Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Leadership
    • 2020 Winners
    • 2019 Winners
    • 2018 Winners
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Wind Farm Map
    • Wind Turbine Selector Tool
    • Wind Power Videos
    • Webinars
    • Wind Power Events
  • Webinars
  • Videos
  • Subscribe
    • Magazine Subscription
    • Enewsletter Subscription
  • About Us

Governor Cuomo announces NY Green Bank expansion to enable more clean-energy project financing

By Michelle Froese | October 31, 2017

Last week, New York Governor Andrew Cuomo announced plans to expand NY Green Bank financing for clean-energy projects. Accordingly, NY Green Bank seeks to raise at least an additional $1 billion in private sector funds to expand financing availability for clean-power projects.

NY Green Bank logoThese additional funds, to be raised from third-party investors, will enable NY Green Bank to deliver even greater environmental and cost benefits to New Yorkers and broaden the scope of investable projects beyond the boundaries of New York State.

“As the federal government turns its back on solutions to climate change while denying reality, New York is doubling down on our efforts to act on the clean-energy future,” said Governor Cuomo. “This expansion of the New York Green Bank will combat climate change while creating good-paying clean energy jobs across the state, helping to secure a cleaner and greener tomorrow for all New Yorkers.”

Because of its robust track record which has resulted in driving nearly $1.4 billion in clean-energy investment in New York State, NY Green Bank has seen strong interest from third-party entities like pension funds and insurance companies seeking to use it as an investment vehicle for sustainable infrastructure projects. The additional capital raised can be invested in projects across the U.S., expanding transaction scale and leverage, increasing the amount of clean energy that will be deployed for every dollar invested.

“Extreme weather has become the new normal. We must take action to protect our environment and ensure a more sustainable future through the use of clean energy,” Lieutenant Governor Kathy Hochul said. “Governor Cuomo’s commitment to expand the NY Green Bank, the largest public-private clean energy finance entity of its kind in the nation, will ensure a cleaner, greener and more economically beneficial future for New York and create endless new career paths in clean energy.”

NY Green Bank will also work with other states and philanthropic entities to help establish local Green Banks in other states. In support of these new Green Banks, NY Green Bank may provide financing along with mid- and back-office services, due diligence, underwriting, and general technical support.

As the next step in raising third-party capital, NY Green Bank will issue a request for proposals for advisory services to evaluate options for structuring and facilitating such an effort and ultimately assisting in securing third-party capital. The RFP is expected to be released by the end of the year.

Learn more here.

Tell Us What You Think! Cancel reply

Related Articles Read More >

Sentry Electrical Group forms renewable energy O&M division
ArcVera receives IEC approval to operate as renewable energy testing laboratory
Offshore Wind Training Institute to open in New York to train 2,500 workers
IEA contracted for construction of 300-MW Illinois wind project

Windpower Engineering & Development Digital Edition

Digital Edition

Browse the most current issue of Windpower Engineering & Development and back issues in an easy to use high quality format. Clip, share and download with the leading wind power engineering magazine today.

Webinars
Windpower Engineering & Development
  • Wind Articles
  • Subscribe to Windpower Engineering
  • Advertising
  • Contact Us/About Us

Copyright © 2021 WTWH Media, LLC. All Rights Reserved. Site Map | Privacy Policy | RSS

Search Windpower Power Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Leadership
    • 2020 Winners
    • 2019 Winners
    • 2018 Winners
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Wind Farm Map
    • Wind Turbine Selector Tool
    • Wind Power Videos
    • Webinars
    • Wind Power Events
  • Webinars
  • Videos
  • Subscribe
    • Magazine Subscription
    • Enewsletter Subscription
  • About Us