The Connecticut Green Bank is issuing a “Green Bond” on FINRA regulated funding portal Raise Green.
The securities offering is being pursued using the Reg CF securities exemption. The debt offering is seeking up to $250,000 with a 1.00% Annual Interest Rate. Investors must commit a minimum of $100 to participate in the bond offering and as of this writing, $75,600 has been raised.
Franz Hochstrasser CEO and co-founder of Raise Green, explained that millions of people are alarmed by the climate crisis and taking direct action can be as simple as investing a few hundred dollars:
“With Raise Green, we make it easy to invest in climate solutions so everyone can take direct action on the climate crisis and help make real climate projects happen.”
The offering is being completed via the bank’s subsidiary CGB Green Liberty Notes LLC. The program is designed to allow citizens to invest in the Green Bank’s mission to confront climate change. The Green Liberty offering will support Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan.
The bank states that the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.
Bryan Garcia, President and CEO of the Green Bank, said “climate change is an existential threat.”
“… massive amounts of capital investment are needed to help combat its effects. To grow our impact, we need investment support from everyday people – from families in Connecticut to citizens across the country.”
The SBEA program allows small businesses to reduce their energy costs by making energy efficiency upgrades at their physical locations using zero-interest loans.
In 2019, the Green Bank reports that it closed on a financing structure that brought cheaper capital from the market to the program, thereby reducing the ratepayers’ subsidy, by lowering the cost of the capital in the program through a public-private partnership between the Green Bank and Amalgamated Bank.
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The bank states that since its founding it has since supported the creation of more than 23,000 green energy jobs in the state.
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