The information contained in this database (“Information”) has been compiled by the Green Bank Network Secretariat from publicly available information, and specific pieces of information are not necessarily approved by Green Bank Network Members. The information is for informational purposes only and must only be used for non-commercial purposes.  All other use and all copying, disclosure or reproduction of the Information or any part of it is prohibited (except to the extent permitted by law).

Neither the Green Bank Network nor any of its members makes any representation as to the accuracy, quality, completeness or fitness for purpose of any information contained herein and the Green Bank Network and each of its members disclaim all responsibility and liability for the Information (including, without limitation, liability for fault, negligence or negligent misstatement).

The GBN member investment figures in the transaction descriptions refer to committed funds at the time of transaction close and are not necessarily indicative of capital deployed. All transaction-level investment figures and other details are based on the best available information and estimates made at the time of transaction closing.

The taxonomy for Risk Mitigants used to describe the private sector engagement activities for each transaction are adapted from the Organisation for Economic Cooperation and Development’s report, Green Investment Banks: Scaling up Private Investment in Low-carbon, Climate-resilient Infrastructure. This taxonomy is used to generalize types of activities across GBN members and may not be reflective of the language individual institutions use to describe their investments, which can be found in their own media.

Some of the transactions may have been updated on GBN member websites but not yet in this listing, so please refer to member websites for the most up-to-date information. Note that individual institutions may have a document detailing a Summary of Revisions to transaction descriptions on their websites.

With questions regarding this transaction list, please contact [email protected].

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Clean Energy Finance Corporation | March 2017 | New South Wales, Australia
Utility  | Onshore Wind | Debt Investment | Co-investment | View on Member website

CEFC committed AU$81 million to help accelerate the development and delivery of the AU$236 million 113 MW Bodangora wind farm, near Wellington in the state’s central west. EnergyAustralia will purchase 60 per cent of Bodangora’s energy generation to 2030, with the balance of the project’s output to be actively managed within Infigen’s energy markets risk framework. Germany’s Norddeutsche Landesbank Girozentrale (NORD/LB) bank is also making its first wind financing in Australia, as a co-lender to the Bodangora project. By supporting projects such as Bodangora, which have an element of merchant energy price risk, CEFC delivers a tailored financing model that supports the developer’s needs as well as mitigates risk to the lender.

Last Updated: 05/01/2018
NY Green Bank | March 2017 | Town of Esopus, USA
C&I  | Solar | Debt Investment | Standardization/Data collection | View on Member website

BQ Energy is a Poughkeepsie, New York-based renewable energy project developer specializing in landfill and brownfield site redevelopment. NYGB’s US$1.1 million construction loan and term loan facility enabled BQ to complete a 0.87 MW project, to be constructed on a remediated landfill located in, and owned by, the Town which is in Ulster County. All Electric will construct the Project under a standardized balance of plant contract utilizing top tier panels, inverters, and racking systems. The Project will generate revenue by selling clean power (or, more specifically, selling the value of clean power evidenced by net metering credits) to the Town.

NYGB’s participation in the Project – and in similar future developments included in the proposed portfolio arrangement – will help expand financing opportunities for smaller (less than 10.0 MW) solar systems, by fostering standardization in the underwriting process (which is the process a lender uses to assess the creditworthiness or risk of a potential borrower) including a streamlined, uniform approach to integrating contractors, developing contracts, and utilizing standardized equipment.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | March 2017 | Australia
C&I, Utility  | Energy Efficiency, Low Emissions Transport, Onshore Wind | Debt Investment | Cornerstone stake, Demonstration | View on Member website

Commonwealth Bank of Australia issued its first climate bond, a AU$650 million transaction linked to a broad portfolio of clean energy assets. CEFC was a cornerstone investor in the CBA bond, with a AU$100 million commitment. The CBA said proceeds from the issuance would fund 12 eligible Australian projects, including renewable energy generation through wind power, energy efficient buildings and low-carbon transport projects. The bond is backed by more than AU$1 billion of domestic renewable and low-carbon projects that meet the Climate Bonds Initiative’s (CBI) Climate Bond Standards. The CBA Climate Bond will be reviewed regularly internally by the bank, and by Ernst & Young (EY), which will provide independent review against the CBI standards annually until the bond matures in February 2022.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | March 2017 | Australia
Residential  | Solar | Debt Investment | Cornerstone stake | View on Member website

A new climate bond has been issued by FlexiGroup with an underlying asset base of residential rooftop solar. The CEFC made a cornerstone commitment of AU$20 million to the AU$50 million tranche, which was certified by the global Climate Bonds Initiative (CBI). The AU$50 million climate Class A2-G Note was priced at a yield 0.03% lower than the similar Class A2 Note, which was identical except for the lack of CBI certification, again indicating strong investor demand for clean energy investment opportunities. The bond is backed by consumer receivables originated through FlexiGroup’s wholly-owned subsidiary Certegy Ezi-Pay Pty Ltd, which has financed more than 120,000 solar PV rooftop installations.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | March 2017 | Australia
C&I  | Energy Efficiency | Debt Investment | Demonstration | View on Member website

CEFC committed AU$20 million to the Investa Office Fund (IOF) inaugural Green Medium Term Note, the first certified Australian dollar green bond to be issued by an Australian REIT. IOF said the AU$150 million bond was received favourably by the market and was over-subscribed. It said proceeds from the green bond issue will be used to reduce IOF’s existing bank debt facilities and will be fully allocated against a portfolio of low carbon buildings within IOF’s portfolio.

This transaction is the first AUD green bond issuance by a non-financial corporate and the first certified issuance by an Australian property entity in any jurisdiction. This transaction provides a model for the broader property sector in seeking new sources of finance for clean energy projects. It also demonstrates the potential for different issuer types to access the green bond market and strengthens the case for investors to expand their mandates for investment in green bonds.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | March 2017 | New South Wales, Australia
Residential  | Energy Efficiency | Debt Investment | Demonstration | View on Member website

CEFC made a AU$130 million finance commitment to community housing provider SGCH for the construction of 300 new energy efficient homes in Sydney. The New South Wales Government announced today that SGCH was awarded a contract to build 300 new dwellings under the first phase of the new Social and Affordable Housing Fund (SAHF). CEFC finance will enable SGCH to build all its SAHF homes to a higher energy efficiency standard, with the new homes built to an average 7-Star National Housing Energy Rating System (NatHERS) rating. This investment is part of CEFC’s Sustainable Cities Investment Program.

The SAHF is a key component of the NSW Future Directions for Social Housing in NSW strategy that will result in more social and affordable housing dwellings linked to tailored support, to help households gain independence. The AU$1.1 billion SAHF is aiming to ultimately deliver 2,200 new social and affordable homes across metropolitan and regional NSW, working alongside non-government housing providers.

Last Updated: 05/01/2018
NY Green Bank | March 2017 | New York, USA
Residential  | Solar | Debt Investment | Co-investment, Refinancing, Securitization, Warehousing | View on Member website

Spruce is a consumer finance company that provides U.S. homeowners with financing for residential solar and energy efficiency improvements. Among its product offerings, Spruce makes residential solar energy systems available to homeowners pursuant to 20 to 25-year Power Purchase Agreements and lease agreements. Spruce engaged Investec Bank PLC to structure, arrange, and syndicate a US$99.4 million senior, secured term loan (the “Credit Facility”) to refinance an existing aggregation credit facility. The Credit Facility will refinance 86.0 MW of generating capacity across 12,711 homes in 11 states. Over 6.2% of Spruce’s current portfolio is located in NYS and
Spruce has placed an emphasis on growing its business in the State. NYGB committed $US6.0 million to this transaction.

NYGB’s participation in the Credit Facility provides additional liquidity to support Spruce’s ongoing expansion. It also helps to establish a medium-term lending market as an alternative to refinancing through the traditional asset-backed security market, which currently has limited capacity for these types of assets.

Last Updated: 09/01/2018
NY Green Bank | March 2017 | New York State, USA
Residential  | Solar | Aggregation, Co-investment, Warehousing | View on Member website

NY Green Bank committed US$20.0 million to participate in a US$37.5 million revolving back leverage aggregation facility for Vivint Solar Inc., a national residential solar installer. This represents an expansion of NYGB’s support for Vivint Solar’s development efforts in New York State after NYGB provided US$37.5 million in a term loan to Vivint Solar in August 2016. As a participant with other banks in the Aggregation Facility, NYGB’s capital will help to provide incremental liquidity for Vivint Solar to develop additional projects in NYS. Up to 25.0 megawatts of new projects are expected to be financed as a result of the Aggregation Facility and represent approximately 2,100 residential solar systems in the State. When added to the systems supported by the Term Loan, the total impact to NYS is expected to be at least 52.0 MW and 6,700 systems.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | March 2017 | Queensland, Australia
Utility  | Solar | Debt Investment | Co-investment | View on Member website

Australia’s Edify Energy and leading international renewable energy investor Wirsol are constructing three large scale solar farms that will add a combined 165MW of capacity to the national electricity grid. CEFC committed a total of AU$78 million to the three projects and its loan is part of a AU$230 million syndicated senior debt facility that also involves Commonwealth Bank and Germany’s NORD/LB. The Whitsunday project also receives up to AU$9.5 million in grant funding from the Australian Renewable Energy Agency (ARENA), as part of its large-scale solar funding round.

The Commonwealth Bank’s involvement marks a significant turning point for large-scale solar financing in Australia. The Commonwealth Bank worked alongside the CEFC to compete the financing over a longer tenor, which is notable given the merchant rice risk component of the project.

Last Updated: 05/01/2018
NY Green Bank | February 2017 | Ithaca, New York, USA
C&I  | Solar | Debt Investment | Demonstration, Standardization/Data collection | View on Member website

Building Energy Holding US LLC (as sponsor), and Distributed Sun, partnered to develop, finance, build, and operate four solar energy systems (Snyder Road, Harford, Musgrave East, and Musgrave West) located in and around Ithaca, NY. NYGB provided a term loan of US$10.5 million in connection with these developments. Each project
provides up to 2.0 MW (AC) of installed capacity and has a separate 20-year PPA with Cornell University. Snyder Road commenced operations in 2014, and the other three projects began operations in 2016. Each project is owned through an inverted lease tax equity structure with Building Energy Holding US and Distributed Sun as the owners and the tax equity investor providing private capital.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | February 2017 | North Queensland, Australia
Utility  | Energy Storage, Solar | Debt Investment | Co-investment, Demonstration | View on Member website

CEFC invested AU$50 million in debt finance in the development of the Phase One 50MW large-scale solar farm at its Kidston Renewable Energy Hub, 270km north west of Townsville. The innovative project is based around the former Kidston gold mine. The project will be the first of its kind in Australia to co-locate a large-scale solar farm with a large-scale pumped hydro storage project, creating a combined generation and storage model that can be used elsewhere. By using clean energy to extend the life of the disused gold mine site, the Kidston project also creates a potential model for other disused mine sites around Australia.

The project received a debt funding arrangement of approximately AU$100 million from Société Générale, with CEFC taking care of the EPC requirements and O&M costs. Development costs of the project will be handled by project finance equity and the Australian Renewable Energy Agency (ARENA), who provided AU$8.85 million of grant funding through its Large-Scale Solar Competitive Round.

Last Updated: 05/01/2018
NY Green Bank | January 2017 | New York, USA
C&I, Residential  | Solar | Debt Investment | View on Member website

In January 2017, NY Green Bank provided a 12-month senior secured US$1.0 million bridge loan facility to Distributed Sun, LLC., a national energy services provider, and its affiliate SUNEIGHT LLC. Upon DSUN’s request, NYGB increased the Bridge Loan size by US$2.0 million in March 2017. Bridge Loan proceeds will finance project interconnection advanced payments to New York State Electric & Gas Corporation for community distributed generation solar projects. This transaction is expected to provide New York State residents and businesses with a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.

Last Updated: 09/01/2018
Green Investment Group | January 2017 | Lincolnshire Coast at Skegness, UK
Utility  | Offshore Wind | Equity Investment | Demonstration | View on Member website

Lincs offshore wind farm is a 270 MW, 75 turbine offshore wind farm located 8km off the Lincolnshire Coast. It has been operational since 2013. The Green Investment Bank Offshore Wind Fund and managed co-investment entities acquired a 44% stake in the wind farm.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2016 | Australia
C&I  | Energy Efficiency, Solar | Equity Investment | Fund investment | View on Member website

CEFC invested AU$100 million in the AMP Capital Wholesale Office Fund (AWOF), which is aiming to deliver a property portfolio of net zero carbon emission buildings by 2030. The CEFC investment in the AU$4.7 billion AMP Capital fund will help accelerate the development of world-leading energy efficient commercial property portfolios in Australia. The CEFC’s AWOF investment is another example of its focus on delivering clean energy solutions in Australian cities, as part of its Sustainable Cities Investment Program. Under its investment agreement with the CEFC, AWOF will target cutting emissions from its property portfolio to zero in just 13 years, exceeding the goals of the internationally-recognised Science Based Targets program, which aims for a minimum 55 per cent reduction in property sector CO2-e emissions intensity by 2050. AWOF will also aim for a portfolio-wide average NABERS Base Building Energy rating of 5.0 stars by 2020 and 5.5 stars by 2030.

Last Updated: 05/01/2018
Green Investment Group | December 2016 | London, UK
MUSH  | Energy Efficiency | Debt Investment | Standardization/Data collection | View on Member website

GIB has provided a GB£6.8 million Green Loan with the Barking and Dagenham London Borough Council that could save the council up to GB£21 million. The loan will be used to finance the replacement of around 14,790 traditional streetlights with new energy-saving LED alternatives. The refurbishment of around 3,300 streetlight columns and the installation of a new central management system are also covered by the agreement.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2016 | Victoria, Australia
Transport  | Low Emissions Transport | Equity Investment | Demonstration | View on Member website

CEFC, through the Clean Energy Innovation Fund committed AU$10 million in equity as part of a AU$50 million capital raising that will help Carbon Revolution expand production from under 6,000 to over 100,000 wheels a year. Carbon Revolution’s innovative carbon fibre wheels offer an alternative to aluminium wheels, and are up to 13 times stronger and typically 40 per cent lighter. When fully integrated in car design, the wheel technology can deliver a six per cent improvement in fuel efficiency.

Last Updated: 05/01/2018
CT Green Bank | Closed Program Since 2016 | Connecticut, USA
C&I, MUSH  | CHP | Grant Investment | Loan loss reserve | View on Member website

When they were offered, incentives from CGB for CHP projects were capped at US$450 per kilowatt (KW) and a total budget of US$2 million per year for 3 years for CHP projects up to 5MW. This loan loss reserve program was directed towards CHP projects in Connecticut.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | December 2016 | New South Wales, Australia
Utility  | Solar | Debt Investment | Co-investment | View on Member website

This transaction financed a 25MW (AC) solar farm over two sites, one east of Dubbo and one north of Narromine. CEFC committed almost a total of almost AU$150 million in finance towards the AU$230 million total cost of the Griffith, Dubbo, and Parkes solar farms. The projects also received a total of around AU$16 million from the Australian Renewable Energy Agency (ARENA) as part of their Large-Scale Solar Funding Round.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2016 | Australia
Utility  | Smart Grid Technology | Equity Investment | Demonstration | View on Member website

CEFC committed up to AU$5 million in equity as part of an AU$11.5 million Series B capital raising by GreenSync. The finance, through the Clean Energy Innovation Fund, will help the business scale up its operations, expanding in Australia and overseas. The highly innovative clean technology company uses smart software controls to optimise the use of energy resources in electricity grids. Through smart controls and coordination, more renewable resources and battery storage systems can be integrated into the grid, extending the benefits to more businesses and consumers.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2016 | New South Wales, Australia
Utility  | Solar | Debt Investment | Co-investment | View on Member website

This transaction financed a 30MW(AC) solar farm south-east of Griffith consisting of about 112,000 solar panels. CEFC committed almost a total of almost AU$150 million in finance towards the AU$230 million total cost of the Griffith, Dubbo, and Parkes solar farms. The projects also received a total of around AU$16 million from the Australian Renewable Energy Agency (ARENA) as part of their Large-Scale Solar Funding Round.

Last Updated: 05/01/2018
NY Green Bank | December 2016 | New York, USA
Residential  | CHP | Debt Investment | Co-investment, Leasing | View on Member website

NYGB and Bank of America Merrill co-invested in an approximately US$14.0 million tax-exempt equipment lease issued under the Dormitory Authority of the State of New York’s tax-exempt leasing program. The Lease will finance energy improvements, that will replace existing infrastructure at Hebrew Home for the Aged (“HHAR”)’s, Riverdale, New York facility with cleaner, more efficient equipment, generating substantial savings for Hebrew Home immediately and throughout the 20+ year lifetime of the equipment. The Lease, made under DASNY’s TELP, enables the tax-exempt financing for the Project and reduces borrowing costs to HHAR. NYGB’s participation in this transaction is significant because it extends the tenor of the Lease beyond the number of years BofA Merrill would normally finance, enabling deeper energy retrofits and less expenditures for HHAR – resulting in savings of approximately $1.6 million per year. A portion of those savings will be used for lease payments and the remainder will go directly to HHAR.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | December 2016 | Australia
C&I, Utility  | Solar | Debt Investment | Fund investment | View on Member website

CEFC committed up to AU$50 million in senior debt finance to the AU$100 million IIG Solar Income Fund, which is managed by the Impact Investment Group. The IIG Solar Income Fund finances medium-scale Australian solar farms, providing equity investment opportunities for high net worth individuals, smaller institutional investors and foundations.

The IIG Solar Income Fund acquires solar projects after the completion of construction and has secured exclusive rights to acquire projects from the Impact Investment Group, enabling the group to continue its development of further solar projects. The CEFC’s involvement in the IIG Solar Income Fund broadens and deepens the range of finance products available to the renewable energy sector. This complements the CEFC’s direct finance for large-scale solar projects, as well as its co-financing programs with banks and other providers that enable businesses to finance the installation of rooftop solar.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2016 | Victoria, Australia
MUSH  | Energy Efficiency, Solar | Debt Investment | Cornerstone stake | View on Member website

CEFC made a AU$20 million cornerstone investment in the world’s first university-issued certified climate bond, issued by Monash University. The AU$218 million climate bond, certified by the global Climate Bonds Initiative, creates an important new asset class for the financing of sustainability and clean energy projects in the university sector. Over two years, Monash University will allocate capital raised through the climate bond to a portfolio of projects that achieve certification in accordance with the standards of the Climate Bonds Initiative.

Last Updated: 05/01/2018
NY Green Bank | December 2016 | New York, USA
Residential  | Energy Efficiency | Debt Investment | Demonstration, Standardization/Data collection | View on Member website

NYGB made a bridge loan commitment of US$11.0 million to conduct energy improvements, primarily through the replacement of conventional lighting equipment with cleaner, more efficient LED lighting in 18 master-metered multifamily developments in New York City. The Project includes 30 different LED technologies, and is expected to generate savings of 10% – 15% of current annual energy expenses for the building owner. NYGB financing will create a borrowing history for a relatively new structure that can be replicated with NYCHA and other New York State public housing authorities that seek to utilize private capital financing for similar types of building upgrades.

Last Updated: 09/01/2018
Green Investment Group | December 2016 | North Wales, UK
C&I  | Waste-to-Energy | Debt Investment | Co-investment | View on Member website

GIB committed GB£35 million of senior debt to the construction of Wheelabrator Parc Adfer, a new GB£180 million waste-to-energy plant at Deeside Industrial Park in Flintshire, North Wales.

Last Updated: 05/01/2018