With a $210M initial funding approval, NY Green Bank is poised to begin operations in early 2014.
On December 19, 2013, New York State Governor Andrew M. Cuomo announced $210M initial capitalization for the $1B New York Green Bank, a market-based clean energy funding initiative launched in September. The funding includes $165M Public Service Commission (PSC)-approved funds redirected from other programs and $45M from the Regional Greenhouse Gas Initiative (RGGI). With the approval, which facilitates mobilization of private sector financing for clean energy projects, the NY Green Bank is expected to begin offering financial products in early 2014.
The New York State Energy Research and Development Authority (NYSERDA) initiated the capitalization process on September 10 by filing a petition with PSC to use approximately $165M in uncommitted funds. Pursuant to its approval Order, PSC will oversee Green Bank operations and review quarterly progress reports to ensure financial offerings meet the PSC Order’s investment criteria.
Leverage of Private Capital by NY Green Bank (dps.ny)
The NY Green Bank, announced by Governor Cuomo in his 2013 State of the State address, intends to overcome existing market barriers that prevent widespread clean energy deployment. To facilitate private capital flow into the clean energy economy, the NY Green Bank will partner with private sector institutions and offer financial products that support securitization and foster secondary markets. The public-private partnership will facilitate a self-sustaining financing model capable of creating a scalable private sector-based clean energy market. As initial financing vehicles mature, the Green Bank will recoup its capital for redeployment in new projects and eventually preserve, recycle, and grow its capital base.
December 20, 2013 via Energy Solutions Forum
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