December 21, 2017

Winter Newsletter

Greetings from NY Green Bank

Our Winter 2017 Newsletter highlights an exciting past few months for NY Green Bank. More comprehensive details can be found in our most recent Quarterly Report (as of September 30, 2017) on our website and a few highlights are below:

  • Our team has now closed 30 transactions, totaling $440.9 million in clean energy investments, driving up to $1.59 billion in total investment in New York’s clean energy market to date;
  • We have generated $23 million in revenues since inception, maintaining self-sufficiency with cumulative revenues now in excess of cumulative operating expenses; and
  • Investments to date are expected to result in up to 7.4 million metric tons of greenhouse gas reductions in NY State, equivalent to removing up to 72,500 cars from the road for 22 years.

In addition, Governor Andrew M. Cuomo recently announced that NY Green Bank will explore options to raise at least an additional $1.0 billion in private sector funds to invest at a portfolio level. Such third-party funds would allow NY Green Bank to consider investable sustainable infrastructure projects that extend beyond the boundaries of New York State, complementing its existing investment activity within the State. To formally launch these efforts, at the beginning of December, NY Green Bank issued a Request for Proposals for Strategic Advisory & Capital Arranger Services. The RFP seeks proposals from qualified firms interested in providing the requisite strategic advisory and third-party capital raising services. A key part of the evaluation process is identifying additional benefits for New York ratepayers as well as optimal structuring options.

These developments continue to underscore New York State’s ongoing leadership. As we move forward with the planned capital expansion, NY Green Bank will retain its focus on continuing to deliver upon its mission and mandate. Greater leverage of existing public dollars in sustainable infrastructure financing will directly and indirectly further support the State’s ambitious clean energy goals while additional capital and investments across the U.S. will also accelerate greater scale, diversification, standardization and greater liquidity in the sustainable infrastructure marketplace.

Thank you for your ongoing interest in, and support of, NY Green Bank.

We wish everyone a happy, healthy and safe holiday season.

Kind regards,

Alfred

Alfred Griffin
President
NY Green Bank
A Division of NYSERDA

Recent Highlights

Current Portfolio & Pipeline

NY Green Bank continues to demonstrate that sustainable infrastructure investments present both attractive commercial opportunities, as well as drivers of resilient, clean and affordable energy and other projects. As reflected in our latest Quarterly Metrics Report [see our Public Filings page under the “Metrics” heading], NY Green Bank has achieved breakeven on a cumulative basis for the first time with Cumulative Revenues in excess of Cumulative Expenses. In regard to our active pipeline, we have ~$519 million of transactions actively moving towards closing.

Since inception through September 30, 2017:

  • Over $2.1 billion of proposals have been received and evaluated by NYGB’s Scoring Committee;
  • $1.9 billion of proposals have passed Scoring Committee evaluation – representing potential investments that meet NYGB’s mandate and proposal evaluation criteria;
  • $924.0 million of proposals have received Greenlight Committee recommendation for advancement; and
  • $440.9 million of transactions have been closed - comprising NYGB’s Overall Investments to Date - mobilizing public and private investments to support in the range of $1.31 to $1.59 billion in Total Project Costs for new clean energy deployment in the State.

Finally, since our last newsletter, we have closed multiple new transactions, including:

  • Providing a bridge loan to support the deployment of community solar projects in NYS;
  • Expanding our support of fuel cell deployment in NYS, by increasing an existing facility due to success in deploying that capital; and
  • Increasing opportunities for NY residents to go solar, by growing market liquidity through increased support for current counterparties.

Request for Proposals - Strategic Advisory & Capital Arranger Services

As the next step in raising third-party capital for portfolio-level investment, NY Green Bank issued an RFP for Strategic Advisory & Capital Arranger Services to engage an advisor(s) to evaluate options for structuring and facilitating such an effort and to assist in securing third-party capital. Proposals are due on January 16, 2018 by 5:00 p.m. EST and must be submitted online. The online portal for submission will be open from January 2, 2018 at 9:00 a.m. EST. Any questions in relation to the RFP can be submitted to NYGBRFP9@greenbank.ny.gov.