Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

Connecticut Green Bank

 

 

The Connecticut Green Bank was set up by the State of Connecticut in 2011. It is considered the first green bank to be set up in the US. Its operations and programmes are limited to the State only. As of the end of 2018, it had USD 185 million in assets. It is regulated as a quasi-public corporation and part of its funding comes from state resources. 

In 2015, the Green Bank was given a mandate by the State to enable 300MW of residential solar electricity generation by 2022, as part of the Residential Solar Incentive Program. The program currently supports 14000 PV installations. The Green Bank expects to meet its 300MW target by 2019, 3 years ahead of schedule.

The State of Connecticut has legal targets of 40% renewable electricity generation by 2030.

The issuance is through an ABS called SHREC ABS 1 LLC. The structure of the transaction is given below.

Acronyms:

SHREC – Solar Home Renewable Energy Certificate

MPA – Mandatory Purchase Agreement

RSIP – Residential Solar Incentive Program

PURA - Public Utilities Regulatory

RPS – Renewable Portfolio Standard (a percentage of utilities’ generation that must come from renewable source)

 

 

DATE OF ISSUE

Name of bonds

SIZE

TENOR

COUNTRY OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
April 2019 Series 2019-1 Class A Notes,
Series 2019-1 Class B Notes
USD 38.6 million 25 years United States

Solar

 

pre issuance verification report

post issuance verification

 

 

Press Release

Press Release 2

Green Bond Framework

July 2020

Green Liberty Bonds, Series 2020

USD 16.8 million

10 years

United States Solar uses the same pre issuance report above  

EMMA statement

Green Liberty Bonds website

Environmental Finance article