Sunday 23rd October 2016                 Change text size:

New York Green Bank officially kicks off

New York skyline - thenails via Flickr

New York Governor Andrew Cuomo declares the Green Bank “open for business”. The bank aims to stimulate private sector finance and accelerate the transition to a cost efficient and clean energy system.

The Green Bank will finance renewable energy and energy efficiency projects that have difficulty accessing finance due to market barriers. Eligible companies include energy service companies, developers, equipment manufacturers and others that provide equipment, materials or services to the sector. Financial institutions that provide capital to such projects will also be eligible.

Cuomo said, “The New York Green Bank will be the catalyst 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 is a priority for New York State.”

He added that the announcement confirms the state’s commitment to creating a more effective and resilient energy system. Over the long-term the bank will use $1 billion (£60 million) capital to leverage private sector investment.

Projects supported will cover a wide range of technologies, including solar and wind, for residential, commercial and industrial uses.

Alfred Griffin, president of the New York Green Bank, commented, “We are excited to start engaging the market and finding innovative ways to bring more attractive clean-energy investments within reach of private sector.

“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.”

The Governor had previously announced the initial capitalisation of $210 million (£126m) for the bank, including $165 million (£99m) redirected from other clean-energy programs and $45 million (£27m) from the Regional Greenhouse Gas Initiative.

Further reading:

New York to launch Green Bank

New York sets sights on $1 billion green bank

Green Investment Bank launches waste-based energy project

Green Investment Bank reveals investment policies

Green Investment Bank announces £11m investment in biomass plant

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