New York Green Bank

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Member Overview

NY Green Bank (NYGB) is a state-sponsored specialized financial entity whose mission is to work in collaboration with the private sector to transform financing markets in ways that accelerate clean energy investments to combat climate change and deliver benefits equitably to all. The $1 billion sustainable infrastructure fund works with the private sector to alleviate financing gaps in New York’s clean energy markets. Through its transactions, NYGB leverages public funds to mobilize greater private investment in the deployment of clean energy and sustainable infrastructure in New York in support of the state's ambitious energy and climate goals.

NYGB invests in financially and technically feasible projects that lack access to appropriately priced capital. Specifically, NYGB steps in to fill gaps in the market where financing might not be available from conventional lenders, potentially due to barriers such as limited precedent, small transaction sizes, challenges in evaluating technology risk, lack of familiarity with business models, or deal structuring and underwriting complexities. In addition to filling those specific gaps, NYGB works to ensure that, in time, such gaps can be filled by the private sector rather than by public funds.

NYGB works with private sector industry participants—including financial institutions and other third-party capital providers, as well as developers, energy service companies (ESCOs), project and property owners/operators, equipment manufacturers, and others—to provide financing for clean energy projects. NYGB’s target clients and counterparties are entities that are experienced and achieving success in clean energy markets but whose ability to accelerate clean energy deployment is effectively limited by capital constraints for the type of projects being considered. NYGB works with project sponsors and financial institutions to deploy proven technologies and projects in renewable energy and energy efficiency. These are technologies and applications in projects that are in demand by clients and their respective customers, are economically viable, and can support a commercial cost of debt, but for which debt capital is not readily provided by the markets due to existing barriers.

NYGB is a critical piece of New York’s equitable energy transition and a key energy priority for the state. NYGB is a division of NYSERDA and meets regularly with an advisory committee made up of representatives from both the public and private sectors.

Activities

NYGB increases availability of capital for projects, deploying proven and commercially viable technologies including solar, wind, and other renewable energy generation technologies; energy efficiency measures; electricity load reduction; on-site generation; and similar projects that support New York’s sustainability objectives. NYGB works to realize these deployments through:

Leveraging private sector capital to support and expand clean energy financing markets
Animating and growing capital markets, reducing the need for government support
Motivating faster and more extensive deployment of clean energy assets, greater energy choices, reduced environmental impacts, and more green energy advantages for every public dollar spent

NYGB is a cost-effective and complementary addition to New York state’s evolving portfolio of clean energy programs. NYGB works with private sector clients to address and alleviate specific gaps and barriers in current clean energy capital markets through a variety of approaches and transaction structures. NYGB uses demonstrated financing tools to promote self-sustaining markets while enabling private sector capital to expand the frontiers of current commercial clean energy lending opportunities, ultimately increasing the deployment of proven clean energy technologies in New York state.

With NYGB’s flexible, nimble, and dynamic approach, it is able to actively identify and alleviate existing market gaps and barriers, motivating greater private sector activity and allowing market forces to reduce the need for government support.

LEARN MORE ABOUT NYGB'S TRANSACTIONS

Impact

Through September 30, 2023, NYGB had invested more than $2.1 billion in cumulative commitments, generating $220.2 million in cumulative revenues. Cumulative commitments had mobilized up to $6.1 billion across 127 transactions and 8 technology segments, resulting in up to 42.9 million metric tons of C02e avoided. This is equivalent to removing up to 492,911 cars from the road for 24 years.