Green Bond Fact Sheet
Connecticut Green Bank
Issue date: 09-04-2019

Maturity date: 09-04-2034

Tenor: 15

Date: 23/05/2019

Issuer Name

Connecticut Green Bank

Amount Issued

USD38mCountry of risk

USA

CBI Database

Included

Issuer Type1

Financial corporate

Bond TypeABS

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Climate Bonds Standard Version 2.1
Sector Criteria for Solar

Assurance report

Pre Issuance Verification
LetterCertification Verifier

Sustainalytics

Green bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation & resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Firsts, records andcertifications
Proceeds description

Connecticut Green Bank has commissioned ex-ante impact reporting (a “Climate Impact Assessment”)
from the Climate Action Reserve to better understand the effect of the project. The assessment reportconcluded that the SHREC systems will result in reducing approximately 749 494 tonnes carbon
dioxide equivalents (tCO2e) of greenhouse gases. Based on the full value of the offering (USD38.6M),
this represents a GHG reduction intensity of 19.4 tCO2e per USD1k invested. The issuer has not madeany explicit commitment to provide any post-issuance reporting.
The Connecticut Green Bank is the first green bank in the US. Established by the Connecticut General
Assembly in 2011, the Bank supports the Governor’s and Legislature’s energy strategy to achievecleaner, cheaper and more reliable sources of energy while creating jobs and supporting local
economic development. Since its inception, Connecticut Green Bank and its private investment
partners have deployed over USD1bn for clean energy projects across the state.
The first rated issuance for the Connecticut Green Bank and the first ever solar ABS transaction by agreen bank; Certified against the Climate Bonds Standard Version 2.1 Sector Criteria for Solar
This issuance monetizes the solar home renewable energy credits (SHRECs) generated through theResidential Solar Investment Program (RSIP). The Connecticut Green Bank will use the proceeds tofinance the deployment of incentives and the administration of the RSIP.
Under the program, utility companies enter into 15-year contracts with the Bank to purchase theSHRECs generated by solar PV systems that receive the state’s RSIP incentive. Utilities purchase eachnew tranche of SHRECs for the 15-year delivery term of each tranche at a fixed price. When aresidential solar PV system is installed, contractors or owners apply for the RSIP incentive via the Bank.
Eligible systems will be granted the incentives and the Bank will in turn receive title to theenvironmental attributes of the solar project.
This will allow the Bank and the Utilities to accomplish their legislative goals (300MW of residential
solar deployment by 2022 for the Bank, and the Utilities complying with the Connecticut’s renewable
portfolio standard target or RPST). Only residential solar PV systems with incentives from the GreenBank approved after January 1st 2015 are eligible.

Climate Bonds view
Underwriters
Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign