By: greenbank On: January 01, 2018 In: Comments: 0

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

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

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