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Connecticut Green Bank’s Fiscal Year 2024 Annual Report Highlights Progress as Economic Catalyst Through Partnerships

January 8, 2025/in Financing, innovation, jobs, News

Green Bank programs continue to create jobs and grow the green economy while helping thousands of families and businesses reduce their energy costs

Hartford, CT (Jan. 8, 2025) – The Connecticut Green Bank recently released its 13^th annual report for fiscal year 2024, which showed continued leadership in the state’s green economy. Every public dollar invested by the Green Bank attracted $8.60 in private capital in FY2024, bringing its total contribution to nearly $3 billion since it was created through bipartisan legislation in 2011. This investment helps reduce the energy burden on more than 71,000 families and businesses across Connecticut. Additionally, this investment supports the creation of thousands of jobs and reduces greenhouse gas emissions and air pollution, which benefits public health.

“The Green Bank is proud to be a leading catalyst driving the green economy. Since our establishment, we have helped enable nearly $3 billion of investment in our state’s green economy, which has supported the creation of more than 29,000 jobs and contributed nearly $150 million in state tax revenues to Connecticut’s budget,” said Bryan Garcia, President and CEO of the Green Bank. “Since 2011, we have forged strong relationships with lending institutions, contractors, advocates, and community and labor organizations as a reliable, dependable leader in this space. We remain 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.”

Some highlights of the fiscal year 2024 include:

Supporting the financing of several fuel cell projects in Derby, including the nation’s first “Community Fuel Cell” that will reduce energy burdens on low- and moderate-income families
Providing energy security and resilience through the financing of a microgrid for our military at the U.S. Naval Submarine Base in Groton.
Expanding our flagship residential (Smart-E Loan) and commercial (C-PACE) financing programs to address environmental infrastructure improvements, especially resilience measures.
Helping commercial building owners make energy improvements that reduce their operating costs, in part through the co-administration of the Energy Storage Solutions program, which has experienced strong demand from businesses driven to increase their resilience and control expenses.
Utilizing our Solar Marketplace Assistance Program (Solar MAP) to successfully guide municipal and school leaders through the solar process while expanding the program to include storage and serve affordable multifamily housing properties so providers can reduce energy costs while increasing energy security.

To access the FY24 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/connecticut-green-bank-annual-report-2024/.

Milford Holdings LLC closes on 1.1-megawatt solar project

December 16, 2024/in Building Solutions, News

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.

Connecticut Launches “GreenGain” Sustainability Program for Small Manufacturers

December 11, 2024/in Building Solutions, News

Pilot program to provide energy efficiency and sustainability training, mentoring, and project funding support for small CT manufacturers

HARTFORD, Conn. (December 11, 2024) – The Connecticut Department of Economic and Community Development’s Office of Manufacturing, in partnership with the Connecticut Sustainable Business Council (CTSBC) and the Connecticut Green Bank (Green Bank), today announced the launch of GreenGain, a year-long pilot program designed to provide training, subject matter expertise, and financial resources to help smaller manufacturing companies in the state integrate energy efficiency, renewable energy, and other technologies and strategies into their operations. The program will support manufacturers in building more sustainable and resilient businesses, boosting economic growth, performance, and competitiveness.

GreenGain is funded through the Office of Manufacturing’s Manufacturing Innovation Fund (MIF) and will be administered by the Green Bank through a partnership with CTSBC.

Geared towards smaller manufacturing companies in Connecticut, GreenGain will provide participants with monthly training sessions led by experts in the areas of sustainability and green manufacturing as well as representatives from larger manufacturers that have robust corporate sustainability programs. Sessions will be focused on decarbonization, ESG reporting, green manufacturing practices, certifications like Ecovadis and additional sustainability topics. Participating manufacturers will also receive consulting support to implement sustainability practices, perform energy audits, complete energy efficiency upgrades and renewable energy projects, install carbon accounting software, and more.

Additionally, through GreenGain’s voucher program, companies will have the opportunity to apply for matching funds to finance related projects and initiatives.

“Sustainability is no longer just an option for businesses—it’s necessary to remain competitive in a rapidly changing business environment. GreenGain provides small manufacturers with a clear roadmap and much-needed resources and support to build more sustainable and resilient operations while meeting the growing expectations of customers and stakeholders. This program is an exciting step forward for Connecticut’s manufacturing sector and we’re excited about the positive impact,” said Heather Burns, CEO, CT Sustainable Business Council.

“One of the components of Connecticut’s Manufacturing Strategic plan is building resilient and sustainable companies,” said Paul Lavoie, Chief Manufacturing Officer for the State of Connecticut. “An essential part of that initiative is energy efficiency, and the GreenGain program is designed to increase engagement, education and enablement for the manufacturing sector to become more resilient and to help them compete in today’s global environment.”

“As energy intensive businesses, Connecticut manufacturers have always known and navigated the impact of energy costs. Now, they face increasing pressure from their customers and stakeholders to integrate sustainability and resiliency into their operations while demonstrating a commitment to ESG goals,” said Connecticut Green Bank Vice President of Financing Programs Mackey Dykes. “However, many of the smaller manufacturers don’t have the time, resources, or funding to explore improvement projects, such as energy efficiency or renewable energy, and make progress towards new goals. This is where GreenGain comes in, and we are proud to partner with the Office of Manufacturing and the Connecticut Sustainable Business Council to bring the program to life. Connecticut’s vital manufacturing sector is a critical component to our state’s overall economy, and GreenGain will help companies save money, save energy, reduce their carbon footprints, and increase their competitiveness.”

West Hartford-based Legrand, North America, is a leading global specialist in electrical and digital building infrastructures. They are one of GreenGain’s partner companies that will provide expert training and mentorship to program participants. Over the last three years, Legrand has earned a Platinum rating from EcoVadis, putting them in the top 1% of over 130,000 evaluated companies based on performance across Environment, Ethics, Social and Human Rights, and Responsible Purchasing.

“Sustainability and corporate responsibility are at the heart of Legrand’s operations. As a global company, achieving aggressive targets for renewable energy procurement, energy use reductions, and energy efficiency requires close collaboration with suppliers and our teams across all of sites,” says Michael Kijak, Legrand Director of Operational Excellence. “We also attribute our continuing success to many great state and federal programs available – including the DOE’s Better Plants Challenge and the EPA’s Smart Way program. We are very open about sharing our processes and best practices within our industry and look forward to sharing our knowledge and expertise with smaller manufacturers that will be participating in the GreenGain program.”

GreenGain builds off the successful “Energy on the Line” grant program that was funded by MIF and administered by the Green Bank. Between 2016 and 2023, Energy on the Line helped 30 manufacturers across the state complete 25 solar PV projects and seven energy efficiency projects while providing access to C-PACE financing to support project implementation and equipment installation. The program delivered significant energy and cost savings to participating companies—collectively, more than 405 million BTU in energy savings and $25 million in electric cost savings over the effective useful life of the equipment.

For more information on GreenGain or to apply for the program, visit ctsbcouncil.org/green-gain.