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Through Raise Green's award-winning online platform, anyone can invest as low as $100 to help combat climate change and support small business energy upgrades in Connecticut
Hartford, CT (April 17, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches its sixth Green Liberty offering today. The crowdfunding campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs through this offering.
"We’re encouraged to see the demand for Green Liberty Notes increasing, with the last three offerings selling out and most of the investors being from our home state in Connecticut. So far, through our five offerings, we’ve raised more than $1 million, which will be used to support small businesses in the state as they look to make energy efficiency upgrades, reduce energy costs, and help address the harmful impacts of climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.
Notes are easy to purchase through an online platform without a broker, with a $100 minimum. The previous offering reached and surpassed its maximum raise in less than a week, so interested investors are encouraged to act quickly. To date, 67% of the investments have been $1,000 or less, and more than half of the investors have been Connecticut residents.
Investors from the second round of Green Liberty Notes in April 2022 can reinvest their principal and interest in this latest offering. Anyone who invested in the second round 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 Verifiers.
For more information about the investment opportunity, please visit https://invest.raisegreen.com/offering/ctgreenbank6/details
Demand to invest in Green Liberty Notes offered with as little as $100 through Raise Green’s award-winning online platform surpasses $368,000
Hartford, CT (February 10, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announces the closing of their fifth Green Liberty offering, which far-exceeded the maximum raise amount of $250,000 in less than one week (total investment demand surpassed $368,000). The crowdfunding campaign has been made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. In total, more than $1 million has been raised from Connecticut residents and citizens nationwide who are able to invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.
“We are pleased to see increasing demand for these offerings. This is the third consecutive offering that has sold out, and this one was over-subscribed by more than $100,000,” said Bryan Garcia, President and CEO of the Green Bank. “We were also encouraged by the continued show of support from previous investors, and an influx of new investors wanting to earn a competitive return while helping confront climate change through energy efficiency assistance to small businesses.”
Notes are easy to purchase through an online platform without a broker, with $100 minimums. For this latest offering, more than 60% of accepted investments were $1,000 or less, and more than 60% 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 Verifiers.
Using Raise Green’s award-winning online platform, anyone can invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change
Hartford, CT (January 10, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches their fifth Green Liberty offering, a crowdfunding campaign made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.
“Through four offerings in 2022, we have raised more than $800,000, primarily from investors here in Connecticut. The last two offerings were sold out and the number of investors across the country continues to grow. We are encouraging citizens to learn about the opportunity to make a difference and earn a competitive return on their money,” said Bryan Garcia, President and CEO of the Green Bank.
Notes are easy to purchase through an online platform without a broker, with $100 minimums. To date, 67% of the investments made have been $1,000 or less, and more than half of the investors have been Connecticut residents.
New to this offering, the Green Bank is proud to offer investors from the first round of Green Liberty Notes in January 2022 the opportunity to reinvest their principal and interest in this offering. Anyone who invested in the first round and who 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 Verifiers.
For more information about the investment opportunity, please visit https://invest.raisegreen.com/offering/ct-greenbank-5-debt-note/details.
Offerings provide an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program
Hartford, CT (October 31, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed four crowdfunded investment offerings this year, successfully raising more than $800,000. This offering was the second consecutive sell-out, with investor demand exceeding the maximum investment goal of $250,000. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. These offerings are made possible through a partnership with Raise Green, a climate tech marketplace for local impact investing.
“With the first year of Green Liberty Notes offerings in the books, we are pleased to see repeat investors and familiar names support this cause, as well as a growing number of new investors with each offering,” said Bryan Garcia, President and CEO of the Green Bank.
The Green Liberty Note was created as an investment companion to the award-winning Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, the majority of the investments made have been in increments of $1,000 or less.
The latest offering’s coupon, which is set with each new issuance, is 3.50%. Future issuances are anticipated quarterly, with four expected in 2023.
Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption by investing in energy efficient lighting and equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers.
Sign up for notifications of future issuances on this site.
Join us on Thursday, Oct. 20 at 12 pm ET as we provide an update on Green Bank programs and solutions for homes, buildings, and investments. Topics will include potential implications of the Inflation Reduction Act, update on Energy Storage Solutions, news on C-PACE, Green Liberty Notes and more.
Register at https://attendee.gotowebinar.com/register/8922226123542594575
Offering through Raise Green’s crowdfunding platform allows anyone the opportunity to invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change
Hartford, CT (Sept. 30, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches their fourth Green Liberty offering, a crowdfunding campaign made possible in partnership with Raise Green, a social and environmental marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.
“Our first three offerings have raised more than $560,000 this year from investors across the country, with a majority from here in Connecticut. Building upon our successful summer offering, which was completely sold out, we are excited to see more and more citizens getting involved and earning a competitive return on their money,” said Bryan Garcia, President and CEO of the Green Bank.
Notes are easy to purchase through an online platform without a broker, with $100 minimums. To date, 71% of the investments made have been $1,000 or less, 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 Verifiers.
For more information about the investment opportunity, please visit https://invest.raisegreen.com/offering/ct-greenbank-4-debt-note/details
Position will lead development of new program that expands Green Bank’s mission beyond clean energy
HARTFORD, Conn. – The Connecticut Green Bank, the nation’s first state-level green bank, seeks an entrepreneurial leader to serve as its first Director of Environmental Infrastructure Programs to develop and implement a new business unit of the organization and transform public and private investment in environmental infrastructure. The creation of this leadership role builds upon the Green Bank’s decade of success as a leader in the climate change fight and applies the green bank model to new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. This model extension was the result of the bipartisan passage of Governor Lamont’s House Bill 6441 in June 2021.
“Over the last year, our team has been meeting with key stakeholders to discuss environmental infrastructure, gathering information about their existing policies, programs, resources, and goals, as we create a comprehensive plan for addressing these subsectors,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Those conversations have helped us define the qualifications, experience, skills, and personality of the candidates we want to consider for this important new role. The ideal candidate could have a background in finance, policy, or environmental sciences.”
The Director will be tasked with designing, implementing, and overseeing new programs to raise revenues to deploy environmental infrastructure in the state with a focus on decarbonization and climate resilience. With the recent passage of the Inflation Reduction Act, and its inclusion of the Greenhouse Gas Reduction Fund, alongside the Green Bank’s ability to issue 50-year Green Liberty Bonds for environmental infrastructure, the incoming Director will have resources to mobilize private investment in Connecticut’s growing green economy. A core goal of this position is ensuring increased investment in vulnerable communities, including a focus on Community Reinvestment Act eligible and environmental justice communities. The Green Bank has established a goal of directing no less than 40 percent of investment and benefits from its programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025.
For more information about the position, please visit https://ctgreenbank.applicantpro.com/jobs/2531572.html.
Offerings provide an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program
Hartford, CT (August 12, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their summer crowdfunding investment offering, successfully bringing their total raise to $565,835 this year. Building upon offerings in January and May, this unique investment opportunity was the most successful yet, exceeding the maximum investment goal of $250,000. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. These offerings are made possible through a partnership with Raise Green, a regulation climate tech marketplace for local impact investing.
“Our Green Liberty Notes program continues to grow as more investors learn of the opportunity to support the mission of the Green Bank for as little as $100 while earning a competitive return,” said Bryan Garcia, President and CEO of the Green Bank.
The Green Liberty Note was created as an investment companion to the award-winning Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, 71% of the investments made have been $1,000 or less.
The latest offering’s coupon, which is set with each new issuance, is 2.50%. Future issuances are anticipated quarterly, with fall and end of year offerings in the works.
“Meeting and surpassing our maximum target raise with our third offering shows that the demand for green investment continues to grow, as was the case with our Green Liberty Bonds,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank. “These notes are a great option for anyone seeking diversification in their portfolio or a local connection to their investment that earns a safe, competitive return while helping small business to become more energy efficient.”
Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption through deploying energy efficient equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers.
Future offerings are planned to open quarterly.
Two upcoming webinars:
Join Raise Green for a virtual Investor Day on July 28, 12 pm ET/9am PT. Hear from frontline climate defenders, including the Green Bank, about their fight against climate change. Learn about the latest investment opportunities on the Raise Green Marketplace from the founders of these impactful companies. Register Here
Join us on August 3 at 12 pm ET as we provide an update webinar on Green Bank programs and solutions for homes, buildings, and investments. Topics will include Energy Storage Solutions, C-PACE for new construction, commercial solar options, Smart-E summer special offer, Green Liberty Notes and more.
Register at https://attendee.gotowebinar.com/register/7317503194730911246
Offering provides an opportunity for anyone to invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change
Hartford, CT (July 8, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their third Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a social and environmental marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.
“With two successful offerings already this year, we continue to see strong interest in this investment opportunity,” said Bryan Garcia, President and CEO of the Green Bank. “The low investment minimum is designed to encourage people to get involved. We know that inflation and other economic concerns are weighing on folks across the country, however, many still want to help make a difference and combat climate change. Our offerings allow people to know their investment aligns with their values while earning a competitive return.”
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 Verifiers.
For more information about the investment opportunity, please visit www.greenlibertynotes.com.
“States across the country have been taking strong and creative action to expand the use of clean energy,” said CESA Executive Director Warren Leon. “These award winners highlight the important, innovative, and diverse ways that states are moving clean energy forward.”
Modelled after the War Bonds of the 1940s, Green Liberty Bonds are purchased by individual investors in lower-dollar denominations (the bonds are offered in $1,000 increments), enabling people to directly participate in the green economy and earn a return on their investment. The proceeds of Green Liberty Bonds are invested in projects that confront climate change in Connecticut. According to the judges: “This program is an interesting, innovative, and highly creative way to generate revenue for clean energy projects.”
“We submitted the Green Liberty Bond program for SLICE Award consideration because of the Bonds innovative revenue structure, their accessibility to retail and institutional investors, their replicability, and their overall success in 2020 and 2021,” said Bert Hunter, Chief Investment Officer of the Connecticut Green Bank. “We are honored to be recognized by CESA, and add the Green Liberty Bonds to the list of our programs that have earned this acknowledgement.”
The first issuance of the Green Liberty Bonds in July 2020 sold nearly $17 million, and the second issuance in May 2021 sold nearly $25 million with over $98 million of orders placed from a broad array of investors, including retail investors across the United States. Both bonds are Climate Bond Certified and rated “A+” by S&P. The bonds are backed by a unique revenue stream created by the sale of Solar Home Renewable Energy Credits (SHRECs), which are generated by solar panels on homes.
The Green Bank was also a SLICE Award winner in 2018 for the Solar for All program, in 2016 for the CT Solar Lease Commercial PPA program, and in 2014 for its C-PACE program.
This year’s awards were presented at a reception in Washington, DC on June 7. Other recipients were the California Energy Commission, Maryland Energy Administration, New York State Energy Research and Development Authority (NYSERDA) and New York State Homes and Community Renewal (HCR), Oregon Department of Energy, and the Washington Dept. of Commerce – Energy Office.
The judges who donated their time to assess the programs nominated by state agencies across the country were from World Resources Institute, Energy Foundation, Union of Concerned Scientists, Vote Solar, and the McKnight Foundation. The judges’ participation in this process in no way connotes 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 include case studies of the programs. The report will be posted on CESA’s website at https://www.cesa.org/projects/state-leadership-in-clean-energy/2022-awards/****. This webpage also contains information and registration links for a webinar series highlighting these exemplary programs. The webinars, which will take place in the summer and fall of 2022, will be free to attend and open to the public.
Offering provided an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program
Hartford, CT (May 18, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their spring crowdfunding investment offering, successfully bringing their total raise to $303,635 this year. This offering is the second-of-its-kind, continuing the success of a January offering, made possible through a partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.
“In total, we have raised more than $300,000 from everyday people who want to support our mission and small business energy efficiency, using lower minimum investments,” said Bryan Garcia, President and CEO of the Green Bank.
The Green Liberty Note was created as an investment companion to Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, 86 investments of $1,000 or less have been made.
The latest offering’s coupon, which is set with each new issuance, was 1.50%. Future issuances are anticipated quarterly, with summer and fall offerings in the works.
“With a rate on par or better than a comparable term certificate of deposit, and much better than a traditional savings account, we are encouraging investors to add a Green Liberty Note to their portfolio because it earns a solid return and makes a difference for small businesses making their operations more energy efficient,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank.
Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption through deploying energy efficient equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers.
Please sign up for notifications on this website to stay connected when future offerings open.
As Earth Month ends and Small Business Week begins, we want to remind you that even the smallest actions to confront climate change can help make an impact.
We currently have an investment offering on the Raise Green Marketplace, where you can take meaningful action, that supports energy efficiency for small businesses, for as little as $100. Earn more than bank rates and make a difference.
Learn more at www.greenlibertynotes.com or join Raise Green’s Investor Day webinar, May 10 at 12 pm ET to hear from us and other climate defenders.
Invest with us as we tackle this existential threat.
In celebration of Earth Day, we invite you to read 52 tips on how to invest in our planet from the Earth Day Network. (https://www.earthday.org/earth-day-tips/)). Another way is to invest in our Green Liberty offering, available at www.greenlibertynotes.com
CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their second Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a social and environmental marketplace for impact investing. This offering builds upon the success of a similar offering in January that allowed citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.
“We were encouraged by the interest in our first Green Liberty offering, which reached 180% of our target in a month,” said Bryan Garcia, President and CEO of the Green Bank. “Through lower investment minimums, more everyday people are empowered to help us combat climate change and earn a return on their money by supporting energy efficiency for small businesses. Raise Green’s crowdfunding platform makes investing accessible to residents in Connecticut and across the country. In our first offering, we had investors representing 25 states, motivated to make a difference. Our second offering is a great way to mark Earth Month and celebrate the 52nd Earth Day.”
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, the Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.
Learn more at www.greenlibertynotes.com.
Fiscal year 2021 annual report highlights 10 years of cumulative success of nation’s first green bank
Hartford, CT (Feb. 14, 2022) – In fiscal year 2021, the Connecticut Green Bank exceeded $2 billion of cumulative investment in the state’s green economy, according to the Green Bank’s recently released annual report. Since July 2011, the Green Bank has mobilized $288.4 million in public dollars to attract $1.85 billion in private investment, a leverage ratio of $7.40 for every $1.
Industry is well-positioned for growth, according to state’s second Clean Energy Industry Report from the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors
Hartford, CT (Jan. 24, 2022) – Connecticut’s clean energy industry has remained resilient and is positioned for future growth, despite the continued impact of the COVID-19 pandemic, according to the recently released 2021 Connecticut Clean Energy Industry Report. This report highlights that Connecticut’s clean energy economy was more resilient than other states in the region and the nation overall. Total clean energy employment in Connecticut declined by only six percent in 2020 to 41,488 jobs; compared to a nationwide energy employment decrease of nine percent and neighboring state declines ranging from seven to 16 percent.
A webinar presenting the report’s findings to press, industry partners, and other stakeholders will be held on Wednesday, Feb. 2, from 12 to 1 pm. To register for the webinar, visit https://attendee.gotowebinar.com/register/1737419007598298123.
“The pandemic required the energy efficiency industry to reimagine how to conduct business safely in Connecticut. I am proud of the quick and meaningful actions taken by DEEP, DECD, the Connecticut Green Bank, the Energy Efficiency Board, our clean energy contractors, and our utility program administrators, in close collaboration, placing Connecticut at the top of the pack regionally and nationally in preserving our critical clean energy workforce,” said Governor Ned Lamont.
“At a time when good paying jobs in a growth industry and continued efforts to combat the climate crisis are essential, this report demonstrates the resilience of our clean energy industry, supported by state initiatives such as EnergizeCT and CareerConneCT, and the potential to leverage federal ARPA and Bipartisan Infrastructure Act funding for further growth.”
With the majority of COVID-19 related job losses incurred in March through May 2020, the industry in Connecticut had steady, modest growth from June through December. Clean energy contributions to statewide Gross Regional Product (GRP) increased by two percent between 2019 and 2020, an overall increase of 14 percent since 2017. These GRP contributions totaled nearly $6.64 billion, almost three percent of the state’s GRP.
This is the second industry study produced by the Connecticut Green Bank, Department of Energy and Environmental Protection, Eversource, and United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., operating through the Joint Committee of the Energy Efficiency Board (EEB) and the Connecticut Green Bank Board of Directors.
“Reducing the negative impact of the pandemic on our clean energy industry required significant collaboration between government, industry and key stakeholders,” said Neil Beup, EEB chair. “Through these conversations and efforts, Connecticut was able to preserve much of the progress made by the clean energy sector over the last decade while maintaining a positive outlook for the future.”
Based on analysis from BW Research, employment in this report is broken out into five major technology sectors and clean energy-specific sub-technologies. The major clean energy sectors are: energy efficiency; clean energy generation; alternative transportation; clean grid and storage; and clean fuels.
Some other highlights include:
“This report delivers the good news that Connecticut is providing Clean Energy companies with the encouragement they need to remain robust and resilient through tough times. Despite the downturn triggered by the pandemic, Connecticut’s clean energy industry is suffering fewer job loses than the national average and their business leadership is staying positive and innovative,” said Lonnie Reed, Chair of the Connecticut Green Bank. “Continued support from state leaders combined with new policies and programs launching in 2022 will help grow the industry, reduce the energy burden on vulnerable communities and strengthen our ability to confront climate change.”
The report also highlighted the ongoing need for more workers in the industry.
“While many firms were not hiring, those that were faced difficulty filling open positions,” said Brenda Watson, Chair of the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank and Executive Director of Operation Fuel. “The clean energy industry is helping our families and businesses reduce energy costs while creating well-paying jobs. We must work with many community-based organizations, to not only widen the jobs funnel, but develop a clear pathway for Hispanic, Black and women workers to increase their presence in the industry.”
To access the full report, please www.ctgreenbank.com/2021-CT-Clean-Energy-Industry-Report. To register for the webinar presenting the report’s findings on Wednesday, Feb. 2, from 12 to 1 pm, visit https://attendee.gotowebinar.com/register/1737419007598298123.
About Energize CT and the Joint Committee:
Energize CT is an initiative of the Energy Efficiency Fund, the Connecticut Green Bank, the Connecticut Department of Energy and Environmental Protection (DEEP), United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., and Eversource, with funding from a charge on customer energy bills. Learn more at www.energizect.com.
Joint Committee
Pursuant to Section 16-245m(d)(2) of the Connecticut General Statutes, the Joint Committee shall examine opportunities to coordinate programs and activities contained in the plan developed under Section 16-245n(c) (i.e., Comprehensive Plan of the Green Bank) with the programs and activities contained in the plan developed under Section 16-245m(d)(1) (i.e., Conservation and Load Management Plan), and to provide financing to increase the benefits of programs funded by the plan developed under Section 16-245m(d)(1) so as to reduce the long-term cost, environmental impacts, and security risks of energy in the state.
To support the Joint Committee, the following is a principal statement to guide its activities: The Energy Efficiency Board and the Connecticut Green Bank have a shared goal to implement state energy policy throughout all sectors and populations of Connecticut with continuous innovation towards greater leveraging of ratepayer funds and a uniformly positive customer experience.
Offering provided an opportunity for citizens to support Green Bank’s mission to confront climate change through investment in Eversource’s Small Business Energy Advantage Program
Hartford, CT (Jan. 24, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their first crowdfunding investment offering, successfully raising 180% of its target ($180,000) in a month. This first-of-its-kind offering was launched on Dec. 14, 2021, in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allowed citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.
“It has become part of our mission to create investment opportunities for everyday people, allowing them to help directly combat climate change, through offerings with lower investment minimums,” said Bryan Garcia, President and CEO of the Green Bank. “We are excited by the public reception of our first Notes offering, both from families in Connecticut to citizens across 24 other states who are supporting energy efficiency projects for small businesses across Connecticut.”
This initial offering of one-year maturity 1% coupon notes received an average investment of $1,600 and 75% of investments were $1,000 or less. Future issuances of Green Liberty Notes are expected every three months.
“For several years now, the Green Bank has been expanding its distribution channels to reach a broad cross section of investors – from the most sophisticated institutional ESG investors to everyday retail investors. This digital channel through the Raise Green crowdfunding platform is another innovation we’re using to bring access to our investment portfolio to even small-dollar investors across the USA,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank
Green Liberty Notes support Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan. As a result of the climate benefits associated with this program, the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.
To sign up for notifications about future offerings, please visit invest.ctgreenbank.com.
Offering provides an opportunity for citizens to support Green Bank’s mission to confront climate change through investment in Eversource’s Small Business Energy Advantage Program
Hartford, CT (Dec. 15, 2021) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their new Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. This new program allows citizens to invest in the Green Bank’s mission to confront climate change. The Green Liberty offering will support Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan.
As a result of the climate benefits associated with this program, the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.
“Climate change is an existential threat, and massive amounts of capital investment are needed to help combat its effects,” said Bryan Garcia, President and CEO of the Green Bank. “To grow our impact, we need investment support from everyday people – from families in Connecticut to citizens across the country.”
The SBEA program enables small businesses to reduce their energy costs by making energy efficiency upgrades in their office, shops, restaurants, and factories, using zero interest loans. Participants in the SBEA program can borrow up to $100,000 to address these measures at zero interest and repay their financing on their electric bills. In 2019, the Green Bank closed on a financing structure that brought cheaper capital from the market to the program, thereby reducing the ratepayers’ subsidy, by lowering the cost of the capital in the program through a public-private partnership between the Green Bank and Amalgamated Bank.
“Millions of people are alarmed about the climate crisis and are looking for something they can do to make a difference. Taking direct action on the climate crisis can be as simple as investing a few hundred dollars into climate solutions,” said Franz Hochstrasser CEO and Co-Founder of Raise Green. “With Raise Green, we make it easy to invest in climate solutions so everyone can take direct action on the climate crisis and help make real climate projects happen.”
For more information about the crowdfunding opportunity, please visit www.greenlibertynotes.com
Annually, the Green Bank releases a report that shows the impact of our deployment of renewable energy and energy efficiency to families, businesses, and our communities. This impact is categorized in terms of economic development, environmental protection, equity, and energy. To see our data from FY 2012 through FY 2021, please our Societal Impacts page and click on the FY21 Impact Report.
In a recent episode of ESG Insider: A Podcast by S&P Global, they explored the role that green banks can play in closing the funding gap between the amount of investment needed to make the climate transition happen and what is occuring today. In the episode, they interview Reed Hundt, co-founder, chairman and CEO of the Coalition for Green Capital, which has helped organize a number of green banks and is pressing the U.S. Congress to create a federal green bank, and Connecticut Green Bank President and CEO Bryan Garcia.
In a recent opinion piece published by Newsweek, Mark Sommer and Michael H. Shuman discussed the revolution in local investment through smaller denominations, and how this is helping combat climate change. Michael H. Shuman is an economist, attorney, entrepreneur, adjunct professor at Bard Business School and author; Mark Sommer is an award-winning syndicated print and broadcast media journalist.
Successfully proving the impact of the Green Bank model for a decade, recent scope expansion led by Governor Lamont approved through bipartisan legislative action
Hartford, CT (July 7, 2021) – The Connecticut Green Bank is marking ten years of its model successfully enabling progress towards its goal of confronting climate change by mobilizing private investment into the state’s green economy. The Green Bank’s model demonstrates how the smart investment of public funds can mobilize more private investment in the state’s economy. Over the last decade, the Green Bank and its partners have deployed nearly $2.3 billion in capital for clean energy projects across the state. Projects recorded through FY 2020 show that for every $1 of public funds committed by the Green Bank that nearly an additional $8 in private investment occurred in the economy. As a result, Green Bank supported projects have created thousands of jobs in our communities, reduced the energy burden on thousands of families and businesses, avoided millions of tons of greenhouse gas emissions, and facilitated rapid growth in the deployment of clean energy.
Established on July 1, 2011, by Governor Dannel Malloy and the General Assembly, the Connecticut Green Bank was the first of its kind in the United States. While the landscape of the green economy has changed significantly, Connecticut continues to serve as the model for other green banks, as well as proposals on the national level.
“As we mark our 10th anniversary, we are motivated by the leadership and commitment from Governor Lamont and the continued support of the Legislature, demonstrated by the recent expansion of our mission,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is an endorsement of the green bank model, which has successfully invested public resources to mobilize multiples of private capital investment into our green economy over the last decade. Since a similar need exists regarding private investment into modernizing Connecticut’s environmental infrastructure, we look forward to taking on this new role.”
Some recent Connecticut Green Bank program highlights include:
For more information on Connecticut Green Bank’s programs visit website at www.ctgreenbank.com.
The Connecticut Green Bank proudly announces the July webinars in their 2021 “Promoting the Renewable Energy of Community” webinar series.
On Thursday, July 8, at 12 pm, the session will be “Energy Affordability: Obstacles & Solutions.” Energy affordability is a pressing issue, consistently affecting household budgets in Connecticut and the region. Join experts in breaking down programs and resources addressing high residential energy costs, obstacles that customers face in accessing solutions, and efforts to improve outcomes in Connecticut, including through empowerment initiatives in disadvantaged communities.
On Thursday, July 22, at 12 pm, join the Green Bank and special guests for a webinar titled “History of Environmental Justice in America and the Frontlines of Climate Justice Today in Connecticut.” Keynote remarks will be presented by Deeohn Ferris, President of the Institute for Sustainable Communities, on the history of Executive Order 12898 “Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations” signed by President Clinton on February 11, 1994.
To register for these sessions or access recordings of previous sessions visit https://www.ctgreenbank.com/2021webinarseries/.
Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers
Hartford, CT (April 23, 2021) – In celebration of the 51st Earth Day, the Connecticut Green Bank issued its second Green Liberty Bonds to retail and institutional investors, and sold out of nearly $25 million in bonds over two days. This builds upon a successful, award-winning 2020 issuance which sold nearly $17 million of bonds last July. With nearly $100 million in orders, demand this year was again greater than the supply of bonds could satisfy, showing the high-level of interest in supporting investment to confront climate change in Connecticut.
Retail investors were given priority during a one-day retail order period on Wednesday, April 21. Total retail orders received during this order period surpassed $20 million. With first priority given to Connecticut citizen investors, their orders for nearly $12 million of bonds were filled before approximately $9 million from national orders. Institutional orders topped $77 million.
“The demand for the Earth Day 2021 issuance of the Green Liberty Bonds was so strong, that we had nearly four times as much demand as we had available. We saw incredible demand from retail investors in Connecticut and across the country, and enthusiastic institutional investors seeking to invest in confronting climate change in Connecticut,” said Bryan Garcia, President and CEO of the Green Bank.
Individuals accounted for 57% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.
Institutional investors were able to place orders on April 22, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors attracted by the issuance’s strong climate bonds certification standards. The overall interest cost dropped to 2.42% from the 2.61% achieved for the inaugural bonds issued last July, notwithstanding a significant rise in longer term interest rates.
“In two years, the Green Bank has issued more than $80 million in verified climate bonds to support residential solar PV and energy efficiency in Connecticut. The overwhelming response by investors to our latest bond offering as well as the pricing achieved signifies broad acceptance of the Connecticut Green Bank as an issuer,” noted Bert Hunter, the Green Bank’s Chief Investment Officer.
The use of proceeds from this issuance supports incentives for nearly 7,000 households and 60 megawatts of residential solar photovoltaic systems, totaling nearly $220 million of investment in projects in 165 cities and towns across the state, which created over 2,100 jobs.
The Green Liberty Bonds were created in honor of the 50th anniversary of Earth Day – a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.
To offer the Green Liberty Bonds, the Green Bank worked with Stifel, Nicolaus & Company, Inc. as lead underwriter, Ramirez & Co., Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds, state supported using a special capital reserve fund, received an A rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers. Support from the staffs of the Office of the State Treasurer and of the Office of Policy and Management was also instrumental.
“The Green Liberty Bonds were a huge success with the investor community. Investors liked the credit and were also attracted by the opportunity to invest in Certified Climate Bonds,” said Eric McKean, Managing Director of Stifel.
Encouraged by these first two issuances, the Green Bank anticipates offering Green Liberty Bonds annually around Earth Day. To stay informed about future issuances, please sign up for notifications at www.greenlibertybonds.com.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
Disclaimer
This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.
The Cool Solutions podcast recently featured three stories about the power of community to raise and multiply funding for climate action. 1. A town taxes itself for free transit. 2. Communities crowdfund for composting (and more). 3. The Connecticut Green Bank spurs 400 MW of solar.
Storytellers: Robert Pollin - Political Economy Research Institute; Clark Gilman - Mayor ProTem Olympia, WA; Ann Freeman Manzanares - InterCity Transit; Abe Salorio- Sustainable CT; and Bryan Garcia - Connecticut Green Ban
Building upon the success of the 2020 issuance, the Connecticut Green Bank’s lower-dollar denomination bond is designed to encourage individuals to invest to confront climate change; Webinar April 15
Hartford, CT (April 10, 2021) – The Connecticut Green Bank is proud to announce its 2021 Green Liberty Bond issuance, which is anticipated to be available to retail and institutional investors on or about April 21, 2021. Green Liberty Bonds are lower-dollar denomination bonds (offered in $1,000 increments), making it easier for individual investors to consider an investment. The bond proceeds will be independently certified as financing infrastructure projects with climate and environmental benefits that will help strengthen our state’s green energy economy and create much needed jobs.
This is the Green Bank’s second Green Liberty Bond release, and builds upon the success of the July 2020 issuance, which raised $16,795,000 from retail and institutional investors in Connecticut and across the country. Retail demand was so strong that the supply of bonds could not meet the interest of those seeking to invest.
“We were very pleased by the response to our 2020 issuance of Green Liberty Bonds. In the midst of a global pandemic with so much uncertainty, the support of this new sub-category of green bonds that helps confront climate change was overwhelming,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We hope even more retail investors in Connecticut and nationwide are able to invest in green infrastructure with us this year.”
Retail investors’ orders will be given first priority. Investors must have an account with one of the brokerage firms participating in the bond sale, or with another firm that can place an order through a brokerage firm participating in the bond sale. Interested retail investors who do not have a brokerage account should contact lead bond underwriter Stifel, Nicolaus & Company, Inc. or co-underwriter Ramirez & Co., Inc. to begin the process of opening a new account. Visit https://www.ctgreenbank.com/how-to-buy-green-liberty-bonds for their contact information.
To help inform residents about the Green Bank’s mission and programs, including the 2021 Green Liberty Bond, the Green Bank will host a webinar on Thursday, April 15 from 7 – 8 pm. (register here: https://attendee.gotowebinar.com/register/5920454914183848720). The Preliminary Official Statement, notifications and bond information can be found at www.greenlibertybonds.com.
Modeled after the World War II Series-E bonds, which were purchased by more than 80 million Americans, Green Liberty Bonds are an opportunity for investors to take on the shared challenge of climate change and green infrastructure investment through the purchase of bonds. In November 2020, the Green Liberty Bond was honored by The Bond Buyer as the winner of Deal of the Year in the Innovative Financing category.
Like the previous issuance, these Green Liberty Bonds are expected to be labeled “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards will be verified by Kestrel Verifiers.
Continuing our 2021 free webinar series Promoting the Renewable Energy of Community, we are pleased to announce our April webinars.
More information and registration links available here:** https://www.ctgreenbank.com/2021webinarseries/**
The Connecticut Green Bank announces its 2021 “Promoting the Renewable Energy of Community” webinar series. Over the next year, these webinars will feature Green Bank staff and special guests speaking on topics such as clean energy policy, financial innovation, social justice and cleantech advances. The webinar series involves Connecticut Innovations as a technology partner, and the Public Utilities Regulatory Authority (PURA) as a regulatory partner exploring innovative regulatory structures to support the implementation of public policy.
The “Energy Trends and Transformations” webinar will start the series on Tuesday, March 2, from 12 to 1:30 pm. Katherine Hamilton, co-host of popular podcast The Energy Gang, will lead a conversation exploring the rapidly shifting U.S. policy and business landscape for clean energy, cleantech and climate. From the Biden Administration to Congress, attendees will learn what policy movements are underway, and what these changes mean for states and for clean energy project activity.
More information on the series and registration links can be found here: https://www.ctgreenbank.com/2021webinarseries/
Climate & Capital Media recently covered our 2020 Green Liberty Bond issuance in an article title "Tapping into World War II success for climate finance." Read the article here.
The Connecticut Green Bank recently released its Fiscal Year 2020 Comprehensive Annual Financial Report (CAFR) (https://www.ctgreenbank.com/about-us/financial-statements/), which is compiled by the Green Bank's accounting team and audited by an external certified public accounting firm in accordance with generally accepted accounting principles. The CAFR offers a deep dive into the financial performance of the Green Bank. The Green Bank also recently released its FY202 Annual Report (https://www.ctgreenbank.com/fy20-annual-report/), which provides updates on the programs, shares success stories and milestones, and offers a look at the impact of the inaugural Green Liberty Bond issuance in 2020.
November 10, 2020 — The Bond Buyer announced yesterday that the Connecticut Green Bank is among the recipients of its annual Deal of the Year awards as the winner in the Innovative Financing category for their 2020 Green Liberty Bond issuance.
For the second straight year, The Bond Buyer has named winners in 10 categories: five awards in our regional areas of coverage, along with five in additional categories. All award winners are also finalists for the national Deal of the Year Award, which will be announced at a virtual event to be held Dec. 16. This is the 19th year that The Bond Buyer has recognized outstanding achievement in municipal finance.
“This year’s lineup reflects the full range of communities and public purposes this market comprises,” said Mike Scarchilli, Editor in Chief of The Bond Buyer. “The deals honored exemplify the creativity and resourcefulness this industry brings to bear on projects that advance the infrastructure and quality of life in the nation’s municipalities. These qualities take on additional importance here in 2020, as issuers across the nation face unprecedented challenges.”
The Bond Buyer’s editorial board considered a range of factors when judging entries, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.
“We are very excited and honored to be recognized by The Bond Buyer in the Innovative Financing category for 2020,” said Lonnie Reed, Chair of the Board of Directors of the Connecticut Green Bank. “Issuing our first Green Liberty Bond during the COVID-19 pandemic presented unique challenges, however, the response from retail investors in Connecticut and across the country was incredibly positive. The desire to invest in Green Liberty Bonds is strong because it is both great for the environment and great for the green energy economy.”
The Connecticut Green Bank’s $16.8 million issuance of “Green Liberty Bonds” is this year’s Innovative Financing winner. Modeled after the Series-E War Bonds of the 1940s, this new sub-category of green bonds is sold in maximum denominations of $1,000, making them accessible to everyday citizens and retail investors.
To see all the finalists, please visit The Bond Buyer’s announcement.
"Connecting capital to projects that reduce greenhouse gas (GHG) emissions is at the core of our struggle against climate change," says Bryan Garcia, Green Bank president and CEO in a commentary published by The Bond Buyer. The Green Liberty Bond was created with this goal in mind, and to allow retail investors and concerned citizens to put their dollars behind green projects.
In the Summer 2020 issue of Environmental Finance, Connecticut Green Bank President and CEO Bryan Garcia and Chief Investment Officer Bert Hunter discuss how Green Liberty Bonds "marry capitalism and civic virtue to help fund the state’s response to climate change."
Earlier this week, CSG EAST’s Energy and Environment Committee hosted a virtual discussion with officials at the Connecticut Green Bank, to learn about the first-ever lower denomination bond that is enabling citizens to invest in efforts to address climate change.
Green Liberty Bonds, offered in $1,000 denominations to individuals as well as institutional investors, are intended to fund projects that will further a number of broad societal goals as states work to decarbonize their energy systems, such as strengthening communities, promoting environmental justice and inclusivity, and advancing market transformation in green investing.
Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers
Earlier this month, the Connecticut Green Bank successfully sold-out of its inaugural Green Liberty Bond offering of $16,795,000 to retail and institutional investors in Connecticut and across the country. Demand was so strong that the supply of bonds could not meet the interest of those seeking to invest in Connecticut’s green economy.
Retail investors were given priority during a one-day retail order period on Tuesday, July 14. Total retail orders received during this order period surpassed $9.9 million. With first priority given to Connecticut citizen investors, their orders for nearly $5 million of bonds were filled before the national orders. Due to heavy volume of interest seeking the first two maturities, the Green Bank was only able to fill $1 million of the national retail order.
“When we conceived of the idea of the Green Liberty Bond, we wanted to develop a type of green investment that would enable everyday citizens to invest in confronting climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Green bonds now have a new sub-category – a bond sold directly to the people the proceeds of which are independently certified as financing projects with climate and environmental benefits. We invite other issuers to use the Green Liberty Bond structure and help fulfill the demand of our American investors.”
Article from The Bond Buyer:
Connecticut Green Bank, the nation’s first state-level green bank, plans to launch its Green Liberty Bonds next week.
The Rocky Hill-based bank will offer $16 million of the state-supported solar home renewable energy credit to retail and institutional investors Tuesday and Wednesday, respectively...
Article from Renewable Energy World:
The state’s green bank hopes to inspire residents to help fund clean energy investments to combat climate change.
The Connecticut Green Bank is offering residents a new way to personally invest in projects that confront climate change: mini green bonds.
Article from PV Magazine covering the initial Green Liberty Bond issuance:
In an industry first, Connecticut Green Bank is launching a retail climate bond series in which all of the proceeds generated from the roughly $16.1 million issuance will support rooftop solar deployment in the state...
To encourage Americans to be active in the global clean energy movement to confront climate change and to provide a way for Connecticut residents to strengthen their state’s green economy, the Connecticut Green Bank will be launching a new sub-category of green bonds – the Green Liberty Bond. Green Liberty Bonds are lower-dollar denomination bonds available to individual investors, the proceeds of which will be independently certified as financing projects with climate and environmental benefits.
It is anticipated that retail investors will be able to place orders for the initial $16 million Green Liberty Bonds on or about July 14, 2020, with institutional investors able to place orders on the following day.
“We wanted to create a financial instrument that allows Americans to invest in the climate economy and the future they want to see,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Through Green Liberty Bonds, residents can save for themselves and their families while supporting clean energy projects here in Connecticut that confront climate change. We envision a world empowered by the renewable energy of community, and by providing this investment opportunity in honor of the 50th anniversary of Earth Day, we are aligning investors with that vision.”
Modeled after the World War II Series-E bonds, which were purchased by more than 80 million Americans, Green Liberty Bonds are an opportunity for investors to take on the shared challenge of climate change through the purchase of bonds.
To launch the Green Liberty Bonds, the Green Bank is working with Ramirez & Co., Inc. as lead underwriter, Stifel, Nicolaus & Company, Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee.
The Green Liberty Bonds are expected to be labeled “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards will be verified by Kestrel Verifiers.
“We are excited to be part of the issuance of this new type of green bond with a focus on bringing retail investors to the table,” said Brad Friedman, Senior Vice President, Ramirez & Co., Inc.
While the Green Liberty Bond will be a new offering for the Connecticut Green Bank, the organization has previously issued three privately placed bonds, and the 2019 bond was recognized by Environmental Finance for innovative green bond of the year and green bond asset backed security of the year.
To help inform residents about the Green Bank’s mission and programs, including the Green Liberty Bond, Green Bank Board of Directors Chairwoman Lonnie Reed and Bryan Garcia will host two informational webinars: one on Thursday, July 2 from 12 – 1 pm, and one on Tuesday, July 7 from 7 – 8 pm. The Preliminary Official Statement, notifications and webinar registration information can be found at www.greenlibertybonds.com.
Disclaimer
This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the initial Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the initial Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with the initial Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.
April 23, 2020 - The Bond Buyer recently interviewed Connecticut Green
Bank President and CEO Bryan Garcia and Managing Director of Operations Eric Shrago about Green Liberty Bonds and the role this new subcategory of bond will play in expanding clean energy investment. These small-denomination retail-investor focused municipal bonds are modeled after the World War II Series E bonds, and the proceeds are independently certified to confront climate change.
When Environmental Finance’s 2020 Bond Awards winners were announced earlier this week, the Connecticut Green Bank was recognized with two honors: the Award for Innovation – Green Bond Structure and the Award for Asset-Backed or Asset-Based Bond. These awards highlight the innovation and success of the Green Bank’s April 2019 $38.6 million in green asset backed securities, which was its first rated debt issuance, and the first ever solar asset-backed security (ABS) transaction by a green bank. The awards were judged by an independent panel comprising of 30 of the world’s largest green, social and sustainability bond investors.
IN AN INTERVIEW WITH CEFF, THE CONNECTICUT GREEN BANK (CGB) UNVEILED ITS PLANS to bring to market approximately $15 to $20 million of new $1,000 face value “Green Liberty Bonds.”
THE POTENTIAL BROAD APPEAL OF THE GREEN LIBERTY BONDS HINGES ON THEIR UNCOMMONLY LOW FACE VALUE – most municipal bonds are sold in minimum denominations of $5,000 rather than $1,000.
THE CGB HOPES THAT THE GREEN LIBERTY BONDS, IF BROADLY SUBSCRIBED IN CONNECTICUT, WILL ESTABLISH A PRECEDENT that encourages lawmakers to create a national green bond program analogous to the war bond programs of World War I and World War II.
As an August 2019 Forbes article points out, green bonds are a way to unlock financing to combat climate change.
Written for members of the investment community focused on energy efficient asset classes, this issue of the T-REX Trend Report uses Connecticut Green Bank’s landmark SHREC ABS deal to showcase how smart technology drives market transformation.
The Connecticut Green Bank has issued green Asset-Backed Securities consisting of $36.8 million in Solar Home Renewable Energy Credits (SHREC)Collateralized NotesSeries 2019-1 Class A and $1.8 million Series 2019-1 Notes, Class B. The financing is certified against the Climate Bonds Standard, providing investors with assurance of the deal’s green credentials. Verification against the Climate Bonds Standard was done by Kestrel Verifiers, a US-based company. Climate Action Reserve, a non-profit specializing in environmental impact assessment, provided an independent review of the beneficial impacts of the activities and programs financed with the securities. The Green Bank worked with RBC Capital Markets as their underwriter and sole book runner in this green bond transaction.
Connecticut is bucking a national trend of disparity when it comes to solar adoption among communities of color, according to figures released today by the Connecticut Green Bank. The rise is due to Green Bank’s successful efforts to make solar energy more accessible and affordable for homeowners in communities of color and low-to-moderate income (LMI) households by intentionally engaging these traditionally underserved communities.
The Connecticut Green Bank is pleased to announce the sale of $38.6 million investment-grade rated ABS notes. This innovative first-of-its-kind issuance monetizes the solar home renewable energy credits (SHRECs) generated through the Residential Solar Investment Program (RSIP). The sale was comprised of two tranches of SHRECs produced by more than 105 megawatts of 14,000 residential solar photovoltaic (PV) systems. The SHRECs were aggregated by the Green Bank and sold in annual tranches to Connecticut’s two investor-owned utilities, Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The funds raised through this sale will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants in the program.
