www.CTGreenGuide.com SprinG 2015 • Connecticut Green Guide 7
News Cycle
C-PACE Loses Architect,
Enters Phase 2
By Brad Kane
T
he person most directly responsible
for the Connecticut Green Bank's
premier business energy incentive
program has left to start a similar private
enterprise, leaving the organization to find a
new leader as demand for the program rises.
Jessica Bailey and her team at the Green
Bank transformed the Commercial Proper-
ty Assessed Clean Energy (C-PACE) program
from words on a legislative bill in 2011 to
a fully functioning initiative that is highly
regarded as the national standard for PACE
programs around the country. In May 2014,
the initiative became the first in the nation
to receive private financial backing, scoring
a $30 million investment from the Califor-
nia-based Clean Fund to securitize PACE loans.
"We were fortunate enough to have Jessica Bailey,
who had experience with PACE in other states," said
Bryan Garcia, president and CEO of the Connecticut
Green Bank. "Jessica understood the challenges other
states faced, so we didn't have to relive those problems."
Bailey came to the Green Bank in 2012 from New York
City nonprofit Rockefeller Brothers Fund, which promoted
clean energy programs like PACE around the country, so
she saws the trials and tribulations similar programs faced.
When she took over as director of the C-PACE initia-
tive, Bailey made sure to focus on the end users of the
program — commercial and industrial building owners —
knowing they would drive demand for the government
iLLUSTRATiOn
|
mARK
ARmSTROnG
