2016 Fall Newsletter

Greetings from NY Green Bank

Since our last newsletter, we have grown our investment portfolio by over 300% - and have $198.5 million committed to investments as of September 30, 2016 - driving up to $953.0 million of new clean energy investment in New York State.  And our active pipeline of further investments moving towards closing remains strong - currently over $600.0 million

All of our investments contribute to meeting the State's ambitious energy and environmental goals, including 50% of all power generation from renewable sources by 2030 and greenhouse gas reductions. Our current portfolio has estimated lifetime GHG reductions of up to 4.2 million metric tons - equivalent to removing more than 49,000 cars from the road for a period of 19 years

Details of our performance are available in our most recent Quarterly Metrics Report filed with the NYS Public Service Commission earlier today.

We are grateful for your continuing interest in NY Green Bank and for your ongoing support.  As always, if you are working on a clean energy project that could benefit from NY Green Bank participation, please contact us.  We're here to help drive clean energy project development across New York State.  

We hope you find this newsletter - highlighting our recent work and upcoming activities - of interest.

Alfred

Alfred Griffin
President

NY Green Bank
A Division of NYSERDA

1359 Broadway, 19th Floor | New York, NY 10018-7842

Recent Highlights

Current Portfolio & Pipeline

As reflected in our new Quarterly Metrics Report, interest in working with NY Green Bank (NYGB) is at an all-time high. As of September 30, 2016, NYGB received investment proposals for over $1.6 billion of NYGB capital - in turn representing $5.3 billion of total potential clean energy investments in the State.

In addition, our active pipeline (i.e., transactions where there is agreement in principle between parties and momentum to move the transaction toward final execution and closing) includes $638.7 million in new transactions. More information on NYGB's investments can be found on the Transaction Profiles page of our website.

Since inception, NYGB investments have supported clean energy projects with a total project cost of up to ~$966.0 million in aggregate, based on NYGB's current portfolio size of ~$207.0 million.

NY Green Bank's Recent Investments & Milestones

Saving School District Energy Costs Through Efficiency: In early November, NYGB closed a financing that will bring energy efficiency to the Northport School District on Long Island. NYGB is providing an 18-year, $8.7 million investment, with Signature Public Financing Corp. This transaction - a long-term, tax-exempt lease/purchase agreement - was the first under NYGB's broader co-financing arrangement with Bank of America and will reduce the District's energy costs by over $1.0 million annually. Read the full press release.

Bringing More Residential Solar Options to NYS Home Owners: In August, NYGB closed a $37.5 million loan to Vivint Solar, which will result in approximately $167.0 million in new investment in New York's clean energy economy and will provide financing for thousands of new solar projects at homes across the State. This transaction also represents a significant milestone for NYGB, as it triggered authorization of release of the next $150.0 million in funding from the Public Service Commission as part of NYGB's $1.0 billion capitalization. Read the full press release.

Also, in June, NYGB closed a $25.0 million construction loan for Sunrun, which will accelerate installation of solar energy systems on more than 5,000 New York homes. With both construction and long-term financing in place, Sunrun will be able to meet the growing demand from homeowners and expand its ability to finance the installation of solar projects in New York State. This loan complements a separate $25.0 million NYGB transaction with Sunrun, announced by Governor Andrew M. Cuomo, which provides longer-term financing. Read the full press release.

NYGB Investment Portfolio Gaining Momentum: In May, Governor Cuomo announced four NYGB transactions that are expected to generate up to $220.0 million in clean energy projects in the State, resulting in more than 6,200 residential rooftop solar installations, up to eight large, ground-mounted solar installations for commercial and industrial users, 400 residential energy efficiency projects, and reduce greenhouse gas emissions by nearly 3.0 million metrics tons. Read the full press release.

International Green Bank Network: In October the international Green Bank Network (of which NYGB is a founding member) announced that collectively, the group's transactions to date will mobilize $22.0 billion for clean energy projects around the globe. This puts the group on pace to exceed the collective goal of $40.0 billion over five years announced in 2014. Read the full press release.

Recent Public Filings (all can be found here)

NYGB's latest Quarterly Metrics Report was filed with the NYS Public Service Commission on November 15.The Report provides details on NYGB's investments, activities and performance through September 30, 2016.

NYGB's Annual Business Plan for the 2016 - 2017 plan year was filed on June 27, 2016, and represents a new format consistent with NYGB's transition from its start-up phase. In addition to providing details of NYGB's achievements in the prior plan year, the Plan focuses on tangible goals and deliverables, tying directly back to NYGB's mission and investment criteria, together with corresponding key performance indicators.

NYGB's updated Metrics, Reporting & Evaluation Plan 3.0 was filed on June 20, 2016, which reorganizes, simplifies and clarifies the original metrics plan based on growing experience, collaboration with NYS Department of Public Service staff and a public, multi-month stakeholder process. The revised Metrics Plan, which preserves and improves upon the key informational attributes of prior versions and reflects extensive input received from the stakeholder input process.