Gov. Andrew Cuomo, D-N.Y., says the New York Green Bank has started business operations. The program is intended to stimulate private-sector financing of renewable energy by providing financial support for creditworthy clean-energy projects in the state that have difficulty accessing financing due to various market barriers.
Through a request for proposal (RFP), the NY Green Bank seeks financing proposals from industry participants and financial institutions. Projects to be supported by the NY Green Bank include a range of commercially proven technologies, including solar, wind and other renewable energy generation technologies; residential and commercial/industrial energy efficiency measures; electricity load reduction; on-site clean generation; and similar projects that can support the state's clean energy objectives.
Cuomo proposed the creation of a $1 billion green bank in his 2013 State of the State address as the financial engine to help mobilize private investment in clean energy projects. In December of last year, he announced $210 million in initial funding for the program.
‘The NY Green Bank will be the catalyst for significantly accelerating the flow of private capital to energy efficiency and renewable energy projects and will send a message to the financial markets that expanding our clean energy economy is a priority for New York State,’ Cuomo says, in a statement.