Rudy Sturk,
Associate Director, Marketing & Communication Strategy
About
Learn about Connecticut Green Bank, including Green Bond Framework, Featured News, The Team, Green Liberty Bond Inspiration, and Green Liberty Notes.
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- Total Green Bank Clean Energy Investment (Public & Private)
- $2.26 billion
- Total Public & Private Investment in FY 2022
- $322,400,000
- Total Green Liberty Bonds Issued
- $41 million +
About Connecticut Green Bank
The Connecticut Green Bank is the nation’s first green bank.* Established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80, Connecticut Green Bank supports the Governor’s and Legislature’s energy strategy to achieve cleaner, affordable, and reliable sources of energy while creating jobs and supporting local economic development. The Connecticut Green Bank evolved from the Connecticut Clean Energy Fund (CCEF) and the Clean Energy Finance and Investment Authority (CEFIA), which was given a broader mandate in 2011 to become the Connecticut Green Bank.
The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities.
Our green bank model upended the government subsidy-driven approach to clean energy by working with private-sector investors to create low-cost, long-term sustainable financing to maximize the use of public funds. We continue to innovate, educate and activate to accelerate the growth of green energy measures in the residential (single and multifamily), commercial, industrial, institutional and infrastructure sectors.
The model works. We are deploying more clean energy more quickly and efficiently than ever. Since its inception, the Connecticut Green Bank and its private investment partners have deployed over $2.26 billion in capital for clean energy projects across the state. Projects recorded through FY 2022 show that for every $1 of public funds committed by the Green Bank that an additional $7.00 in private investment occurred in the economy.
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Green Bank employees are not investment professionals and are strictly prohibited under Federal law and rules and regulations of the Securities and Exchange Commission from engaging in or advising on any purchases of securities, including Green Liberty Bonds. Any calls to the Green Bank for assistance with purchasing Green Liberty Bonds will be directed to our lead underwriters.
Green Bond Framework
Learn about our environmental, social, and governance program, and how we bring those values to life with green bonds, sustainable projects, and more.
View Program DetailsFeatured News
July 9, 2024
News
Connecticut Green Bank Launches Award-Winning 11th Green Liberty Notes Offering
With investments starting at $100, the 11th offering makes energy efficiency upgrades more accessible for small businesses and organizations
Hartford, CT (July 9, 2024)—CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced the launch of its award-winning 11th offering today. The crowdfunding campaign, now in its third year, is made possible by Raise Green, an online marketplace for impact investing.
“We’re grateful for the opportunity to continue making much-needed energy efficiency upgrades more accessible to small businesses and organizations across Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Our 11th Green Liberty Notes offering will help bolster Connecticut’s clean energy transition and support the state’s local economy. By investing, you’re not just making a financial choice; you’re helping to build a more resilient future for our communities.”
Investments in the Green Liberty offering support Eversource’s SBEA program, which enables small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to the climate benefits associated with the SBEA program, Kestrel has reviewed and verified this Green Liberty offering for its environmental attributes. The Green Bank’s partnership with Amalgamated Bank has deployed over $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, starting with a $100 minimum. The previous Green Liberty offering was the eighth consecutive offer to surpass its maximum limit for a raised amount, so interested investors are encouraged to act quickly.
Featuring a low minimum investment, a short one-year term, and an easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. In total, more than $2.7 million has been raised from Connecticut citizens and buyers from 35 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents.
Investors from the seventh 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 seventh 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.
The Connecticut Green Bank was recognized by the Clean Energy States Alliance with the 2024 State Leadership in Clean Energy (SLICE) Award for its leadership, innovation, and effectiveness in advancing clean energy technologies through the Green Liberty Notes.
“We are deeply honored to receive CESA’s prestigious State Leadership in Clean Energy award for our Green Liberty Notes Program,” said David Beech, Senior Manager of Clean Energy Finance, who accepted the Award on behalf of the Green Bank at CESA’s annual meeting. “This award is a testament to the hard work and dedication of our team and partners who are committed to advancing clean energy solutions and making them more accessible.”
For more information about this investment opportunity, please visit invest.ctgreenbank.com.
June 26, 2024
News
Connecticut Green Bank wins 2024 State Leadership in Clean Energy Award from Clean Energy States Alliance (CESA)
This content is related to our ESG program. Learn more
This content is related to our ESG program. Learn more
June 26, 2024, Montpelier, VT – The Clean Energy States Alliance (CESA), a national nonprofit coalition of public agencies working together to advance clean energy, is pleased to announce the recipients of the 2024 State Leadership in Clean Energy Awards. Since 2009, the biennial Leadership Awards have recognized outstanding state programs and projects that have accelerated the adoption of clean energy technologies. The four winners were chosen by an independent panel of distinguished judges and were evaluated based on leadership, innovation, cost-effectiveness, and replicability.
“The Clean Energy States Alliance was founded on the principle that states are the driving force behind this country’s clean energy transformation,” said CESA Executive Director Warren Leon. “CESA’s State Leadership in Clean Energy Awards recognize state innovation and accomplishments and share best practices so that creative programs in one state can spread to others.”
This year’s awards were presented in Chicago, IL on June 3 to the Connecticut Green Bank for its Green Liberty Notes Program. This program was developed following the Green Bank’s highly successful Green Liberty Bonds The Notes program provides small-dollar investors with the opportunity to support and benefit from clean energy development. It is the first one-year maturity designated green bond offered via a crowdfunding campaign, with an easy online process that doesn’t involve a broker. Investments start at $100 and are capped at $25,000, with priority given to smaller investments.
This innovation makes it possible for everyone, regardless of income, to invest in Connecticut’s clean energy transition. Like other savings instruments, such as certificates of deposit, a competitive market rate of interest is paid at maturity (the previous offering was between 5-5½ percent). To date, more than $2 million in investment has been raised through the notes to support energy efficiency retrofits for small businesses. According to the judges: “The Connecticut Green Bank’s Green Liberty Notes Program is innovative and opens the rewards of the clean energy economy to a new community, extending the benefits so everyone can participate. The threshold to entry is low and the return on investment is good. Other states could adopt this highly replicable and cost-effective program.”
The other three winners were the California Energy Commission (CEC), the Maryland Energy Administration (MEA), and Massachusetts Clean Energy Center (MassCEC).
The five judges who donated their time to assess the programs nominated by state agencies across the country were Michael Brower, Clean Energy Venture Group; Greg Dierkers, U.S. Department of Energy; Deb Perry, International City/County Management Association (ICMA); Autumn Proudlove, North Carolina Clean Energy Technology Center; and Joan White, Solar Energy Industries Association. While CESA appreciates the time and expertise provided by the judges to this process, the judges’ participation in no way implies their respective organizations’ endorsements of these programs.
In July, CESA will release a report on the State Leadership in Clean Energy Award (SLICE) winners that will highlight each of these programs with a case study. The report will be posted on CESA’s website at https://www.cesa.org/projects/state-leadership-in-clean-energy/2024-awards. This webpage will also contain information and registration links for a webinar series featuring the program managers of these exemplary programs. The webinars, which will take place in the summer and fall of 2024, will be free to attend and open to the public.
About the Clean Energy States Alliance (CESA)
The Clean Energy States Alliance (CESA) is a leading US coalition of state energy agencies working together to advance the rapid expansion of clean energy technologies and bring the benefits of clean energy to all. Established in 2002, CESA is a national, member-supported nonprofit that works to develop and implement effective clean energy policies and programs. CESA’s members include many of the nation’s most innovative, successful, and influential implementers of clean energy policies. CESA facilitates the expansion of state clean energy policies by championing renewable energy, pioneering energy storage solutions, promoting energy equity, and enhancing resilience. For more than two decades, CESA has played a pivotal role in transitioning the US towards accessible, sustainable, clean energy solutions. Learn more at www.cesa.org.
April 16, 2024
News
Connecticut Green Bank Launches 10th Green Liberty Notes Offering, Celebrates the Purchase of Over $100M in SBEA Loans
10th offering supports energy efficiency upgrades for small businesses and organizations with investments starting at $100.
Hartford, CT (April 16, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced the opening of its 10th offering today. The crowdfunding campaign is in its third year and is made possible with Raise Green, an online marketplace for impact investing. In addition to the next round of Notes, the Connecticut Green Bank and Amalgamated Bank are celebrating the purchase of more than $100M of Small Business Energy Advantage (SBEA) loans, driving environmental benefits and economic growth in local restaurants, town halls, community organizations, and more.
“We’re thrilled to launch yet another round of Green Liberty Notes in time to celebrate Earth Day and empower local residents to support Connecticut’s clean energy transition,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is a significant milestone in our work to bolster small businesses and organizations across the state and improve the local economy. We encourage those looking to join our fight against climate change and make a difference in your community to consider investing.”
Investments made in the Green Liberty offering contribute to Eversource’s SBEA program, enabling small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to 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 over $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, starting with a $100 minimum. The previous Green Liberty offering was the seventh 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 one-year term and easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. In total, more than $2 million has been raised from Connecticut citizens and buyers from 35 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents.
Investors from the sixth 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 sixth 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.
The Team
Bryan Garcia
President and CEO
Bert Hunter
Executive Vice President and Chief Investment Officer
Jane Murphy
Executive Vice President of Finance and Administration
Eric Shrago
Vice President, Operations
Brian Farnen
General Counsel and Chief Legal Officer
Sergio Carrillo
Director, Incentive Programs
Desiree Miller
Senior Manager, Clean Energy Finance
Green Liberty Bond Inspiration
World War II and the War Bonds
The history of War Bonds in the United States and Connecticut is incredible! From May 1, 1941, when President Franklin D. Roosevelt purchased the first one through 1945, over $185 billion was raised through the sale of War Bonds – the equivalent of $2.7 trillion today. More than 85 million Americans, over half of the country’s population, purchased $20 billion of Series-E War Bonds at denominations as low as $25 and high as $1,000 – or between $435 to $17,500 today, respectively. Even more, Americans promoted the purchase of War Bonds to defend our country and support Democracy around the world. This was an inclusive, all-hands-on-deck effort across every race, every sex, and every age.
Connecticut was among the leading states with the greatest amount of War Bond sales during this period, and First Lady Eleanor Roosevelt made a special visit on March 22, 1943, to promote sales alongside the Girl Scouts in Hartford, Connecticut at the Bushnell Theater.
Funding Another Noble Cause
On April 17, 2009, in New Haven, Connecticut, James Cameron addressed a crowded auditorium of students and faculty at the Yale Center for Business and the Environment. There, the former Chairman of Climate Change Capital introduced the concept of an environment bond inspired by the War Bonds of the 1940s. As War Bonds provided Americans with a means of defending liberty, patriotism, and democracy in World War II, Cameron felt environment bonds had the potential for capitalism to unlock idealism to confront climate change. “There is something powerful in the idea that, ‘My money built that and it works and I use it.’ Building things for a purpose that binds investors, worker, user – and society – is a noble cause.” [1]
Connecticut’s Leadership in Democracy and Innovation
Connecticut has a rich history when it comes to Democracy, clean energy, and climate change. Known as the “Constitution State,” it was the Fundamental Orders of 1639 from Windsor, Wethersfield and Hartford that was the world’s first written constitution for a self-governing people and seen as the prototype of our U.S. Constitution which was adopted over 150 years later. Entrepreneurs were active with innovative technologies. Daniel Halladay created and manufactured wind turbines in the 1850s and Colonel Albert Pope was working on electric vehicle technologies in the 1900s. The first Presidential motorcade and certainly the first (and quite possibly the only) in an electric vehicle, happened with Theodore Roosevelt in downtown Hartford on August 22, 1902. It was in Westbrook, Connecticut on August 27, 2001, where Resolution 26-4 “Resolution Concerning Energy and Environment” was signed by the New England Governors and Eastern Canadian Premiers establishing the first regional climate change action plan in the United States, in collaboration with Canada. Alexis de Tocqueville recognized the importance of civic engagement in American democracy and the role of states like Connecticut.
“The civilization of New England has been like a beacon lit upon a hill, which, after it has diffused its warmth around, tinges the distant horizon with its glow.”
As the nation’s first “Green Bank,” the Connecticut Green Bank was created by a bipartisan act of legislation in July of 2011. With the mission to “confront climate change and provide all of society a healthier and more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy,” the Connecticut Green Bank was awarded the prestigious Innovations in American Government Awards from the Ash Center at the Kennedy School of Government at Harvard University in 2017 for “Sparking the Green Bank Movement”. There are green banks now at the city, county, and state levels across the country, national policy proposals for a U.S. Green Bank [2] and U.S. Climate Bank, [3] and green banks being created in developed and developing countries around the world.
Vision to Confront an Another Existential Crisis
James Cameron had a vision of environment bonds over a decade ago – whereby “Governments would collect money from investors who would benefit from guaranteed – but modest – rates of return…the bonds could tap a vein of renewed idealism among investors who are seeking to use the financial system for good causes.” In 2018, the “Green Bond” market saw $170 billion issued with 40% of the proceeds being invested in clean energy projects, and as noted by Forbes, are seen as an important mechanism to solve climate change. [4] What if, like Series-E War Bonds, governments across this country – municipal, state, and federal governments – were to issue third-party climate-certified [5] Green Bonds that individuals and families could invest in to confront climate change?
It is only befitting, that as we approach the 50th anniversary of Earth Day – April 22, 2020 – that having been inspired by history, recognizing that environmentalism and humanitarianism are better together, that the Connecticut Green Bank gives rise to the first Green Liberty Bonds available to families in Connecticut and Americans across our great nation.
[1] “From War Bonds to Environment Bonds” by James Kanter in the Green: Energy, the Environment and the Bottom Line of the New York Times (April 20, 2009).
[2] S. 1528 and H.R. 3423 proposed by Senators Murphy and Blumenthal and Representative Himes of Connecticut
[3] S. 2057 and H.R. 5416 proposed by Senator Markey of Massachusetts and Representative Dingell of Michigan
[4] “Green Bonds Can Solve Our Climate Crisis” by Miriam Tuerk in Forbes (August 28, 2019)
[5] For example, Climate Bond Initiative, Green Bond Principles, etc.
Green Liberty Notes
Connecticut Green Bank Launches Award-Winning 11th Green Liberty Notes Offering
With investments starting at $100, the 11th offering makes energy efficiency upgrades more accessible for small businesses and organizations
Hartford, CT (July 9, 2024)—CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced the launch of its award-winning 11th offering today. The crowdfunding campaign, now in its third year, is made possible by Raise Green, an online marketplace for impact investing.
“We’re grateful for the opportunity to continue making much-needed energy efficiency upgrades more accessible to small businesses and organizations across Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Our 11th Green Liberty Notes offering will help bolster Connecticut’s clean energy transition and support the state’s local economy. By investing, you’re not just making a financial choice; you’re helping to build a more resilient future for our communities.”
Investments in the Green Liberty offering support Eversource’s SBEA program, which enables small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to the climate benefits associated with the SBEA program, Kestrel has reviewed and verified this Green Liberty offering for its environmental attributes. The Green Bank’s partnership with Amalgamated Bank has deployed over $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, starting with a $100 minimum. The previous Green Liberty offering was the eighth consecutive offer to surpass its maximum limit for a raised amount, so interested investors are encouraged to act quickly.
Featuring a low minimum investment, a short one-year term, and an easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. In total, more than $2.7 million has been raised from Connecticut citizens and buyers from 35 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents.
Investors from the seventh 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 seventh 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.
The Connecticut Green Bank was recognized by the Clean Energy States Alliance with the 2024 State Leadership in Clean Energy (SLICE) Award for its leadership, innovation, and effectiveness in advancing clean energy technologies through the Green Liberty Notes.
“We are deeply honored to receive CESA’s prestigious State Leadership in Clean Energy award for our Green Liberty Notes Program,” said David Beech, Senior Manager of Clean Energy Finance, who accepted the Award on behalf of the Green Bank at CESA’s annual meeting. “This award is a testament to the hard work and dedication of our team and partners who are committed to advancing clean energy solutions and making them more accessible.”
For more information about this investment opportunity, please visit invest.ctgreenbank.com.