Bryan Garcia - National Governors Association

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National Governors Association
Policy Academy on Economic Development in the
Clean Energy Sector
December 10, 2013
Connecticut Clean Energy Finance and Investment Authority
Connecticut
Clean Energy Innovation
Daniel Halladay: Wind Turbine
Albert Pope: Electric Vehicle
Bernard Baker: Fuel Cell
Owned the Halladay Windmill Company
in Coventry, CT
Owned the Pope Manufacturing Co. in
Hartford, CT
Founder, president and CEO of
ERC in Danbury, CT
Built and manufactured the first
commercially successful self governing
new windmill in the U.S. in 1854
Built first 500 electric vehicles under the
Columbia Automobile Co. in 1897. A
young Henry Ford visited his plant.
Builds molten carbonate fuel cells
for low emission, baseload,
distributed generation applications
Relocated to Batavia, Illinois because
of delays in production and shipping as
a result of the Civil War.
Was bought out by the Electric Vehicle
Co. and went under in 1899
POSCO Power extends contract to
140 MW order from Fuel Cell
Energy
2
Connecticut’s “Green Bank”
Vision for Clean Energy at Scale
…transitioning programs away from
government-funded grants, rebates, and other
subsidies, and towards deploying private capital
…CEFIA was established in 2011 to develop
programs that will leverage private sector capital
to create long-term, sustainable financing for
energy efficiency and clean energy to support
residential, commercial, and industrial sector
implementation of energy efficiency and clean
energy measures.
3
Connecticut’s “Green Bank”
Strategic Mission and Goals
Support the Governor’s and legislature’s energy
strategy to achieve cleaner, cheaper and more
reliable sources of energy while creating jobs and
supporting local economic development
Attract and deploy capital to finance the clean
energy goals for Connecticut
Develop and implement strategies that bring down
the cost of clean energy in order to make it more
accessible and affordable to consumers
Reduce reliance on grants, rebates and other
subsidies and move towards innovative low-cost
financing of clean energy deployment
4
Connecticut’s “Green Bank”
Financial Tools
Grants
Interest rate buy downs
Equity
Loans
Connecticut “Green Bank”
Third party insurance
Subordinated debt
Loan loss reserves
Energy savings performance contracts
Commercial Property Assessed Clean Energy
On bill repayment
5
CT Solar Lease
Public-Private Partnership
6
Commercial Property Assessed
Clean Energy
▪ An innovative financing structure that enables commercial, industrial, and multi‐family property owners to access financing for qualified energy upgrades and repay through a benefit assessment on their property tax. Private capital provides 100% upfront, low‐cost, long‐term funding
Repayment through property taxes
A senior PACE lien is put on the property and stays regardless of ownership
In C‐PACE, commercial property owners pay back their loans using the savings created by the energy projects. As a requirement of the program, the energy savings must exceed the cost of the loan payments, creating positive cash flow.
“That is what drives repayment of loans. How can that not be good?” Tom Mongellow of the Connecticut Bankers Association
CT Banks Move into Green Financing
Hartford Business Journal
November 25, 2013
7
290 Pratt Street (Meriden)
Commercial and Industrial Energy Efficiency
Project
▪ $1,790,000 in energy efficiency measures (after $56k in utility
incentives) ranging from the installation of programmable
thermostats to new windows and more efficient air conditioning
Financing
▪ Save owners $156k per year versus $148k in annual C-PACE
assessment. Net savings of $8K.
Impact
▪ 140M kBTUs saved
over life of project –
over 40%
Hartford
West Hartford
Bridgeport
Norwalk
Simsbury
Stamford
Stratford
Southbury
Dominion Bridgeport Fuel Cell Park
% of Project Financed
($69 million project)
CCEF Grant
2%
160
140
120
CEFIA Loan
9%
Interconnect Construction, 10.4
Replacement Manufacturing, 12.5
100
80
60
FCE + Dominion Resources
89%
40
20
0
Private Capital Investment
Initial Manufacturing, 93.8
Service + Operation, 4.75
Construction + Installation, 13.5
Jobs Created
9
Connecticut’s “Green Bank” in FY 2013
Doing More, Faster and with Less
$180
1,200↑
$220 ($40) 250,000↓
$20
10
State and Local Energy Efficiency
Action Network
 Network of 200+ leaders and
professionals, led by state and local
policymakers, bringing energy
efficiency to scale
 Support on energy efficiency policy
and program decision making for:
o Utility regulators, utilities and consumer advocates
o Legislators, governors, mayors, county officials
o Air and energy office directors, and others
 Facilitated by DOE and EPA;
successor to the National Action Plan
for Energy Efficiency
The SEE Action Network is active in the largest areas of challenge and opportunity to advance energy efficiency
11
Thank You!
Bryan Garcia
President and CEO
845 Brook Street
Rocky Hill, CT 06067
www.ctcleanenergy.com
[email protected]
(860) 257-2170
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