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this conference will now be recorded all right why don't we call the deployment committee meeting of the Connecticut Green Bank to order are there any public comments okay hearing none let's proceed to the consent agenda we've got one item on the consent agenda resolution one in the meeting materials this is referring to the meeting minutes of February 27th of 2020 before I pose the resolution let me just provide a quick update on some of our other items we did provide materials in we did a probably provide a memo in the materials with regards to transactions under 500,000 and no more an aggregate than a million dollars that the Green Bank staff can approve these are all projects consistent with our fiscal year 2020 budget and comprehensive plan they were 5 a staff approved C pays transactions totaling six hundred and twenty five thousand dollars so by providing the memo and reporting it out we can't the the queue clears and the staff will continue to review and approve transactions and we will report out next time the second report out is with is with regards to loan losses hey Brian at mat I'm sorry just - I don't know if it was just me but in the board effect the two memos wouldn't open for me it's not a big deal but I don't know if anyone else had that problem okay yeah I'm looking at them now both memos I see the meeting minutes and the proposed loan loss framework you know let me have that let me have sure I'll take a look at that mat and we'll send them out but we'll definitely have it fixed here on board effect okay thanks yeah no I you know what actually it's my mistake they're attached to the minutes I thought they were separate items but I see now they're at the end of the minute they're all rolled into one document my mistake I was looking at them using the chapter view and okay got you okay the second document has refers to the loan losses we're going to talk about that framework here today as it applies to our subsidiaries but this is for loan losses that apply to the Green Bank so the staff has the ability to approve review and approve of loan losses below $100,000 and no more in aggregate than $500,000 through a q3 of fiscal year 2020 there have been no loan loss restructurings or write offs we will we are going to report out at the June board meeting on June 24th what we're experiencing with regards to restructurings and Rob laughs as a result of code vid 19 I've seen a few residential write offs but the team is working away on restructurings overall knock on wood not not any major issues so on the meeting minutes is there a motion to approve a resolution one so moved Matt great any questions comments yeah all those who approve say aye aye aye not approved abstentions okay great okay so moving along here to agenda item number four on the proposed Lomas decision framework and process for subsidiaries so back in June of 2018 the staff proposed and the board supported a framework that would allow the staff to look at restructuring and writing off transactions as well as creating loan loss reserves I will talk about that in a second that was reviewed and approved in June of 2018 and then a month ago we proposed some modifications given coded 19 that would enable staff to do some restructurings to be responsive to the needs of the market given what's what's happening with the mid-nineteenth and the board supported those additional allowances and again I'll talk about those in terms of the framework in a second the Lomas decision framework that was approved in June of 2018 applied to the organization the Green Bank in that memo it stated that at a future date we would come back with a framework that applied to the Green Bank subsidiaries so as you know we we establish various subsidiaries to allow us to partner with our private sector investors to support the mission of the Green Bank in providing low-cost long-term capital to end-use consumers we've built about 65 million dollars in principle and interest producing assets through our subsidiaries and you know as we continue to invest resources through the subsidiaries with the expectation of getting our principal and interest back over time there are of course going to be instances when restructuring the transactions or riding off trans actions will occur so we will look to this loan loss decision framework process for guidance in terms of how to do that per our bylaws the oversight of assets is seen by the deployment committee there are various sections of our bylaws that speak to this and in terms of our process what we're proposing here today and we've also had a conversation with the audit compliance and governance committee a little over a week ago is proposing how the loan must decision framework would apply to our subsidiaries and it's after our review today with the deployment committee it would be our hope that we would recommend to the full board of directors on at our next board meeting in June they review an approval of this framework so that we can put it into operation um so the way it works this is no different than the framework that we have for the organization so with regards to our provisional lost reserves I see Jane is on the line so feel free Jane to weigh in here as well is with our annual review and reporting from the auditor we take a look back at all of our different programs and projects and apply a loss reserve to them that gets applied into our future budget we maintain a schedule that speaks to those losses and we report out on using that schedule so we will continue with that low-mass reserve process of course back in April when we made the recommendation with regard to Cove in nineteen we asked for an additional provision given summon an analysis we had done on our current portfolio and the likely impacts of kovat 19 so we increased our provision for loan losses by four point 1 million dollars for the year but you know knock on wood that's the worst case everything is going well so far so the is with regards to restructuring of transactions if the principal value of the transaction outstanding the principal value outstanding is less than $100,000 then the staff has the ability to review and approve of those adjustments if it's between a hundred thousand to a million dollars of principle outstanding that needs to be brought to the deployment committee and anything greater than a million dollars in terms of restructurings has to be brought to the board what we talked about in April were specific transactions that were that needed to be restructured in light of the impacts of koban 19 so what we agreed to was the staffs ability to review and approve of transactions really that are consistent not only with less than a million dollars but there are some exceptions for transactions that have outstanding principal about balances greater than a million dollars and those would be I'm just pulling up our memo here let's see so those would not withstanding the proposed million dollar staff approval limit above given the strength and security of the asset class staff approval specific to the following programs can be for any amount of principal outstanding so our C phase transactions C pace with the Green Bank solar PPA on them in the Green Bank solar PPA projects free municipal Housing Authority or School District so those were exceptions that you see in that final box there that if these restructurings were needed for those types of end-use end-users or those programs that the staff has the ability to review to restructure them and with regards to write offs of transactions anything less than a hundred thousand dollars the staff could review and approve of write-offs a hundred thousand to a million has to go before the audit compliance and Governance Committee anything greater than a million to the board so this framework is consistent with the framework of the organization it's no different and with respect all the requirements that are laid out in that framework in terms of calculations documentation reviews and approvals reporting's it would follow the same process and it's our expectation again that we would come back in June and the team would discuss how this is going with regards to Co bid 19 related restructurings sorry that was a lot of any questions comments on that proposal Brian its Matt I have two one is just the same comment I made at the ACG committee I think you know it should be clear in the table I and I'm looking in the memo I'm sure it's in there but under the restructuring the new restructuring under Cova 19 they're still a staff reporting to the board regularly on the restructurings right that's right in Matt what I can do is go back into in redline the document on that reporting inside you for the June meeting we will report out and same thing in July yeah that's fine I just want to make sure and then to I didn't see it in the memo but I guess based on conversation last time the restructuring is you know not going to affect the principal it's just going to be the term or other other terms that can be adjusted or restructured or for Baird on so you know just as long as the understanding is you know there's gonna be commercially reasonable terms we're not going to end up with terms that are you know fifty years or something like that in the restructuring I assume that's correct Burt do you want to survive yeah no that's that's correct can you hear me yes okay yeah that's that's correct Matt it's it's it's forbearance not forgiveness and so for the commercial customers it's being that the facilities or the loans are being modified with a time value adjustment meaning there's an there's an interest accretion which is at the same contract rate that exists in the contract today and and so we're we're made whole on that basis for the residential portfolio we decided to fall in line with the rest of the financial services services community which is is basically just taking the the the amount that is skipped generally it's a three payment three monthly payments of skipping and those payments are tacked on to the end of the agreement and the customer applies for that makes a request to our servicer and the servicer gets the customer to sign off on the modified agreements and in return we agree not to report out any of this to the credit rating agencies great thank you welcome thank you Matt any other questions comments okay is there to approve resolution 2 which would essentially be the deployment committee recommending this and we will I will make that change in a red line version for the board reporting in the memo is there a motion to approve resolution to so moved Matt second is that you buddy yeah great okay thank you gonna any questions comments okay all those in favor say aye aye aye aye aye great Maes abstentions okay great all right so we're going to transition here to Mackey dykes who's going to provide an overview to the deployment committee of a program we have called solar Matt all right Mickey thanks Brian good afternoon everyone this is Mackey dykes vice president of financing programs I wanted to give an overview of really essentially a new program that we have it's really not a new product but a program that we built to promote one of our existing products the power purchase agreement we're not looking for any approval or anything today but again just wanted to miss your position to do it politically to bring you up to speed on these efforts and get any comments or guidance that you might have so it's called the solar map program the solar municipal Assistance Program next slide brain so this came out of our work with the state in the for the set of pilot projects that we've been doing with them through the course of that the Green Bank stepped in not only in a financing role but helped in a sort of solar development little project development role we did feasibility studies the procured incentives we went out and secured the contractor and you know as we went through that process and sort of looked at the municipal market and the projects we've done there we realized that municipalities in many cases faced somewhat similar hurdles and that financing was not the biggest or even really an obstacle that they'd gotten to the point of thinking about for solar projects that they're just getting to the point where they would even consider financing was was too much for them to take on and that it requires securing technical expertise requires time which a lot of them don't have especially some of the smaller ones and it requires the ability to find good and trusted partners to get you through the process so we decided you know we've overcome a lot of those barriers with the with what we've built for the state so we tried to build out an offering for the towns that did a similar thing and Solar solar map was born so this what you're looking at is one of our marketing customer facing slides so we present it as you know really a sort of white glove handhold effort to walk them through the path to get to a solar project XY and what we do is we first we identify them and give their interest we started by going through sustainable CT we reached out to their members available safety you reach out to their member towns to let them know about this source and from there we initially get a list from the towns of all their properties that they are interested in even thinking about putting solar on so that ranges from wastewater treatment plants and high school so big mass of users all the way down to confession tens in the park and the dog catchers office and everything in between those two so we get that full list it's got its range from one project to under one address to one hundred addresses and we do an initial screen on it just from a desktop review we're looking for to the basic look at the basic parameters to make sure a project is feasible in or such as a roof that's big enough for a project minimum 50 kilowatts that there's no instructions on the roof not too much shading and if there are any of those things is there enough ground for a ground mount or a big enough parking lot for a carport once of once it passes we then continue to work with the town we get on site and we get electric bills we get supplier consulate require contract and will develop system design based on all the information we collect and come up based on that design with what the production would be we estimate PPA rate then we come to the town and present that to them at that point ask them to sign a letter of intent with us to join the program for whichever project that they like and whatever they pick we then go out and run an RFP to procure the EPC of the engineering procurement construction contractor we also secure the Z rec and once we do all that we've got final pricing all the inputs for a PPA would come back to the town with the PPA and hopefully have been signed it and begin construction next slide there's a lot of work in there that we aren't accustomed to doing or have the ability to do a lot of technical work so we win an RFP back in 2019 early 2019 and selected GSW energy which is a connecticut company that came out of when green skies was initially bought several of its senior staff left and confounded csw so we've been working with them to do the technical work that that involved with developing these project the program so far is we know it's relatively new we've were in the I'd say mid stages of of the process I just outline Brian if you'll go to the next slide oh I'm sorry actually let me this is just an example of sort of what we do for a town and what they what we show to them to secure their interests Brantford high school town that we're talking to right now so after getting the addresses and doing the site addresses we developed this which is essentially a project that's ready to go ready to ready for bid we estimate the EPA rate that we can get through through our RFP and excuse me the construction causing them based on everything we show them a PPA rate that we can provide a discount well we know we hope to get them to sign up in the next slide I breath and then we run through all their potential things and so you know for every we did we do this for all our towns all the projects and in doing so if you'll go to the next slide we've built up a fair y decent first round of projects here this list had six more towns in it but then kovat head read it until of a of the first round of solar map so we did those six towns are sort of been put out whole of other they focus on other things but other towns that were still engaged with we've got five that have executed LOI so they have that Brantford example you just saw they saw they saw that for their town and they were intrigued by the possibility so they signed up and and authorized us to do the RFP security incentives so we've got any of the few other towns through the four other towns were in the process of doing the presentations the Board of Education Board of Selectmen to secure their sign up but we've had a hundred percent once we get to this point so far 100 percent execution rate so we've got 30 systems just over five megawatts overall consideration in this round I took joseph away we set a target of one megawatt so it's been a pretty good success so far you know we still need to do the RFP secure the incentives and then get the BPA's executed and built but we still got a long way to go but we're excited about the the response from the tax to this and you know we've got more towns at the top of the funnel that are interested in doing another round next year but that realm is with the next round of Z rec incentives there's one other net sir to this that we've been pushing in addition to all the technical assistance that the town is getting and the hand-holding and really will be promoted the easiest way to go solar we think that by aggregating all these towns you know some of these are on the smaller side Bolton Portland we're promoting the fact that by pooling their projects with all these other towns they're going to achieve cheaper savings or cheaper prices to build their projects than they would have otherwise if they were to go out on their own so kind of taken that solarized model of aggregating demand to to achieve better prices so we'll hopefully that will pan out but we do the RSP but we we certainly hope that that'll be another benefit in the program so I'll because any questions or comments that can take them I'll never run a right time beer but again just wanted to bring everyone up to speed on this this new program do want you to be surprised if you saw it out there in the world or if you in your conversations with beauties if you want to mention it and something that the Green Bank can do to help them we'd love to start a new number new conversation smacky it's Matt I'll jump in a this is I think a great idea anything that makes it easier for municipalities they do struggle with everything you said and the two questions are one is cfw then acting essentially as an owner's rep and two how do the how does the our constituent industry feel about this do they feel were competing with them or do they feel as long as they get a shot at the RFP this is just drumming up more business my first DSW is not I wouldn't call them exactly an owner's rep they don't have a contract with the town and they're not there's their scope is not to look out this for them for the interest of the town and we are contract with them and in project oriented so they they do we have the more projects we do the more they they get paid so they're almost like a sales and technical team for us I mean that said you know they are as there are engineers they are you know they are putting their their name and brand out there so yeah we yeah we do I don't see them we chose them because they're they're not the specific difficult just like marketing firm and that's just going after the sale but you know what we're not promoting them as an earners rep to the town but but yeah they're not looking at turbulence in that role on the second haven't we haven't gotten too much feedback I I expect the industry reaction to be mixed I think the traditional EPC contractors will will like it and the opportunity to bid on projects that they won would not have happened anyway most likely and to if they did they would have been done by a contractor than that if we had their own finding it until the EPC would not have got a chance at it I do think some of the more integrated contractors might see it as competition I have had conversations with one or two of them every night their demise that had been that the municipal market is so picked over that the easy stuff was done and that you know they're they're not really trying to get at the stuff that were unearthing here so that coupled with the fact that we consciously don't start conversations with towns and done solar on their own in the last two years with a private developer our feeling as we've demonstrated that you have the ability to get projects done without this assistance with the private markets so you know we don't need the program and the fact that we're you know if we uncovered in it that there any other conversations going on with private developers that's you know we we back away from it because again our goal is not to to compete with them but to make projects happen that wouldn't happen otherwise I think that will be insulating ourselves to being extent possible from the criticism we'll get from that second part of the market if him okay great sounds like you've thought about it that's great Mackie this is Lonnie I know that Brantford has enjoyed a triple-a bond rating from the last several years no matter who's in charge it's very well-managed town and so I'm just wondering is that a prerequisite when you're when you're engaging with these communities it's not a it's not a static certainly nice from our high density and IP CEA's perspective will be signed in the the PPA but it's not a requirement okay so that's I say gratin so you still you have gotten in there who's always been a little hippie and the management in a management context so are we okay with that I mean we're so we're we're sort of helping them go through the process we're not we're not vulnerable I guess is what I'm asking not yet I mean what if you know we do get to the point of PPA execution then the IPC and the Green Bank and you know rppa fun with this house with an IPC now will will definitely be looking at the the credit quality of the of the town to make sure we're comfortable with it but I I don't know that bird to correct me if I'm wrong did you see more of this DPA deals I don't know that we had turned down any municipality because of credit issues but it is really something won't be looking at before we execute the PPA to my recollection we haven't turned down any of for any credit for any credit reasons okay thanks a lot and Sanford's been great to work with great team there you know we've been it we put it I think we put the first try Jen plant in our high school several years ago so you know there's a real enthusiasm for this kind of thing in this town and and it's a very well managed community so I'm glad to hear that yes the great team all right any last questions comments one last got Maggie maybe Mackie you could think about as this takes off solar math I think you'll be popular think about whether there's an opportunity to talk to these towns about deeper dives on energy efficiency while you're in there that's a great idea just think of similar yeah it's a good point you could take an energy on it and the third of the solar feasibility approach we're taking here and do an energy on it by the way yeah I was talking to Emily earlier today Macke and you know if you just look at the building submitted number and you net out the systems that are proposed roughly a hundred buildings you could go back to those hundred buildings and just say let's do a fishin C on all those buildings with the SBE a so yeah there's some math you know some things that people can use from this you know kind of Gateway to the municipality to get efficiency and the team is starting to think about that and how to work with eversource yeah well one of my things from having done a lot of schools and towns I will say what I came across was it's good to talk about that in the beginning with them and start to educate them because they sometimes use solar as a one-off project and then later on when they take a more holistic view of their energy needs sometimes they they wish they had done that when they had before they had done the solar so they could take a holistic view of the cost and savings rather than having you know done lighting and done Sol are the two easy things and then they're stuck with regard to the harder things yea we'll want to wrap up the savings achieved here into longer-term measures with longer-term paybacks okay right so there's Lonnie will tell you for like a Board of Ed budget they just lose that savings it really doesn't roll up to them the next time they do their buzz it's just their energy light item gets to be ends up being lower so you know it's interesting to think about it in terms of trying to see if you can get some sort of start them thinking about a capital improvement fund that that leverages those savings and you know educate towns about trying to do that rather than just cutting their energy line item in the next year's budget that's great great suggestion some focus groups there Macke I can see us doing that's good okay great Mackey team thank you for that overview okay I think that was it we had a really short agenda as their motion to adjourn so moved awesome Becket all right everybody everybody have a good rest of the day it's nice out thank you