NY Green Bank – a division of the New York State Energy Research and Development Authority (NYSERDA) – announced this week a $314 million transaction in its first private capital raise to support clean energy project financing.
The transaction with Bank of America is the largest ever conducted by a green bank in the United States, according to a press release from NYSERDA, and allows the bank to meet financing demand without requiring additional public funds.
“This transaction demonstrates that we have achieved our goal of increasing private sector activity in clean energy markets and leverages that progress to fuel our focus on new areas where market transformation is still needed,” said Andrew Kessler, acting president of NY Green Bank. “This is a natural step in NY Green Bank’s continued evolution and will allow us to advance our goal to put as much capital as possible to work in disadvantaged communities and other priority areas in the coming years.”
According to BloombergNEF’s tracking of global investment in renewable energy, $174 billion of new investment was made in the first half of 2021.
NY Green Bank has made cumulative overall investments of $1.6 billion as of June 2021, according to NYSERDA CEO Doreen Harris, in support of New York’s Climate Act. The bank’s financing portfolio includes community solar, bioenergy, electric vehicle deployment, wind systems, and energy efficiency projects.
“This is a significant milestone that demonstrates NY Green Bank’s success in forging a new path to expanding its investments that benefit all New Yorkers without the need for additional public funds,” Harris said. “NY Green Bank’s continued leadership in mobilizing private sector capital into clean energy markets highlights its essential role in advancing the State’s ambitious climate agenda as we transition to a renewable energy future.”