February 20, 2019

Winter 2018 

It has been a busy few months at NY Green Bank with much to report since our last newsletter. As noted in the latest Quarterly Report filed on February 14 (see full report under “Quarterly Metrics Reports” on our website here), we have continued to make significant progress towards achieving our impact and financial goals in support of Governor Andrew M. Cuomo’s Green New Deal.

As of December 31, 2018, the end of our last fiscal quarter, NY Green Bank has achieved the following:

  • Since NY Green Bank’s inception, 44 transactions totaling $637.6 million have been executed, mobilizing up to $1.75 billion in total clean energy investment in New York.
  • $51.8 million in cumulative revenues have been generated since inception, maintaining NY Green Bank's self-sufficiency
  • Total investments are expected to drive up to 10.3 million metric tons of gross lifetime greenhouse gas reductions in New York State, equivalent to removing up to 97,700 cars from the road over 24 years.

In addition to it's ongoing strong investment performance, NY Green Bank continues to work on advancing targeted segments of the market. In the latter part of 2018, NY Green Bank issued two new Requests for Information: RFI 4: Financing Arrangements for Energy Storage Projects in NYS and RFI 5: Low and Moderate-Income Participation in Community Distributed Generation Projects in NYS. Feedback received on these RFIs will help NY Green Bank identify market barriers and introduce product refinements to better serve the energy storage sector and Low and Moderate-Income customer needs.

In addition to investment and portfolio efforts, NY Green Bank continues to explore various capital-raising and expansion opportunities. In January, Governor Cuomo released the 2019 State of the State Book and called for the development of terms for a public-private partnership to effectuate NY Green Bank’s third-party capital raise and expansion across North America. NY Green Bank looks forward to advancing the Governor's initiative to bring even greater clean energy benefits to New Yorkers while continuing to advance our work in delivering innovative clean energy financing solutions.

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

Kind regards,


Alfred Griffin
NY Green Bank
A Division of NYSERDA


Recent Highlights

In the News and On the Air

NY Green Bank President, Alfred Griffin, recently discussed NY Green Bank’s role in accelerating clean energy markets, its innovative approach to financing clean energy transactions and its plans to raise third-party capital and expand financing across North America on the Norton Rose Currents Podcast. Listen to the podcast hereLink opens in new window - close new window to return to this page..

In addition, an interview with NY Green Bank’s Chief Operating Officer Caroline Angoorly was published in the Lexis Practice Advisor on what makes NY Green Bank different from other financial institutions and the innovative financing solutions crucial to accelerating clean energy deployment in New York State. Download here or visit Lexis Practice Advisor’s website hereLink opens in new window - close new window to return to this page..

Current Portfolio & Pipeline

 Since the last newsletter, the team has closed six new investments. An illustrative sample of those transactions is below. 

  • Committing a combined $87 million to the large-scale solar developer, Delaware River Solar, further demonstrating the viability of the community distributed generation model and New York’s Value of Distributed Energy Resources (VDER) effort, drawing new investors and financial institutions into the marketplace, and ultimately lowering the cost of capital.
  • Increasing a capital commitment to Cypress Creek Renewables totaling a $45 million facility, which will fund interconnection deposit payments and support the development of large-scale solar assets in New York State.
  • Providing $2 million to Ecosave Inc. to finance the installation of energy efficiency improvements at the Hebrew Home senior care facility in Riverdale, NY.

NY Green Bank's pipeline remains robust with $574 million of potential investments proceeding to close. These investment opportunities cover various asset classes including: wind, energy efficiency, bio energy, sustainable transportation, energy storage, and more. 

We always encourage clean energy/sustainable infrastructure market participants to please reach out if you are facing any financing barriers that are preventing your projects from moving forward. You can learn more about our financing opportunities by visiting our website here

Participation in Technical Conferences and Stakeholder Meetings

Over the past two quarters, members of NY Green Bank’s Investment & Portfolio Management team presented at a variety of NYSERDA hosted technical conferences and stakeholder meetings including: LMI Stakeholder Meetings, Energy Storage Technical Conferences, Pay for Performance Stakeholder Meeting, and NYSERDA’s Heat Pump Technical Conference. The team addressed specific ways NY Green Bank can help in financing energy storage, energy efficiency, and heat pump projects in New York State by addressing existing market barriers and financing gaps that could impede project development