The New York Green Bank has invested more than half a billion dollars in renewable energy supporting $1.7 billion in clean energy projects. In the last quarter alone it supported six new transactions, including supporting two community solar investments in the state that could create up to 85 megawatts of solar farms and supporting rooftop solar companies in the state.
In the most recent quarter the green bank invested $64.9 million into new clean energy projects and related efforts. Since launching in 2015 the green bank has now invested $522.3 million, which is leveraging between $1.5 billion and $1.7 billion in investments in clean energy in the state.
“We’re pleased to be able to report strong second quarter results,” said Alfred Griffin, NY Green Bank president. “These six new transactions demonstrate New York’s ongoing commitment to expanding activity and private sector participation in the clean energy marketplace by providing innovative financing solutions for projects that will offer clean energy to thousands of New Yorkers across the State.”
Two major rooftop solar companies, Sunrun and Vivint Solar received support from the green bank. Vivint Solar received $19 million towards its revolving credit facility and Sunrun received $10 million in aggregation financing. Both transactions will help the companies expand in the state.
The community solar investments include an $18 million term loan to NRG Renew to support community distributed generation projects. The financing is expected to support deployment of up to 15 megawatts of community solar farms in New York. The loan will help demonstrate the viability of community solar farms in the state.
It also issued a $7 million bridge loan to Delaware River Solar. The loan will finance up to 90 percent of interconnection payments to New York utilities. It’s expected to help support up to 70 megawatts of community solar projects.
Community solar is growing quickly in New York and now has a 700 megawatt project pipeline in the state. The green bank is supporting it, but it also is key to New York’s Value of Distributed Energy Resources policies and Governor Andrew Cuomo’s NY-Sun program.
To help further the growth of renewable energy in New York the green bank also issued a new solicitation for funding. The new Financing Arrangements for Energy Storage Projects in New York State initiative is aimed at energy storage systems. It’s previously invested in other emerging technologies like microgrids to help support them as well.
All of the bank’s actions are aimed at helping the state meet its clean energy standard pushed by Cuomo. That standard now requires the state to source 50 percent of its electric generation from renewables by 2030.Tweet