New York’s First Green Bank Deals Bolster State’s Strong Commitment To Clean Energy

(NEW YORK – October 22, 2014) Governor Cuomo today announced the New York Green Bank’s first tranche of deals, totaling an impressive $800 million in clean energy investments across the state. Rather than providing grants to stimulate clean energy investment, green banks use attractive interest rates and other incentives to leverage money from the private sector. The NY Green Bank’s initial investment of $200 million galvanized $600 million in investment from prominent financial institutions. The first seven transactions, which will close over the next few months, finance a wide range of low-carbon, clean energy projects, including solar, energy equipment, and energy efficiency.

“New York’s commitment to clean energy finance, coupled with its pioneering utility reform effort, cement the state’s reputation as one of the country’s clean energy leaders. Attracting such significant private sector investment in clean energy in New York State sets the stage for an active market in financing for renewable energy and energy efficiency. The variety of financing deals shows clear appetite for clean energy investment from Wall Street and other private investors, which will only continue to grow in coming months.”

• Rory Christian, Director, New York Clean Energy