Colorado launches green bank clean energy fund to help achieve climate goals
Colorado’s Climate Plan is getting a shot in the arm thanks to a new Colorado Clean Energy Fund, launched by Gov. John Hickenlooper, the Colorado Energy Office (CEO) and the Coalition for Green Capital. The nonprofit Colorado Clean Energy Fund will bring the “green bank” model to Colorado, drawing on the success of institutions in other states such as NY Green Bank and Connecticut Green Bank.
Green banks use mission-driven financing to leverage private investment in clean energy projects like community solar and energy efficiency. Green banks in the US have collectively mobilized more than $2 billion in clean energy investment.
With formation and operations support from the Coalition for Green Capital, the Colorado Clean Energy Fund will work with market participants to help mobilize capital and accelerate clean energy project development. The fund will seek to draw in and deploy capital from a diverse set of investors, including philanthropy. The fund will collaborate with NY Green Bank to ensure efficient, scalable and replicable financing opportunities are utilized to advance sustainable infrastructure across Colorado.
“Our goal in Colorado is to make sure we have the cleanest air and water possible,” said Governor John Hickenlooper. “Access to financing capital for clean energy projects will make our state an even bigger draw for businesses looking to move and invest here.”
The Colorado Clean Energy Fund builds on CEO’s current work to identify financing gaps in the energy sector and create market-responsive products to address them. CEO’s established network of partnerships will help the fund maximize investment throughout the state to reduce emissions, improve energy security, create jobs and expand economic growth.
— Solar Builder magazine
