Barkhamsted manufacturer received a grant through DECD’s Manufacturing Innovation Fund to help reduce the installation costs.
HARTFORD, Conn (Jan. 2, 2024) – The Connecticut Green Bank is pleased to announce the closing of C-PACE financing for a solar PV system and roof upgrade project at Air Realty Group LLC’s 78,450 square foot property at 236 New Hartford Road in Barkhamsted. The 293.76 kW capacity system is projected to save Sterling Engineering Corporation, more than $1.6 million in electricity costs over the 20-year term. The solar system will be installed by Verogy.
Sterling is part of Air Industries Group and traces its roots to 1941 when it began producing parts for WW-II fighter aircraft, most notably the Chance Vought assembled in Bridgeport, CT. The Company now produces parts and assemblies for Pratt & Whitney, GE Aviation and GE Power jet turbines and Sikorsky helicopters.
Lou Melluzzo, Chief Executive Officer commented: “We are very pleased to participate with Connecticut Green Bank and Verogy in the solar project at our Sterling Engineering facility. Working collaboratively, this team facilitated the smooth transition to renewable energy, which ensures that we will both reduce energy costs and support green initiatives.
Programs such as this demonstrate why the state of Connecticut is at the forefront of U.S. manufacturing, producing vital products and services, and continuing to develop a dedicated and sustainable workforce. We have been manufacturing in Connecticut for over 80-years and look forward to a bright future.”
As a manufacturer, Sterling was also able to access a grant through the Energy on the Line campaign. Between 2016 and 2023, Energy on the Line grants have helped manufacturers across the state invest in solar and energy efficiency using C-PACE financing. Energy on the Line was funded by the Manufacturing Innovation Fund, which is administered by the Connecticut Department of Economic and Community Development (DECD). In total, the campaign provided $672,508 in grants to 30 Connecticut manufacturers who are projected to avoid more than $25 million in energy costs over the effective-useful life of the new equipment.
“Driving energy efficiency and reducing CO2 emissions is critical in the CT manufacturing sector. We are proud to support Sterling Engineering Corp/Air Industries as they expand their operations in Barkhamsted. The Green Bank is a great partner for the Office of Manufacturing – Department of Economic and Community Development as we drive manufacturing growth and provide opportunities for manufacturing companies to grow, create jobs and reduce energy costs,” said Paul S. Lavoie, Chief Manufacturing Officer, State of Connecticut.
C-PACE (Commercial Property Assessed Clean Energy) retrofit financing allows building owners to install green energy upgrades today and pay for them over time. This results in energy improvements that can be cash flow positive in year one. To date, nearly 400 projects have been financed using C-PACE with building owners projected to save more than an estimated $400 million in energy costs over the life of their upgrades.
“In 10 years, the C-PACE program has made a significant impact for building owners seeking affordable long-term financing for their energy-related projects. Specifically, we have seen energy-intensive businesses like manufactures reap the benefits from the cost savings provided through solar,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Partners like DECD and reliable contractors have been instrumental in the program’s success.”
“Verogy is proud to help Sterling strengthen their competitiveness and lower their costs by adopting solar,” said Will Herchel, Verogy’s CEO. “The Sterling team is setting a great example for other Connecticut manufacturers who want to control their expenses while making their operations even more sustainable. It’s a great project and we look forward to bringing even more clean energy to Barkhamsted and Connecticut.”
Learn more about the success of the Energy on the Line campaign here: https://www.ctgreenbank.com/wp-content/uploads/2023/11/Energy-On-The-Line-Campaign-Success-12-20-2023.pdf.
Learn more about C-PACE at https://www.ctgreenbank.com/c-pace/
About DECD
The Department of Economic and Community Development is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing, knowledge-based global economy.
The agency takes a comprehensive approach to economic development that incorporates community development, transportation, education, and arts and culture. Specifically, the department:
- Supports existing businesses and attracts new businesses and jobs with a wide range of programs and services to help companies prosper;
- Promotes Connecticut industries and businesses here at home, throughout the country and across the globe;
- Strengthens Connecticut’s communities by providing funding and technical support for local community and economic development projects;
- Works to make tourism a leading economic contributor and a source of pride for Connecticut;
- Develops and strengthens the arts in Connecticut and makes artistic experiences widely available to residents and visitors; and
- Helps to eliminate brownfield properties by promoting smart growth principles, strengthening public/private partnerships and providing a one-stop resource for expertise.
About Verogy
Verogy is a West Hartford, CT-based solar developer focused on developing, constructing, and owning commercial, industrial, and small utility-scale projects. Built on 75+ years of combined industry experience, the professionals at Verogy have developed, financed, and constructed hundreds of solar projects across the United States. Learn more at verogy.com.
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Sterling Engineering Corporation Installs Solar System, Anticipates Projected Energy Savings Over $1.6 Million
/in Building Solutions, NewsBarkhamsted manufacturer received a grant through DECD’s Manufacturing Innovation Fund to help reduce the installation costs.
HARTFORD, Conn (Jan. 2, 2024) – The Connecticut Green Bank is pleased to announce the closing of C-PACE financing for a solar PV system and roof upgrade project at Air Realty Group LLC’s 78,450 square foot property at 236 New Hartford Road in Barkhamsted. The 293.76 kW capacity system is projected to save Sterling Engineering Corporation, more than $1.6 million in electricity costs over the 20-year term. The solar system will be installed by Verogy.
Sterling is part of Air Industries Group and traces its roots to 1941 when it began producing parts for WW-II fighter aircraft, most notably the Chance Vought assembled in Bridgeport, CT. The Company now produces parts and assemblies for Pratt & Whitney, GE Aviation and GE Power jet turbines and Sikorsky helicopters.
Lou Melluzzo, Chief Executive Officer commented: “We are very pleased to participate with Connecticut Green Bank and Verogy in the solar project at our Sterling Engineering facility. Working collaboratively, this team facilitated the smooth transition to renewable energy, which ensures that we will both reduce energy costs and support green initiatives.
Programs such as this demonstrate why the state of Connecticut is at the forefront of U.S. manufacturing, producing vital products and services, and continuing to develop a dedicated and sustainable workforce. We have been manufacturing in Connecticut for over 80-years and look forward to a bright future.”
As a manufacturer, Sterling was also able to access a grant through the Energy on the Line campaign. Between 2016 and 2023, Energy on the Line grants have helped manufacturers across the state invest in solar and energy efficiency using C-PACE financing. Energy on the Line was funded by the Manufacturing Innovation Fund, which is administered by the Connecticut Department of Economic and Community Development (DECD). In total, the campaign provided $672,508 in grants to 30 Connecticut manufacturers who are projected to avoid more than $25 million in energy costs over the effective-useful life of the new equipment.
“Driving energy efficiency and reducing CO2 emissions is critical in the CT manufacturing sector. We are proud to support Sterling Engineering Corp/Air Industries as they expand their operations in Barkhamsted. The Green Bank is a great partner for the Office of Manufacturing – Department of Economic and Community Development as we drive manufacturing growth and provide opportunities for manufacturing companies to grow, create jobs and reduce energy costs,” said Paul S. Lavoie, Chief Manufacturing Officer, State of Connecticut.
C-PACE (Commercial Property Assessed Clean Energy) retrofit financing allows building owners to install green energy upgrades today and pay for them over time. This results in energy improvements that can be cash flow positive in year one. To date, nearly 400 projects have been financed using C-PACE with building owners projected to save more than an estimated $400 million in energy costs over the life of their upgrades.
“In 10 years, the C-PACE program has made a significant impact for building owners seeking affordable long-term financing for their energy-related projects. Specifically, we have seen energy-intensive businesses like manufactures reap the benefits from the cost savings provided through solar,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Partners like DECD and reliable contractors have been instrumental in the program’s success.”
“Verogy is proud to help Sterling strengthen their competitiveness and lower their costs by adopting solar,” said Will Herchel, Verogy’s CEO. “The Sterling team is setting a great example for other Connecticut manufacturers who want to control their expenses while making their operations even more sustainable. It’s a great project and we look forward to bringing even more clean energy to Barkhamsted and Connecticut.”
Learn more about the success of the Energy on the Line campaign here: https://www.ctgreenbank.com/wp-content/uploads/2023/11/Energy-On-The-Line-Campaign-Success-12-20-2023.pdf.
Learn more about C-PACE at https://www.ctgreenbank.com/c-pace/
About DECD
The Department of Economic and Community Development is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing, knowledge-based global economy.
The agency takes a comprehensive approach to economic development that incorporates community development, transportation, education, and arts and culture. Specifically, the department:
About Verogy
Verogy is a West Hartford, CT-based solar developer focused on developing, constructing, and owning commercial, industrial, and small utility-scale projects. Built on 75+ years of combined industry experience, the professionals at Verogy have developed, financed, and constructed hundreds of solar projects across the United States. Learn more at verogy.com.
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Green Bank Vision Video
/in Audience, Content Type, Educational articles, Homeowner, Resources, Topic, VideosJoin the Green Bank Movement
Energy On The Line Success
/in C-PACE, Performance/Efficiency, SolarWildflowers
/in Audience, Educational articles, Homeowner, ResourcesHelp pollinators. Plant wildflowers.
Thank you for scanning the QR code on our seed packet and landing here. By doing so, you’ve taken the next step towards providing pollinators with a safe space to thrive and perform their vital role in our ecosystem. When planting these precious wildflower seeds, you are creating a place for them to grow and yield beautiful new habitats while developing food sources for pollinators and other wildlife populations.
https://www.americanmeadows.com/wildflower-seed-planting-instructions
https://portal.ct.gov/DEEP/Wildlife/Learn-About-Wildlife/Pollinators-in-Connecticut
https://littlebeeofct.com/10-tips-on-how-to-help-pollinators-in-your-yard/
https://www.fws.gov/story/how-build-pollinator-garden
https://wildseedproject.net/2022/03/return-of-the-meadow/
www.conngardener.com/links
https://www.conncoll.edu/the-arboretum/ecological-landscaping/landscaping-resources/
https://ct.audubon.org/news/getting-started-native-plants
We are thrilled to have you on this journey towards a greener and more compassionate planet. By planting wildflowers and supporting our pollinators, we are creating a planet protected by the love of humanity.
Let’s grow Connecticut, together!
Connecticut Green Bank Subsidiary’s Eighth Investment Offering for Citizens Surpasses Its Maximum Raise
/in Investment Solutions, NewsFeaturing an increased maximum raise limit, investment opportunity exceeds 100% of target for sixth consecutive time
Hartford, CT (Nov. 3, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their eighth 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 second offering that featured an increased maximum raise limit of $350,000. This is the sixth consecutive offering to exceed the maximum. In total, more than $1.8 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 $100 minimum. To date, more than 60% of original investments have been $1,000 or less, with buyers from 35 states around the nation and more than half of the investors have been Connecticut residents.
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.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Bert Hunter Joins Justice Climate Fund Board of Directors
/in NewsCommunities-First Coalition Expands Its Capacity to Deliver on EPA Goal of Addressing Climate Crisis Among Those Most Impacted
(Washington, D.C./October 19, 2023)—The Justice Climate Fund (JCF) has added five new members to its Board of Directors, representing three organizations: Connecticut (CT) Green Bank, ImpactAssets, and the Housing Partnership Network (HPN). The additions strengthen the nonprofit’s ability to ensure those who have been left behind and are most impacted by climate change benefit as the United States works to achieve net zero greenhouse gas emissions through the Environmental Protection Agency’s (EPA) National Clean Investment Fund (NCIF) competitive grant program.
JCF submitted its application to the program last week.
“Our expanding Board embodies our commitment to bringing transformative environmental and socioeconomic change to low-income and disadvantaged communities,” said Lenwood V. Long Sr., President and CEO of the African American Alliance of CDFI CEOs and JCF Board Chair. “The wisdom and dedication of our board members are more than just invaluable; they are critical. We’re not just tackling climate issues; we are fervently fighting for our shared vision of a greener, just future where every individual’s worth is recognized, regardless of their zip code.”
New board members Bert Hunter, Margret Trilli, Ivy Duke, Dan Skaff, and Robin Hughes bring decades of expertise ranging from green financing and lending, impact investing, and making housing affordable. The combined leadership of the Board will steer JCF to effectively deploy capital and resources for improved health, security, and quality of life in communities across the country, particularly those historically underserved.
“Our green bank model changed the government subsidy-driven approach to clean energy by working with community-based lenders and private-sector investors to create accessible, low-cost, and long-term sustainable financing to maximize the use of public funds,” said Bert Hunter, Chief Investment Officer of Connecticut Green Bank and new JCF Board member.
He added that “our partnership with JCF and its vast network of community lenders will be transformative for our efforts to further reduce energy burdens and increase energy security for families and businesses here in Connecticut and across the country, while creating jobs and making all of our communities healthier as we reduce emissions of GHGs that are contributing to global climate change. This is an exceptional opportunity for all of us to reach every community and accelerate investment at scale.”
Since its formation in 2011, CT Green Bank has successfully mobilized nearly $2.5 billion in investments into the state’s green economy using $360 million in public funds.
“It is an incredible honor to join the JCF Board as we work to ensure a just and livable future for all our nation’s communities,” said Margret Trilli, ImpactAssets CEO and Chief Investment Officer and new JCF Board member. “The ImpactAssets team is pleased to partner with JCF to direct capital to the projects and communities where it is most urgently needed, and we look forward to bringing our unwavering focus on climate and equity solutions to this most important work of our time.”
A leading impact investment firm recognized for its innovative approach to philanthropy and investing, ImpactAssets has the robust investment and operational infrastructure to support JCF’s strategy of leveraging private capital and investments to address GHG reduction and transform communities. Now in its second decade, ImpactAssets manages more than $3 billion in assets invested in impactful projects, companies and funds advancing climate and equity solutions.
Joining Trilli on the JCF Board from ImpactAssets are General Counsel Ivy Wafford Duke and Board Member Dan Skaff. Wafford Duke brings over 30 years of risk, compliance and legal experience, including expertise in general corporate law, risk, corporate governance and regulatory compliance functions. Skaff, who is the Co-Founder and Managing Partner of Radicle Impact as well as former CEO of Beneficial State Bank, brings deep experience in financial services and business building.
“Our practitioner-led network of developers, owners, and lenders and national community lending and investment partners will shape and share the best and most successful practices and green financing tools,” said Robin Hughes, President and CEO of HPN and new JCF Board member. “As with my colleagues on the JCF Board, we are committed to effectively connecting capital resources with shovel-ready projects to produce and preserve affordable housing in qualified communities across the country.”
HPN’s Housing Sustainability Collaborative, comprised of the nation’s leading Community Development Financial Institutions, nonprofit syndicators and affordable housing developers, will merge financing products and programs with cutting-edge climate solutions.
In addition to the NCIF program, JCF has applied to the EPA’s Clean Communities Investment Accelerator program.
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About the Justice Climate Fund
The Justice Climate Fund is a nonprofit that provides capital, leverages resources and supports zero-emission technologies in underserved communities across the country. JCF is founded by the Community Builders of Color Coalition. It is steered by a Board that includes the African American Alliance of CDFI CEOs, the National Association for Latino Community Asset Builders, Inclusiv, National Bankers Association, Oweesta Corporation, Opportunity Finance Network, Partners for the Common Good and the Community Development Bankers Association, ImpactAssets, the Housing Partnership Network, and Connecticut Green Bank. They have come together to ensure that all communities equitably benefit from the GGRF. See www.justiceclimatefund.org.
Connecticut Green Bank Looks to Expand Solar MAP Program to Benefit Affordable Multifamily Properties
/in NewsHartford, Conn. – Oct. 17, 2023 – Affordable multifamily properties can now access the benefits of solar for their residents, thanks to Connecticut’s expansion of the definition of a residential customer as it relates to solar energy generation through Public Act No. 21-48. To better serve these families, the Connecticut Green Bank plans to expand its Solar Marketplace Assistance Program (Solar MAP) to help fill the market gap and usher in more projects in this sector.
“In the past, affordable multifamily properties were defined as commercial properties and had to compete for a capped incentive. Now, affordable multifamily properties can access the Residential Tariff, which has no cap and will often provide benefits greater than the commercial incentive while allowing the tenants to share in the savings from the project,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Through Solar MAP, we have helped municipalities and state agencies navigate the complex process of going solar. We anticipate growing interest as we expand the program into the affordable multifamily housing sector and from other Connecticut communities working to achieve their sustainability goals over the next several years.”
Due to this anticipated future growth, the Green Bank is seeking new team members, a Senior Manager of Market Engagement and a Solar Project Manager, to assist the Solar MAP program, specifically in the affordable multifamily market sector.
Solar MAP is in its fourth year and has supported the Towns of Manchester, Portland, Mansfield, Branford, and multiple State of Connecticut facilities. Future rounds of the program will support the state’s 10 megawatt per year solar goal and growing interest from all sectors in battery storage and EV charging.
The Town of Manchester added systems at seven municipal buildings, including six schools, which are projected to save the Town more than $100,000 annually in energy costs and more than $2.1 million over the term of the power purchase agreements (PPAs).
The Department of Correction will install seven systems across their campuses as part of the program. The 8.3 MW of solar installations will provide 11 million kilowatt hours of solar electricity to their buildings, creating almost $800,000 in annual savings and nearly $20 million over the life of the installations.
To learn more about the Solar MAP program, visit www.ctgreenbank.com/community-solutions/solar-solutions-for-communities/solar-map/.
To read the open job descriptions and apply for one of the open positions, please visit https://www.ctgreenbank.com/career-opportunities/.
Coalition for Green Capital Board Elects Bryan Garcia as Board Chairman
/in NewsReed Hundt, former Chair and CGC’s current CEO said, “Bryan Garcia’s leadership and experience throughout the green bank movement will contribute to our success as a national green bank and result in significant clean energy benefits for everyone. I speak for the whole board and I am sure all our sub-awardees and partners in expressing gratitude to Bryan for taking on this role.”
Bryan Garcia, President and CEO of the Connecticut Green Bank, and newly elected Chair of CGC said, “I am grateful to Reed, and honored by the Board of Directors of CGC, for electing me to serve in this capacity as we look ahead to advancing the green bank model to every community across our country. At this important moment in our country, our collective efforts to confront climate change can only be met with our actions to mobilize investment into our low-income and disadvantaged communities.”
Lonnie Reed, Chair of the Connecticut Green Bank and former Co-Chair of the Energy and Technology Committee of the Connecticut General Assembly. “When we created the Connecticut Green Bank, we needed an entity focused on attracting private investment into the ambitious bipartisan public policies we were advancing. Bryan built an amazing team of people committed to that mission. I have every confidence that in his new role as Chair of CGC, Bryan will bring that same successful sense of purpose to the whole country.”
Roger Dower, CGC Board Member, Lead Independent Director, and Former President of the Johnson Foundation at Wingspread said “Bryan is the right person for the job. Throughout the summer, Bryan worked tirelessly alongside the CGC team, board of directors, partners, and members of the American Green Bank Consortium to improve the governance structure and prepare the organization to become the national green bank.”
The Connecticut Green Bank is a member of the American Green Bank Consortium and a partner alongside hundreds of community organizations and lenders in support of CGC’s applications to the EPA’s Greenhouse Gas Reduction Fund which will be filed on Thursday, October 12, 2023.
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About the Coalition for Green Capital
The Coalition for Green Capital, operating as the American Green Bank Consortium, is a 501(c)(3) organization specifically chartered to reduce greenhouse gas emissions, combat other forms of air pollution, and address climate and energy-related environmental injustice. Green banks are a proven finance model that utilizes public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has been at the forefront of the Green Bank movement, collaborating at the federal, state, and local levels in the U.S. and internationally.
Learn more at https://coalitionforgreencapital.com
October 2023 Newsletter
/in Newsletters, NewslettersGreen Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more
Connecticut Green Bank Announces Eighth Green Liberty Investment Opportunity to Help Tackle Climate Change
/in Investment Solutions, NewsIn partnership with Raise Green, investments start as low as $100
Hartford, CT (Sept. 29, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches its eighth Green Liberty offering today. The crowdfunding campaign is made possible with Raise Green, an award-winning online marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can support small businesses in improving their energy efficiency and reducing energy costs.
“We are pleased to see demand for these notes continually increasing, as demonstrated earlier this summer when we surpassed the maximum raise of $350,000 during our seventh offering. We’ve raised over $1.5 million through the seven offerings to date, which helps small businesses reduce energy costs and allows our investors to earn a competitive return while being great environmental stewards,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.
Notes may be purchased through the online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the fifth consecutive offer to surpass its maximum raised amount, so interested investors are encouraged to act quickly. To date, 60% of investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.
Investors from the fourth round of Green Liberty Notes (which is now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the fourth and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate increase as a thank-you for their early support of the 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 verified for its environmental attributes by Kestrel.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.