New York Governor announces NY Green Bank is open for business

Governor Andrew M. Cuomo today announced the start of business operations for the New York Green Bank, which will work to stimulate private sector financing and accelerate the transition to a more cost-effective, resilient and clean energy system. The largest green bank in the nation, 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 State.

“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,” Governor Cuomo said. “Today’s announcement that the NY Green Bank is ‘open for business’ confirms the State’s unwavering commitment to a more cost effective and resilient energy system, to creating green jobs and to providing a cleaner environment for all New Yorkers.”

Through a request for proposal (RFP), the NY Green Bank seeks financing proposals from industry participants and financial institutions in which NY Green Bank participation will facilitate private market financing of renewable energy and energy efficiency projects that have difficulty accessing financing due to market barriers.

Eligible proposers include energy service companies, developers, equipment manufacturers or others that provide equipment, materials and/or services related to renewable energy and energy efficiency projects along with financial institutions or other third-party capital providers that are financing, or intending to finance, such projects.

“New York is taking the first step with this RFP to envisioning its clean energy future whereby private investment is leveraged to scale-up the development and deployment of energy efficiency and renewable energy projects across the state,” said Richard Kauffman, Chairman of Energy and Finance for New York and Chairman of NYSERDA. “This step combined with other efforts the state is undertaking to expand its cleantech economy will make New York a more affordable, sustainable and energy efficient place in which to live and work.”

“We are excited to start engaging the market and finding innovative ways to bring more attractive clean-energy investments within reach of the private sector,” said Alfred Griffin, President, NY Green Bank. “This announcement underscores Governor Cuomo’s commitment to establishing public-private partnerships that can expand clean-energy markets, drive scale in deployment of commercially proven technologies, and enable investors and businesses to take advantage of attractive clean-energy project opportunities across the State.”

Source: NY PSC press release


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