The Connecticut Green Bank (“Green Bank”) and Onyx Renewable Partners L.P. (“Onyx”) are pleased to announce the extension of the Green Bank Solar PPA (power purchase agreement), a joint program that will continue to provide funding for commercial-scale solar projects across Connecticut.
The program provides power purchase agreements to a wide range of property owners including those who want to utilize Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) Program. The C-PACE Program affords unrated solar customers traditionally excluded from solar financing (i.e., commercial, industrial, and non-profit property owners) access to financing alongside state agencies, housing authorities, municipalities, schools, and rated corporations.
Through the existing program, Onyx and the Green Bank have successfully developed and financed over 8+ MW of solar energy projects in 2018 for a variety of new solar customers, enabling these entities to enjoy the use of green, sustainable power sources in addition to significant cost savings.
Successfully energized projects within the portfolio include 2.8+ MW of solar ground mounts for Manchester Community College (MCC) and Middlesex Community College. Commissioned with the Connecticut State Colleges and Universities (CSCU), the photovoltaic systems at MCC alone will generate enough solar energy to offset over 45 percent of the college’s total electricity consumption, accounting for an average estimated $220,000 in savings annually.
Funded entirely by private capital, energy production at MCC will cover approximately 8.5 percent of all CSCU electricity usage, affording an estimated $15 million in savings over the course of the contract terms. Additionally, these sites will produce a carbon emissions reduction offset equivalent to that of planting more than 59,000 trees – or 1.2 million trees in 20 years.
“Onyx is excited to further our commitment to accelerate the expansion of sustainable energy solutions across the State of Connecticut through our partnership with the Connecticut Green Bank. Capitalizing on our experience and relationships in the industry, we will continue to work alongside local developers to promote environmental stewardship and economic growth in their communities,” said Ja Kao, President and CEO of Onyx.
Onyx is a leader in the development and finance of commercial, industrial, and small-scale utility solar projects in North America and brings significant experience in solar project development and financing. Backed by funds managed by Blackstone Energy Partners and Blackstone Capital Partners, Onyx’s established capabilities represent a strong development and financing solution for Connecticut’s commercial-scale solar sector. Onyx provides a vertically integrated approach with strong supply chain relationships, facilitating procurement of lower cost solar equipment, employs a seasoned team of design, engineering, construction and project management experts, and offers full-service capabilities for long-term asset management.
“The Green Bank and Onyx are proud of this mutually rewarding partnership under which Connecticut will benefit greatly from Onyx’s depth of commercial solar development and financing expertise and its access to substantial capital for projects in our state. In turn, Onyx will be able to expand its solar portfolio in the state and gain first-hand experience using C-PACE as a security mechanism under a PPA fund structure, which we hope will be replicated elsewhere,” said Bert Hunter, Executive Vice-President & Chief Investment Officer of the Connecticut Green Bank.