New York Governor Andrew M. Cuomo announced three new NY Green Bank deals this week that will let private sector partners to provide and improve access to cleaner and more affordable energy for their residential, commercial, and agricultural customers. NY Green Bank, a core initiative of the Governor’s Reforming the Energy Vision plan, is providing a total of $49 million for the three transactions and leveraging up to $178 million in additional private capital from private sector partners and financial institutions.
Four million of these funds will help support the installation of over 160 distributed wind energy projects.
“These investments further cement New York’s position as a global leader in clean energy development, as well as in the fight against climate change,” Governor Cuomo said. “These three projects will not only help improve access to renewable energy for residents and businesses, but will also help stir economic growth by enabling these industries to grow in New York State.”
NY Green Bank is a $1 billion state-sponsored financial entity designed to accelerate clean energy growth in New York State through private sector partnerships that help create a self-sustaining marketplace and reduce the need for future government support. To date, NY Green Bank has received proposals for more than $850 million of NY Green Bank capital which would result in approximately $3.5 billion in total investments in New York’s clean energy markets.
The three deals announced today not only help improve consumers’ access to clean energy, but also address market barriers that have prevented these deals from being completed in the past.
The $49 million in NY Green Bank funding will be distributed as follows:
- $4 million in revolving construction loans and a partnership with U.S. Bank will support New York-based United Wind’s installation of over 160 distributed wind energy projects for residential, commercial, and agricultural customers throughout Central and Western New York.
- $20 million along with a $50 million warehouse facility provided by Citi for Renew Financial to expand its consumer lending program to New York State for the first time. This program, ReHome New York, is an innovative public-private partnership that will offer up to 12,000 New York homeowners as much as $20,000 in low-cost financing for clean energy and energy efficiency improvements to their homes.
- $25 million will support a new warehouse facility for Level Solar – a New York-based solar provider that designs and installs systems for residential homes at no cost to the consumer. With funding from NY Green Bank and U.S. Bank, Level Solar will be able to provide solar installations for up to 6,000 New Yorkers.
These transactions are expected to reduce lifetime greenhouse gas emissions in New York State by up to 886,000 metric tons, which is equivalent to taking more than 14,000 cars off the road annually for at least 10 years.
New York State Chairman of Energy and Finance Richard Kauffman said: “The wind, solar, and energy efficiency transactions announced by NY Green Bank today will help us achieve our emissions reductions goals and eliminate roadblocks on the path to developing a market-based clean energy economy in New York. Under the Governor’s REV plan, we are transforming clean energy markets and accelerating private sector investment, helping this emerging industry grow and prosper and create jobs while protecting our environment.”
“It has been incredibly rewarding for NY Green Bank to be able to play a role in advancing these exciting clean energy opportunities,” added NY Green Bank President Alfred Griffin. Each one of the deals announced today will help pave the way for future private sector financings of these types of clean energy projects, and will bring real environmental benefits to the state of New York.”
Co-Founder and CEO of United Wind Russell Tencer said, “Rural communities represent a vast, underserved market for renewable energy across the U.S. and beyond. Our WindLease program delivers highly competitive energy prices in these areas when compared to the grid or other renewable technologies. Today’s announcement represents an inflection point for our industry; thanks to our partners, including NY Green Bank, distributed wind is now positioned to grow rapidly and meet customer demand for affordable wind energy in these communities.”
Read more news at www.governor.ny.gov
NY Green Bank