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Cuomo announces New York Green Bank is open for business

Gov. Andrew Cuomo on Tuesday announced the start of business operations for the New York Green Bank (NY Green Bank).

It seeks to “stimulate” private-sector financing and “accelerate” the transition to a “more cost-effective, resilient and clean-energy system,” Cuomo’s office said in a news release.

Cuomo describes it as the “largest green bank in the nation.”

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The NY Green Bank is seeking proposals from private-sector lenders, investors, and industry participants that facilitate the financing of creditworthy, clean-energy projects in New York, Cuomo’s office said.

“The NY Green Bank will be the catalyst for significantly accelerating the flow of private capital to energy efficiency and renewable-energy projects and will send a message to the financial markets that expanding our clean-energy economy is a priority for New York State,” Cuomo said in the news release.

Through a request for proposal (RFP) process, the New York Green Bank seeks financing proposals from industry participants and financial institutions.

Participation in the NY Green Bank will facilitate private-market financing of renewable energy and energy efficiency projects that have difficulty accessing financing due to market barriers, Cuomo contends.

Those eligible to offer proposals include energy-service companies; developers; equipment manufacturers or others that provide equipment; materials and/or services related to renewable energy and energy-efficiency projects; and financial institutions or other third-party capital providers that are financing, or intending to finance, such projects, the governor’s office said.

Projects that the NY Green Bank will support can include a range of commercially proven technologies, including solar, wind and other renewable-energy generation technologies; residential and commercial/industrial energy-efficiency measures; electricity-load reduction; on-site clean generation, and similar projects that can support the state’s clean-energy objectives, according to Cuomo’s office.

Examples of the types of investment partnerships the NY Green Bank may engage in include credit enhancements; co-investing with the private sector in a loan fund for clean energy; loan warehousing/short-term project aggregation or other similar arrangements.

Cuomo last December announced the initial capitalization of $210 million for the NY Green Bank, including $165 million that the New York State Public Service Commission redirected from other clean-energy programs and $45 million from the Regional Greenhouse Gas Initiative.

It represented the first step in capitalizing the $1 billion NY Green Bank initiative that Cuomo announced in his 2013 State of the State address.

 

Contact Reinhardt at ereinhardt@cnybj.com

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