NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), has closed a $25 million loan for Sunrun Inc., which will accelerate the construction of more than 5,000 solar projects at homes across the state.
This loan complements a separate $25 million NY Green Bank transaction with Sunrun, announced by Gov. Andrew M. Cuomo last month, which provides longer-term financing following completion of the projects.
NYSERDA says that with both construction and longer-term financing in place, Sunrun will be able to meet the growing demand from homeowners and expand its ability to finance the installation of solar projects in New York State. This latest loan will pay for the cost of purchasing materials and installing the solar projects.
“This transaction will allow for construction of a significantly larger number of residential solar systems, which drives down system costs and creates jobs for contractors and installers,” says Alfred Griffin, president of NY Green Bank. “It will also encourage other capital providers to more actively participate in the clean energy marketplace, as it drives standardization of residential solar construction financing products.”
According to NYSERDA, the nine NY Green Bank transactions closed to date total $121 million stimulating $518.3 million in clean energy projects in the sate.