Through its open request for proposals for Green Bank Capital Solutions, the Connecticut Green Bank plans to further catalyze the green energy economy in Connecticut by providing access by project developers and others to capital. Projects financed through the request for proposals would either not happen or be realized at a much slower pace or with less impact without the Green Bank’s participation.
“The Open RFP for Green Bank Capital Solutions will support a variety of developers and capital providers – from emerging developers of commercially established technologies to well-established manufacturers of emerging technologies and lenders and investors of all types,” said Bert Hunter, Chief Investment Officer for the Green Bank. “We’ve seen other green banks, specifically the New York Green Bank and Australia’s Clean Energy Finance Corporation, successfully use similar open and ongoing solicitations to bring in project proposals. We believe this approach in Connecticut will also produce much needed investment in our state, jobs and clean energy impact.”
Who is eligible?
The request for proposals is open to technologies that have already proven to be commercially viable or have demonstrated clear potential for commercial viability through well-documented feasibility studies or pilot programs with clear evidence of a viable business model and path to sustainable impact.
All proposals must support Connecticut’s goals for clean energy deployment and energy efficiency, reduction of greenhouse gases, improved public health outcomes, job creation and economic development.
True to the green bank model, this open request for proposals will allow the Green Bank to leverage public dollars to bring in multiples of private investment and potentially other investment partners.
It is important to note that the Open RFP is not intended to be a venture capital program nor will it seek to assume risks that do not align with the Green Bank’s mission. At its core, the Green Bank is a special purpose financial institution, with a responsibility to be good stewards of funds committed to it by statute to promote the clean energy and resiliency goals of the state.
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