18 June 2020
The New Zealand government’s $100 million green fund, which was established at the start of the coalition’s term, has made its first investment.
The entity, Green Investment Finance Limited, was set up with the aim of lowering New Zealand’s greenhouse gas emissions.
The green fund is pumping $15m into electric vehicles, generating renewable energy and upgrading energy efficiency at Wellington’s port.
2 June 2020
States are tapping public financing institutions to advance a green agenda and create jobs as they plan their economic rebound from the coronavirus pandemic.
New Jersey adopted the idea in April, saying it will set up a green bank by the end of the year to finance environmentally friendly infrastructure. The state follows in the footsteps of Connecticut, New York and other states that provide loans and grants to fund carbon-cutting projects, such as community solar and energy efficiency retrofits.
23 April 2020
On this podcast, Bryan Garcia and Eric Shrago of the Connecticut Green Bank, explain how “Green Liberty Bonds” will expand clean energy investment. The small-denomination munis for retail, modeled after the World War II Series E bonds, are independently certified to fight climate change. Chip Barnett hosts.
9 April 2020
According to a new paper released by the Clean Energy Finance Corporation (CEFC), infrastructure will prove crucial to the success of Australia’s energy transition. The “Issues Paper: Reshaping Infrastructure for a net zero emissions future” (paper) asserts that around 70% of Australia’s annual greenhouse gas emissions are attributable to infrastructure which, to boot, cannot possibly sustain us long-term.
Australia-wide public and private institutions are making moves, or claiming to, toward a net zero emissions future powered by clean energy. Many of these plans are 2050-centric, however, the infrastructure assets built today will still be operational by 2050, and yet it is clear that the energy transition is not always a priority in infrastructural planning, design, procurement and operations across all sectors. The paper warns that if net zero emissions targets and the wider energy transition is not at the front of developers’s minds then much of what we build now risks becoming ‘stranded’.
3 March 2020
Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.
PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, says only California and Ohio beat out Connecticut with total investment deployed through the end of 2019 using C-PACE.
According to Connecticut Green Bank, these closed projects will provide an estimated lifetime energy cost savings of $271 million, have created 1,797 direct and indirect jobs, and have reduced energy usage by five million MMBTUs through efficiency upgrades and renewables, which resulted in over 39 megawatts of installed solar PV capacity.
14 January 2020
Australia’s green bank has partnered with Bank of Australia to deliver discounted interest rates to green home builders and buyers. The green home loan is the first Australian financial instrument to use energy efficiency measurement tools to determine eligibility.
The federal government’s Clean Energy Finance Corporation (CEFC) is investing up to $60 million in a green home loan program launched in partnership with Bank of Australia. The discounted home loans will be available for builders and home buyers that commit to constructing new homes with a minimum 7-star energy rating.
16 December 2019
The high up-front cost of clean energy projects has proven to be a barrier to cities and states trying to move away from fossil fuels. The National Climate Bank would not only offer seed money for those types of projects, but would be staffed by people with technical expertise in clean energy and who could navigate the sometimes complex financing mechanisms.
A September report from the New York-based Coalition for Green Capital (CGC) found that a bank along the lines of Dingell’s proposal could mobilize up to $1 trillion of investment over 30 years.
3 December 2019
A companion bill to the US Senate’s National Climate Bank Act is expected to be introduced in the House of Representatives this week. If enacted, the boost for the solar and the solar plus storage markets would be enormous. Because the National Climate Bank’s aim is to support the electrification of the power grid, its creation would also bring in new utility customers, notably expanding utilities’ footprint in areas such as transportation.
28 November 2019
En esta esfera glocal, debemos impulsar también en España el modelo exitoso de los bancos verdes, entidades locales especializadas en la financiación de medidas de mitigación y adaptación frente al cambio climático. De titularidad mayoritariamente pública, estos bancos ecológicos tienen un mandato claro: multiplicar y acelerar el impacto de los limitados fondos públicos y, sobre todo, servir como canalizadores de la inversión privada para aprovechar la experiencia, flexibilidad y agilidad del mundo empresarial.
15 November 2019
The EIB, the world’s largest multilateral financial institution, described its decision as a “quantum leap” in ambition. “Climate is the top issue on the political agenda of our time,” said the bank’s president, Werner Hoyer. “We will stop financing fossil fuels and launch the most ambitious climate investment strategy of any public financial institution anywhere.”
The decision to prioritise renewable and efficient energy follows a policy promise by the incoming European commission president, Ursula von der Leyen, to turn the EIB into a “climate bank”, unlocking a potential €1tn in funds to help move Europe’s economy toward cleaner energy.
31 October 2019
The Coalition Government has pledged to establish a $1 billion Grid Reliability Fund to support investment in new energy generation, storage and transmission infrastructure, including eligible projects shortlisted under the Underwriting New Generation Investments (UNGI) program.
The new fund will be administered by the Clean Energy Finance Corporation (CEFC), which already has the authority to invest $10 billion in projects excluding coal.
17 October 2019
The National Climate Bank Act introduced this year is based in part on successful projects in Connecticut and New York.
The National Climate Bank Act, introduced earlier this year by Sens. Edward Markey and Chris Van Hollen, aims to build on the growing network of state and municipal green banks, but at a much bigger scale.
Green banks are financial institutions focused on stimulating private investment in clean power goods and services. Whether public or nonprofit, they use various financing techniques to lower investor risk on clean energy projects, thereby making them more attractive. They don’t provide subsidies — as loans are paid back, the capital is recycled into other projects.
24 September 2019
NEW YORK, NEW YORK (September 24, 2019) – It has been a pivotal year for the members of the Green Bank Network. Members collectively have committed about USD 14.9 billion for projects that are expected to mobilize US$50 billion in public and private capital for green infrastructure projects around the globe, surpassing their goal of US$40 billion by 2019. The announcement was made during Climate Week in NYC, convened adjacent to the United Nations Generally Assembly meetings. The analysis, prepared by the Secretariat of the Green Bank Network using publicly available information, shows members are mobilizing as much as 10 dollars in total investment for every one dollar of public capital invested in clean energy projects. Investments to date have avoided 25 million metric tons of CO2EQ emissions.
13 September 2019
The Development Bank of South Africa (DBSA) and the Green Climate Fund (GCF) have established a specialised Climate Finance Facility, following a year-long process.
The agreement marks the GCF’s commitment of US$56 million to the Climate Finance Facility, which will use financial tools such as credit enhancements to drive investment into projects that mitigate climate change.
The programme will target South Africa, Namibia, Lesotho, and Eswatini, but has a strong potential to be replicated in other developing countries to rapidly scale up private sector climate investments.
27 August 2019
Climate change is a complex global problem, and solutions will come from all sectors. But banking in particular may be the key to decarbonizing the economy.
Clean-energy infrastructure is critical to hitting greenhouse gas emission reduction targets. The work required to reach 100% clean energy is enormous in scope, representing the largest building project ever undertaken. The mechanisms to finance that project will need to be in place for emissions targets to turn into reality.
In the last decade, green banks—public or nonprofit financial institutions purpose-built to develop, facilitate, and scale investment in greenhouse-gas reducing projects—have popped up to pioneer finance solutions. Fourteen green banks have launched in the United States, with more in development, and a number of countries have built national green banks. They are helping develop financial products and markets that let greenhouse gas reducing projects find financing. In the U.S., these purpose-built banks have turned each dollar of public funds into $3.40 of private co-investment, creating $3.67 billion of clean energy investment through 2018. A bill currently before Congress would create a National Climate Bank in the United States, with the goal of leveraging a $35 billion capitalization from public funds into $1 trillion in greenhouse-gas-reducing investment.
15 August 2019
The New York Green Bank (NYGB) raised the total amount of capital it has committed to $786.7 million in the second quarter, after securing four deals for a combined $49.1 million investment.
The commitments have taken the total cost of projects invested in to $1.8-$2.1 billion. This gives a mobilisation ratio, the rate at which other investors are contributing money compared with NYGB, of 2.6:1.
2 August 2019
The world needs to spend $2.4 trillion every year until 2035 to mitigate the effects of climate change. This was the stark reality delivered by the United Nations’ Intergovernmental Panel on Climate Change (IPCC) in its Special Report on Global Warming of 1.5°C.
Cities recognise they need to be on the frontline of the action and a growing list have officially declared a climate emergency, including Krakow, London, Liverpool, Paris, New York and Sydney. According to the Climate Emergency Declaration and Mobilisation in Action (Cedamia) website, more than 888 jurisdictions in 18 countries, covering 161 million citizens, have now declared such an emergency.
As the IPCC highlights, though, fighting climate change costs and the race is on to find sustainable ways to fund green initiatives in cities around the world. This is bringing new momentum behind the green bank movement. On July 2, Washington, DC Mayor, Muriel Bowser, signed the District’s Green Finance Authority Establishment Act, officially making it the first city in the country to establish a government-funded green bank. The bank is being capitalised with $105 million of public funds.
30 July 2019
The Clean Energy Finance Corporation (CEFC) is looking to increase focus on grid stability and large-scale storage on the back of a new record of investment commitments in the previous 12 months. The federal government’s green bank key priorities for FY20 and beyond will aim to take advantage of Australia’s robust renewable energy resources and to support the transition to a distributed energy model.
Looking back, the CEFC invested almost $1.5 billion across 30 projects with a total value of $6.3 billion in FY19. Of this amount, $1.3 billion was invested into the clean energy sector, an unprecedented amount since the bank began investing in 2012. In addition, a record $320 million in CEFC finance was repaid in one year for re-investment in new projects.
20 July 2019
Public activism has supercharged the federal climate policy discussion and pushed the issue high on the political agenda. Politicians have been clamoring to offer their version of ambitious climate policy action since Democrats, Senator Ed Markey and Congresswoman Alexandria Ocasio-Cortez, introduced their Green New Deal resolution back in February for a massive 12-year public mobilization to decarbonize the US economy, and House Republican Matt Gaetz offered his Green Real Deal paean to American innovation in response.
Calls for a federal “climate investment bank” or “green bank”—a public financing authority capable of using its balance sheet to mobilize private investment in the low-carbon economy— have started to become a cornerstone policy position, with calls for one in Congress and by Presidential contenders Inslee, Bennet, and O’Rourke. Last week, Senators Markey and Van Hollen put forward the most detailed proposal yet, introducing the National Climate Bank Act of 2019.
3 July 2019
The Development Bank of Southern Africa’s (DBSA) Climate Finance Facility (CFF) is a specialized lending facility designed to increase private investment in climate-related infrastructure projects in the Southern African Development Community (SADC) region, which faces significant climate mitigation and adaptation challenges.
The CFF is the first time the “green bank” model has been applied to an emerging market. Green banks are public, quasi-public, or non-profit entities established specifically to facilitate private investment into low-carbon, climate-resilient infrastructure. This landmark facility offers significant proof-of-concept value to middle- and low-income countries seeking to scale up the private investment required to meet commitments laid out under the Paris Agreement.
27 June 2019
The Coalition for Green Capital (CGC) is helping Rwanda to further expand its climate action finance capacity. The Catalytic Green Investment Fund aims to expand private investment in Rwanda’s green sectors. The catalytic approach uses public investment to attract private investment, by reducing risk and addressing other market barriers.
The new fund is designed to complement existing programmes available through the Rwanda Green Fund (FONERWA). The Rwanda office of the United Nations Development Programme (UNDP) is supporting the programme and awarded the contract to CGC through the fund.
Interest in climate finance solutions is growing throughout Africa, and with this project, Rwanda offers a model relevant to other African countries.“This new mechanism joins a number of financial tools developed by the Rwanda Green Fund to advance green growth and we are confident it will support Rwanda in becoming a developed and low carbon nation,” says Hubert Ruzibiza, CEO of the Rwanda Green Fund.
4 June 2019
Moreover, the creation of a national Green Bank would provide funding to the private sector for climate breakdown – to homeowners who want to make the high-return investments in insulation that enables them to wage their own battle against the climate crisis, or businesses that want to retrofit their plants and headquarters for the green economy.
9 May 2019
The Australian government’s green bank continues to invest in energy efficient homes for low income families with a new funding granted for solar and battery-powered dwellings in regional New South Wales.
The Clean Energy Finance Corporation (CEFC) is investing up to $95 million to support regional community housing provider Housing Plus develop 220 new highly energy efficient, solar-powered community housing dwellings in New South Wales (NSW). In addition to building new homes, the community housing provider plans to use the funding to install retrofits of rooftop solar and energy efficient technologies across some of its existing properties.
26 April 2019
197 nations pledged action to reduce their greenhouse gas emissions four years ago in Paris. Since then the alarm has grown louder about the slow pace of progress – and the consequences of failure.
While carbon emissions have started to decline in rich countries – albeit too slowly – the fate of the planet hinges on how quickly emerging markets can bend down their emissions curves while continuing to focus on economic development. Developing nations have consistently said that the answer depends on availability of green financing from developed countries. Accordingly, the last decade has seen a proliferation of 500 international public funds allocating more than $50 billion annually for developing country decarbonisation.
But solving the climate finance problem with international public funds could never work practically. The financial challenges and solutions of rewiring economies to support decarbonisation are profoundly local and the essence of the Paris Agreement is that each country sets its own goals and implementation plans. It can’t be done by the World Bank, the United Nations, or development aid.
The clearest sign that countries want to drive their own economic transition toward low-carbon sustainable development is through the creation of national Green Investment Banks.
10 April 2019
The Connecticut Green Bank announced on Tuesday a first-of-a-kind issuance through which it monetises USD 38.6 million (EUR 34.2m) worth of solar home renewable energy credits (SHRECs).
The bank said it is selling investment-grade rated ABS notes involving SHRECs generated through the Residential Solar Investment Program (RSIP) by about 14,000 residential solar photovoltaic (PV) systems with a combined capacity exceeding 105 MW.
The SHRECs were sold in annual tranches to investor-owned utilities Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The bank noted that the sale proceeds will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants.
18 March 2019
A host of the world’s largest emerging and developing economies are to jointly explore how dedicated green banks could help deliver billions of dollars of low carbon investment to support the national climate action plans they agreed under the Paris Agreement.
Officials from 23 countries, which together represent 26 per cent of global GDP and 43 per cent of global carbon emissions, will meet today in Paris at the inaugural Green Bank Design Summit.
The aim is to emulate the success of dedicated green banks in industrialised economies and explore how national green financial institutions could be established in emerging economies.
Government ministers and officials will be joined by leading private banks and development finance institutions who are also committed to mobilizing the $1tr of green investment that the International Energy Agency estimates is required through to 2050 to deliver on the goals of the Paris Agreement.
1 March 2019
In an Australian-first, the CEFC and Cbus Property are targeting industry leading energy efficiency standards for the $1 billion Collins Arch mixed use development, ensuring the building will be a landmark in urban sustainability.
Drawing on $100 million in CEFC term finance, Collins Arch will feature a range of industry leading clean energy technologies, including high-efficiency air conditioning, energy efficient façade fabric insulation, built in real-time energy monitoring and the capacity for residential electric vehicle charging.
The integrated approach is expected to deliver a minimum 20-25 per cent improvement on the development’s carbon footprint. CEFC CEO Ian Learmonth said: “Collins Arch is a landmark development that will shape the character of Melbourne’s city skyline for decades to come.
23 January 2019
PosiGen, a New Orleans-based solar provider, said it has secured a new $90 million credit line that will help it continue its work leasing solar panels to low-and-moderate-income households in Connecticut.
The Connecticut Green Bank first formed a “Solar For All” partnership with the company in 2015.
PosiGen’s new three-year credit facility comes from New York-based asset manager LibreMax Capital, which has $5.7 billion in assets under management and specializes in structured products, as well as from the Green Bank and a newly spun-out nonprofit, Inclusive Prosperity Capital.
The Green Bank said Wednesday that LibreMax is providing $70 million, the Green Bank is providing $15 million and IPC is providing $5 million.
16 January 2019
US green banks may gain new clout — and microgrids new financing opportunities — with the formation of a green bank consortium this week.
The American Green Bank Consortium intends to use the combined scale of public, quasi-public, and non-profit Green Banks to raise more capital and share knowledge. US Green Banks have so far generated $3 billion in clean energy investment.
The consortium arrives as Green Banks, which are clean energy financing organizations, begin to explore ways to also fund resilience, according to Alex Kragie, director.
“There has been a broader conversation in our green bank community about expanding the mandates of Green Banks to include financing of resilience measures, most notably microgrids. This is going to be one of the things we are going to focus on in our annual industry report upcoming in April,” said Kragie, who created and managed Connecticut’s first-in-the-nation statewide microgrid program before serving in various Green Bank roles, including as acting executive director of the Montgomery County (Md.) Green Bank.
13 December 2018
Australian asset manager Infrastructure Capital Group (ICG) has raised AUD100m (€63.4m) from the government-owned green bank Clean Energy Finance Corporation (CEFC).
Its new Australian Renewables Income Fund (ARIF) will focus on large-scale wind and solar technologies, as well as emerging opportunities in energy-from-waste, battery storage and pumped-storage hydroelectricity.
ICG managing director Tom Laidlaw said the fund had received strong initial support from institutional investors to build on its portfolio of renewable energy assets in Australia.
10 December 2018
Governor Hickenlooper and others launched the Colorado Clean Energy Fund over the weekend. It’s being used to drive projects statewide on things like solar and energy efficiency.
The Colorado Energy Office and the Coalition for Green Capitol are involved in launching the fund. It’s part of the implementation of the Colorado Climate Plan, which was updated this year.
The nonprofit Colorado Clean Energy Fund will bring the “green bank” model to Colorado, drawing on the success of institutions in other states such as NY Green Bank and Connecticut Green Bank. Green banks use mission-driven financing to leverage private investment in clean energy projects like community solar and energy efficiency. Green banks in the US have collectively mobilized more than $2 billion in clean energy investment.
6 December 2018
A mismatch between the growing climate crises and underinvestment in mitigation solutions such as renewable energy means more investment will be needed to boost the resilience of agriculture, put up seawalls and sure up water supplies.
Climate adaptation has remained largely overlooked and underinvested. The Climate Policy Initiative estimates that total adaptation finance from all government sources was only $22 billion from 2015 to 2016.
Now, investment funds and vehicles that target adaptation solutions are beginning to line up to move significant amounts of capital.
Convergence has supported the development of blended finance solutions for climate mitigation and adaptation, most recently partnering with the Development Bank of Southern Africa (DBSA) and the Coalition for Green Capital (CGC) to develop the Climate Finance Facility, a ‘Green Bank’.
4 December 2018
At the Sixth Annual Green Bank Congress in Shanghai, the Green Bank Network announced that its members closed transactions that are expected to mobilize US$41 billion in financing for green infrastructure projects and low carbon development, thereby meeting its target of US$40 billion by 2019 ahead of schedule.
The Green Bank Network (GBN) brings together financial institutions dedicated to increase investment in clean energy in close collaboration with the private sector. The network allows member organizations to share practices and lessons learned through collaboration and exchanging knowledge. Members of the Green Bank Network are investing in technology such as solar, wind, combined heat and power, LED street lighting, geothermal, anaerobic digesters, and low-carbon transport. According to an analysis prepared by the network’s Secretariat, Green Bank Network members mobilize on average 10 dollars in private funds for every dollar of public investment. The investments mobilized to date have avoided 25 million tons of CO2eq.
Made at the eve of the Katowice Climate Change Conference, the announcement underlines the importance of investments in a clean energy transition. Reed Hundt, CEO of the Coalition for Green Capital, said “meeting climate goals will require an unprecedented and immediate mobilization of capital,” noting that Green Banks play a central role in providing capital in emerging economies to take on risk and leverage private capital for large-scale low-carbon investment.
3 December 2018
Following the lead of various states including Connecticut and New York, Washington, DC became the first city in the United States to establish a Green Bank earlier this year.
The Green Bank, which the DC Council voted to establish in July, will provide public money in the form of loans, leases and other mechanisms to help fund green projects that expand renewable energy, reduce energy costs and GHG emissions, and create green jobs.
“Washington, DC is a global leader on environmental issues and by establishing a Green Bank, we will continue to build on the progress that helped us become the first LEED Platinum city in the world,” Mayor Muriel Bowser said in a statement. “I look forward to working with all of the businesses, non-profit organizations, and residents that will benefit directly from this new tool. Together, we will continue to meet our ambitious sustainability goals while creating high-paying, clean energy jobs for residents in all eight wards.”
29 November 2018
SHANGHAI (November 29, 2018) – Members of the Green Bank Network have collectively closed transactions that are expected to mobilize US$41 billion in public and private capital[1] for green infrastructure projects around the globe, effectively meeting their goal of US$40 billion by 2019. The announcement was made at the 6th annual Green Bank Congress, convened adjacent to the Bloomberg NEF Future of Energy Summit in Shanghai. The analysis, prepared by the Secretariat of the Green Bank Network using publicly available information, shows members are mobilizing as much as 10 dollars in total investment for every one dollar of public capital invested in clean energy projects. Investments to date have avoided 25 million metric tons of CO2EQ emissions.
Additional announcements at the Congress include:
12 November 2018
Only weeks after Victoria’s first big battery was unveiled in Ballarat, the retrofitted 25MW/50MWh Tesla powerpack battery at the Gannawarra Solar Farm was commissioned ahead of schedule, confirms Germany’s Wirsol Energy. The developer’s major solar projects in Victoria have reached milestones: the 60 MW Ganawarra Solar Farm has successfully passed all commissioning tests, and the 110 MW Wemen Solar Farm has been connected to the grid.
The construction of the project was financially underpinned by debt finance from the Clean Energy Finance Corporation, which provided $207 million for Wirsol’s the Wemen Solar Farm and the 90 MW Clermont Solar Farm.
6 November 2018
The South Australian Government has launched a $100 million (£55.3m) subsidy scheme for domestic batteries in up to 40,000 households in the region.
Subsidies of up to $6,000 (£3,316) will be available, with the highest rates being available for pensioners and low-income homes.
The funding has been matched by loans from the Clean Energy Finance Corporation for the balancing of the batteries, as well as for new solar equipment.
Premier of the region, Steven Marshall, said: “Households will enjoy savings of thousands of dollars on their electricity bills over the life of the battery.
“We are also creating jobs and attracting new business to our state by giving priority to qualified system providers who commit to installing approved battery systems that are manufactured or assembled in South Australia.”
22 October 2018
The Development Bank of Southern Africa (DBSA) announced on Monday that it has been awarded funding of R795-million to establish a R2-billion Climate Finance Facility (CFF) focusing on infrastructure projects and businesses that mitigate or adapt to climate change.
The DBSA received funding from the Green Climate Fund (GCF). The bank said it will provide R650-million and is in advanced discussions with a local institution for the balance.
The GCF is a global fund set up as a funding mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) to support developing countries in responding to climate change.
It is a debt facility that aims to address market constraints in the private sector and play a catalytic role with a blended finance approach in increasing climate related investments in Southern Africa.
5 October 2018
Since its acquisition by Australian banking giant Macquarie Group from the UK Government in August of 2017, the Green Investment Group has arranged for or invested £1.6 billion of capital into clean energy projects, according to the Group’s first Progress Report since privatization.
In 2012 the UK Government set up the Green Investment Bank (GIB) to support the development of renewable energy projects. Three years later the GIB announced plans to privatize, which came to fruition in August of 2017 when Australian banking giant Macquarie Group acquired the GIB for £2.3 billion and promptly changed its name to the Green Investment Group (GIG).
High among the highlights from the Report is confirmation of the Group’s commitment to green energy investments, boasting over £1.6 billion of capital invested or arranged for clean energy projects. 10 new green transactions were made through the year, including waste-to-energy in the UK, onshore wind in Sweden and the United States, solar in India, and offshore wind in the UK.
10 September 2018
It has been a busy weekend for the South Australia’s battery storage market, with big announcements coming from both politicians and industry players.
The government has revealed further details of its $100 million Home Battery Scheme, which will subsidize the cost of buying a home energy storage system for up to 40,000 South Australian households.
Already included in the 2018/19 budget as part of the government’s $180 million energy overhaul, the program is expected to kick off next month offering subsidies of up to $6,000.
To help deliver the $100 million program, the Marshall government has signed a Memorandum of Understanding with the Clean Energy Finance Corporation (CEFC).
“In working with the CEFC we expect to be able to further assist households overcome the upfront financial barriers to accessing storage technology by offering households competitive, flexible loans where needed, in addition to the subsidies,” said Minister for Energy and Mining Dan van Holst Pellekaan.
While the subsidy will be applied to the battery component only, households will be able to apply for finance to assist with the purchase of new or additional solar panels as well as the battery system, the government noted.
25 August 2018
Nevada State Senate Bill 407 became law in 2017 and mandated the formation of an independent, nonprofit corporation called the Nevada Clean Energy Fund (NCEF), and now Nevada is one of 15 states to have a ‘green bank’ as they are known.
Introductory language in SB 407 offers a broad view of what the NCEF aims to accomplish:
“To achieve a level of financing support for qualified clean energy projects necessary to help abate climate change by increasing zero-or low-carbon electricity generation and transportation capabilities, realize energy efficiency potential in existing infrastructure, ease the economic effects of transitioning from a carbon-based economy to a clean-energy economy, achieve job creation through the construction and operation of qualified clean energy projects and complement and supplement other clean energy and energy efficiency programs and initiatives in this State.”
Soon after the bill was signed, the Nevada Governor’s Office of Energy, the National Renewable Energy Laboratory and the Coalition for Green Capital held a one-day workshop to organize formation of the NCEF, and in March of this year, the Governor’s Office of Energy signed a Memorandum of Understanding with the Coalition for Green Capital to help guide the establishment of the green bank.
13 August 2018
Governor Bill Walker’s Climate Action Leadership Team is trying to envision innovative ways to reduce carbon emissions in Alaska. For inspiration, task force members are looking to Connecticut, where a state-sponsored bank has helped loan millions of dollars for energy efficiency projects.
Bert Hunter has a favorite project the Connecticut Green Bank has helped fund. You can almost hear hear his eyes sparkling through the phone as he describes it. An old textile mill is being transformed into shops and affordable housing, and on site is a built-in hydroelectric dream.
“Literally, a river will run through it,” Hunter said with a chuckle.
That river will generate power for the building through two turbines — lowering energy costs for the residents.
Hunter is the Connecticut Green Bank’s Chief Investment Officer, and he admits this is unusual project for a conventional bank loan. He says those barriers to installing energy upgrades can exist for regular homeowners, too. Not just big ambitious commercial projects. That’s because in the eyes of a traditional bank, a loan for something like a kitchen remodel is typical.
“But if you start talking about solar and energy efficiency … you know, most bankers don’t know how to approach that,” Hunter said.
30 July 2018
The Clean Energy Finance Corporation had record new commitments of $2.3 billion in the year to June 30, to solar and wind farms and energy efficient building projects.
The outlays were split roughly half in half between renewable energy and energy efficiency for commercial buildings, residential estates and infrastructure such as ports and airports.
Chief executive Ian Learmonth said the federal green bank would continue to seek gaps in the market where commercial finance is still not available.
Standout deals include $150 million in equity for IFM Australian Infrastructure Fund, which owns NSW electricity distributor Ausgrid, the Ports of Melbourne and Botany, and Melbourne and Brisbane Airports, to drive solar, batteries, electric vehicles, and energy saving.
It also was involved in providing $90 million debt to Mirvac to fund rooftop solar panels and batteries on new housing estates in Sydney and Brisbane, and $100 million in equity for Lend Lease’s Melbourne Quarter commercial and residential development.
19 July 2018
Green Investment Group (GIG), a unit of Australian investment bank Macquarie, announced on Thursday the financial close on 270 million euros ($313 million) in funding for a 235 megawatt (MW) onshore wind farm in Sweden.
Financing included striking a power purchase agreement (PPA) with Norsk Hydro, which it called the longest corporate wind energy PPA globally at 29 years in duration. Construction will start “imminently” on the farm which will contain 56 Siemens Gamesa 4.2 MW turbines in Vasternorrland, central Sweden.
Macquarie Capital (Europe) acted as financial adviser to the sponsor on the project, raising 160 million euros of senior debt from Credit Agricole CIB and KfW IPEX-Bank GmbH. Denmark’s Export Credit Agency is providing export credit cover.
This project is the latest to utilise a new investment model: developing new projects by working with companies who want to buy renewable energy directly,” said Ed Northam, Head of GIG in Europe. “This model provides the secure revenues needed to finance renewable energy assets with less and less reliance on public subsidy.”
12 July 2018
The GCF is not only playing a critical role in addressing climate change, it is also a significant player in blended finance. Blended finance – the use of catalytic capital from public or philanthropic entities to attract private investment to sustainable development in developing countries – relies on entities like the GCF to close the Sustainable Development Goal (SDG) funding gap. Not only does the GCF deploy significant amounts of capital to climate-related projects, it often deploys that capital catalytically with the express intent to attract private investment into those climate-related projects.
Many people are disappointed in the outcome of the board meeting, and understandably so. Over 11 proposals amounting to over a billion dollars in funding were up for approval. These proposals outlined ambitious initiatives that could play a critical role in climate change adaptation and mitigation.
What impact would this funding have had? One such proposal was for the Climate Finance Facility (CFF), which is expected to be the first application of the Green Bank model in a developing country. The proposal is sponsored by the Development Bank of Southern Africa (DBSA), who is working in close collaboration with the Coalition for Green Capital (CGC) to develop the CFF. The CFF also received a Design Funding grant from Convergence earlier this year.
The GCF’s participation in the facility would not only have been groundbreaking in its support of the Green Bank model, but it would have brought the CFF to 2/3rds of target first close, alongside DBSA’s anchor investment, bringing the CFF significantly closer to being operational. Once operational, the CFF can begin catalyzing private finance in clean energy solutions throughout the Southern African region.
4 July 2018
The Green Investment Group, formerly belonging to the UK Government but now owned by Macquarie Capital, has formally launched in North America with two initiatives, including the launch of Candela Renewables for solar development and the financial close of the 200 megawatt (MW) Canadian Breaks onshore wind farm in Texas. Formerly known as the Green Investment Bank when it was owned by the UK Government, it was renamed to Green Investment Group when it was acquired by Australian bank Macquarie Group for £2.3 billion in mid-2017.
“The launch of the Green Investment Group in North America focuses our long-term strategic commitment to the renewable energy sector and strengthens our ability to develop and construct green energy projects in the region,” said Nick Butcher, Global Co-Head of Infrastructure and Energy for Macquarie Capital. “Since 2010, GIG and Macquarie Capital have led investment in green energy projects valued at more than $20 billion.”
21 June 2018
Electric cars could match the driving range of petrol and diesel cars by 2024 and have their batteries “filled up” in just five minutes at superchargers, says a new report that also suggests sales could take off in three years with only moderate support.
The report by consultancy Energeia says sales of electric vehicles (EVs) will increase sharply once a two-year payback – based on fuel savings compared to the initial EV price premium – is achieved. After this point, they will come to dominate sales of new vehicles.
With no additional support, the Energeia report – commissioned by the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA), both federal green banks – predicts EV sales will grow slowly for the next decade before taking off until 2027.
But with moderate intervention – including subsidies to reduce the price premium over conventional cars, state and local government preference in procurement, easier import regulations, access to transit lanes, vehicle registration and toll road discounts and new public-access charging infrastructure – the report suggests EV sales will take off in 2021, reach 50 per cent of new car sales by 2030, and make up 90 per cent of Australia’s fleet by 2050.
8 June 2018
UK Climate Investments and Finnish investor Elite Alfred Berg are acquiring interests in four operating solar farms in India totalling 185MW owned by Fortum.
UKCI, a joint venture between the UK government and the Green Investment Group, will take a 40% interest in the portfolio and Elite Alfred Berg 14%, with Finnish utility Fortum retaining 46%.
The projects are located in the states of Rajasthan, Madhya Pradesh and Karnataka.
Fortum will continue to provide operations and maintenance under the terms of the deal.
The transaction, which is expected to close in the third quarter of 2018, will create India’s first unlisted ‘yieldco’ vehicle for international investors, the partners said.
UKCI managing director Richard Abel said: “UKCI is delighted to provide the necessary long-term capital to cornerstone this innovative investment vehicle, helping the continued development of India’s fast-growing renewables sector.”
16 May 2018
Four new innovative clean energy start-ups are the first to benefit from a new working relationship between the Clean Energy Finance Corporation (CEFC) and clean energy business accelerator EnergyLab, with additional support from the Queensland government.
EnergyLab has announced the opening of its first Brisbane base, offering accommodation, financial and mentoring support to the start-up companies.
The new office is co-located with the CEFC, as part of its goal to accelerate investment in Australian clean energy innovators.
The Queensland government is providing an additional $400,000 in operational funding, as part of its Advance Queensland Biofutures 10-Year Roadmap and Action Plan.
CEFC Innovation Fund Executive Director Ben Gust said EnergyLab’s expansion to Brisbane was a welcome boost to the clean energy innovation sector in Queensland.
“Accelerators such as EnergyLab play a critical role in helping start-ups accelerate their pathway from innovation to commercialisation,” Mr Gust said.
24 April 2018
Kristine Babick knows precisely how much work Washington, D.C. has to do to reduce greenhouse gas emissions. It’s her job to know, as an analyst with D.C.’s soon-to-launch green bank.
“Seventy-five percent of our carbon emissions are from our built environment,” Babick says of D.C. “This is currently close to double what other cities and jurisdictions have as their [built environment’s share of] carbon emissions and sources of greenhouse gas.”
D.C.’s is the latest on a list of green bank initiatives that are working to harness public and private dollars to transform energy and transportation systems. The city’s mayor, Muriel Bowser, has pledged to make the U.S. capital carbon neutral by 2050.
“The amount of money that would be required to achieve a lot of those [climate] goals would be beyond the public capacity,” Babick says, explaining why the District decided to launch a green investment bank. “There was a recognition that we needed to catalyze private sector investment in order to achieve a lot of these goals.”
9 April 2018
The ‘first emerging market green bank’ is to be created by the Development Bank of Southern Africa (DBSA) to scale up private investments in climate-friendly infrastructure projects in the region.
Toronto-based non-profit Convergence has provided a grant to the Coalition for Green Capital (CGC), which works with civil society and governments to support the creation of green banks, to develop the Climate Finance Facility (CFF).
It is expected the green bank will start operations by the end of 2018, Convergence told Environmental Finance, and will target an initial raise of about $150 million.
The CFF will be “a first-of-its-kind application of the green bank model”, in that it will be a self-sustaining and distinct entity within the DBSA, said Convergence.
State-sponsored green banks in the developed world, such as the Green Investment Bank (GIB) in the UK – which was privatised in August – and New York Green Bank in the US were launched as standalone institutions.
“The CFF is globally significant,” said Joan Larrea, chief executive of Convergence. “Its establishment will be a model for middle and lower income countries on how market barriers can be addressed in the climate sector and draw in private investment through blended finance.”
9 April 2018
Green banks in six states are emerging as valuable and distinct financial partners for developers and lenders seeking to lower their costs of capital.
They use unique investment criteria, allowing sponsors to make more efficient use of capital, allocating funds toward novel financial instruments and adding subordinated debt to projects in order to increase liquidity and tenors and lower interest rates.
Recognized issues in newer energy technologies, like residential solar, microgrids and energy storage, include a lack of precedent, standardization and scale. Green banks have worked with developers and financiers to solve these issues and accelerate bringing these technologies into the resource mix.
28 March 2018
The Green Investment Group, now owned by Macquarie Group, has this week announced the acquisition of a 25% stake in the 210 MW Westermost Rough offshore wind farm from Marubeni Corporation. Announced on Tuesday, the Green Investment Group — which was recently acquired by Macquarie Group and now acts as the Group’s specialist green energy principal investment business — has acquired a 25% stake in the Westermost Rough offshore wind farm which was held by the Marubeni Corporation, a Japanese sōgō shōsha company with holds interests in a variety of sectors. The Green Investment Group’s 25% acquisition increases its existing stake in the Westermost Rough offshore wind farm, that is held as part of a consortium with Macquarie European Infrastructure Fund 5 (MEIF5) and the Universities Superannuation Scheme (USS). The remaining 50% of Westermost Rough is held by project developer Ørsted.
“Westermost Rough is a landmark project in the evolution of the offshore wind industry, both in the UK and internationally,” said Edward Northam, Head of GIG in Europe. “The technical and financial innovations deployed during the development, construction and operation of the wind farm have helped improve performance levels and reduce the cost of wind power generation, making it significantly more cost competitive. We are extremely proud of this pioneering green investment.
15 March 2018
New home buyers at Mirvac’s housing estates in Sydney and Brisbane will be the first to benefit from energy efficient housing after the listed developer struck a $90 million finance deal with the Clean Energy Finance Corporation.
Under the agreement with the government’s green finance fund, a range of clean energy initiatives will be included as part of the base build in three new masterplanned residential communities.
Built-in solar and battery storage systems, high-grade insulation, LED lighting and energy efficient appliances will be rolled out to more than 300 family homes of three and four bedrooms.
The roll-out includes 5.1kW rooftop solar installations coupled with 10kWh battery systems, sufficient to meet up to 90 per cent of a typical household’s energy consumption, according to the CEFC.
“The CEFC’s finance will mean this clean energy technology is already included in the homes during construction, at no additional cost to the home buyer,” said chief executive Ian Learmonth.
“This will deliver significant and ongoing long-term benefits to families and residents.”
7 March 2018
Newcastle City Council says it has secured a $6.5 million loan from the Clean Energy Finance Corporation to help finance a 5MW solar farm to be built in the heart of one of Australia’s leading coal regions.
The $8 million solar farm, to be built by Lend Lease and Carnegie Clean Energy following a tender win announced last month, will begin construction in June and is expected to slash the council’s electricity bills, which had doubled in the last two years.
It will be built at the Summerhill Waste Management Centre – on a capped landfill site that was once part of the Wallsend Borehole Colliery – and is expected to save the city $9 million over the 30-year life of the plant.
3 March 2018
The Green Bank Network has issued a useful report on how Green Banks assess and report the impacts of the finance they arrange – useful not least because it starts with a definition of what a Green Bank is: “Green banks endeavor to animate private investment in [low carbon resilient infrastructure (LCR)] by working closely with the private sector and using market-responsive strategies such as credit enhancements and other risk mitigants, project aggregation, contract standardization, and demonstration investments. Each of these approaches can help to build a track record and increase the confidence of private investors.”
Operationally, Green Banks “generally share the following core characteristics: a mandate focusing mainly on mobilizing private LCR investment using interventions to mitigate risks and enable transactions; innovative transaction structures and market expertise; independent authority and a degree of latitude to design and implement interventions; and a focus on cost-effectiveness and performance.”
21 February 2018
The CEFC has committed $100 million to the agricultural platform of Macquarie Infrastructure and Real Assets (MIRA). MIRA will manage large–scale row cropping assets, such as wheat and other grains, and permanent crops including avocados, targeting improved on–farm energy efficiency and reduced carbon emissions.
CEFC CEO Ian Learmonth said: “This is an exciting investment which demonstrates the very broad potential of a clean energy focus to make a positive difference right across the Australian economy.
“Australian agriculture is globally recognised for its innovation and the high quality of our products. Through this investment, our goal is to see it also recognised as a leader in lowering on–farm emissions, through better technology and on–farm practices.”
15 February 2018
“When we started out, the offshore wind industry was struggling to attract sufficient capital to fund its growth potential. As a financing model it works because of the long-term predictive nature of the revenue stream. These assets cost £1.5 billion to £2.5 billion to deliver. As a mechanism for attracting long-term capital to the industry, we packaged up a portfolio of offshore wind assets into a fund and offered it to long-term investors. We raised more than £1 billion from a collection of pension funds and a foreign sovereign wealth funds that hadn’t previously invested in the industry. It helped take the industry to a new level.”
10 February 2018
Green Banks are a key channel for private investment flows into infrastructure in particular, whether or not specifically NDC related. “This year,” says Doug Sims of the Green Bank Network, “our work is down to the nitty-gritty – getting the Green Banks that are members of the Network to grow, collaborate better, and increase awareness and understanding of their successes and lessons learned. We also want to foster new green banks, so to help with that the Network will be pushing a lot more knowledge products out through the pipeline, including new initiatives led by NY Green Bank and Connecticut Green Bank that aim to create capacity, increase capital and reduce operating costs at new green banks in the US.”
There also are several efforts around the world to implement the green bank model in emerging markets. “The trick in these countries,” Sims says, “is often how to create a ‘functional green bank’ within or alongside national development banks, in a way that addresses the financial, technical, regulatory and governance-related barriers these institutions face, while leveraging the national development bank’s local knowledge, relationships and expertise. Importantly, even with the perfect ‘green bank plan” formulated, it won’t be implemented if it’s not supported by the whole gamut of national and international stakeholders, both public and private. We’re involved in efforts in Latin America and India to build capacity, support design, and align the stakeholders around specific local green bank concepts. Our main ambition in 2018 is to get one or two of these efforts substantially across the finish line. We’re coordinating with other groups that are working in other countries with similar goals, so that by this time next year, we hope there will be a new cohort of green banks set to start their activities in earnest.”
31 January 2018
The Connecticut Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 200 projects totaling more than $114 million in clean energy investment in businesses, according to the Connecticut Green Bank.
C-PACE helps property owners access long-term financing to make energy upgrades to their buildings.
Connecticut is second only to California in total dollars financed through C-PACE, according to PACENation, an industry group promoting Property Assessed Clean Energy financing.
“The Green Bank team has built a very effective program centered on high standards, great marketing, and an open market approach that encourages private sector engagement and investment in improving buildings throughout the state,” said David Gabrielson, PACENation’s executive director.
3 January 2018
On January 3rd, New York governor Andrew Cuomo delivered a state energy storage target of 1500MW via the private market by 2025 and has put up $260 million in state money to help drive the investment.
Some of the key components include a 1500MW energy storage target and a $200 million fund at the state Green Bank to help drive pricing down for energy storage through strategic deployment.
3 January 2018
The Clean Energy Finance Corporation (CEFC) is continuing to foster utility scale PV growth in Queensland, providing $55 million in non-recourse project finance to the Oakey 2 Solar Farm. Canadian Solar will supply modules for the project and will also serve as EPC.
The CEFC is continuing to provide project finance to PV power plant projects in Australia at the pre-offtake agreement stage. The latest deal will see construction on the 70 MW Oakey 2 project get underway.
Oakey 2 is being developed by Canadian Solar and has been sold, as a part of a 117 MW utility scale solar portfolio, to the UK’s Foresight Solar Fund Limited. Canadian Solar reports that the project will be completed in November 2018 – one month later than previously announced.
In October 2017, Foresight announced the purchase of Oakey 2, alongside taking a 49% stake in Oakey 1 and the Longreach Solar Farm – the latter two projects having already signed 20-year offtake agreements with the Queensland state government. Canadian Solar reports that construction is nearing completion on Longreach and Oakey 1 with both set for grid connection between March and August.
15 December 2017
Australian sustainable energy financier Clean Energy Finance Corporation (CEFC) is investing $207mn into expanding capacity at solar farms in Queensland and Victoria.
This combined 200MW expansion of capacity has helped it to pass 1GW of projects it has supported.
With these latest commitments at the Wemen Solar Farm in Victoria and the Clermont Solar Farm in Queensland, the CEFC has invested in 20 large-scale solar projects since 2013, becoming Australia’s largest solar investor.
CEFC Large-Scale Solar Lead Monique Miller said: “Increasing the amount of renewable energy generation in our electricity mix is essential for the Australian economy to achieve net zero emissions in the second half of the century.
“Our investment in large-scale solar continues to play a major role in accelerating Australia’s clean energy transition, with CEFC finance helping to demonstrate the commercial potential of these investments in the ongoing development of Australia’s critical energy infrastructure.”
6 December 2017
What is a leading opportunity for states to create energy security, job growth and economic development with their public dollars?
The answer? A public financing institution that can engage effectively with private sector players to meet them on their own terms – addressing real barriers and providing the right types of capital needed to make clean energy projects investable.
Take Connecticut for example. In 2011, the state established the nation’s first state green bank, the Connecticut Green Bank (CGB). Over the last six years, CGB has used $174.6 million of ratepayer funds to attract $914.8 million of private investment in clean energy for a total investment of $1.1 billion. These investments have supported the deployment of 234.4 MW of renewable energy [PDF], created thousands of jobs, and reduced an estimated 3.7 million tons of CO2 emissions over the life of the projects.
25 November 2017
BOSTON — The transition from fossil-based energy to clean energy not only promises a better future for the planet, but also a less expensive energy source.
However, the economic effects in the transition are not always affordable. Ask a homeowner interested in solar roof panels.
To finance and to support more clean energy projects, Massachusetts is planning to follow the step taken by neighboring Connecticut by establishing its own ‘green bank’.
″The green bank is dedicated to clean energy projects, is going to have capital that they want to spend exclusively on these projects, so that could help with job creation, economic development, and growth of renewable energy,” said Rep. Paul Mark D-Peru.
24 November 2017
The Clean Energy Finance Corporation (CEFC) will invest $200 million into QIC’s Global Real Estate flagship Shopping Centre Fund to undertake improvements in energy performance across its shopping centre portfolio. This could lead to more solar shopping centres.
This is the CEFC’s largest property investment commitment to date. It will support improvements in solar shopping centres across Queensland, Victoria, New South Wales and the ACT.
31 October 2017
New York Gov. Andrew Cuomo (D) this week announced the state’s Green Bank is seeking at least $1 billion in additional private sector funding to help grow clean energy projects in the state. To date, the conservation-focused lending entity has enabled $1.4 billion in investment.
The bank’s “robust track record” has drawn the attention of third-party entities like pension funds and insurance companies, who are interested in clean energy investments, Cuomo’s office said. The bank will also be working with other states to help them establish similar entities.
The next step in finding additional funding will be for the Green Bank to issue a request for proposals for advisory services, to evaluate options for structuring and facilitating the request. That RFP is expected out by the end of the year.
26 October 2017
The Development Bank of South Africa (DBSA), the government-owned institute that invests in development infrastructure domestically and across 13 other Southern African countries, will next month re-model itself as a Green Investment Bank, amid signs that a number of national development finance institutions (DFIs) are gearing up for environmental investing and to attract private investor capital.
Speaking at the OECD Forum 2017 for its Centre on Green Finance and Investment in Paris this week, Jonathan First, Head of Syndication Finance at DBSA, said that by the middle of next month, it will have received full permission to become a Green Investment Bank, which he said would be the first such dedicated environmental financing operation in a developing country.
On the same panel, Maria Paz Uribe Estrada, Head International Banking at Findeter, the Colombian Financial Institute for Development, said it had also been working with MDBs on a $2.7bn fund, which was adopting a strategy akin to a green bank and investing in areas like energy efficient street lighting. Maria said: “We are directing a lot of our strategies towards becoming a green bank with the support of the Coalition for Green Capital.”
The Coalition for Green Capital (CGC) is a New York-based non-profit that has helped create successful Green Banks in New York, Connecticut, Rhode Island, Montgomery County MD, and California. CGC also works internationally on the Green Bank concept.
19 October 2017
A world first renewable energy project has taken its first steps in Australia, with big-name companies Vestas, Tesla, and Windlab backed by Australia’s Clean Energy Finance Corporation partnering on a $160 million, 60 MW hybrid wind, solar, and energy storage project.
“This is a landmark project for Queensland and Australia, creating a new model for renewable energy that brings together the benefits of wind, solar and battery storage to overcome intermittency and improve reliability.” said CEFC Wind Sector Lead Andrew Gardner.
“Financing three separate technologies on one site was a complex undertaking that had not previously been achieved in Australia. As the sole debt financier for this project, our goal was to demonstrate the bankability of large-scale, integrated hybrid renewable energy projects for the future. We expect such projects to become an increasingly important part of Australia’s electricity system, with complementary battery storage addressing the intermittency of wind and solar generation to support grid stability.”
11 October 2017
A new type of banking institution has also emerged across the world that specifically focuses on financing clean-energy projects. While not quite a bank in the traditional sense of the word, the so-called green bank has been instrumental in bringing financing to green sectors over the last few years. Green banks are public entities that have been specifically established to facilitate private investment in low-carbon, climate-friendly infrastructure and green projects such as water and waste management, and ultimately to make clean energy more affordable and accessible to homeowners and businesses. They have been adopted by respective governments at all levels, including nationally (for example, Australia, Japan and the United Kingdom), regionally (California, New York and Hawaii in the United States) and at the city level (Masdar City in the United Arab Emirates).
Green banks are proving useful in plugging gaps by interjecting to support projects initiated by private-market entities that are seeking to lower their carbon footprints, but may not get the appropriate funding from traditional lending institutions. The banks are thus helping the economy make the transition towards mass clean-energy adoption during a period when both governmental support and bank lending in the space remains far from certain.
20 September 2017
Addressing the 5th annual Green Bank Congress, part of ClimateWeek NYC, Green Bank Network said its members were mobilizing as much as $10 in total investment for every one dollar of public capital invested in clean energy projects.
Amid the rise of green banking looking to meet evolving market needs, the Green Bank Network was established as a membership organization to foster collaboration and knowledge exchange among existing green banks, which aim to work closely with the private sector on clean energy financing.
8 September 2017
The Ash Center for Democratic Governance and Innovation, a leading research center at the John F. Kennedy School of Government at Harvard University, named the Connecticut Green Bank the winner of the 2017 Innovations in American Government Award. The Green Bank, working in collaboration with the Coalition for Green Capital, will use the $100,000 prize (with a $100,000 match from the Green Bank) to launch the Green Bank Academy, which will support the replication of the green bank model.
6 September 2017
The Clean Energy Finance Corporation has backed a $100 million finance program that aims to accelerate the uptake of electric vehicles in Australia. The program, run by Macquarie Leasing, offers a 0.7 per cent discount on finance for electric vehicles, as well as for plug-in hybrid EVs and a range of eligible energy efficient and renewable energy equipment, including rooftop solar and battery storage.
People who choose eligible lower emissions passenger vehicles can also benefit from the program, with a 0.5 per cent finance discount. Investment in equipment to upgrade the energy efficiency of buildings, such as energy efficient lighting, building management systems and better air conditioning, can also access the discounted finance.
18 August 2017
The sale of the UK’s Green Investment Bank, which has led more than £15 billion of investment into UK green infrastructure, has officially been sold to Australia bank Macquarie Group for £2.3 billion.
Two years ago in June 2015, the UK’s Green Investment Bank (GIB) announced that it was moving forward with plans to privatize in an attempt to further the already impressive success of the GIB. Earlier this year, after several months of rumors and reporting, one of Australia’s leading banks, the Macquarie Group, agreed to acquire the GIB for £2.3 billion and committed to the GIB’s established target of driving £3 billion in new green energy investments.
1 August 2017
Australia is on track to have as much as 12GW of solar PV installed by 2020, boosted by an expected 2.3GW of new utility-scale capacity that is expected to be added over the next three years, off the back of increasing cost competitiveness and government initiatives.
According to the report – the latest annual update from the Australian PV Institute (APVI), produced for the International Energy Agency – solar PV now accounts for 11 per cent of Australia’s national electricity generation capacity and 3.3 per cent of total demand.
But these numbers are set to grow, with the large-scale solar market set to boom, after a year where it played second fiddle to smaller-scale solar, installed on the nation’s homes and businesses in record amounts.
24 July 2017
A program overseen by the Connecticut Green Bank has topped the $100 million mark in terms of closed financing for energy efficiency and renewable energy projects that benefit businesses around the state.
The project that pushed the Green Bank’s Commercial Property Assessed Clean Energy, or C-PACE, program over the top was one that will be installed at the Farmington Sports Arena. The Farmington Sports Arena is a 130,000-square-foot, indoor sports facility with four indoor and three outdoor artificial turf fields as well as four natural grass outdoor fields.
The project involves installation two solar photovoltaic systems that will generate 170 kilowatts of electricity between them. The solar power generation systems are being installed by 64 Solar, a Port Chester, New York-based company.
13 July 2017
The Clean Energy Finance Corporation says transport projects need to make a bigger effort to tackle carbon emissions after making a $150 million loan to the $1.9 billion Moorebank freight hub, its first investment in transport infrastructure. “Governments that are commissioning infrastructure projects are increasingly putting pressure on the proponents in these tendering processes to demonstrate their green credentials, “ CEFC chief executive Ian Learmonth told the Australian Financial Review.
29 June 2017
Multifamily energy efficiency initiatives have launched in several U.S. states. In 2016, a program aimed at generating energy savings for multifamily housing units in Connecticut – called Benchmark CT – launched. The program is available for 1,600 buildings and is a partnership between the Connecticut Housing Finance Authority (CHFA), the Connecticut Green Bank (CGB) and WegoWise. The latter provides monitoring and analytics that reduces energy and water use in multifamily homes.
29 June 2017
Cities are exploring how “green banks” can help fulfil their pledges not only under the Paris Agreement but also under the new Sustainable Development Goals (SDGs). What exactly are “green banks”?
As President Donald Trump this spring moved toward a decision to withdraw the United States from the Paris climate agreement, the mayor of the US capital city made her own announcement: She would seek to earmark millions of city dollars to lend to developers and others who want to bolster building efficiency, invest in renewable energy and undertake other ways to reduce carbon emissions.
In so doing, Washington Mayor Muriel Bowser was proposing to create the country’s first city-led “green bank” — a fast-growing strategy for using public money to reduce risk for private-sector investment in sustainable infrastructure and more.
This month, following Trump’s decision, Bowser was among the first mayors to pledge that her city would seek to uphold the Paris goals — an aim that her green-bank idea would help along.
27 June 2017
New York State’s green bank generated profits of $2.7 million (£2.1m) in the last financial year.
This was achieved through investing a total of $291.6 million (£228.8m) in clean energy over the period, which has reduced emissions by up to 6.4 million tonnes, equivalent to removing 70,000 cars from the road for 20 years.
New York State Governor Andrew M. Cuomo says the money generated as a result of revenue exceeding expenditure will be re-invested into future renewable power transactions.
In addition to achieving positive net income and driving decarbonisation, the organisation’s investment portfolio was worth $346.1 million (£271.5m) by the end of March and is expected to leverage investments potentially totalling $1.4 billion (£1.1bn) over the lifetime of the projects.
Governor Cuomo said: “New York is taking aggressive action to reduce our carbon footprint and through the nation’s largest green bank, we continue to invest in smart growth strategies that will help make our communities cleaner, greener and stronger than ever before.
27 June 2017
The Clean Energy Finance Corporation has made its first investment at the start of the supply chain for the clean energy economy with a $20 million contribution to a new lithium-tantalum mining project in Western Australia.
The $US15 million investment is being made as part of a $US100 million secured bond issued by an offshoot of Pilbara Minerals, an ASX-listed company that hopes to extract lithium and supply the market for lithium-ion battery storage products for electricity and electric vehicles.
CEFC chief executive Ian Learmonth says the investment is the first of the kind for the CEFC, and is an example of how the CEFC can support the development of a strong supply chain to further enable Australia’s – and the world’s – transition to a low carbon economy.
“Lithium is an essential part of the clean energy transition, particularly as we develop enhanced battery storage technologies that will allow us to increase the use of renewable energy, both for large- scale and small-scale projects,” he said in a statement.
23 June 2017
A solar panel array at the housing authority’s Westhill Gardens complex is to provide all the energy required for the 199 apartments and office.
The contractor, Siemens, recently installed the photovoltaic panels in an open meadow at the federally subsidized housing cluster off Hartford Road, housing authority modernization coordinator Gary Sweet said. Work is continuing and the project is to be done by August. The panels will save the authority $25,343 annually in energy costs, according to Siemens.
The panels have been installed in a 90- by 120-foot area, enclosed by a fence, north of House Drive and east of Case Drive. The field is on a hill that faces South, so the location is ideal, Sweet said. Eversource and Connecticut Green Bank have been helping the authority on the project, Sweet said.
22 June 2017
Today Sen. Chris Murphy (D-CT) and I put forward a plan to help our nation reclaim its leadership in the 21st-century clean energy economy. Our bill, called the Green Bank Act, will create a National Green Bank to provide financing support to regional, state, and municipal green banks, which in turn fund clean-energy and energy-efficient projects across the United States. It’s a market-driven plan to both fight climate change and create thousands of jobs in communities across the country.
8 June 2017
The Clean Energy Finance Corporation – the green bank former Prime Minister Tony Abbott tried to kill – has dished out more than $1.5 billion in investments and loans this financial year, a record that pushes its total commitments to more than $3.3 billion. New chief executive Ian Learmonth, a former Social Ventures Australia and Macquarie Bank executive, expects to maintain a comparable run rate next year as the CEFC embraces the distributed energy revolution. Mr Learmonth sees the report by Chief Scientist Alan Finkel adding to the momentum behind distributed energy – wind and solar power at the community, industrial and household level, increasingly augmented by batteries and smart software to manage them.
26 May 2017
Investors will be able to lend to residents to install clean energy in their homes, such as solar panels, after a tie-up between peer-to-peer lender RateSetter and the government’s Clean Energy Finance Corporation.
The Clean Energy Finance Corporation has put-up $20 million to be the cornerstone investor in the initiative as it seeks to broaden the base of its funding from businesses to households.
RateSettermatches investors and borrowers through its online marketplace. The appeal of peer-to-peer lenders is that borrowers pay lower rates of interest than they would on bank loans, while lenders stand to earn higher interest than they could get with a bank term deposit.
23 May 2017
The Connecticut Green Bank has been named one of seven finalists in this year’s Innovations in American Government Awards competition. Harvard University’s Ash Center for Democratic Governance and Innovation at the John F. Kennedy School of Government will host the competition in Cambridge where a national selection committee will decide the $100,000 grand prize winner. Established in 2011, the green bank uses public and private funds to scale-up renewable energy deployment and energy efficiency projects across the state. “We created the (the green bank) to accelerate the deployment of clean energy in our state in order to promote energy security and economic growth, create new jobs in the clean energy sector, and address climate change,” Gov. Dannel P. Malloy said.
3 May 2017
The Bank of Tokyo-Mitsubishi UFJ (MUFG) and Australia’s green bank Clean Energy Finance Corporation (CEFC) will jointly provide a 5-year loan against collateral – i.e. non-recourse funding, for Canadian Solar’s 17 MW Longreach plant, and the 30 MW Oakey project in Queensland.
For the projects in question, Canadian Solar had previously secured funding from the Australian Renewable Energy Agency (ARENA) to the amount of AU$3.5 million (US$ 2.7 million), as part of the Agency’s AU$100 million (US$ 75 million) pledge to solar PV projects.
“We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government’s commitment to generating 50% of its electricity needs from affordable clean energy by 2030.
28 April 2017
U.S. nonprofit solar installer GRID Alternatives has marked its expansion into the Connecticut market through a collaboration with the Connecticut Green Bank to install no-cost solar on multifamily affordable housing units across the state. The expansion was announced at a live solar installation Thursday on the 57-unit Fair Street Apartments in Norwalk, Conn. The project, financed by the Connecticut Green Bank, is one of the first of its kind in the state, and will provide over $360,000 in lifetime energy cost savings for affordable housing provider New Neighborhoods Inc.
27 April 2017
New England Hydropower Company, LLC (NEHC) announced today that it has energized the first Archimedes Screw Turbine (AST) generation facility in the United States at the Hanover Pond project in Meriden, Connecticut. The facility, financed with a combination of public and private capital via the first official “Green Bond” issued by the Connecticut Green Bank (Green Bank), is expected to generate 920,000 kWh of electricity annually to Meriden under a long-term agreement with the City.
20 April 2017
UK Climate Change and Industry Minister Nick Hurd MP today announced in a statement that HM Government (HMG) has agreed to sell UK Green Investment Bank plc (GIB) to a Macquarie-led consortium.
HMG subsequently issued a press release announcing the acquisition, followed by an announcement by Macquarie. The response by Lord Smith of Kelvin, independent chair of GIB, is published here.
18 April 2017
Former EPA Administrator Gina McCarthy has been appointed to the board of directors for Connecticut’s Green Bank, a quasi-state agency that uses state funding to encourage private investment in green energy projects.
McCarthy, who also served as head of Connecticut’s Department of Energy and Environmental Protection from 2004-09, was named to the Green Bank board by Gov. Dannel P. Malloy Monday. ‘There is no greater imperative at this time than mobilizing more private investment in clean energy deployment in communities throughout Connecticut and across this country to combat climate change,’ McCarthy said in a statement”…
10 April 2017
Australian green bank Clean Energy Finance Corp. (CEFC) has announced that it is working with the South Australian government to support Australia’s largest grid-scale energy storage project.
CEFC will help develop a financing package to aid the development of the project.
The South Australian government is supporting the construction of the country’s largest battery to store energy from wind and solar resources, as part of its $150 million Renewable Technology Fund” …
15 March 2017
D.C. Mayor Muriel E. Bowser wants to set aside $7 million in city funds next year to lend money to building owners and developers to make improvements that reduce greenhouse gas emissions in the nation’s capital.
The proposal for a “Green Bank” would have D.C. emulate similar but larger efforts underway in Connecticut, New York and several other Democrat-controlled states.
Tommy Wells, Bowser’s director of the Energy and Environment Department, said the fund would allow large building owners and those undertaking renovations to obtain affordable loans to replace aging heating, ventilation and cooling systems — among the largest sources of carbon emissions in the city” …
13 March 2017
The Clean Energy Finance Corporation has signed off on Australia’s largest single large-scale solar financing deal to date, tipping another $70 million into a total of 165MW of big solar capacity in Queensland and Victoria and heralding a new level of investor confidence in the nation’s large-scale renewable energy market.
The three projects, which are being developed by Edify Energy alongside international renewable energy investor Wirsol, include the Whitsunday and Hamilton Solar Farms in Queensland, both 57.5MW, and the Gannawarra Solar Farm in Victoria, at 50MW.” …
2 March 2017
Two local companies were among several businesses and individuals recognized for environmental work by the Connecticut Green Bank Thursday afternoon.
Ross Solar Group, of Danbury, and Defeo Manufacturing were recognized for installing a 64.7-kilowatt-rooftop solar system and replacing the roof at Defeo Manufactuting’s Brookfield facility. The work earned the companies an outstanding project award. It was also the first C-PACE project to close through the Green Bank’s Energy on the Line program” …
2 March 2017
Clean Energy Finance Corporation chair, Jillian Broadbent, says Australia’s energy system can safely accommodate significantly higher levels of renewable energy, as long as this was “planned and coordinated” with the rollout of smart technologies, including demand management and battery storage.
Speaking on the subject of Australia’s Energy Future, at a conference hosted by UTS, ISF and BNEF on Thursday, Broadbent outlined the kind of technological solutions the green bank would be backing to help achieve what the PM likes to call the “energy trifecta” of security, sustainability and affordability” …
14 February 2017
The project received a debt funding arrangement of approximately AU$100 million (US$76.9 million) from Société Générale, with the Clean Energy Finance Corporation (CEFC) taking care of the EPC requirements and O&M costs. In fact, Kidston is the latest project to receive finance under the CEFC’s large-scale solar financing programme. “The CEFC is delighted to be part of the Kidston Solar Project Phase One, with our tailored finance helping accelerate the construction and delivery of the 50MW large-scale solar farm on this unique site,” said CEFC large-scale solar lead Gloria Chan. “Energy storage solutions such as pumped hydro are one of the next steps in our clean energy transition. With the cost of solar generation continuing to decline, we are committed to working with developers such as Genex to finance opportunities that can complement Australia’s growing renewable energy capacity, by adding energy storage and grid stability services” …
10 February 2017
Chris Holmes, head of waste and bioenergy at UK Green Investment Bank, examines what 2017 holds for the EfW industry amid the likely end of local authority-backed projects, the demise of subsidies and increasing competitiveness of contracts for difference, finding the answer may lie in the C&I market campaigns” …
1 February 2017
Regional New South Wales will benefit from a $150 million investment from the Clean Energy Finance Corporation (CEFC), to accelerate the construction of three major solar projects with a total value of $230 million.
The three large-scale solar farms will be built in Dubbo, Parkes and Griffith in regional NSW. They are the first projects to receive debt finance under the CEFC’s large-scale solar financing program and, together, represent the CEFC’s most substantial commitment to large-scale solar to date. The CEFC has committed some $150 million in finance towards the $230 million total cost of the three NSW projects…
25 January 2017
Melbourne-based energy tech startup GreenSync has raised $11.5 million in a Series B funding round led by the federal government’s Clean Energy Finance Corporation (CEFC), Southern Cross Venture Partners (SCVP), and a private fund. To date, the startup has raised a total of $13 million. The round had CEFC, which administers the government’s Clean Energy Innovation Fund, contribute $5 million, with SCVP, backed by the Australian Renewable Energy Agency and Softbank China Capital, also contributing $5 million. GreenSync will use the funds to further develop its energy-tech product suit for the Australian market, expand its technology offerings to overseas markets, scale up operations, and help fund an expansion into Asia…
18 January 2017
Power prices are pushing many cane growers to the edge. With the battle against rising prices and the threat of tariffs striking fear into many, some irrigators are taking long term action to mitigate the impact of costly electricity. Bundaberg cane farmer Dean Cayley has taken his energy use into his own hands. After an energy audit from Bundaberg Sugar Services, he took advantage of finance from the government-owned Clean Energy Finance Corporation and has switched from winch irrigation to lateral irrigation…
16 January 2017
The Green Investment Bank Offshore Wind Fund has surpassed its £1 billion target with its sixth UK asset acquisition, with £1.12 billion worth of assets now currently under management…
2 January 2017
A London council is to start making its streetlights more sustainable. Barking and Dagenham Borough Council is to receive a £6.8 million green loan from the Green Investment Bank (GIB). It will finance the replacement of around 14,790 traditional streetlights with efficient LED models and could eventually save the council up to £21 million…
25 December 2016
The state-sponsored New York Green Bank is lending $25 million to an Albany-area manufacturer to expand fuel cell use at distribution centers for clients such as Wal-Mart and Home Depot…The Authority says the loan to Latham-based Plug Power will support the deployment of 1,300 fuel cell systems to distribution centers over the next three years. Under the agreement, Plug Power is to create up to 100 new jobs in New York.
22 December 2016
Australia’s Clean Energy Innovation Fund is to invest in a Geelong-based company that has developed world-leading technology to tackle one of the most difficult to address sources of carbon emissions – light vehicles. Carbon Revolution produces the world’s only mass produced one-piece carbon fibre car wheel… Drawing on finance from the Clean Energy Finance Corporation (CEFC), the Innovation Fund will commit $10 million to Carbon Revolution’s $50 million capital raising. The capital raising will support the company as its expands its output from under 6,000 wheels a year to more than 100,000 annually by 2021.
22 December 2016
A $3.6 billion private foundation said it has invested $3 million in the Connecticut Green Bank. The money from the Kresge Foundation, based in Michigan, will support the quasi-public agency’s solar and energy storage programs targeting affordable housing and other communities, the foundation said. The Green Bank has ramped up efforts meant to spur solar adoption by low-income homeowners. In 2015, it launched its “Solar For All” program, a public-private partnership with installer and financier Posigen.
16 December 2016
The school system is making the move to solar energy as part of its ongoing initiative for energy conservation, and in keeping with the city’s direction. James Richetelli Jr., chief operations officer for the district, said solar will be part of a three-way partnership between the Board of Education, the city and Davis Hill Development LLC of New York. The Board of Education soon will request the Board of Aldermen approve the lease of school roofs; solar company DHD will install the panels and CT Green Bank will sell the electricity to the schools at a savings.
16 December 2016
The UK Green Investment Bank (GIB) has committed £35m of debt finance to a new £180m energy-from-waste plant near Flintshire in North Wales. GIB joins a lending club that includes Mitsubishi UFJ Financial Group, Siemens Bank and Natixis, with Barclays providing an equity bridge loan. The 18.8MW Parc Adfer facility is located at the Deeside industrial park and is expected to treat up to 200,000 tonnes of waste every year.
14 December 2016
Queensland’s largest solar power plant to date, the 25MW Barcaldine Regional Community Solar Farm, has begun generating and feeding electricity into the grid – just months after construction started on the project in July, and two months ahead of schedule. The $70 million, 90 hectare solar farm…received $22.8 million in funding from the Australian Renewable Energy Agency. The project, developed by Elecnor Australia, was also a recipient of $20 million in debt finance from the Clean Energy Finance Corporation (CEFC).
12 December 2016
Bryan Garcia, president of the Connecticut Green Bank, said he knew five years ago when it was created that it would be an important model for funding clean energy projects. He didn’t know it might become critical for funding them. In the face of a Donald Trump presidency that dismisses climate change and threatens to ignore its solutions, the future of clean energy may rely heavily on new approaches like the ones pioneered by the Connecticut Green Bank, the first-ever statewide one.
8 December 2016
The Connecticut Green Bank is marking five years of exceptional progress toward its goal of reducing the energy burden on households and businesses by mobilizing private investment into the state’s clean energy economy. Formed in 2011 by Governor Dannel Malloy and the General Assembly, the Connecticut Green Bank was the first of its kind in the United States. Today, it is not only considered the standard-bearer of the green bank movement but is also serving as the template for a recent national green bank proposal in Congress.
8 December 2016
Just months after Victoria’s state Labor government became the first government in Australia to issue its own green bonds, Victoria’s Monash University has become the first university in the world to issue a certified climate bond, raising more than $218 million to fund sustainable development in the tertiary education sector…The Clean Energy Finance Corporation, which revealed on Thursday it had made a $20 million cornerstone investment in the bond, said it created an important new asset class for the financing of clean energy projects in the university sector, and confirmed Monash University’s leadership role in this area.
25 November 2016
Southington is now home to Connecticut’s first food waste-to-renewable-energy facility, bringing cutting edge technology and a new spin on recycling. Quantum Biopower, located at the site of the former town landfill at 49 DePaolo Dr., celebrated the completion of Connecticut’s first…
16 November 2016
Banque Centrale Populaire (BCP) today launched a €100m green bond at COP 22 in Marrakesh, the proceeds of which will be used to refinance its investments in selected renewable energy projects in Morocco.
15 November 2016
The UK’s Green Investment Bank (GIB) has launched a methodology to quantify on the environmental benefits of a given infrastructure asset or portfolio. The bank believes its Green Impact Report could be sold to investors looking to rate the green credentials of an investment….
14 November 2016
New South Wales, Western Australia, South Australia, Victoria and the Australian Capital Territory have the most supportive policies for the deployment of energy from waste and bioenergy projects, the Clean Energy Finance Corporation has found. CEFC Bioenergy Sector lead Henry Anning, who is addressing the…
14 November 2016
MARRAKECH – Leaders in global green investment today released a policy working paper, Green & Resilience Banks: How the Green Investment Bank Model Can Play a Role in Scaling Up Climate Finance in Emerging Markets, at an official side event of the 22nd Conference of the Parties (COP22) to the United Nations Framework Convention on Climate Change in Marrakech, Morocco…
13 November 2016
Dozens of destinations have taken up solar PV in recent years, such as Lady Elliot Island Eco Resort in Queensland, which promotes its solar as part of an effort to save the Great Barrier Reef that guests are coming to visit, or the 1.8MW of solar panels installed at Ayers Rock Resort (with assistance of financing from the Clean Energy Finance Corporation) in a bid to capitalise on the desert heat…
9 November 2016
YAB Dato’ Sri Mohd Najib bin Tun Abdul Razak, Prime Minister and Minister of Finance, during the Budget 2016 speech on 23 October 2015, had announced the extension of the implementation period of the Green Technology Financing Scheme (GTFS) until 31 December 2017.
1 November 2016
A $600 million specialised renewable energy fund targeting brownfield and late-stage wind and solar project development in Australia’s renewable energy market has been launched by Palisade Investments. Palisade’s fund, or PREF, was established in partnership with the Clean Energy Finance Corporation…
1 November 2016
NY Green Bank today announced the closing of an equipment financing transaction with the Northport-East Northport Union Free School District (the District) in the Town of Huntington as part of an approximately $12.9 million energy efficiency project expected to reduce the district’s energy costs by more than $1 million annually…
1 November 2016
The Ashford Clean Energy Task Force, Ashford Business Association, Ashford Agricultural Commission and the Babcock Library sponsored an informational expo on how to incorporate clean and cost efficient energy into farms, businesses, and homes…
31 October 2016
The federal government is supporting a clean energy public-private partnership which makes renewable energy more readily available to those who need it most. PosiGen is proud to announce that its solar partner, Connecticut Green Bank…
31 October 2016
The Clean Energy Finance Corporation Annual Report for 2015-16 has been tabled in the Australian Senate, fulfilling an important part of the CEFC’s transparency, information sharing and regulatory obligations. The online version of the report is available here. The CEFC committed a record $837 million in new investment in 2015-16, a 73 per cent increase on the previous year, supporting projects with a total value of $2.5 billion…
28 October 2016
The Green Finance Organisation (Japan) is pleased to announce its decision to invest 390 million yen in woody biomass gasification and power generation project developed by Koyo Electric Co., Ltd. This is the collaboration between Koyo Electric Co., Ltd. and local businesses in Kushima-city, Miyazaki Prefecture for small-scale combined heat and power (< 2,000 kW power generation), making practical use of unused biomass resources, principally thinned woods, left in the forest areas.
26 October 2016
TOKYO – The Green Bank Network announced that in its first two years, the Network’s six founding members have closed transactions expected to mobilize over US$ 22 billion for clean energy projects around the globe, putting them on pace to exceed their collective goal of US$ 40 billion over five years announced in 2014. Green Bank Network members are mobilizing as much as 8 dollars in total investment for every one dollar of public capital invested in clean energy projects…
24 October 2016
Connecticut is getting a $160,000 federal grant for a three-year effort to increase the number of low- and moderate-income people able to take advantage of the state’s solar-power programs. The U.S. Department of Energy grant is going to Connecticut’s Green Bank, the state’s clean-energy financing arm that was created to help residents and businesses switch to solar and other renewable energy sources. The funding is part of a $1.73 million federal allocation for the “SunShot” program in Connecticut, four other states and the District of Columbia. The program is aimed at making solar power more available to lower income families…
24 October 2016
The UK Green Investment Bank has loaned £10.2m to Kent County Council to support its £40m programme to replace streetlights with energy efficient LED lights. Kent is to replace 120,000 streetlights by mid-2019, and expects a saving of £5m a year through lower energy costs, as the LED lights will cut its electricity demand by 60%. The programme is expected to avoid some 223,000 tonnes of greenhouse gas emissions during the lights’ lifetimes…
21 October 2016
…Community wind or solar farm requires no upfront payment from the customers and collects a fixed monthly rate from the users…UnitedWind has successfully secured up to $4.0 million in revolving construction loans from NY Green Bank and US Bank to install over 160 distributed wind energy projects to serve customers in central and western New York. This transaction helped UnitedWind to break the financing barriers and scale up services rapidly…
7 October 2016
The UK Green Investment Bank has committed £28 million in debt financing to help fund a £142 million energy-from-waste project being developed near Edinburgh, Scotland. Announced on Thursday, the UK GIB committed to £28 million in debt financing to fund the energy-from-waste (EfW) plant set to be developed by Spanish environmental services company FCC Medio Ambiente SA. The Zero Waste: Edinburgh and Midlothian is a joint project between the City of Edinburgh Council and Midlothian Council, and upon completion is expected to process up to 155,000 tonnes of non-recyclable waste per year, with a capacity of 14.1 MW, enough to generate 94,000 MWh of electricity annually…
6 October 2016
The financial system will need to be adjusted to make this change, the report finds. Subsidies to fossil fuels, currently totaling about $550bn a year, will need to be eliminated; better planning of projects will be required; and tools such as green bonds and green investment banking will need to be deployed…
26 September 2016
The fossil fuel divestment movement argues that where we invest our money either helps move toward a cleaner future or props up polluting industries that are driving climate change. Now government agencies are taking that idea to the next level by…
20 September 2016
Resident Nick Roman said he’s been saving $100 per month on his electricity bill since having 33 solar panels installed on his roof in May 2015, along with an energy audit to make his Mansfield Road home more efficient…Roman was referring to the solar panel lease and energy-efficiency programs offered through a partnership of PosiGen, which installs and leases the panels and helps arrange the energy audits, and the Connecticut Green Bank…
5 September 2016
…China will have to develop a wide range of new financial instruments, including green credit, green development funds, green bonds, green equity index products, green insurance, and carbon finance. It must also introduce a host of specific policies, regulations, and incentives, including innovative use of the central bank’s relending operations, interest subsidies, and guarantees. And it must establish a national-level Green Development Fund, much like the United Kingdom’s Green Investment Bank…
3 September 2016
As part of its continuing target of pursuing green growth for sustainability and resilience in accordance with the 11th Malaysia Plan and Budget 2016, the Government of Malaysia has increased the financing limit of the Green Technology Financing Scheme (GTFS) for green technology producers from RM50 million to RM100 million…
2 September 2016
Artesian Venture Partners and the Australian government’s Clean Energy Finance Corporation (CEFC) today launched a AUD-20-million (USD 14.9m/EUR 13.6m) clean energy seed fund. The vehicle, the first of its kind in Australia’s clean energy sector, includes a AUD-10-million cornerstone investment from the new AUD-1-billion Clean Energy Innovation Fund…
31 August 2016
India’s headlong rush to boost renewable energy in keeping with the spirit of the Paris climate summit has been tempered with the difficulties project developers are facing to secure inexpensive finance, which can be best solved by establishing a green bank to strengthen the rapidly expanding clean energy market, a recent report has recommended…
19 August 2016
The International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2016), which aims to leverage on Asean’s regional fuel-mix target of 23% renewable energy use by 2020, has attracted positive response from global green corporations. … The exhibition and conference is organized by the Energy, Green Technology and Water Ministry with Malaysia Green Technology Corp as the co-organiser…
18 August 2016
A British farm is set to generate on-site power from agricultural feedstock after receiving over £13 million ($17 million) in funding from the UK’s Green Investment Bank. An anaerobic digestion plant will process locally-sourced poultry litter, straw and other feedstock to fuel a 2.2 MW combined heat and power (CHP) plant on Stud Farm in Rufford, Nottinghamshire…
17 August 2016
Green projects worth RM 2.79 billion were approved under the Green Technology Financing Scheme (GTFS) as of July this year. The GTFS is a special financing scheme set up in 2010 to support the development of green technology in Malaysia…
16 August 2016
As the exclusive online partner to the Connecticut Green Bank, EnergySage and its full set of resources are now available to Connecticut residents in search of comprehensive solar information via GoSolarCT.com. The newly launched site allows homeowners in Connecticut (US) research and comparison-shop for solar online, while helping local solar installers grow their business…
12 August 2016
The School Sisters of Notre Dame are going solar. “We don’t have enough space to generate all the electricity we need, but we’ll be able to reduce our electric bill,” said Alice Pisani, administrator of campus operations at the large complex on Belden Hill Road…
11 August 2016
Rep. Chris Van Hollen has introduced a bill that would create a federal green bank to provide loans and loan guarantees to help regional, state and local green banks finance clean energy and energy efficiency projects…
8 August 2016
NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), has closed a $37.5 million loan to residential solar developer Vivint Solar. The bank says the loan will result in approximately $167 million in new investment in New York’s growing clean energy economy and will help provide financing for thousands of new solar projects at homes across the state…
7 August 2016
Councillor Arron Wood can understand why more businesses don’t put solar panels on their roof. It’s not because they don’t want to save money. And it’s not because they don’t want to do the right thing…
27 July 2016
The Meriden Enterprise Center has completed a comprehensive two-part, multi-year energy efficiency project with the unveiling of a new rooftop solar array. The 215 kW solar photovoltaic installation will produce over 250,000 kWh of energy annually. The completion of the solar energy project is the final piece of an energy efficiency program financed using the Connecticut Green Bank’s C-PACE program (Commercial Property Assessed Clean Energy)…
26 July 2016
The Clean Energy Finance Corporation (CEFC) committed $837 million to new investments in the Australian clean energy sector in the 2015–16 financial year, contributing to projects with a total value of $2.5 billion. As noted by the corporation’s CEO, Oliver Yates, this equates to more funds invested in a greater number and more diverse range of investments than in any other year…
27 June 2016
Sunrun Inc., the third-biggest U.S. residential solar company, increased the size of its revolving credit facility to $245 million from $205 million. The facility will support the construction of rooftop solar projects in the U.S., and New York in particular…
2 June 2016
A Southington company has received a $2 million loan from the Connecticut Green Bank to build a $12 million food-waste-to-energy-plant. When complete, the $12 million project will produce up to 1.1 megawatts of electricity, or enough to power up to 800 homes…
26 May 2016
Westpac said on Thursday the issuance had been certified by the Climate Bonds Initiative, and had already elicited a strong response from investors, including the Clean Energy Finance Corporation, which has committed $90 million as a cornerstone investor…
26 May 2016
The Clean Energy Finance Corporation has teamed up with Westpac to offer low-cost finance to support local investment in solar, energy-efficient tech and low-emissions vehicles…
12 May 2016
Gov. Andrew M. Cuomo, D-N.Y., has announced the closing of four new NY Green Bank transactions, which are expected to generate up to $220 million in clean energy projects, including more than 6,200 residential rooftop solar installations across the state. NY Green Bank investments will also result in up to eight large, ground-mounted solar installations for commercial and industrial users, as well as 400 residential energy efficiency projects…