The New York Green Bank is officially open for business, which will focus on boosting private sector financing for energy projects statewide.
The bank will work to build investments for clean energy projects, helping to provide funding to expand the state’s renewable energy footprint.
“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,” Gov. Andrew Cuomo said in a news release Tuesday.
Cuomo announced the NY Green Bank in his 2013 State of the State Address. The bank received initial capitalization of $210 million last December including $165 million redirected from other energy programs by the State Public Service Commission and $45 million from the Regional Greenhouse Gas Initiative.
The bank is currently seeking proposals from investors and industry participants to kickstart financing of energy efficiency projects. Eligible applicants include developers, energy service companies and equipment manufacturers.
Projects that would be funded by the NY Green Bank include solar, wind and renewable energy initiatives. The bank is looking to invest with the private sector in a loan fund for clean energy and other partnerships.
“We are excited to start engaging the market and finding innovative ways to bring more attractive clean energy investments within reach of the private sector,” said Alfred Griffin, president of the NY Green Bank.
To learn more about the proposals for financing energy projects in New York through the NY Green Bank visit greenbank.ny.gov.