic habitat. For more information, please visit www.cantonhydro.com.

About The Provident Bank

The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

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