NY Green Bank’s Clean Tech Investments Reach $346 Million

green bank

NY Green Bank’s investment portfolio reached $346.1 million in 1Q17, an achievement that is expected to ensure a total investment of about $1 billion into New York’s clean energy market, according to Gov. Andrew Cuomo’s office.

The governor said yesterday that the bank achieved positive net income a year ahead of schedule.

"New York is taking aggressive action to reduce our carbon footprint, and through the nation's largest green bank, we continue to invest in smart growth strategies that will help make our communities cleaner, greener and stronger than ever before," Cuomo said in a June 22 statement. "As the federal government continues to sidestep funding and support of critical clean energy programs, New York will continue to lead the fight against climate change, while working with communities across the state to ensure sustainable initiatives support future generations of New Yorkers."

NY Green Bank's current active portfolio 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. The governor said that the bank invested $291.6 million in clean energy transactions in fiscal year 2016-2017.

According to the governor’s office, NY Green Bank closed two new transactions since March 31. They are:

  • Financing in support of Sunrun Inc.’s deployment of over 5,000 solar systems on homes across New York. (A NY Green Bank transaction statement shows that, on May 9, the bank closed a $15 million commitment with SunTrust and ING to participate in an aggregation-to-term loan facility. The transaction was part of a $202 million financing arranged by SunTrust and ING that provides Sunrun with a larger financing to expand its business in New York and elsewhere.)
  • $50 million for Motivate International Inc.’s project to complete New York City’s Citi Bike program Phase II expansion, which includes the installation of 2,000 new bikes in low-to-moderate income neighborhoods.

Lead image credit: Jörg Schubert | Flickr

 

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