The cost of renewable energy continues to decline, the need for substantial investment to scale existing technologies and develop innovative solutions has become imperative. Since its inception in 2013, the NY Green Bank has been at the forefront of mobilising both public and private capital towards clean energy projects, ranging from renewable energy production and storage to building decarbonisation and clean transportation.
The NY Green Bank’s portfolio is diverse, creating replicable financing solutions that address market barriers and funding gaps for emerging clean energy business models and technologies. The bank’s president, who has been serving since February 2021, previously held the position of Managing Director and Co-Head of Investment Portfolio Management for two years. He underscores the institution’s mission to transform clean energy financing, highlighting past successes and future investment priorities.
Established with $1 billion in public capital, the NY Green Bank is a state-sponsored investment fund aiming to catalyse private sector capital to support New York’s clean energy transition. Since its founding, the bank has deployed capital across various asset classes, including solar, wind, energy storage, clean transportation, and building electrification. To date, the NY Green Bank has closed over $2 billion in capital, facilitating the construction of more than $7 billion worth of clean energy infrastructure in New York State. Initially, the NY Green Bank’s transactions were predominantly in the solar sector, playing a crucial role in the expansion of community solar and setting a precedent for private sector financing. As the institution evolved, it diversified its investments to include clean transportation, building decarbonisation, and energy storage. The recent launch of the Community Decarbonization Fund underscores the bank’s commitment to ensuring that the benefits of clean energy investments reach New York’s disadvantaged communities. The bank’s impact is visible across New York, from its early investments in the original Citi Bike owners to various community solar projects. These interventions range from pre-development to construction and term lending, making NY Green Bank an integral part of the funding and capital stack for numerous clean energy projects.
NY Green Bank’s approach involves filling funding gaps and then transitioning out to address new challenges and barriers. This strategy has seen the institution involved in numerous financing interventions, including transactions with leading rooftop solar providers. Whether it’s a community solar project or a rooftop array, the NY Green Bank’s influence is extensive. Since 2013, the NY Green Bank has demonstrated that public capital alone is insufficient for New York’s clean energy transition. By animating private sector capital and bringing it into clean energy markets, the NY Green Bank continues to advance the clean energy transition across all sectors of the economy.
