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December 29, 2015 Connecticut Green Guide

CT Green Bank inks $100M funding deal

HBJ Photo | Brad Kane State House Square, which recently installed a new central heating plant with financing from CleanFund.

The quasi-public Connecticut Green Bank, which oversees state renewable energy initiatives, said it has signed an agreement with Maryland-based Hannon Armstrong to provide up to $100 million in financing for green energy projects.

The money will go to the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, which provides low-interest loans for efficiency and renewable energy projects at office buildings and other commercial properties. Property owners repay the loan through a voluntary assessment on their property tax bills.

The Green Bank said it has closed more than $50 million worth of C-PACE projects and has almost that much still in the pipeline.

Leveraging private financing has paid off for the Green Bank, which said in September that it hopes to grow it wants to grow its ratio of private-public capital to 10 to one.

State House Square gets efficiency upgrades through CleanFund

In other C-PACE news, Hartford’s State House Square has installed a new $8.4 million central heating and cooling plant with the help of Connecticut Green Bank financing.

California-based CleanFund financed the upgrades with a 25-year loan, for which the Green Bank served as program administrator. The Green Bank oversees the state’s Commercial Property Assessed Clean Energy Program.

State House Square formerly relied on steam provided by Hartford Steam. Its contract expired last year.

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