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February 7, 2024

CT Green Bank approves $110M finance pool for commercial, state and municipal solar projects

CTEC SOLAR A solar project in Bloomfield.

The Connecticut Green Bank announced Tuesday that it has approved $110 million in financing for commercial-scale solar projects for businesses, towns, schools, nonprofits and state agencies.

Of the available funding, $50 million is set aside for solar projects at businesses, towns and schools. 

The Green Bank is also providing funds for projects at the state Department of Correction, Department of Transportation, Department of Energy and Environmental Protection and CT Technical Education and Career System. 

As of Tuesday, the program had provided $30 million in capital for more than 100 solar projects totaling 25 megawatts across the state. 

“Businesses, schools and towns are looking for relief from higher energy costs and protecting themselves against grid outages,” said Bert Hunter, executive vice president and chief investment officer at the Connecticut Green Bank. “At the same time, these projects help achieve the governor’s goal to achieve a zero-carbon electric grid by 2040.”

The Green Bank originally approved $49.5 million in funding in 2020. The allocation has more than doubled due to “the ongoing, demonstrated need for flexible capital for commercial, municipal and state customers seeking to use solar energy to reduce their costs as well as take advantage of new opportunities created through the Inflation Reduction Act,” according to the announcement.

The bank’s board also recently approved an increase in funding for the Solar Marketplace Assistance Program, which helps solar developers with site feasibility analysis, incentive procurement, and development and construction.

The marketplace assistance program has helped install solar projects generating a total of 4.5 megawatts at schools in Portland, Manchester and Branford. 

The Connecticut Green Bank was established by the General Assembly in 2011 as the nation’s first state-level green bank.

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