1 / 22

Connecticut Green Bank Sparking the Green Bank Movement

Connecticut Green Bank is a quasi-public state entity focused on financing clean energy projects. Through public-private partnerships, it attracts private capital and leverages limited public funds to make clean energy more affordable and accessible. The bank has successfully preserved public capital, attracted significant investments, created jobs, and reduced environmental pollution.

sherylv
Download Presentation

Connecticut Green Bank Sparking the Green Bank Movement

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Connecticut Green BankSparking the Green Bank Movement

  2. Who Are We?

  3. Connecticut Green BankAbout Us • Quasi-public State Entity – Created by State of Connecticut in 2011 • Successor organization to a grant based entity • Bipartisan formation • Focus – Finance clean energy • Renewable energy, energy efficiency, and electric vehicles • NOT Technology Innovation and Venture Capital • Support – Supported by a: • $0.001/kWh surcharge on electric ratepayer bills (about $10 per household per year) that provides approximately $27 MM a year for investments, • RGGI about $3 MM a year for renewable energy, • federal competitive solicitations and non-competitive resources (i.e. ARRA-SEP), • private capital, • private foundations, and • RETURN ON INVESTMENTS 3

  4. Connecticut Green BankMission and Goals Support the strategy to achieve cheaper, cleaner, and more reliable sources of energy while creatingjobs and supporting localeconomic development • Attract and deployprivate capital investment to finance the clean energy policy goals for Connecticut • Leverage limited public funds to attract multiples of private capital investment while reinvesting public funds over time • Develop and implement strategies that bring down the cost of clean energy in order to make it more accessible and affordable to customers • Support affordable and healthy homes and businesses in distressed communities reduce energy burden and address health & safety 4 4

  5. What Do We Do?

  6. Green Bank ModelCheaper, Cleaner and More Reliable Energy 6

  7. Green Bank Preservation of Public Capital 2012-2016 Example Preserving ratepayer capital as an asset to leverage more private investment that delivers more impact!

  8. Green Bank Model BasicsReduce Costs – Increase Customer Demand BEFORE AFTER Energy Bill Net Savings • Cheaper Clean Distributed Energy Resource Financing Payment • Cleaner • Reliable • Healthier Energy Bill Clean Energy Improvement (Behind the Meter) Energy 8

  9. Green Economy EngineWhat Does a Green Bank Do? 9

  10. 10

  11. Public-Private PartnershipsInvestment Transactions Credit Enhance Warehousing Tax Equity Finance Project Finance PRI Tax Credit Bonds $35 MM OPEN 4:1 $30 MM CLOSED 4:1 $22 MM CLOSED 8:1 $6 MM CLOSED 6:1 $75 MM CLOSED 7.5:1 $45 MM OPEN 20:11 5 MWWind Project Residential Solar Commercial Solar Residential Solar Solar for All Residential Energy C-PACE $3 MM OPEN 100%4 $50+ MM OPEN 9:1 $65 MM CLOSED 10:1 $60+ MM OPEN 6:13 $3 MM CLOSED 3:1 $9 MM CLOSED 9:1 $5 MM OPEN 100%2 Colebrook Wind City of Meriden CT Residential and Commercial Storage Green Bank Solar PPA Grid-Tied Multifamily Energy Archimedes Screw Hydroelectric Project Green Bank Solar PPA C-PACE 11

  12. Calvary Temple Christian CenterCPACE 12

  13. Bridgeport Fuel Cell ParkProject Finance 13

  14. Underserved Commercial CreditsGreen Bank Solar PPA 14

  15. Why Do We Do It?

  16. Green Bank Impact ReportEconomic Development (FY 2012-FY 2018) Jobs Accessible and Affordable Energy Burden Supported the residential market to reach income parity and beyond parity for rooftop solar PV Supported creation of nearly 16,000 direct, indirect and induced job-years Reduced the energy burden on families and businesses 16

  17. Green Bank Impact ReportInvestment (FY 2012-FY 2018) Tax Revenues Investment Leverage Ratio Generated nearly $60 million in state tax revenues Achieved a leverage ratio of 6 to 1 of private investment to Green Bank investment Mobilized $1.3 billion of investment into the state economy 17

  18. Green Bank Impact ReportEnvironmental Protection (FY 2012-FY 2018) Public Health Deployment Pollution Improved the lives of families helping them avoid sick days, hospitalizations, and even death Helped reduce air emissions that cause climate change and worsening public health Accelerated the growth and installation of nearly 300 MW of clean energy 18

  19. Global Investment NeededConfront Climate Change • UN Report2 says the world will need $90 trillion in public and private capital over the next 15 years to confront the worst effects of climate change. • Equivalent to $800 per person per year – Connecticut Green Bank has achieved nearly $80 per person per year on average over the last three years! REFERENCES • How to Raise Trillions for Green Investment by Hank Paulson in the New York Times (September 20, 2016) • Financing Sustainable Development: Moving from Momentum to Transformation in a Time of Turmoil by the UNEP (September 2016)

  20. Global Investment NeededConfront Climate Change (cont’d) = $1 in public investment in clean energy per person per year = $1 in private investment in clean energy per person per year x 10 UN 2030 Agenda for Sustainable Development $800 (60:1) Connecticut Green Bank ~$80 (6:1) Connecticut Clean Energy Fund ~$8 (1:1) REFERENCES • CT Population = 3,600,000. US Population = 321,400,000. World Population = 7,500,000,000. • CCEF Annual Investment = $32 MM and 1:1. CGB Average Annual 4-Year Investment = 280 MM and 1.5:10. Center for American Progress = $200 B. UN Report = $6 T.

  21. Connecticut Green BankSparking the Green Bank Movement 21

  22. Questions Brian Farnen General Counsel and Chief Legal Officer brian.farnen@ctgreenbank.com www.ctgreenbank.com (860) 257-2892

More Related