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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CT Green Bank | Open Program Since 2015 | Connecticut, USA
Residential  | Energy Efficiency, Solar | Debt Investment | Co-investment, Fund investment, Leasing, Subordination | View on Member website

The Connecticut Green Bank offers a solar PV lease product targeted to the low-to-moderate income (LMI) population of the state through the solar developer PosiGen. The product is a partnership with PosiGen, a senior lender (Enhanced Capital) and a tax equity investor (U.S. Bank).

Connecticut Green Bank supplied the initial senior debt of US$5 million which has been subordinated to an additional US$5 million lent to the lease fund by Enhanced Capital to provide US$20 million in lease financing for solar projects targeting LMI homeowners. The Connecticut Green Bank is committed to lend an additional US$5 million as needed for future growth once an additional US$5 million in private capital is secured. The state’s Residential Solar Investment Program’s tiered LMI performance based incentive (PBI) provides PosiGen a significantly higher incentive for customers demonstrating these income requirements.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2012 | Connecticut, USA
Residential  | Solar | Grant Investment | View on Member website

The RSIP is a rebate program that provides incentives to offset the cost for homeowners to install solar PV systems. Incentives are provided either upfront (i.e., through an expected performance based buy-down or EPBB) for homeowners that want to own a system or over time based on system production (i.e., through a performance based incentive or PBI) for homeowners who want to lease a system from a third-party owner. CT Green Bank incentive is issued to the Contractor on behalf of the Customer. With either incentive type, the Renewable Energy Credits (RECs) are owned by the Connecticut Green Bank.

An energy audit is required to be conducted as part of all projects. In an assessment conducted in December of 2014, it was identified that solar PV deployment in the low-to-moderate (LMI) household market segments were not performing as well as the non-LMI
market segment. Back then, the LMI market needed to deploy between 2 to 10 times more solar PV to be on par with the non-LMI market segment. Thus, the RSIP now includes an LMI PBI to provide additional incentive to support the growth of solar PV deployment in this underserved market segment.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2016 | Connecticut, USA
C&I, MUSH, Residential  | Energy Efficiency, Energy Storage, Solar | Debt Investment | Co-investment | View on Member website

The Kresge Foundation made a US$3M program related investment in the CGB to support deployment of resilient renewable energy projects (to include energy storage) in urban and coastal communities. The PRI is a loan for 10 years and 2% interest. The aim is to fund 13 to 18 projects at affordable multifamily and community/critical facilities, with local businesses acting as community hubs.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2016 | Connecticut, USA
Residential  | Energy Efficiency, Solar | Debt Investment | Capacity development: Technical assistance, Consumer education/marketing, Loan loss reserve | View on Member website

In a traditionally difficult sector to address, multifamily projects have a significant need for predevelopment financing, trusted technical support, and streamlined access to funding programs. In 2015, CT Green Bank developed a pre-development energy loan program to support property owners in identifying high-quality technical assistance providers, and to fund the work needed to scope and secure financing for deeper, cost effective energy upgrades. Through this program, CGB uses a US$650,000 revolving loan fund to directly offer loans of 0.0% (LMI) to 2.99% (non-LMI) and up to two year terms.

CGB originates these loans, in partnership with partners. Owners can petition for loan forgiveness of the Navigator loan, if for some reason a project is unable to proceed to implementation. The affordable multifamily version of this program is housed at the Housing Development Fund, a local CDFI, and part of a US$5 million program related investment from MacArthur Foundation is being used to support the program. Ideally, the pre-development loans will be used to help clients get to the point where they can take advantage of the LIME loan program. Read about how one pre-development loan is helping preserve affordable housing in Connecticut: https://ctgreenbank.com/seabury-coop-financing/.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2017 | Connecticut, USA
Transport  | Low Emissions Transport | Grant Investment | Consumer education/marketing, Interest rate buy-down, Loan loss reserve | View on Member website

Connecticut Green Bank – in partnership with select local lenders and car dealerships – offers low-interest financing for EVs. The program is for a lmited time. Financing is available for new or used EVs. Maximum term is 72 months (lender participation may vary). Maximum loan amount is US$30,000. This program is for purchase only and not refinancing current car loans or lease-end buyout.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2017 | Connecticut, USA
C&I  | Solar | Debt Investment | Co-investment, Financing through tax payments, Fund investment | View on Member website

The Green Bank Solar PPA is a partnership between Connecticut Green Bank and Onyx Renewable Partners L.P. The joint program will provide funding for 15-20+ megawatts of commercial-scale solar projects in Connecticut. Onyx leverages its existing fund structure and relationships with Credit Suisse and future tax equity partners to capitalize and own solar photovoltaic projects originated by the Green Bank and local solar developers. This new Connecticut-specific allocation within Onyx’s larger commercial solar portfolio will build upon the success of the Green Bank’s Solar Lease 2 fund, which reached capacity in 2017.

The Green Bank Solar PPA fund will provide power purchase agreements to a broad range of property owners by making use of Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) Program to allow unrated solar customers, including commercial, industrial, and non-profit property owners, to access financing alongside state agencies, housing authorities, municipalities, schools, and rated corporations. This innovative structure was pioneered under the Green Bank’s Solar Lease 2 program and has successfully opened the solar PPA market to customers traditionally excluded from solar financing.

Last Updated: 09/01/2018
CT Green Bank | Open Program Since 2013 | Connecticut, USA
C&I, MUSH  | Biogas | Debt Investment, Grant Investment | Subordination | View on Member website

Per Public Act 11-80 Section 103, the Green Bank developed a three-year pilot program for AD by setting aside US$2 million a year for three years – for a total of US$6 million. Funds to support the pilot programs can be used as grants, power purchase agreements or loans. There are to be no more than five (5) AD projects, each no more than 3 MW in size at a support for projects of no more than US$450 per kW on a grant basis.

Through a subordinated debt position at 2% for 15 years, CGB serves 20% of the capital stack of food waste to energy projects that serve to reduce food and solid waste, while producing on-site renewable energy for waste water treatment plants in Connecticut.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | December 2017 | Australia
C&I  | Energy Efficiency, Solar | Debt Investment | Co-investment, Fund investment, Interest rate buy-down | View on Member website

ANZ joined with CEFC to establish a A$150 million Energy Efficient Asset Finance program that makes it easier for businesses to invest in energy-efficient and renewable technologies that will help reduce their energy use, carbon foot print and fuel costs. Through the program, ANZ can offer a 0.70%p.a. discount to business customers on the standard asset finance rate for new assets up to A$5 million that meet CEFC energy efficiency requirements. In August 2019, CEFC committed to facilitating a further A$100 million to the program. The additional finance will take ANZ’s total commitment to A$250 million, with a focus on enabling businesses to purchase small-scale solutions to reduce their energy use, carbon footprint and fuel consumption. As of late 2019, more than 500 ANZ business and commercial customers had used ANZ Energy Efficient Asset Finance since it was launched in December 2017. Investments include small-scale rooftop solar and battery storage, improved insulation and low-emission or electric vehicles.

Last Updated: 05/01/2018
CT Green Bank | Closed Program Since 2018 | Connecticut, USA
Residential  | Energy Efficiency | Grant Investment | Consumer education/marketing, Standardization/Data collection | View on Member website

The Benchmark CT initiative is offered through a partnership with CT Housing Finance Authority (CHFA), where WegoWise will benchmark 1,600 multifamily properties and guide building owners through an analysis to identify opportunities. The first year of benchmarking is offered for free. An initial 500 properties were benchmarked in partnership with New Ecology, Inc. between 2014 and 2015. The Green Bank and CHFA will leverage the benchmarking results to identify the highest priority targets across the portfolio for either predevelopment or term financing.

Last Updated: 09/01/2018
Green Investment Group | December 2017 | Dublin, Ireland
Utility  | Waste-to-Energy | Equity Investment | Co-investment, Demonstration | View on Member website

GIG entered into a partnership arrangement with Covanta Holding Corporation to jointly develop, fund and own new waste-to-energy projects in the UK and Ireland. GIG has underscored its commitment to the partnership by agreeing to invest EUR136 million in a 50 per cent stake in Covanta’s newly operational Dublin Waste-to-Energy Facility. Covanta and GIG have identified up to six projects across the UK for potential inclusion in the partnership. Once realised, these projects are expected to treat approximately 2 million tonnes of residual waste per annum.

Last Updated: 05/01/2018
CT Green Bank | Closed Program Since 2017 | Connecticut, USA
C&I, MUSH, Residential  | Solar | Debt, Equity Investment | Consumer education/marketing, Demonstration, Financing through tax payments, Leasing, Loan loss reserve, Subordination, Warehousing | View on Member website

The CT Solar Lease was a financing product developed in partnership with a tax equity investor (US Bank) and a syndicate of local lenders (First Niagara Bank and Webster Bank). CT Green Bank provided a US$3.5 million loan loss reserve in combination with US$2.3 million in subordinated debt and US$7.2 million in equity.

SL2 enabled lease and power purchase agreement (“PPA”) financing for residential and commercial-scale solar PV systems in Connecticut installed by an array of independent contractors. The CT Solar Lease is the first fund to secure solar leases and PPAs using a PACE lien, a lauded innovation. SL2 was an overwhelming success; the program’s capacity (over $70 million) was fully utilized, with nearly 1,200 residential systems and dozens of systems of commercial-scale projects accounting for over 20 megawatts of new distributed deployment.

Last Updated: 09/01/2018
Clean Energy Finance Corporation | December 2017 | South Australia, Australia
MUSH  | Energy Efficiency, Low Emissions Transport | Equity Investment | Fund investment | View on Member website

CEFC is aiming to kick start new standards in clean energy for healthcare by investing up to AU$100 million in the new Dexus Healthcare Wholesale Property Fund (HWPF). HWPF will own Australia’s first portfolio of hospital and healthcare assets to have an environmentally sustainable development focus. Australian Ethical Investments is also participating in the fund.

HWPF is targeting emissions reductions of 45 per cent in both new and existing buildings when compared with the Council of Australian Government (COAG) Baseline Energy Consumption in commercial buildings. New HWPF buildings will target a Green Star Design, an As Built rating of 5 Stars and Green Star Performance Rating. Over the long term, HWPF is targeting a portfolio of net zero carbon outcomes, including low-emission transport options, such as electric vehicles, ride sharing and integration with local transport infrastructure. Tenants and hospital users will also be encouraged to adopt energy efficient practices.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2017 | Queensland, Australia
Utility  | Solar | Debt Investment | Co-investment | View on Member website

The 80MW (AC) Oakey Solar Farm in south-east Queensland is expected to deliver enough renewable energy to power around 24,000 homes, while using forecasting technology that will help enhance grid stability and energy reliability. It is being developed in two stages and the CEFC has committed finance to both stages – AU$19.5 million for Oakey 1 which is currently under construction, and AU$55 million to the adjacent Oakey 2. When complete, the project will be battery ready.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | December 2017 | Victoria and Queensland, Australia
Utility  | Solar | Debt Investment | Co-investment | View on Member website

CEFC committed AU$207 million in debt finance to accelerate the development of 200MW of additional solar capacity across two WIRSOL Energy projects – the Wemen Solar Farm in Victoria and the Clermont Solar Farm in Queensland. At the time of these commitments, the CEFC had invested in 20 large-scale solar projects since 2013, becoming Australia’s largest solar investor, supporting projects across Queensland, New South Wales, Victoria and Western Australia.

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

BQ Energy (“BQ”) is a renewable energy project developer specializing in landfill and brownfield site redevelopment. As the third installation of a larger portfolio of projects to be financed in partnership with NY Green Bank, BQ will receive a US$3.1 million construction loan and term loan facility to complete a 2.8 megawatt solar project to be constructed on a remediated landfill located in the City of Beacon, NY. Solar power from this project will be sold to the City, generating a significant percentage of its total power needs.

Last Updated: 09/01/2018
Green Investment Group | November 2017 | UK
C&I, MUSH  | CHP, Energy Efficiency, Energy Storage, Low Emissions Transport, Smart Grid Technology, Solar | Debt Investment | Consumer education/marketing, Standardization/Data collection | View on Member website

GIG launched a new service called Energy Solutions to help medium and large energy users reduce energy costs and cut carbon emissions with no upfront costs for the user. Energy Solutions provides private and public organisations with end-to-end technical and funding support that will enable them to take distributed energy and energy efficiency projects from the earliest phase of development through construction and into operations and management.

As part of Energy Solutions, GIG will offer a ‘pay-as-you-save’ Energy Services Agreement (ESA). This will enable businesses to benefit from a programme of investment in energy assets with no balance sheet impact. These assets can involve a diverse range of technologies including power generation, heating and cooling, controls and systems, batteries, transport fleets, and lighting.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | November 2017 | South Australia, Australia
Utility  | Energy Storage, Onshore Wind | Debt Investment | Co-investment, Demonstration | View on Member website

The 212MW Lincoln Gap Wind Farm to be built near Port Augusta in South Australia, will include approximately 10MW of battery storage to better manage the intermittency of generation while boosting its ability to provide a cost-effective, reliable clean and secure source of energy. The project is the first in Australia to secure non-subsidised debt finance for a large-scale battery component and provides an important financing model for other developers and investors wanting to be at the forefront of the closer integration of renewables into the grid.

The project will be developed in two stages, with the CEFC committing up to AU$150 million in senior debt finance as the sole financier to Nexif Energy to help it develop the AU$300 million 126MW first stage of its planned wind farm, which will include the battery storage.

Last Updated: 05/01/2018
Green Investment Group | November 2017 | Sweden
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

GE and GIG partnered to deliver and operate 650 MW of onshore wind through the Markbygden ETT wind farm in Northern Sweden. The project will be the largest single site onshore wind farm in Europe, increasing Sweden’s installed wind generation by more than 12.5 percent. The equity partners raised approximately EUR800 million in financing and have commenced construction of the project. The transaction is GIG’s first equity investment following its acquisition by Macquarie and its first investment outside of the United Kingdom.

The project was financed on a non-recourse project financing basis with close to EUR500 million in debt financing. GE and GIG originated and structured a 19-year fixed volume Power Purchase Agreement (PPA) with a subsidiary of Norsk Hydro, one of the largest aluminum producers in the world. The PPA is understood to be the largest corporate wind energy PPA in the world.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | October 2017 | Queensland, Australia
Utility  | Energy Storage, Onshore Wind, Solar | Debt Investment | Co-investment, Demonstration | View on Member website | View related GBN resource

Windlab and Eurus Energy’s Kennedy Energy Park in central north Queensland will be Australia’s first fully integrated wind, solar and battery project. CEFC committed AU$94 million as a sole debt financier for the project. The AU$160 million 60MW project near Hughenden will connect to the local grid, providing electricity to communities from Julia Creek to Charters Towers, more than 500 kilometres away.

The project includes 43.2 MW of wind, 15 MW (AC) of solar and 2 MW of battery storage and is expected to deliver lifetime emissions abatement of almost three million tonnes of CO2-e. The addition of the battery component will provide increased grid stability, allowing local communities to benefit from cheaper, cleaner electricity closer to the point of generation, with the added benefit of relieving demand on long transmission lines.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | October 2017 | Queensland, Australia
C&I, Residential, Utility  | Smart Grid Technology | Equity Investment | Demonstration | View on Member website

The Clean Energy Innovation Fund – which uses finance from the CEFC to invest in innovative clean energy companies and projects – committed US$5 million (approximately AU$6.5 million) to Redback. The Innovation Fund’s equity commitment is part of Redback’s US$7 million Series A-2 capital raising round, which has also secured a US$2 million investment from RightClick Capital.

Redback’s system uses machine learning to predict solar generation and customer usage. It then makes intelligent decisions to optimise energy usage, driving down energy costs for end users and reducing fossil fuel reliance. Redback’s software also enables systems to be aggregated to form a virtual power plant, to provide grid services and support increased integration of renewables into the grid. The investment will allow Redback to expand its R&D capabilities, accelerate development of its smart software suite and strengthen its technical and professional workforce.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | September 2017 | Victoria, Australia
Utility  | Solar | Debt Investment | Co-investment, Demonstration | View on Member website

The 88MW (AC) 110 (DC) Bannerton Solar Park, being constructed in near Robinvale in the Sunraysia district in Victoria will help bring stability and diversity to the state’s energy supply. The CEFC is the sole debt financier to the project and its involvement demonstrates the commercial viability of the project due to the fall in the cost of building solar in Australia.

CEFC committed approximately AU$98 million for the solar project which is being developed by a joint venture between independent global infrastructure and private equity investment manager Foresight Group and Syncline Energy, a Victorian-based developer. Equity investment in the project will be provided by the UK-listed Foresight Solar Fund Limited (FSFL), Korean government-owned Korean Infrastructure Asset Management Company KIAMCO (each of whom are taking a 48.5 per cent stake) and Korea’s Hanwha Energy (3 per cent).

Last Updated: 05/01/2018
CT Green Bank | September 2017 | Connecticut, USA
MUSH  | Solar | Debt Investment | Co-investment, Subordination | View on Member website

The Connecticut State Colleges & Universities (CSCU) partnered with Current powered by GE, SunLight Solar Energy and CT Green Bank to install solar energy systems at three campuses in order to reduce energy consumption and decrease operating expenses. Construction began in 2017 at Manchester and Middlesex Community Colleges as well as Southern CT State University with the goal of extending to other campuses including Central, Housatonic, Asnuntuck, Quinebaug, Tunxis and Western by 2019. The solar energy initiative is funded entirely with private capital sourced by Connecticut Green Bank and once fully implemented is estimated to save CSCU more than US$10 million within the first 20 years.

Last Updated: 09/01/2018
Green Investment Group | September 2017 | West Yorkshire, UK
Utility  | Waste-to-Energy | Debt Investment | Co-investment | View on Member website

GIG announced the arranging of a GB£38 million financing for Wheelabrator Technologies, to be used for the construction of Ferrybridge Multifuel 2 (FM2) – a large-scale merchant energy-from-waste facility near Knottingley in West Yorkshire, United Kingdom. FM2 will be located adjacent to Ferrybridge Multifuel 1 (FM1), which commenced commercial operations in July 2015, and next to the recently decommissioned Ferrybridge C coal-fired power station. Combined, the FM1 and FM2 plants will form the largest energy-from-waste site in the UK. The £38 million commitment is the first investment to be completed following the acquisition of the Green Investment Bank by a Macquarie-led consortium.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | August 2017 | Australia
Utility  | Waste-to-Energy | Debt Investment | Demonstration | View on Member website

Australian waste management company Cleanaway Waste Management Ltd is accelerating its best practice sustainable waste management activities with an array of projects aimed at reducing the amount of waste going to landfill. Cleanaway is financing the program of works with a AU$90 million corporate loan from the CEFC. Through the loan, the CEFC is looking to demonstrate how clean energy technologies can be used to tackle the problem of waste emissions and play a vital role in Australia’s clean energy transition.

The first confirmed project is the development of a best-in-class resource recovery centre at Erskine Park in NSW. When operational, the centre will be capable of processing 150,000 tonnes of waste a year, diverting approximately 40 per cent of waste volume from landfill. Other projects eligible to use the CEFC finance include facilities for organics processing and resource recovery, as well as landfill gas projects.

Last Updated: 05/01/2018
Clean Energy Finance Corporation | August 2017 | Queensland, Australia
Utility  | Solar | Debt Investment | Demonstration | View on Member website

Two new solar farms will add a total of 200MW of solar generation capacity at Collinsville in north Queensland, with the CEFC committing AU$90 million in debt finance as part of a syndicated debt facility involving Commonwealth Bank and French investment bank Natixis. BlackRock is providing equity towards the projects. Daydream Solar Farm, which is expected to be operational by mid-2018, has secured a 12-year power purchase agreement with Origin, while energy generated by Hayman Solar Farm will be sold into the grid on a merchant basis. The projects consist of about 2 million solar panels.

Last Updated: 05/01/2018