Colorado has launched its own version of a green bank, the nonprofit Colorado Clean Energy Fund.
Gov. John Hickenlooper, the Colorado Energy Office and the Coalition for Green Capital recently launched the fund, which is part of the implementation of the Colorado Climate Plan.
The Colorado Clean Energy Fund will bring a green bank model to Colorado, drawing on the success of those in other states, such as NY Green Bank and Connecticut Green Bank. Green banks use mission-driven financing to leverage private investments in clean energy projects.
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 used to advance sustainable infrastructure across Colorado.
“Our goal in Colorado is to make sure we have the cleanest air and water possible,” says 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.”