NY Green Bank issued its Quarterly Metrics Report showing strong results for the second fiscal quarter of 2018, including the closing of six new transactions totaling $64.9 million, bringing overall investments to date to $522.3 million. These investments are expected to reduce greenhouse gas emissions by 7.3 – 9.3 million metric tons and further Governor Andrew M. Cuomo’s commitment to scale the deployment of clean energy technologies to reduce greenhouse gas emissions and combat climate change by ensuring half of New York’s electricity comes from renewable sources by 2030.
“We’re pleased to be able to report strong second quarter results,” said Alfred Griffin, NY Green Bank President. “These six new transactions demonstrate New York’s ongoing commitment to expanding activity and private sector participation in the clean energy marketplace by providing innovative financing solutions for projects that will offer clean energy to thousands of New Yorkers across the State.”
The new transactions include two community solar investments totaling up to 85 MW. Growing activity in community distributed generation (“CDG”) is in part due to the evolving Value of Distributed Energy Resources policies and Governor Cuomo’s NY-Sun program, which are driving greater investments in the CDG sector while building a statewide community solar pipeline of over 700 MW.
With these latest additions to NY Green Bank’s portfolio, its commitments of $522.3 million are expected to mobilize between $1.46 billion to $1.7 billion in sustainable infrastructure investment in clean energy projects in New York State.
Transactions closed during the second quarter of 2018 include:
In addition to these new transactions, NY Green Bank also issued a new investment solicitation, or Request for Information (RFI). The new solicitation – Financing Arrangements for Energy Storage Projects in New York State (“RFI 4”) – targets energy storage market participants and specific dialogue focused on the specific ways in which NY Green Bank can be helpful in financing energy storage projects throughout the state by addressing existing market barriers and financing gaps that could impede project development. NY Green Bank is also actively participating in the DPS/NYSERDA Technical Conferences on the Energy Storage Roadmap to ensure project developers and others seeking to participate in New York’s energy storage market are aware of NY Green Bank’s financing opportunities.
NY Green Bank is a division of NYSERDA. All NY Green Bank’s investments and activities support Governor Cuomo’s Clean Energy Standard, which requires that 50 percent of the State’s electricity come from renewable sources by 2030, in addition to specific State targets for energy efficiency, energy storage and other ambitious clean energy initiatives.
NY Green Bank is one part of the State’s 10-year $5.3 billion Clean Energy Fund, which is jump-starting clean tech innovation and mobilizing private investment in New York State. The Clean Energy Fund has already experienced successes beyond NY Green Bank – including through NY-Sun, a $1 billion initiative to scale-up solar and move the State closer to having a sustainable, self-sufficient solar industry. Since 2011, solar in New York State has increased more than 1,000 percent and leveraged nearly $2.8 billion in private investments.
As a key component of the Clean Energy Fund, NY Green Bank has been garnering strong interest from the private sector – evidenced by the extensive and growing number of submissions received for financing. NY Green Bank’s current active portfolio (i.e., transactions where there is agreement in principle between parties and momentum to move the transaction toward final execution and closing) includes numerous proposed transactions in various clean energy sectors including community solar; residential energy efficiency; residential solar, commercial and industrial solar; municipal, university, school and hospital energy efficiency; and microgrids.
NY Green Bank | http://www.greenbank.ny.gov
Reforming the Energy Vision | rev.ny.gov