Connecticut Green Bank Approves $110M in Financing for Large-Scale Projects
The Connecticut Green Bank has doubled its funding, to $110 million, for commercial-scale PV projects by businesses, towns, schools, non-profits and state agencies.
Originally approved in 2020 at $49.5 million, the allocation was increased to $110 million due to ongoing demand by customers seeking to utilize solar to reduce their costs as well as take advantage of opportunities created through the Inflation Reduction Act.
To date, the facility has been used for $30 million in capital for over 100 solar projects totaling 25 MW across the state under PPAs with manufacturers, schools, nonprofits and tourist destinations.
“The increased need for funding reflects the success of the state’s Non-Residential Energy Solutions program and the increase in federal incentives that are enabling more investment in and deployment of clean energy in our communities,” says the Green Bank’s Bert Hunter.
“Businesses, schools, and towns are looking for relief from higher energy costs and protecting themselves against grid outages. At the same time, these projects help achieve the governor’s goal to achieve a zero-carbon electric grid by 2040.”
Also approved was increased funding for state projects under the bank’s Solar Marketplace Assistance Program (MAP). Through the program, the Green Bank assists in site feasibility analysis, incentive procurement and facilitating a procurement process for development and construction.