It is the largest ‘green’ bank in the US and New York governor Andrew Cuomo said it 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”.
The bank is seeking to back “a broad range of commercially proven technologies”, including solar, wind and other renewable technologies, as well as residential and commercial/industrial energy efficiency measures and on-site power projects.
Cuomo (pictured) said the launch of the bank “confirms the state’s unwavering commitment to a more cost effective and resilient energy system, to creating green jobs and to providing a cleaner environment for all New Yorkers”.
The bank is now seeking funding applicants and eligible proposers include energy service companies, developers, equipment manufacturers or others that provide equipment, materials and/or services related to renewable energy and energy efficiency projects along with financial institutions or other third-party capital providers that are financing, or intending to finance, such projects.
Richard Kauffman, chairman of Energy & Finance for New York State, said the bank “will target existing market barriers which currently prevent the widespread deployment of clean energy”.
“Given these obstacles in financing, merely setting up a competitive market that offers the promise of choice offers only that: a promise unrealized if projects cannot obtain financing. The Green Bank is just one component of the state’s new chapter on energy policy that focuses on enabling self-sustaining private markets and reducing dependence on subsidies.”