Governor Cuomo Announces First New York Green Bank Transactions

On October 22, Governor Andrew Cuomo announced the first transactions of the NY Green Bank to kick off clean energy projects across the state.  These initial transactions, supported and agreed to in principle, will ultimately produce investments totaling more than $800 million.

"By leveraging the financial capacity of the private sector with an eye toward clean energy projects, NY Green Bank is creating a cleaner state for all New Yorkers," Governor Cuomo said. "The State’s contribution to these projects will support jobs and economic activity in our communities, and it is helping to grow the market for clean technology in New York by paving the way for more frequent and accessible funding going forward."

NY Green Bank partners with private-sector lenders to support these projects that cannot otherwise access the financing to make them happen. This is typically due to market barriers such as federal policy uncertainty, insufficient performance data and the lack of publicly-traded capital markets for clean energy. By providing financial products to the lenders, such as credit enhancement, loan loss reserves and loan bundling, NY Green Bank alleviates these barriers, backing clean energy projects that create jobs and help make New York’s communities more sustainable.

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Date Posted: 11/12/2014