Milford Holdings LLC closes on 1.1-megawatt solar project
Wampus Lane project is estimated to generate $4 million in energy revenue for the ownership
Hartford, CT (Dec. 16, 2024) – The Connecticut Green Bank is pleased to announce that Milford Holdings LLC has recently closed on C-PACE financing for a 1.1-megawatt solar project at their property at 80 Wampus Lane in Milford. The tenants on-site include both industrial and manufacturing operations. The total gross installed costs are approximately $2.2 million and the estimated energy revenue for the ownership over the next 20 years will surpass $4 million. The project participated in Connecticut’s Non-residential Renewable Energy Solutions (NRES) program, through which the utility company will buy the produced electricity from the property owner.
“I’m pleased with our decision to utilize the C-PACE program to finance our Solar project at 80 Wampus Lane. The process was straightforward across the multiple partners involved. Additionally, the Green Bank worked efficiently to close C-PACE financing allowing us to begin saving energy,” said Ahron Rosengarten, the project manager working for the property ownership. “We want to give a big thanks Jodi French of KPT Renewables for being an indispensable resource to get this transaction closed and giving us expert guidance on every step of the process. Thanks to Evergreen Energy for developing the project, managing the NRES submission process as well as coordinating the installation.”
The system will generate approximately 1.1 million kWh annually which equals a carbon reduction of 785 metric tons, or the carbon offset of 1,025 acres of forest.
“I enjoyed the role of coordinating the efforts of multiple project partners in order to facilitate the critical element of successful project financing,” said Jodi French of KPT Renewables.
“It was a wonderful opportunity to develop and install this solar facility for Milford Holdings and take part in the NRES program,” said Jacob Sussman, Chief Operating Officer of Evergreen Energy. “We are extremely satisfied working with the Green Bank and appreciate Jodi’s guidance through the process.”
In Connecticut, the Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 400 closed projects for more than $300 million in total investment. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, including energy efficiency improvements, renewable energy sources, and projects to increase resilience.
“Commercial property owners’ interest in adding large solar systems to their roofs continues to remain strong in Connecticut,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “C-PACE was designed to allow these projects to make financial sense in addition to the positive environmental impact.”
For more information about C-PACE, please visit ctgreenbank.com/cpace.
