March 1, 2016
2016 Spring Newsletter
Greetings from NY Green Bank
We thank you for your interest in receiving updates from NY Green Bank and have provided in this newsletter highlights of our recent work and upcoming activities in advancing New York's clean energy marketplace.
The growth and success we've experienced to date directly reflect both the extent of the opportunities in the State, and the activities of many market participants with innovative ideas for advancing clean energy investments. With input from, and collaboration with, many of you we've successfully facilitated wind, solar, and energy efficiency projects throughout the State, and are actively working on others at various stages of development. These clean energy projects contribute to the ambitious energy and environmental goals called for in Governor Andrew M. Cuomo's Reforming the Energy Vision strategy, which includes both the Clean Energy Fund, of which NY Green Bank is a critical component, and the Clean Energy Standard which will require 50 percent of the State's power generation come from renewable sources by 2030. Achieving these goals benefits all New Yorkers, and we look forward to announcing many more developments in coming months.
We are grateful for your support and look forward to continuing our work together.
NY Green Bank
A Division of NYSERDA
1359 Broadway, 19th Floor | New York, NY 10018-7842
Clean Energy Fund Includes Finalization of Full $1.0 Billion for NY Green Bank
Governor Andrew M. Cuomo recently announced the New York State Public Service Commission's approval of a 10-year, $5.0 billion Clean Energy Fund to accelerate the growth of New York's clean energy economy, including the complete $1.0 billion capitalization of NY Green Bank. This announcement affirms NY Green Bank as a critical component of the State's clean energy future and facilitates realization of NY Green Bank's goals in collaboration with its private sector clients and partners. Read the full order here.
Current Portfolio & Pipeline
As of December 31, 2015 (and reflected in NY Green Bank's last Quarterly Metrics Report), our open solicitation had received proposals for over $1.0 billion of NY Green Bank capital - in turn representing ~$4.0 billion of total potential investments in the State.
In the third and fourth quarters of 2015, NY Green Bank closed four transactions representing an investment portfolio of over $54.0 million. These transactions provide financing and/or credit enhancement for distributed solar, distributed wind, energy efficiency and commercial PACE. More information on NY Green Bank's closed transactions can be found under on the Transaction Profiles web page.
NY Green Bank's investment portfolio will continue to grow as additional transactions in the pipeline are completed and capital committed. Transaction closings in the coming months are expected to include financings supporting the deployment of commercial, industrial, residential and community solar along with wind and energy efficiency.
Co-Founder of First Global Green Bank Network
A group of six green banks and two non-profits announced the launch of the first global Green Bank Network, an international effort to combine the power of green investment banks to mobilize private investment in clean energy worldwide. Read the full announcement here.
Impact Investing for a Cleaner Environment
NY Green Bank's investment criteria require that our investments have the potential for energy savings and/or clean energy generation that contribute to greenhouse gas reductions in support of the State's energy policies. NY Green Bank's investment portfolio of closed transactions is estimated to reduce CO2 emissions by up to 1.4 million metric tons, which is equivalent to taking more than 21,700 cars off the road for a period of 14 years.
NY Green Bank has participated in more than 75 events and hundreds of meetings over the past several months, many of which focused on addressing clean energy access for low-to-moderate income households, supporting the financing of large-scale renewables, and encouraging greater deployment of microgrids and community distributed energy resources throughout the State.
As always, NY Green Bank seeks input from stakeholders, and is eager to engage in conversations with market participants who have economically viable, scalable projects for which there are current financing barriers.