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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.