August 23, 2018

Summer 2018

Greetings from NY Green Bank

We hope this newsletter finds you enjoying the summer. These past few months have been busy for us here at NY Green Bank. As of June 30, 2018, the end of our last fiscal quarter, NY Green Bank is pleased to report that:

  • Since inception, 38 transactions totaling $522.3 million in committed capital have closed stimulating up to $1.7 billion of total clean energy investment in New York;
  • Self-sufficiency continues to be maintained, generating $38.9 million in cumulative revenues since inception; and
  • Total investments to date are expected to reduce up to 9.3 million metric tons of greenhouse gas emissions in New York State over the life of the underlying projects.

In addition, NY Green Bank recently issued two new open solicitations: Request for Proposal No. 10: Construction and Aggregation-to-Term Financing for Community Distributed Generation Solar Projects (“RFP 10”) and Request for Information No. 4: Financing Arrangements for Energy Storage Projects in New York State (“RFI 4”). These solicitations support Governor Andrew M. Cuomo’s key initiatives for New York State, and serve to create and standardize creditworthy financing approaches for these underserved areas of the clean energy marketplace.

Alongside these efforts and in response to Governor Cuomo’s 2017 Fall announcement, NY Green Bank continues to explore various potential capital-raising and expansion opportunities to deliver even greater clean energy benefits to New Yorkers. Throughout this process, NY Green Bank will continue to be proactive, innovative, solutions-oriented and responsive to market participants as we support the continued deployment of clean energy and sustainable infrastructure financing in New York State.

Thank you for your ongoing support of NY Green Bank and its activities to increase the availability, affordability, and benefits of clean energy for all New Yorkers.

Sincerely,
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

Since our last newsletter, the team has closed multiple transactions:

  • Committing $18 million to NRG Renew, Inc. to support one of the first large-scale financings for a portfolio of Community DG solar assets in New York State;
  • Increasing a capital commitment to Sunrun Inc. by $15 million to provide further liquidity to support Sunrun in meeting the growing demand from homeowners and expanding its ability to finance the installation of solar projects throughout New York State; and
  • Providing $62 million to Delaware River Solar, LLC to finance the interconnection expenses and additional capital costs of their community distributed generation in New York State.

Additionally, NY Green Bank’s Active Pipeline remains strong with $542.2 million of potential investments proceeding to close. Our pipeline and portfolio are increasingly diverse, with energy efficiency, bio energy, sustainable transportation and other technology types, along with significant diversity within our solar portfolio which now includes community and municipal solar along with residential.

To our knowledge, no other investment manager in the United States with an exclusively sustainable infrastructure credit focus has closed as many transactions and committed as much capital as NY Green Bank. 

Request for Proposal No. 10 – Construction and Aggregation-to-Term Financing for CDG Solar Projects

NY Green Bank's fourth open solicitation targets developers or sponsors seeking financing for community solar projects in New York. Through this solicitation, NY Green Bank aims to accelerate the deployment of clean distributed energy resources, and to provide a financing framework for equity investors and private sector lenders to use in the future. To learn more, read RFP 10 here.

Request for Information No. 4 – Financing Energy Storage Projects in NYS

As announced in Governor Cuomo’s 2018 State of State Address, New York State has a nation-leading target of 1,500 MW of energy storage by 2025. In support of this goal, NY Green Bank seeks to commit at least $200 million towards storage-related investments to help drive down cost and to strategically deploy energy storage to where the grid needs it most. To achieve these targets, NY Green Bank has issued its open solicitation, “Request for Information (“RFI”) 4: Financing Arrangements for Energy Storage Projects in New York State.” The objective of the RFI is to engage energy storage developers and other market participants in one-on-one conversations and broader convenings to further the financing of this integral asset class in New York State in the immediate term. To learn more, read RFI 4 here.

Industry Report Feature – Darden Policy Playbook

NY Green Bank was highlighted in the University of Virginia Darden School of Business Batten Institute for Entrepreneurship and Innovation Policy Playbook, which was developed during the 2018 Jefferson Innovation Summit at the Carnegie Institution for Science in Washington, DC, held in February 2018. The summit was attended by entrepreneurs, government officials, nonprofit leaders, academic and policy experts, as well as leaders from corporate and nonprofit sectors, all of whom gathered for the workshop which informed the 2018 Summit Policy Playbook. This playbook presents six innovative ideas for more rapidly scaling up solutions to address climate change – including the establishment of a "National Cleantech Bank” – and NY Green Bank was highlighted as a viable option for scaling up sustainable infrastructure financing nationally. To read the full Darden Policy Playbook, click here.