NY Green Bank open and seeking financial proposals

The New York Green Bank has started operations and will work to stimulate private sector financing to accelerate the transitions to a more cost-effective, resilient and clean energy system. The NY Green Bank is the largest bank of its kind in nation.

Governor Andrew Cuomo made the announcement, declaring the bank is now seeking proposals from private sector lenders, investors and industry participants that facilitate the financing of creditworthy clean energy projects in the state of New York.

Through a request for proposal, the NY Green Bank is seeking 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 along with financial institutions or other third party capital providers that are financing, or intending to finance, such projects.

'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 says.

Projects to be supported by the bank can include a range of commercially proven technologies, including renewable energy generation technologies and onsite clean generation. 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.