The Connecticut Green Bank is pleased to announce that Milford Holdings LLC has recently closed on C-PACE financing for a 1.1-megawatt solar project at their property at 80 Wampus Lane in Milford. The tenants on-site include both industrial and manufacturing operations. The total gross installed costs are approximately $2.2 million and the estimated energy revenue for the ownership over the next 20 years will surpass $4 million. The project participated in Connecticut's Non-residential Renewable Energy Solutions (NRES) program, through which the utility company will buy the produced electricity from the property owner.
"I'm pleased with our decision to utilize the C-PACE program to finance our Solar project at 80 Wampus Lane. The process was straightforward across the multiple partners involved. Additionally, the Green Bank worked efficiently to close C-PACE financing allowing us to begin saving energy," said Ahron Rosengarten, the project manager working for the property ownership. "We want to give a big thanks Jodi French of KPT Renewables for being an indispensable resource to get this transaction closed and giving us expert guidance on every step of the process. Thanks to Evergreen Energy for developing the project, managing the NRES submission process as well as coordinating the installation."
The system will generate approximately 1.1 million kWh annually which equals a carbon reduction of 785 metric tons, or the carbon offset of 1,025 acres of forest.
"I enjoyed the role of coordinating the efforts of multiple project partners in order to facilitate the critical element of successful project financing," said Jodi French of KPT Renewables.
"It was a wonderful opportunity to develop and install this solar facility for Milford Holdings and take part in the NRES program," said Jacob Sussman, Chief Operating Officer of Evergreen Energy. "We are extremely satisfied working with the Green Bank and appreciate Jodi's guidance through the process."
In Connecticut, the Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 400 closed projects for more than $300 million in total investment. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, including energy efficiency improvements, renewable energy sources, and projects to increase resilience.
"Commercial property owners' interest in adding large solar systems to their roofs continues to remain strong in Connecticut," said Mackey Dykes, Vice President of Financing Programs at the Green Bank. "C-PACE was designed to allow these projects to make financial sense in addition to the positive environmental impact."
For more information about C-PACE, please visit ctgreenbank.com/cpace.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation's first state-level green bank and has since supported the creation of nearly 30,000 green jobs in the state, while reducing the energy cost burden on over 71,000 families, businesses, and nonprofits. The Green Bank's vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut's green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and Innovation for their "Sparking the Green Bank Movement" entry. In 2021, the Green Bank's model was expanded to include new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. To date, the Green Bank has mobilized nearly $3 billion into the State's green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
