Formation of Spin Out for Connecticut Green Bank

Shipman & Goodwin represented the Connecticut Green Bank in the formation of a non-governmental entity called Inclusive Prosperity Capital (IPC). IPC will operate Connecticut Green Bank programs that finance solar panel arrays and other energy offerings for low and middle-income homeowners, multifamily properties, small businesses, schools and nonprofits. IPC’s goal is to preserve Connecticut’s efforts to increase private sector investments in solar and other forms of clean energy. Our attorneys handled the organizational documents and the application for 501(c)(3) qualification for IPC, as well as administrative support agreements and board governance and approval issues, including the statutory authority of a quasi-public agency to create a non-governmental organization to carry out its purposes.  The firm also obtained a favorable Advisory Opinion of the Citizen’s Ethics Advisory Board addressing “revolving door” questions arising as a result of the transition of certain Connecticut Green Bank employees to IPC.

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