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
