Connecticut Green Bank Subsidiary’s Ninth Investment Offering for Citizens Surpasses Its Maximum Raise

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Featuring an increased maximum raise limit, investment opportunity exceeds 125% of target, becomes seventh consecutive sell out   

 

Hartford, CT (Feb. 23, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their ninth Green Liberty offering, surpassing its maximum raise amount. To allow for more investors to participate in this innovative and certified green investment opportunity, this was the third offering that featured an increased maximum raise limit of $350,000.  This is the seventh consecutive offering to exceed the maximum. In total, more than $2 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. The campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing.  

Green Liberty Notes, which are offered quarterly, can be purchased through an online platform without a broker, with a minimum investment of just $100.  To date, more than 60% of original investments have been $1,000 or less, and more than half of the investors have been Connecticut residents. In total, individuals from 35 states have invested in Green Liberty Notes. 

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.  

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and designated a Green Bond by Kestrel. 

For more information about the investment opportunity, please visit invest.ctgreenbank.com.  

 

About Raise Green 

Raise Green is the first marketplace in the U.S. for local and inclusive impact investment into climate solutions. On Raise Green’s investor marketplace, just about anyone (individuals and institutions) can invest in community-focused climate infrastructure and resilience projects across a varied range of project scales and minimum investments. Raise Green gives solar developers the tools to cut soft costs and easily access financing for up to $5M per year. Investors can create quantifiable impacts in local communities, as well as receive financial returns if the project is successful. 

 

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Connecticut Green Bank more than doubles support for commercial, municipal, and state solar projects with $110 million in approved financing authority

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Board approved increases support Governor Lamont’s goals for carbon-free grid and cost savings for businesses and towns

 

Hartford, CT (Feb. 6, 2024) – The Connecticut Green Bank recently more than doubled the allocation of funding to support the continued growth of commercial-scale solar photovoltaic (PV) projects for businesses, towns, schools, non-profits and state agencies. Originally approved in 2020 at $49.5 million, the allocation was increased to $110 million due to the ongoing, demonstrated need for flexible capital for commercial, municipal and state customers seeking to use solar energy to reduce their costs as well as take advantage of new opportunities created through the Inflation Reduction Act.

In this increased authority, $50 million is dedicated to solar at businesses, towns, and schools. To date, this facility has been used for $30 million in capital for over 100 solar projects totaling 25 megawatts (MW) of capacity across the state under solar power purchase agreements (PPAs). Some of these projects are generating savings for manufacturers, schools, nonprofits, and important tourist destinations like Mystic Aquarium.

“The increased need for funding reflects the success of the State’s Non-Residential Energy Solutions (NRES) program and the increase in federal incentives that are enabling more investment in and deployment of clean energy in our communities. Businesses, schools, and towns are looking for relief from higher energy costs and protecting themselves against grid outages,” said Bert Hunter, Executive Vice President and Chief Investment Officer at the Green Bank. “At the same time, these projects help achieve the Governor’s goal to achieve a zero-carbon electric grid by 2040.”

Additionally, there is growing interest in pairing solar with storage which creates on-site energy burden reduction and greater resilience while bringing benefits to all ratepayers through peak demand reduction through the passive and active dispatch of these batteries to the grid.

Also approved was an increase to funding for State projects under the Green Bank’s Solar Marketplace Assistance Program (MAP), which has helped state properties and municipalities navigate the process of going solar. Through Solar MAP, the Green Bank assists in site feasibility analysis, incentive procurement, and facilitating a procurement process for development and construction. To date, Solar MAP has successfully helped install 4.5 MW of solar, including projects at schools in Portland, Manchester, and Branford. The Green Bank’s Board of Directors expanded funding authority from $20 to $60 million to enable 26 projects totaling over 17 MW of capacity across several state agencies, with a majority of these projects destined for the Department of Corrections, Department of Transportation, Department of Energy and Environmental Protection, and CT Technical Education and Career System (CTECS). The CTECS solar projects will include job shadowing by students for these community projects.

 

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Connecticut’s Battery Storage Program Implements Changes to Increase Accessibility and Adoption Among Residents

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Maximum residential upfront incentive increases from $7,500 to $16,000;
incentives for underserved and low-income households and multifamily affordable housing properties also expanded.

 

HARTFORD, Conn. (January 17, 2024) – The Public Utilities Regulatory Authority (PURA) recently announced updates to the Energy Storage Solutions program to increase accessibility and adoption by residential customers in Connecticut. The program provides incentives for the installation of battery storage, and key changes include an increase in upfront incentives and an increase in the maximum incentive residential customers can receive.

Residential customers can now receive up to $16,000 in upfront incentives, an increase from the previous maximum incentive of $7,500. For customers that qualify as low-income, the upfront incentive increased to $600 from $400 per kWh. For customers that reside in an underserved community, the upfront incentive increased to $450 from $300 per kWh.

Combined with the existing Federal Investment Tax Credit program, which provides 30 percent tax credits on the costs of installing solar and battery storage systems, the opportunity for Connecticut residents to become more resilient in the face of climate change has never been greater. Additionally, through the Inflation Reduction Act, a bonus energy investment credit is available for solar installations in low-income (10 to 20 percent additional tax credit value) and energy communities (10 percent additional tax credit value) for third party owned systems (i.e., leases and power purchase agreements)– delivering more savings depending on the customer’s income and location.

Other approved changes to the Energy Storage Solutions program include but are not limited to:

  • Commercial sector incentive review. For the commercial sector, which has experienced strong demand since the start of the program in 2022, project approvals will be paused on June 15, 2024, or earlier if the 100 MW of available capacity in Tranche 2 become fully subscribed, and until a ruling is made in Year Four Decision in Docket 24-08-05. Currently, approximately 70 MW of capacity remains in Tranche 2.
  • Expansion of opportunity for multifamily property participation. Per the decision, multifamily affordable housing properties now qualify for the low-income incentive rate, making it easier for property owners to access resilient battery backup for their tenants.
  • Recycling working group. PURA requested that the Green Bank convene and lead a working group of relevant stakeholders, including the Department of Energy and Environmental Protection (DEEP) to proactively investigate the potential issue of solar panel and battery waste. Per the decision, “while solar and battery waste is not yet a prevalent issue in Connecticut, the Authority determined that the development of a solution is needed sooner rather than later, to ensure state preparedness.”

All Energy Storage Solutions program changes were made as part of the Year Three Decision in Docket No. 23-08-05. The program is paid for by electric ratepayers, overseen by PURA, and administered by the Connecticut Green Bank, Eversource, and UI.

For more information on Energy Storage Solutions, visit energystorageCT.com.

January 2024 Newsletter

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Green Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more

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Connecticut Green Bank’s Fiscal Year 2023 Annual Report Highlights Milestones Reached and Building Momentum

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Flagship programs for families and businesses reach milestones, while legislative expansion to environmental infrastructure continues  

 

Hartford, CT (Jan. 15, 2024) – The Connecticut Green Bank’s recently released annual report for fiscal year 2023 revealed that for each $1 of public investment, $6.70 of private investment is attracted into our communities. Through this leverage ratio, a hallmark of the green bank model, more than 69,000 families and businesses are benefiting from the growing green economy to lower the burden of their energy costs. Since the Connecticut Green Bank’s inception through the bipartisan legislation in July 2011, more than $2.43 billion of investment has been mobilized into the State’s green economy through its programs and partnerships.

Additionally, this investment generates millions of dollars in tax revenues, supports the creation of thousands of job-years, and reduces greenhouse gas emissions which benefits public health through cleaner air. The Green Bank is making steady progress to ensure that by 2025 no less than 40 percent of investment and impacts from our programs benefit vulnerable communities that are disproportionately harmed by the effects of climate change.

“The Green Bank continues to build upon what we’ve learned over the last dozen years as the green economy in Connecticut gains momentum,” said Bryan Garcia, President and CEO of the Green Bank. “We are committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity. Reducing energy costs, improving resiliency, and supporting economic growth are the ways we move forward.”

Some highlights of the fiscal year 2023 include:

  • Program milestones reached. This year, two of the Green Bank’s flagship programs, the Smart-E Loan and C-PACE (Commercial Property Assessed Clean Energy), celebrated their 10-year milestones. Both programs continue to evolve to offer financing solutions to meet the changing needs of residential and commercial customers.
  • Public investment grows. Through quarterly Green Liberty investment offerings, more than $1.25 million has been raised from local and national investors interested in supporting the Small Business Energy Advantage program.
  • Solar MAP leads municipalities into savings. The first municipalities to complete the Solar MAP process, Manchester and Portland, are projected to see significant energy savings at their schools and facilities.
  • Environmental infrastructure team expands. Building upon a legislative mandate expanding the green bank model into the areas of agriculture, parks and recreation, water, waste and recycling, and land conservation, a management team is forming with the hiring of a Director of Infrastructure Programs.

To access the FY23 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/wp-content/uploads/2023/11/Connecticut-Green-Bank-Annual-Report-2023.pdf

 

Kickstart 2024 Sustainability Goals with Green Liberty Investment   

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Building upon six consecutive sold-out issuances, Connecticut Green Bank launches ninth Green Liberty offering with Raise Green; investments start as low as $100 and support small business energy efficiency

 

Hartford, CT (January 11, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly opened its ninth Green Liberty offering today. The crowdfunding campaign is entering its third year and is made possible with Raise Green, an online marketplace for impact investing. Connecticut residents and citizens nationwide can begin working toward their sustainability-focused New Year’s resolutions by supporting small business energy efficiency upgrades through this offering to invest in local restaurants, town halls, community organizations, and more.

“As we enter 2024, recent reports have projected the world will cross the 1.5 degrees Celsius warming threshold this decade if we continue to burn fossil fuels at the current rate,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Energy efficiency is one significant way to curb carbon emissions and confront climate change. If you’re looking for ways to join the fight this year, a Green Liberty investment is an affordable option that will earn you a competitive return on investment.”

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans. As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel. The Green Bank’s partnership with Amalgamated Bank has deployed $100 million of private capital into the SBEA program.

Notes may be purchased through the Raise Green online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the sixth consecutive offer to surpass its maximum limit for raised amount, so interested investors are encouraged to act quickly.

Featuring a low minimum investment, a short term, and easy online purchase, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. More than 60% of original investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.

“We’ve raised over $1.8 million through our first eight offerings and are encouraged by the consistent increase in demand for the notes. This was shown during our last offering, which featured an increased maximum raise limit and exceeded that goal,” said Garcia.

Investors from the fifth round of Green Liberty Notes (now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the fifth round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate “boost” as a thank-you for their early support of the Green Liberty Notes.

For more information about this investment opportunity, please visit invest.ctgreenbank.com.