Connecticut Green Bank Boosts Solar Funding to $110 Million

The Connecticut Green Bank is significantly ramping up its support for solar projects, allocating a substantial $110 million. Originally set at $49.5 million in 2020, this increase is in response to a persistent demand for flexible capital from businesses, towns, schools, non-profits, and state agencies aiming to leverage solar energy and benefit from the Inflation Reduction Act (IRA).

Out of the augmented funding, $50 million is specifically earmarked for solar initiatives in businesses, towns, and schools. Connecticut Green Bank reports a substantial utilization of over $30 million, dedicated to 100+ solar projects, resulting in a total capacity of 25 MW through solar power purchase agreements (PPAs) across the state.

Bert Hunter, Executive Vice President, and Chief Investment Officer at the Green Bank highlighted, “The heightened funding requirement mirrors the success of the state’s Non-Residential Energy Solutions (NRES) program and the surge in federal incentives fostering increased investment in clean energy across our communities.”

In alignment with the Governor’s target of achieving a zero-carbon electric grid by 2040, these projects not only provide relief from escalating energy costs but also fortify resilience against grid outages.

The Green Bank has also secured additional funding for state projects through its Solar Marketplace Assistance Program (MAP), aiding state properties and municipalities in navigating the solar adoption process. The program, instrumental in feasibility analysis, incentive procurement, and facilitating procurement for development and construction, has successfully facilitated the installation of 4.5 MW of solar to date, including projects at schools in Portland, Manchester, and Branford.

The Board of Directors has further extended funding authority from $20 to $60 million, enabling 26 projects totaling over 17 MW across various state agencies. Noteworthy recipients include the Department of Corrections, Department of Transportation, Department of Energy and Environmental Protection, and CT Technical Education and Career System (CTECS). The CTECS solar projects will also incorporate student job shadowing opportunities.

Established in 2011, the Connecticut Green Bank, the nation’s first state-level green bank, continues to play a pivotal role in advancing clean energy initiatives. Evolving from the Connecticut Clean Energy Fund (CCEF) and the Clean Energy Finance and Investment Authority (CEFIA), the Green Bank exemplifies the state's commitment to sustainable energy solutions.