New Comprehensive Plan Outlines Goals, Mission for Connecticut Green Bank
Released in July 2019, the Connecticut Green Bank’s Comprehensive Plan for Fiscal Year 2020 and beyond introduced updated mission and vision statements for the organization. The vision is stated as “a world empowered by the renewable energy of community.” The Green Bank will work toward this vision through its mission, which is to confront climate change and provide all of society a healthier, more prosperous future by
increasing and accelerating the flow of private capital into markets that energize the green economy.
To achieve its vision and mission, the Green Bank has established the following three goals:
- To leverage limited public resources to scale-up and mobilize private capital investment in the green economy of Connecticut.
- To strengthen Connecticut’s communities by making the benefits of the green economy inclusive and accessible to all individuals, families, and businesses.
- To pursue investment strategies that advance market transformation in green investing while supporting the organization’s pursuit of financial sustainability.
Solar adoption in communities of color and low-to-moderate income (LMI) neighborhoods has risen to parity with adoption in white communities in Connecticut, thanks to the focused efforts of two programs. Our report “Sharing Solar Benefits: Reaching Households in Underserved Communities of Color in Connecticut,” highlights the impact of the Residential Solar Investment Program’s LMI incentive and PosiGen’s Solar for All campaigns. “In 2015, when we realized that all homeowners in Connecticut did not have access to the benefits of the clean energy economy, our mission compelled us to act. This study confirms that the response to our programs in underserved communities of color has been even more positive than we anticipated,” said Bryan Garcia, president and CEO of Green Bank. Access the report here.
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. 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), the Connecticut Green Bank, and project developer Canton Hydro LLC. 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. More.
Longtime U.S. Military contractor and lighting manufacturer the L.C. Doane Company will add to their existing solar array and install a larger one to power their facility. “While manufacturing occurs under our roof, the power source is created from above. Our solar panels provide us with clean energy right on-site,” said Bill Psillos, Vice President. The total project costs are $1.46 million with the C-PACE financing covering over $1.06 million. More.
- New Haven co-op receives financing to preserve and improve their property
- Forbes article: Green Bonds Can Solve Our Climate Crisis
- Morning Consult article: Green Banks See Benefit from Revived Loan Guarantee Proposal
- T-REX Trend Report: Groundbreaking ABS Deal Demonstrates the Power of Tech-Enabled Market Transformation
- EnergizeCT Health & Safety Revolving Loan Fund (recorded webinar)