Financial institutions partner for commercial clean energy financing
Two financial institutions have teamed to increase the deployment of energy efficiency, solar and other clean energy projects throughout the Connecticut commercial and industrial sector.
The Connecticut Green Bank ("Green Bank") and Hannon Armstrong will provide access to up to $100 million in funding for green energy projects for commercial and industrial buildings and businesses, according to a press release. The agreement supports the Green Bank's successful C-PACE (Commercial Property Assessed Clean Energy) program.
The innovative financing structure allows the Green Bank to effectively leverage private capital, while providing Hannon Armstrong with the ability to access a high quality, rapidly growing class of assets.
The agreement between the Green Bank and Hannon Armstrong will streamline the process building owners currently undergo to source competitive financing for comprehensive energy projects, the release said. Hannon Armstrong brings its expertise in programmatic financing and risk assessment, as well as predictability in execution, while the improved access to financing will enable Connecticut businesses to achieve even more meaningful energy savings with zero upfront costs.