Governor Andrew M. Cuomo today announced the start of business operations for the New York Green Bank, which will seek request for proposals (“RFP”) from private sector lenders, investors and industry participants that facilitate the financing of clean-energy projects in New York State.
Eligible proposers include energy service companies, developers, equipment manufacturers related to renewable energy and energy efficiency projects along with financial institutions or other third-party capital providers that are financing such projects.
Projects to be supported by the NY Green Bank include a broad range of commercially proven technologies, including solar, wind and other renewable energy generation technologies; residential and commercial/industrial energy efficiency measures; electricity load reduction; on-site clean generation, and similar projects that can support the State’s clean energy objectives.
Over the past six months, the New York State Public Service Commission (“PSC”) undertook an extensive public review and comment process for the NY Green Bank. The PSC received over 90 public comments including letters of support from a wide spectrum of private sector financial institutions, including major banks. The initial funding for the Green Bank will come from $165 million in energy bills approved by the PSC and $45 million from the Regional Greenhouse Gas Initiative. For more information regarding the RFP process, you may visit www.greenbank.ny.gov.