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January 31, 2018

CT clean energy program invests $114M in 200 projects

The Connecticut Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 200 projects totaling more than $114 million in clean energy investment in businesses, according to the Connecticut Green Bank.

C-PACE helps property owners access long-term financing to make energy upgrades to their buildings.

[Updated]: The 200th C-PACE project is located at 287 Main St. in East Hartford, where the owner, SGPB LLC, is undertaking $290,000 worth of lighting, boiler and air condition upgrades, the Green Bank said. C-PACE is financing $246,000 of that amount over a six-year term. The 27,000-square-foot building houses Inter-Community Inc.

Connecticut is second only to California in total dollars financed through C-PACE, according to PACENation, an industry group promoting Property Assessed Clean Energy financing.

Though most projects are in industrial, retail or office buildings, building owners and tenants for houses of worship, nonprofits and educational facilities are also seeking financing, said Mackey Dykes, vice president of commercial, industrial and institutional programs at the Green Bank.

"The Green Bank team has built a very effective program centered on high standards, great marketing, and an open market approach that encourages private sector engagement and investment in improving buildings throughout the state,” said David Gabrielson, PACENation's executive director.

The Connecticut Green Bank, the nation’s first full-scale green bank, leverages limited public dollars to attract private investments that scale-up renewable energy deployment and energy efficiency projects across the state.

The cumulative program total for installed capacity is now nearly 25,000 kW. In total, Connecticut’s C-PACE projects will produce an estimated $204.5 million in energy cost savings, according to the bank.

The Green Bank, however, is grappling with funding raids this fiscal year and next that slash more than half its operating budget. The quasi-public agency’s board of directors is prioritizing programs that provide better returns for the bank’s balance sheet. C-PACE is among the programs that remain a focus.

Hitting the 200-mark means the Green Bank has closed 35 projects so far this fiscal year, which ends June 30. Last fiscal year, the bank did 38 projects, down from 52 the year before, according to its annual report.

Editor's note: The Green Bank on Feb. 6, 2018 released details identifying the 200th C-PACE project. This story has been updated to include that information.

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