Green Liberty Bonds $19 Million Third Issuance Sells Out
Retail investors from Connecticut and across the country drove more than $8 million in demand with institutional investor orders surpassing $40 million for Connecticut Green Bank’s lower-dollar denomination bond
HARTFORD, Conn. (November 25, 2025) – The Connecticut Green Bank recently issued its third Green Liberty Bonds to retail and institutional investors and sold out nearly $19 million in bonds over two days. This builds upon successful, award-winning issuances in 2020 and 2021 which sold more than $36 million in bonds. Demand this year was again greater than the supply of bonds could satisfy, showing the high-level of interest in supporting investment to confront climate change in Connecticut.
As the Green Bank seeks to provide opportunities for families in Connecticut and across the country to be able to invest in the green economy of Connecticut, retail investors were given priority during a one-day retail order period on Monday, Sept. 29. Total retail orders received during this order period surpassed $8 million. With priority given to Connecticut citizen investors, their orders for $1.4 million of bonds were filled before approximately $7 million from national orders. Institutional orders topped $40 million.
“As we’ve seen with previous bond offerings, demand for this type of investment far exceeds our supply,” said Bryan Garcia, President and CEO of the Green Bank. “These lower denomination bonds continue to offer an opportunity for more people to invest in confronting climate change while reducing energy costs in Connecticut.”
Individuals accounted for 35% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.
Institutional investors were able to place orders on September 30, and there was strong interest from a variety of investors, specifically those attracted by the issuance’s unique combination of climate bond certification and a AA- credit rating. Together, the high demand from retail and institutional investors created a “greenium” (or green premium), that allowed the Green Bank to reduce the yield for 11 of the 12 maturities, showing investor willingness to accept a lower yield to access green and impact-focused investments.
“Through three issuances of Green Liberty Bonds, more than $100 million has been invested in verified climate bonds to support residential solar PV and energy efficiency in Connecticut. While it has been four years since our last issuance, the favorable pricing achieved continues to illustrate the market’s interest in this type of offer from the Connecticut Green Bank as an issuer,” noted Bert Hunter, the Green Bank’s Chief Investment Officer.
The use of proceeds from this issuance supports incentives for nearly 11,000 households and more than 90 megawatts of residential solar photovoltaic systems, totaling nearly $330 million of investment in projects in 166 cities and towns across the state, including more than $85 million in distressed communities across Connecticut, which created over 4,100 direct and indirect jobs years.
Originally launched in 2020 in honor of the 50th anniversary of Earth Day, the Green Liberty Bonds were created as a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the certified and verified climate bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.
To offer the Green Liberty Bonds, the Green Bank worked with Ramirez & Co., Inc. as lead underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds, state supported using a special capital reserve fund, received an AA- rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers. Support from the Office of the State Treasurer and the Office of Policy and Management was also instrumental.
“The strong investor response highlights how both individual and institutional investors are eager to take part in Connecticut’s clean-energy future,” said Eric McKean, Managing Director, Ramirez & Co., Inc. “We’re proud to support the Green Bank in broadening access to investment opportunities that strengthen communities and advance climate solutions.”
For retail investors who missed this opportunity to invest or are seeking other investment options, the Green Bank opens quarterly offerings. Learn more at www.greenlibertynotes.com
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first state-level green bank and has since supported the creation of nearly 30,000 green jobs in the state, while reducing the energy cost burden on over 71,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2021, the Green Bank’s model was expanded to include new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. To date, the Green Bank has mobilized more than $3 billion into the State’s green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.
Disclaimer
This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.