Raised Bill No. 179 - Connecticut Green Bank

• Establishes the Connecticut Green Bank as a public instrumentality to develop financing programs for clean energy investments in residential, municipal, small business, and commercial projects effective October 1, 2020.

• Authorizes the bank to seek qualification as a Community Development Financial Institution and as an eligible borrower of federal funding, including from the U.S. Department of Agriculture under the Rural Electrification Act of 1936.

• Permits the bank to provide financing support (grants, loans, loan guarantees, equity investments) up to 80% of clean energy project costs or 100% of energy efficiency project costs, with funding from repurposed state programs, federal funds, charitable contributions, and private capital.

• Grants the bank broad powers including establishing subsidiaries, borrowing money, pledging revenues, employing staff exempt from civil service requirements, and entering into joint ventures with public and private entities.

• Modifies the board of directors composition from two to one nonvoting member and adjusts the term length for a Governor-appointed board member from two to four years, effective October 1, 2020.