FuelCell Energy Closes on the Acquisition of the 14.9 Megawatt Bridgeport Fuel Cell Park from Dominion Energy  

  • Increases the Company’s generation portfolio to 26.1 megawatts
  • Fuel cell park is one of the largest producers of renewable energy credits in CT
  • Financing provided by Liberty Bank, Fifth Third Bank and the Connecticut Green Bank             

DANBURY, Conn., May 13, 2019 —  FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced that it has closed on the acquisition of the 14.9 megawatt fuel cell park in Bridgeport, CT with Dominion Energy.  FuelCell Energy developed, constructed and commissioned the Bridgeport fuel cell park in December of 2013. Since its commissioning, FuelCell Energy has operated and maintained the plant under a service agreement with Dominion Energy.

FuelCell Energy will own and operate the plant as part of its generation portfolio. The transaction includes:

  • Added annual revenue in excess of $15 million per year;
  • Delivering EBITDA margins in excess of 50%, and
  • Progressive step for FuelCell Energy’s earnings per share.

Under the terms of the agreement, FuelCell Energy acquired 100% of the equity interest in Dominion Bridgeport Fuel Cell, LLC, from Dominion Generation, Inc., the original owner of the 14.9 MW project asset.

“The addition of this project asset to our generation portfolio is a major step towards our long-term strategy to diversify our generation portfolio, transitioning FuelCell Energy into a services focused business that delivers recurring revenue with strong EBITDA margins for our stockholders,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “We certainly extend our appreciation to Liberty Bank, Fifth Third Bank, and the Connecticut Green Bank for their support and recognition of the social and economic benefits our fuel cell solutions deliver.”

Total cash consideration paid was $35.4 million. FuelCell Energy funded the acquisition with a combination of third party financing and $15 million of restricted cash on hand that was tied to the project and released at closing. Liberty Bank and Fifth Third Bank jointly provided the senior project-level debt facility of $25 million, while the Connecticut Green Bank provided additional subordinated capital.

“We are pleased to assist FuelCell Energy in securing competitive bank acquisition funding for the Bridgeport project,” said Bert Hunter, Chief Investment Officer, Connecticut Green Bank. “This financing demonstrates once again FuelCell Energy’s ability to attract traditional project finance capital from commercial banks long available to solar, wind and hydro.”

Cautionary Language  
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) delivers efficient, affordable and clean solutions for the supply, recovery and storage of energy.  We design, manufacture, undertake project development of, install, operate and maintain megawatt-scale fuel cell systems, serving utilities and industrial and large municipal power users with solutions that include both utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation and industry, and long duration energy storage.  With SureSource™ installations on three continents and millions of megawatt hours of ultra-clean power produced, FuelCell Energy is a global leader in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell power solutions.  Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.   

Contact:
FuelCell Energy
203.205.2491
[email protected] 

 

Please follow and like us:
error

Boston University Questrom School of Business Wins Aspen Institute’s International MBA Case Competition Featuring Connecticut’s Green Bank

Aspen Institute’s Competition asked 23 international business schools to address future programmatic direction of nation’s first green bank

The Connecticut Green Bank was recently the focus of the Aspen Institute’s Business & Society International MBA Case Competition, where students representing 23 top international business schools analyzed a Yale School of Management (SOM) authored case study centered on the quasi-public agency’s future sustainability. The five highest scoring teams recently presented their proposals and the winner, Boston University Questrom School of Business, was announced on April 26 at a ceremony at the Yale Club in New York City where Connecticut Governor Ned Lamont was the keynote speaker.

“As Connecticut strives to become greener and more energy efficient to meet our statutory goals, we no longer have to choose between the environment and economic growth, as the Green Bank has proven,” said Governor Lamont. “Our state has been a hub for clean energy innovation — an effort strengthened recently through my first executive order as governor, which expanded Connecticut’s ‘Lead By Example’ initiative. Proposals like these not only help the Green Bank become more resilient and sustainable in the future, but support investments in sustainable businesses and further safeguard our environment.”

  • The winning team from Boston University Questrom School of Business.
  • The team from Isenberg School of Management, University of Massachusetts, Amherst.
  • The team from John F. Donahue Graduate School of Business, Duquesne University.
  • The team from the Leonard N. Stern School of Business, New York University.
  • Teams presented their proposals.
  • Green Bank Chief Investment Officer Bert Hunter was one of the competition's judges.

As the nation’s first green bank, the Connecticut Green Bank is no stranger to innovative thinking and was awarded with the “Innovations in American Government Awards” by the Kennedy School’s Ash Center for Democratic Governance and Innovation in July of 2017 for “Sparking the Green Bank Movement.” It was this kind of solution-oriented thinking back in 2011 that led the state’s General Assembly, on a bipartisan basis, to form the Green Bank to promote cleaner, less expensive, and more reliable sources of energy while creating jobs and supporting local economic development. Since then, the Green Bank has invested more than $1.5 billion into clean energy projects that have generated more than 330 MW of installed capacity. This has helped create 16,500 induced, indirect and direct job years and prevented more than 5.3 million tons of CO2 from being released into the atmosphere.

In its tenth year, the Aspen Institute’s Competition tasked students with helping the Green Bank and Inclusive Prosperity Capital (IPC), a non-profit organization co-created by the Green Bank in 2018, by proposing a new program or an enhancement to an existing program that would position both organizations to become sustainable. The teams’ proposals were judged on the depth and breadth of their analysis, the development of the rationale for their recommended action, the impact on affected constituencies, and the anticipation of challenges.

In addition to the winner, rounding out the top five teams were: Isenberg School of Management, University of Massachusetts, Amherst; John F. Donahue Graduate School of Business, Duquesne University; Leonard N. Stern School of Business, New York University; and the Stephen M. Ross School of Business, University of Michigan.

“Our competition prompts MBA students to innovate for the good of business and society, using their analytical and critical thinking skills on a real situation, and the Green Bank is a perfect subject,” said Justin Goldbach, Founder & Director of The Aspen Institute’s Business & Society International MBA Case Competition. “The Yale SOM case study on the Green Bank highlights its success in Connecticut, and its influence on the formation of other green banks, but also shows their continued need to innovate to remain viable and overcome obstacles.”

The teams offered critical insight into potential new directions for the Green Bank and IPC. Ideas proposed for the Green Bank included enhancements to the existing programs, like Commercial Property Assessed Clean Energy (C-PACE), and suggestions for new programs for the promotion of Clean Energy Microgrid (CEM) installations, a pilot bonded financing model for infrastructure upgrades, the formation of a green start-up incubator, and investment in electric vehicles. The winning team suggested investment in a new fleet of electric buses for Connecticut schools and the Department of Transportation.

“This has been the peak learning experience of our MBAs so far, and it’s been so awesome to meet the other teams,” said Sara DuPont, a member of the winning team.

For IPC, suggestions included expanding the Smart-E loan program, creation of a fellows initiative, and developing a certification program for contractors.

“At the Connecticut Green Bank, we spend our days working to balance business goals with societal impacts, while finding innovative ways to confront climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “It was inspiring to read these proposals from the best international business school students who could see the Green Bank’s vision and help guide our mission in the future.  We look forward to bringing several of these innovative ideas into the marketplace.”

 

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.

 

About the Aspen Institute Business & Society Program

Founded in 1998 by Yale SOM alumnus Judith Samuelson, the Aspen Institute Business & Society Program works with business executives and scholars to align business decisions and investments with the long-term health of society—and the planet. Through carefully designed networks, working groups and focused dialogue, the Program identifies and inspires thought leaders and “intrapreneurs” to challenge conventional ideas about capitalism and markets, to test new measures of business success, and to connect classroom theory and business practice. For more information, visit www.aspenbsp.org.

 

Please follow and like us:
error

Darien celebrates Earth Day with a ribbon cutting on solar projects

Pictured from, left to right, are Craig Flaherty, Chairman of the Advisory Committee on Sustainability, Ed Gentile, Director of Public Works,  First Selectman Jayme Stevenson and Bert Hunter, Chief Investment Officer, Connecticut Green Bank.

On Earth Day (Monday, April 22, 2019), the town of Darien held a ribbon cutting ceremony to recognize the installation of solar photovoltiac systems at their police station, the Department of Public Works Garage, and Town Hall.  These are the first of six new solar systems on the roofs of town facilities to go online; the other sites are Tokeneke School, Holmes School, and the Board of Education Administration Building. 

The Connecticut Green Bank owns the systems, which were designed and constructed by Encon.  The town paid no upfront costs for the systems and will purchase power from the Connecticut Green Bank at a fixed and flat rate over the next 20 years. When all six projects are installed and producing energy, the town’s savings are projected to exceed $1 million over the 20 year contract term.

Please follow and like us:
error

Connecticut Green Bank sells $38.6 million in monetized solar home renewable energy credits (SHRECs)

First-of-its-kind issuance is backed by more than 14,000 residential solar systems

Rocky Hill, CT (April 9, 2019) – The Connecticut Green Bank is pleased to announce the sale of $38.6 million investment-grade rated ABS notes. This innovative first-of-its-kind issuance monetizes the solar home renewable energy credits (SHRECs) generated through the Residential Solar Investment Program (RSIP). The sale was comprised of two tranches of SHRECs produced by more than 105 megawatts of 14,000 residential solar photovoltaic (PV) systems. The SHRECs were aggregated by the Green Bank and sold in annual tranches to Connecticut’s two investor-owned utilities, Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The funds raised through this sale will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants in the program.

The Green Bank worked with Kestrel Verifiers to certify that this issuance conforms with the Climate Bonds Standard.  Further, it partnered with the Climate Action Reserve (CAR) to independently assess the impact of the systems in tranches one and two of the SHRECs. CAR estimates that these systems will produce 238,000 MWh of electricity each year, avoiding the emission of approximately 749,494 tonnes carbon dioxide equivalents (tCO2e) of greenhouse gases (GHGs).  CAR leveraged the Environmental Protection Agency’s (EPA) Avoided Emissions Generation Tool (AVERT) and Co-Benefits Risk Assessment (CoBRA) in their assessment of air quality and public health impacts respectively.

“The proceeds from this green bond support the many families reducing the burden of energy costs by putting solar PV systems on the rooftops of their homes,” states Bryan Garcia, President and CEO of the Connecticut Green Bank.  “By attracting more private investment into Connecticut’s growing green energy economy, we are creating jobs in our communities while at the same time confronting global climate change.”

“This groundbreaking transaction, the first rated issuance for the Green Bank and the first ever solar ABS transaction by a green bank, demonstrates how governments can leverage public funds to harness the tremendous depth of the capital markets to accelerate investment in clean renewable energy. The innovative structure of the SHREC program enables the Green Bank to reach a new class of investors seeking to achieve steady long-term returns while at the same time supporting the state’s energy, environment and economic development policies,” states Bert Hunter, Executive Vice President and Chief Investment Officer of the Connecticut Green Bank. “Working with the RBC Capital Markets as our underwriter, we were able to sell our green bonds and continue to support Connecticut’s growing green economy.”

RBC Capital Markets was the sole book runner in this transaction.

“RBC is thrilled to partner with Connecticut Green Bank on this first securitization exclusively backed by renewable energy credits,” said Nick Rogers, Director, Securitization Finance at RBC Capital Markets.  “Achieving a higher advance rate and lower cost-of-funds than other recent solar production ABS speaks to the strength of the SHREC program and its resonance in the market.”

 

Please follow and like us:
error

Green Bank Employee Receives Caren Franzini Fellowship

Columbus, OH (April 5, 2019) – The Council of Development Finance Agencies (CDFA) is pleased to announce the following individuals for receiving the 2019 Caren S. Franzini Fellowship. Congratulations to:

  • Donna Culpepper, Executive Director, Nocona Economic Development Corporations, Nocona, Texas
  • Julia Schneider, Assistant Vice President, New York City Economic Development Corporation, New York, New York
  • Barbara Waters, Associate Director of Marketing, Connecticut Green Bank, Rocky Hill, Connecticut
  • Johanna Nelson, Finance Development Specialist, New Mexico Economic Development Department, Sante Fe, New Mexico

“CDFA is proud and honored to recognize Donna, Julia, Barbara and Johanna as our first class of Caren. S. Franzini fellows. These
inspirational women represent rising, talented stars in the development finance world and we are thrilled to welcome them into the CDFA
family.” states Toby Rittner, DFCP and President & CEO of CDFA. “Over the next year, we will challenge our four fellows to explore
development finance with the energy, passion and dedication demonstrated by my good friend and mentor, Caren Franzini. Her legacy lives on through this fellowship and we are proud to honor her memory while helping to brighten the professional future for women throughout the country.”

The Caren S. Franzini Fellowship was established in 2017 by the CDFA Board of Directors to recognize the exemplary leadership of Caren
Franzini, a past President of CDFA and former CEO of the New Jersey Economic Development Authority (NJEDA). During her career, Caren was dedicated to the advancement of development finance best practices, education, and advocacy.

Recognized by her peers and colleagues as “simply the best,” Caren brought a high level of mastery and acumen to her work. Her
commitment to the development finance industry is evident in the numerous programs created and the billions of dollars of investment that she catalyzed during her tenure at NJEDA. She was equally passionate about building leaders and experts in the field as she was about
financing businesses and expanding economic growth and job creation for New Jersey communities.

The Caren S. Franzini Fellowship was created to build leadership positions for women in the field of development finance and to inspire
them to embody Caren’s spirit and professionalism. Franzini Fellows are given the opportunity to work directly with CDFA through a one year program aimed at developing perpetuating female leadership in the field of development finance. Each class of Franzini Fellows will
collaborate on a project of significance to the development finance industry and present it to a national audience. Franzini Fellows may build a new type of financing program, research creative deal structures, write a publication of best practices, or demonstrate new methodologies in the development finance industry. Collectively, their work will showcase expertise in development finance and the power of women-led initiatives. To read more about the Franzini Fellowship, please visit our webpage.

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns
and interests. CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community
representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net.

 

 

Please follow and like us:
error

Connecticut Green Bank presents 2018 PACEsetter Awards

Rocky Hill, CT (March 26, 2019) – The Connecticut Green Bank has announced the winners of the 2018 PACEsetter Awards. 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 whose leadership establishes a “pace” for others in their field to follow. The award ­­­winners are a driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. These are the fourth annual PACEsetter Awards. 

C-PACE is an innovative program, administered by the Green Bank, which helps commercial, industrial, and non-profit 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, 2018

Smart Roofs Solar, a commercial solar developer and C-PACE contractor based in Newtown who closed seven C-PACE projects in 2018.

Outstanding Project, 2018

CTEC Solar of Bloomfield & Hebrew High School of New England in West Hartford for their solar PV project, a Power Purchase Agreement (PPA) secured by C-PACE; and

64 Solar of Port Chester, NY & Spinnaker Real Estate Partners of South Norwalk for their solar project financed through C-PACE at 345 Ely Avenue in Norwalk, CT, a 122,000-square-foot warehouse building serving as a digital production facility for a global media company. This project included a solar PV system.

Accelerating PACE, 2018

Roberta Sinatra, Tax Collector for the Town of Brookfield, CT, who has been a leader in her municipality’s participation in C-PACE.

 

 

Please follow and like us:
error

FuelCell Energy Announces Construction Financing for Project at the U.S. Navy Submarine Base in Groton, Connecticut

  • $23 million construction financing facility to support the 7.4 MW power plant being constructed for the U.S. Navy Submarine Base in Groton, CT 
  • Financing provided by Fifth Third Bank, a new banking relationship for FuelCell Energy

DANBURY, Conn., March 04, 2019 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced the signing of a construction financing facility with Fifth Third Bank. The proceeds will be used by FuelCell Energy to finance the construction, installation and commissioning of the fuel cell power plant being built by the Company at the U.S. Navy Submarine Base located in Groton, Connecticut. The facility structure provides for aggregate principal commitments of up to $23 million. The initial draw amount under this facility, funded at closing, was approximately $10 million.

This financing enables the installation of two SureSource 4000™ power plants for the long-term supply of power. These power plants, with total output of 7.4 megawatts and located on the submarine base will supply an existing electrical substation of the Connecticut Municipal Electric Energy Cooperative (CMEEC) and Groton Utilities under a 20-year power purchase agreement. The fuel cell plant is part of a multifaceted plan to provide new power resources and add resiliency and grid independence to key military installations.

“This construction financing facility marks another important step for FuelCell Energy as we work to bring in cost efficient capital to support our project development and ownership. Fifth Third is a new financing partner for FuelCell Energy, and we certainly look forward to growing our relationship with Fifth Third further as we move forward,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy.

In conjunction with this loan closing, the Company also obtained commitment letters for $23.0 million of 15-year term financing to be funded upon completion of construction, subject to negotiation and execution of definitive agreements, lender due diligence, and customary closing conditions. This financing will be provided by a consortium of banks. The Connecticut Green Bank and Inclusive Prosperity Capital, a spinout and strategic partner of the Green Bank, were engaged to source the construction and permanent financing for this project.

“We are pleased to have run a successful process for FuelCell Energy, securing competitive bank financing for this project,” said Bert Hunter, Chief Investment Officer, Connecticut Green Bank. “This financing demonstrates FuelCell Energy’s ability to attract traditional project finance capital long available for solar PV, wind and hydroelectric power plants. With its vital resiliency and clean energy benefits to the CMEEC, the Navy subbase and Connecticut, we look forward to supporting the completion and operation of the project over the next fifteen plus years.”

SureSource™ power plants solve energy, environmental and business-related power generation challenges by providing ultra-clean, efficient and reliable distributed power generation. The fuel cells combine a fuel such as renewable biogas, directed biogas or clean natural gas with oxygen from the ambient air to efficiently produce ultra-clean electricity and usable high-quality heat via an electrochemical process. Customers benefit with operating cost reductions delivered in a manner that supports sustainability goals and enhances power reliability. With high availability and capacity factors, fuel cell power plants make meaningful contributions to Renewable Portfolio Standard targets. 

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL) delivers state-of-the-art fuel cell power plants that provide environmentally responsible solutions for various applications such as utility-scale and on-site power generation, carbon capture, local hydrogen production for both transportation and industry, and long duration energy storage. Our systems cater to the needs of customers across several industries, including utility companies, municipalities, universities, government entities and a variety of industrial and commercial enterprises. With our megawatt-scale SureSource™ installations on three continents and with more than 8.0 million megawatt hours of ultra-clean power produced, FuelCell Energy is a global leader in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell distributed power solutions. Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.

SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Cautionary Language 

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Contact: 
FuelCell Energy
203.205.2491
[email protected]

Source: FuelCell Energy

Please follow and like us:
error

Smart-E Loan Top Performers for 2018 Honored

On Wednesday, Feb. 27, 2019, the 13 Smart-E Loan “Top Performers” of 2018 were honored at the Energize CT Center in North Haven. These 13 contractors are headquartered and serve customers across the state, from New Milford to North Stonington and South Windsor to East Haven, and include HVAC, home performance and solar-focused companies. In 2018, the Top Performers helped nearly 250 Connecticut families make home energy improvements – allowing them to save money, reduce their carbon footprint, and live more comfortably in their homes. In partnership with participating local lenders, the Top Performers’ projects equaled $3.4 million in closed Smart-E Loans. Financed projects include insulation and window upgrades, solar, high efficiency heating and cooling solutions, and more; all helping the state of Connecticut work towards meeting the goals set forth in the Comprehensive Energy Strategy.

Out of more than 400 contractors who participate in the program, the Smart-E Loan Top Performers were chosen based on criteria including: having a minimum of 10 closed loans, scheduling in-person Smart-E training for their staff, using Smart-E marketing materials, developing partnerships with Smart-E lenders, and avoiding inspection issues. These 13 contractors embraced the Smart-E Loan in 2018, utilizing the flexibility of the product to best serve their customers.

The 13 Top Performers (in alphabetical order)

  • 20/20 Air Mechanical (New Milford)
  • Absolute Air Services (Middletown)
  • Aegis Solar Energy (Branford)
  • Duncklee Inc. (North Stonington)
  • EcoSmart Home Services (East Berlin)
  • Glasco Heating & Air Conditioning (South Windsor)
  • Home Comfort Heating and Cooling Solutions (East Haven)
  • HR Heating Services (East Hartford)
  • Kennedy’s Plumbing & Heating (Hartford)
  • Link Mechanical Services (New Britain)
  • R&W Heating Energy Solutions (Salem)
  • SolvIt Home Services (Plainville)
  • Viglione Heating & Cooling (East Haven)
  • Green Bank President and CEO Bryan Garcia addresses the crowd while Inclusive Prosperity Capital's CEO Kerry O'Neill looks on.
  • 20/20 Air Mechanical
  • Home Comfort Heating and Cooling Solutions
  • HR Heating Services
  • Glasco Heating & Air Conditioning
  • EcoSmart Home Services
  • R&W Heating Energy Solutions
  • SolvIt Home Services
  • Duncklee Inc.
  • Link Mechanical Services
  • Absolute Air Services
  • Viglione Heating & Cooling

 

 

Please follow and like us:
error

Financial Partnership Secures Growth of Nation’s Leading Low-Income Residential Solar Provider

NEW ORLEANS, Jan. 23, 2019 – PosiGen, the nation’s leading provider of renewable energy and efficiency solutions for low-to-moderate income households, is pleased to announce a credit facility structured and provided by LibreMax Capital, a New York based asset management firm, in conjunction with the Connecticut Green Bank, the nation’s first green bank, and Inclusive Prosperity Capital, a new not-for-profit clean energy investment fund sparked by the Connecticut Green Bank. The three-year, $90 million credit facility will allow PosiGen to continue to lease solar systems and provide energy efficiency upgrades to low-to-moderate income homeowners in Louisiana, Connecticut, New York and New Jersey. It also enables the company to expand its footprint into additional markets and states.

To date, 13,000 homeowners across the country are already enjoying lower utility bills and the benefits of clean energy thanks to PosiGen solar panels and energy efficiency upgrades. This new credit facility will nearly double that number of homeowner access over the next three years. According to Thomas Neyhart, CEO of PosiGen, “This partnership is really a game-changer for PosiGen as we work to reduce the energy cost burden experienced by low-to-moderate income families across the country. We have enjoyed a successful partnership with the Connecticut Green Bank for many years, and now adding LibreMax Capital as a new financial partner is not only exciting, but it allows us to confidently continue our mission of helping families who need it the most.”

LibreMax Capital believes in PosiGen’s industry-leading, low-cost model and is pleased to help with the company’s expansion.  Luke Doramus, LibreMax Capital Co-Head of Trading said, “PosiGen’s distinct business model serves a large and currently underserved market with strong economics and growth. We are thrilled that with our help PosiGen will be able to help even more deserving families by sustainably lowering utility costs.”

PosiGen and the Connecticut Green Bank have worked together for the past four years to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. Bryan Garcia, President and CEO of the Connecticut Green Bank said, “Just as PosiGen helps homeowners in Connecticut reduce the burden of energy costs through clean energy, we want homeowners in every state to have access to affordable solar and energy efficiency while creating jobs in their communities and reducing greenhouse gas emissions that are causing global climate change. Partnering with LibreMax on this innovative funding facility for PosiGen is another example of how the Green Bank attracts more private capital where it’s needed most.”

Kerry O’Neill, CEO of Inclusive Prosperity Capital adds, “We’re delighted to continue to grow the relationship with PosiGen. Their ability to reach households traditionally unable to access the benefits of solar really makes them a perfect partner for scaling energy savings, economic development and environmental benefits in communities across the country.”

 

About PosiGen:

Headquartered in New Orleans, LA, PosiGen is one of the nation’s leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 13,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey and Florida. PosiGen’s unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.

 

About LibreMax Capital:

Founded in 2010, LibreMax Capital, LLC (together with its affiliates “LibreMax”) is a $5.7 billion asset management firm specializing in structured products. LibreMax currently offers three commingled strategies, closed-end tactical opportunity funds, CLO management and customized solutions. LibreMax has 52 employees, 35 of whom are dedicated to investments, quantitative analysis and risk management.   To learn more about LibreMax Capital, please visit www.libremax.com

 

About the Connecticut Green Bank:

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) 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.

 

About Inclusive Prosperity Capital:

Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment fund scaling clean energy financing solutions that channels investment capital to program partners in communities that need it most. As a spin-out and strategic partner of the Connecticut Green Bank, IPC is focused on scaling its work in Connecticut and expanding its successful model into other regions by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. www.inclusiveprosperitycapital.org.

 

 

Please follow and like us:
error

Wilton’s First Ground-Mounted Solar Power System Makes Debut

Please follow and like us:
error