Hartford Business Journal

6 Hartford Business Journal • July 30, 2018 • www.HartfordBusiness.com Reporter's Notebook Matt Pilon | mpilon@HartfordBusiness.com Health Care/Bioscience, Startups & Entrepreneurs, Government/Law and Energy ENERGY Green Bank CEO contemplates CT's solar growth pace S olar panels across Connecticut generated 463 gigawatt hours of electricity last year, accord- ing to a report recently pub- lished by Environment Connecticut. That's enough to power 43,000 homes, and solar production in the state has increased at an annual growth rate of more than 50 percent since 2010, according to the report. But a key question remains: Can Connecticut sustain a growth pace anywhere near that level in the com- ing years, especially given that it was starting from scratch and that other headwinds are coming into play? Bryan Garcia, CEO of the Con- necticut Green Bank, a quasi-public clean energy financier and booster, says he has a positive outlook for the state's solar future, despite challenges including recent tariffs on aluminum and other materials that have started to push up solar installation costs (up- wards of 10 percent) for the first time in a few years. "The consumers want [solar] and are demanding it," said Garcia, whose organization's portfolio represents at least half of the systems that produced last year's solar output. "I'm optimistic that what we're going to see over the next year is growing demand." Other potential threats to solar's growth are expiring state incentives and a coming legislative tweak to how homeowners are reimbursed for solar electricity they generate. The Green Bank's incentive pro- gram, which makes it cheaper to install solar panels, has helped seed about 215 megawatts of rooftop solar. Under state law, that program expires once it hits 300 megawatts, which could happen as soon as next year. After that, growth will largely be up to the market, barring some major legislative action. In addition, lawmakers this year approved a change to how utilities reimburse homeowners for the solar electricity they produce on their roofs. Solar advocates worry the change, which would go into effect after state incentives expire, could make solar a less desirable investment. "Right now, I think the market is asking 'What's going to happen after 300 megawatts?' " Garcia said. He hopes that demand will remain high — something like 45 or 50 mega- watts of new installations per year. But for the time being, he thinks installers and homeowners will not want to miss out on remaining avail- able incentives. "We're seeing an attitude of 'get it while it's available,' " he said. PROFESSIONAL SERVICES 'Big Four' firm to remain in downtown Hartford home While PricewaterhouseCoopers' upcoming $20 million expansion in Stamford got headlines in May, a recent bit of Connecticut news at the Big Four accounting and consulting firm flew under the radar. PwC confirmed to the Hartford Business Journal that it will keep its CityPlace I downtown Hartford office for at least the next seven-and-a-half- years, following a recent reup of its lease agreement on July 1. PwC, which counts many big and publicly traded companies as clients, says it has 408 employees working out of the 185 Asylum St. tower's 23rd and 24th floors. Part of its space is being renovated to include a video conference room, boardroom, cafe, mother's room and an innovation center for digital collaborations. The international company, which is based in London and has about 80 U.S. offices, has housed its Hartford market outpost at CityPlace since 2007, when it moved from nearby 100 Pearl St. "Remaining at CityPlace was a strategic decision reflecting our com- mitment to our more than 400 local employees, our valued clients and to the city of Hartford," said Keith Hubert, PwC's Hartford managing partner. "Our goal is to create a dynamic space that reflects the evolution in the way our people interact, collaborate, and get things done — from concept through creation, delivery and beyond." Employees in Hartford work with clients from Greater Hart- ford and parts of western Mas- sachusetts. PwC and Gov. Dannel P. Malloy's office announced in May that the firm would add 400 jobs at its Stamford hub as part of a $20 million expan- sion that's partially backed by state incentives. In July, fellow Big Four competitor KPMG said it would add 110 jobs in Stamford, also aided by state incen- tives. In 2012, Malloy said his admin- istration would provide upwards of $14.5 million in grants to another Big Four firm, Deloitte, which pledged to create 200 to 500 new jobs and re- tain 1,153 across its Hartford, Stam- ford and Wilton locations. ENTREPRENEURS & STARTUPS CT sees record 2Q VC activity Venture capital investment dollars raised by Connecticut companies between April and July were the highest of any quarter since 2015 and the most of any second quarter since 2001, according to the latest PwC/CB Insights MoneyTree Report. In all, the second quarter saw 11 deals in the state worth a combined $118.5 million, the report said. Here's a chart of the largest deals: Company City Sector Amount Arvinas New Haven Biotechnology $55,000,000 Rallybio Farmington Biotechnology $37,000,000 Rallybio Farmington Biotechnology $6,000,000 Trimino Brands Branford Food & Beverages $6,000,000 The UCAN Company Woodbridge Food & Beverages $5,750,000 Inbox Health New Haven Software $2,400,000 Azitra Farmington Biotechnology $2,150,000 Source: PwC/CB Insights MoneyTree Report Keith Hubert, Managing Partner, Hartford, Pricewaterhouse- Coopers CT Green Bank CEO Bryan Garcia predicts continued demand for solar energy in Connecticut. PHOTO | HBJ FILE

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