NY Green Bank

NY Green Bank is a division of NYSERDA that finances clean energy and sustainable infrastructure projects in New York's clean energy market.

NY Green Bank is a $2 billion, State-sponsored investment fund established to attract private sector capital and accelerate the deployment of clean energy throughout New York State.
 
The largest green bank in the nation, NY Green Bank was first announced by the State in 2013 as part of a comprehensive strategy to build a clean, resilient, and affordable energy system for all New Yorkers.

Today we announced the closing of an additional $25 million revolving credit facility from NY Green Bank, a division of NYSERDA. This upsized facility brings our total financing from NYGB to $50 million, fueling our mission to support New York's transition to cleaner, more sustainable energy sources.

Kelsey Clair, Director at NY Green Bank, who co-led the transaction, said, “This catalytic financing… is spurring multiples of invested capital on our contribution and driving significant impact in a key growth area of energy storage, while facilitating deployment of additional battery storage sites in New York City.”

Since our first closing with NYGB, we've made significant strides: Our initial Bronx battery site is fully operational and we're on track with the buildout of our next sites to reach commercial operation this year. 

Having the support of a dedicated public fund like NY Green Bank has been critical in our ability to execute and grow. Together, we're making the City’s grid more resilient, reducing greenhouse gas emissions, and paving the way for a greener future in New York. 

#CleanEnergy #Sustainability #BatteryStorage #NYGreenBank #RenewableEnergy #RenewableEnergyFinance #CleanEnergyFunding #SustainableFinance
https://lnkd.in/emUk3Wdt

ICYMI: Kelsey Clair, Director at NY Green Bank joined the Wood Mackenzie’s Interchange Recharged podcast to discuss the impact of the Inflation Reduction Act on clean energy markets. 

The discussion included how NYGB has developed a tax equity bridge loan for solar and energy storage projects utilizing Investment Tax Credits.
 
Listen to the full episode or Kelsey’s segment starting at 30:30. https://bit.ly/3VXJzr9

Tune in this afternoon, Tuesday, June 11th at 3:30 pm ET to learn about NY Green Bank’s investment activity and impact during the first quarter of 2024! You will hear from Rio Mizuno and Ben Goodwin on NYGB’s exciting work.
 
Join here: https://lnkd.in/ewKnNaHb

We are excited to announce the close of a transaction with Leviticus Fund, a regional nonprofit community development financial institution that provides flexible capital to propel the growth of more equitable communities throughout the Northeast. 

Funded through NY Green Bank’s Community Decarbonization Fund (CDF) this $18.3 million transaction will enable Leviticus to fund multi-family, real estate development loans that support new construction and retrofits of energy-efficient affordable housing throughout New York State, particularly in New York City and the Hudson Valley. 

➡Learn more about CDF: https://lnkd.in/ezTyPDq5
➡ Learn more about this transaction: https://lnkd.in/eaSVjaEN

During the Reuters Global Energy Transition Conference 2024, Gregory Randolph, Managing Director, NY Green Bank, joined Eric Cohen Head of Green Economy Banking at JPMorganChase on the Wood Mackenzie’s Energy Gang podcast. They discussed a range of topics from NYGB’s commitment to equity to innovative financial products such as interconnection (IX) loans. 

Greg contextualizes NYGB’s relationship with large private
financial institutions such as JP Morgan, stating, “We’re not here to compete
with the private sector. In fact, a good day for us is when we create a product
that somebody at JP Morgan is willing to copy and do on their balance sheet.”

Listen to Greg’s segment, beginning at 42:16, to hear how NYGB
works alongside the private sector to catalyze clean energy financing:  
https://lnkd.in/ebXPdMtU

ICYMI: Gov. Kathy Hochul announced the approval of a new framework for New York State to achieve a nation-leading 6 GW of energy storage by 2030, supporting the buildout of storage deployments estimated to reduce electric system costs by nearly $2B. The Order authorizes the implementation of NYSERDA-led programs to procure an additional 4.7 GW of new storage projects across large-scale, retail, and residential energy storage sectors, and provides a clear pathway forward for storage market participants active in New York’s clean energy sector. 

Read the full announcement: https://lnkd.in/dJFdECEx

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NY Green Bank

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