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ROCKY HILL, April 16, 2001 - The Connecticut Clean Energy Fund today announced its largest single investment - - $2 million - - in Green Mountain Energy Company, the nation’s leading marketer of cleaner and renewable electricity. The funding will be used by the company to increase demand for cleaner and renewable electricity by residential and small business energy customers in Connecticut. Green Mountain Energy Company began operations in Connecticut in January 2001.

“Connecticut is becoming a leader in developing alternative energy sources which help the environment and reduce dependency on foreign oil,” Governor John G. Rowland said. “By encouraging ingenuity in the energy marketplace, we are investing in cleaner future.”

“To have an independent and significant player in the green energy marketing area choose to invest in Connecticut is tremendously heartening to all of us who are dedicated to bringing clean power to Connecticut consumers and we are pleased to support this effort,” says Charlie Moret, Director, Investments for the Connecticut Clean Energy Fund. “The Fund is working to make Connecticut a leader in the development and growth of clean power generation and technologies. Green Mountain Energy Company certainly represents a component of that goal. Not only is the company dedicated to building demand for green power, but it is also committed to increasing its generation. Their goals are to promote the sale of green electricity, support policies that encourage competitive energy markets and support the education of consumers toward clean energy. These goals match the investment goals of this Fund, which is why we chose to invest with them.”

“This is an investment that will pay dividends to the people of Connecticut by helping to change the way electric power is made and used,” stated Clifton Payne, Eastern Region President for Green Mountain Energy Company. “We’re proud to team up with the Connecticut Clean Energy Fund to promote cleaner and renewable electricity.”

Officials from the Connecticut Clean Energy Fund and Green Mountain Energy Company explained that generating electricity produces more air pollution than any other industry in the country. Today, the majority of electricity in Connecticut is produced from non-renewable sources such as coal, oil and nuclear.

The Connecticut Clean Energy Fund invests in enterprises and other initiatives that promote and develop sustainable markets for energy from renewables and fuel cells that will benefit the ratepayers of Connecticut. The Connecticut General Assembly created the Fund in 1998 as part of legislation deregulating electric utilities..

Green Mountain Energy Company markets electricity to residential customers in deregulated electricity markets. Green Mountain Energy Company’s mission is to change the way electricity is made by educating energy customers and boosting demand for electricity produced from renewable and other environmentally preferable generation sources. The company also serves customers in California, Pennsylvania, and New Jersey and is licensed in Ohio and Texas. Over the course of the past 18 months, demand by Green Mountain Energy customers has caused the development of six new renewable energy facilities in California and Pennsylvania.

The announcement today marks the fifth investment that the Clean Energy Fund has made since its inception. The others are:

  • Connecticut Renewable Energy in Shelton
  • Sure Power Corporation in Danbury
  • The Connecticut Energy Cooperative in Hartford
  • Solar Dynamics of Avon.

    The Fund is currently actively looking for projects in which to invest that meet its mission.

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