Clean Energy Finance and Investment Authority Clean Energy Incentive Programs. CBIA Environment & Energy Conference. June 19, 2013

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1 Clean Energy Finance and Investment Authority Clean Energy Incentive Programs CBIA Environment & Energy Conference June 19, 2013

2 Agenda What is CEFIA Examples of Program and Project Investment Opportunities Smart-E Loan Solar Lease C-PACE Strategic Project - Bridgeport Fuel Cell Energy Park

3 The Old Clean Energy Fund Model Limited Financing Tools Grants Loans Grants and Incentives Equity

4 CEFIA the First Green Bank All Purpose Financing Tools Grants Public-Private Partnerships Loans Tax Equity Funds Financing energy efficiency projects Finance and Investments Credit enhancements Securitization Bonding Community Development Financial Institution Energy consumption data Energy savings performance contracts Commercial and Industrial PACE (C-PACE)

5 Smart-E Loan Overview Comprehensive list of eligible measures and eligible contractors Robust QA/QC Process Affordable Private Capital More Energy Savings Any measure (or combination) that qualifies for CEFIA, utility or CEEF incentive or rebate qualifies Any contractor already qualified by CEFIA, utilities, CEEF, CHIF or BPI is eligible 20% of total amount financed can be used for related, nonenergy measures like asbestos remediation or roof repair Projects must pass technical check before lender closes loan All large projects inspected onsite before lender remits final (2/3) payment to contractor Smaller projects randomly inspected Not to exceed rates: 5-yr 4.49% 7-yr 4.99% 10-yr 5.99% 12-yr 6.99% No prepayment penalty Loans of $3,000-$25,000+ 5

6 Solar Lease 1.0 versus 2.0 CT Solar Lease 1.0 Award-Winning $44.3M Total Hard Costs $7.07/Watt Installed Cost 6.3MW Solar PV Installed 855 Leases Residential Solar PV only 1 : 1 Private $ : Ratepayer Investment Fees / Investment "lost" CT Solar Lease 2.0 ~$65M Total Hard Costs $4.21/Watt Installed Cost 14.1 MW PV and 5K MMBTU SHW ~2,000 Leases (& PPAs) Residential + muni/school/nfp + "A" commercial -- PV & SHW >5 : 1 Private $ : Ratepayer Investment Fees / Investment returned to CEFIA (Ratepayers) Subsidy out: $22.6M back: $0 Subsidy Subsidy out: $16.5M ~$15-$16M Subsidy back: 6

7 Solar Lease 2.0 Proposed Structure Upon completion and approval of a PV System, the PV System flows through the Developer and into the fund instantaneously. *Equity contribution of $11 million includes $3.5 million in ARRA Reserve funds. CEFIA CT Innovations **Pursuant to its statutory authority, CEFIA may only establish a subsidiary with another entity. As such, CT Innovations has agreed to take a small non-active participation role in CEFIA Holdings. Please note that CEFIA is the sole managing member of CEFIA Holdings. Sub-debt $2.3 mm 90% 10%** CEFIA Holdings (Developer) Blocker (Taxable) (Managing Member) Sell PV Systems Buy PV Systems First Niagara Bank (Lead) Liberty Bank Webster Bank People s United Bank (Debt) Debt $26 mm Equity $11 mm* CT Solar Lease 2 LLC AFC First (Servicer) Tax Equity $24 mm US Bancorp (Tax Equity) Installers PV Systems Installation Services

8 C-PACE Overview Commercial Property Assessed Clean Energy 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 sources of capital provide 100% upfront, low-cost & longterm funding for qualified energy upgrades Allows repayment through property tax assessment over 20 years A senior PACE lien is put on the property and stays with the property regardless of change in ownership. 8

9 C-PACE Benefits Project Capital Providers Property Owners Existing Mortgage Lenders Municipalities Provides low risk investment opportunity: Senior lien Association with secure payment stream (taxes) Legal and technical structure administered by CEFIA Gives access to low cost, long term financing to improve building energy use Automatically transfers in the event of a sale Improves attractiveness and comfort of property Lowers operating costs for building SIR must be >1 to qualify Non-accelerated obligation Creates a more attractive building for occupants Reduces energy costs for businesses Reduces pollution Creates economic development opportunity, including job creation Potential CRA credit Solves split incentive problem Creates a more attractive building for future owners 9

10 Bridgeport Fuel Cell Park Interconnect Construction, 10.4 Replacement Manufacturing, Initial Manufacturing, Private Capital Investment 20 0 Service + Operation, 4.75 Construction + Installation, 13.5 Jobs Created

11 New York follows Connecticut s lead The New York Green Bank would overcome a number of obstacles and uncertainties in the clean energy sector, including unstable federal funding and policy, uncoordinated action and disparate one-time subsidies at the state level, a lack of appropriate financial instruments, and apprehension in the investor community.

12 Brian Farnen General Counsel

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