CONNstruction - Summer 2014 - (Page 15)

feature CEFIA: Banking On Energy What is the Clean Energy Finance & Investment Authority? The Clean Energy Finance and Investment Authority (CEFIA) is a quasi-public agency. It was established by the Connecticut General Assembly on July 1, 2011 as a part of an energy bill that launched Connecticut's new comprehensive energy strategy (Public Act 11-80). CEFIA's name is officially changing to "Connecticut Green Bank" later this year. CEFIA's mission is to support the Governor's and Legislature's energy strategy to achieve cheaper, cleaner, and more reliable sources of energy while creating jobs and supporting local economic development. What is a "green bank"? A "green bank" is an entity that uses limited taxpayer and/or ratepayer funds to attract and deploy private capital to finance clean energy deployment. The focus of a green bank is to work alongside the private sector to deploy more clean energy faster while maximizing the value of funding provided by ratepayers and/or taxpayers. Questions & Answers with David R. Goldberg, Director, Government and External Relations, Clean Energy Finance and Investment Authority In FY 2013, CEFIA attracted $180 million of private investment in clean energy in Connecticut using $40 million of taxpayer and ratepayer resources - $20 million of which will be returned back to CEFIA because it was in the form of loans, not grants or rebates. This achieved a 9:1 leverage ratio and deploying nearly 30 MW of new clean renewable energy in Connecticut. Deploying over $200 million in the clean energy economy in Connecticut has dramatic social and environmental impacts - more jobs and less-emissions. This is the "green bank" model at work of more clean energy deployment, at a faster pace, and under budget! These results will create more than 1,200  jobs in a year and reduced over 250,000 tons of CO2 emissions over the life of these projects! What are the goals that you have established for the organization? CEFIA is guided by the policy objectives and priorities established by the Governor and the Connecticut General Assembly (CGA). We have established three goals to support these efforts: * Attract and deploy capital to finance CT's clean energy goals; * Develop and implement strategies to bring down the cost of clean energy in order to make it more accessible and affordable to consumers; and * Reduce reliance on grants, rebates, and other subsidies and move toward innovative low-cost financing of clean energy deployment. What has been the response/feedback from private financial institutions including local and state banks? We have partnered with more than a dozen local, regional, and national banks and other financial institutions involved in our products and programs, which has attracted community, state and regional banks as well as credit unions to finance residential projects, or through our Commercial Property Assessed Clean Energy (C-PACE) program. Working together, we are supporting clean energy through lower interest rates and CONNstruction / SUMMER 2014 / 15

Table of Contents for the Digital Edition of CONNstruction - Summer 2014

Standardizing OQ
Measuring Mud on Construction Sites
2014 General Assembly Concludes
Transition to Natural Gas Holds Promise of Construction Jobs
CEFIA: Banking on Energy
The Public Policy Behind Energy in Connecticut
Call Before You Dig
The 2014 AGC/CT Build CT Awards and 67th Annual Meeting
The Second Annual Construction Industry Joint Forces Luncheon
Travelers Congratulates CCIA for 15 Years of Insurance Excellence
Agc of Connecticut Honored Nationally
CCIA | AGC of CT Young Contractors Forum - Membership Meeting
Index to Advertisers /

CONNstruction - Summer 2014