Governor Cuomo announced $210 million in initial funding for NY Green Bank, a market oriented approach to accelerate clean energy deployment, create jobs, and help make our communities more resilient and sustainable. Initial funding combines $165 million redirected from other programs and approved today by the Public Service Commission (PSC) and $45 million from the Regional Greenhouse Gas Initiative (RGGI).
“Affordable, reliable energy is key for economic growth across New York. Through the Green Bank, Governor Cuomo, the PSC and New York State Energy Research and Development Authority are taking positive actions to balance today’s energy needs with our longer term objectives to transition to a cost-effective, clean energy system,” said Heather C. Briccetti, Esq., president and CEO of The Business Council. “The Business Council supports the market transformative opportunities that will be promoted through the Green Bank.”
With today’s PSC approval, the NY Green Bank is expected to open for business and offer its first financial products in early 2014. The NY Green Bank will partner with private sector institutions by providing financial products such as credit enhancement, loan loss reserves and loan bundling to support securitization and build secondary markets. These products will support economically viable clean energy projects that cannot currently access financing due to market barriers, such as federal policy uncertainty, insufficient performance data, and the lack of publicly traded capital markets for clean energy.
Visit the NY Green Bank initiative for more information.