NY Green Bank Records $117.5 Mn in Clean Energy Investments in Q4

The NY Green Bank has announced that its Q4 of 2019 was the strongest to date, adding USD 117.5 million to its current portfolio.

The NY Green Bank has announced that its fourth-quarter of 2019 was the strongest to date with more capital committed than any prior quarter, adding USD 117.5 million to its current portfolio.

This achievement complements NY Green Bank’s strongest calendar year yet with a total of USD 276.1 million committed in 2019, growing its total portfolio commitment to over USD 909 million and spurring up to USD 2.4 billion in clean energy investments. These investments support the State’s goal of an 85 percent reduction in greenhouse gas emissions by 2050 and Governor Cuomo’s Green New Deal, the nation-leading clean energy and climate agenda that has set the State on the path to economy-wide carbon-neutrality.

NY Green Bank President, Alfred Griffin said that the firm is pleased to have committed more capital in the fourth quarter of 2019 than ever before, bringing to close its strongest calendar year performance to date. “Achieving these milestones demonstrate how NY Green Bank is shaping New York’s climate and clean energy future under Governor Cuomo’s leadership and how, through collaboration with the private market, we are helping build the State’s path to carbon neutrality.”

NY Green Bank committed capital to five transactions during the fourth quarter of 2019, bringing its total number of investments closed since inception to 57. Overall, NY Green Bank’s transactions are expected to drive an estimated gross lifetime greenhouse gas emissions reduction of between 10 and 18 million metric tons, which is equivalent to taking up to 183,599 cars off the road for 23 years.

Transactions closed during the fourth quarter of 2019 include:

USD 2.5 Million Bridge Loan to Eden Renewables – Supporting the Deployment of Community Solar Projects
NY Green Bank’s USD 2.5 million bridge loan to Eden Renewables will finance the deposits made to the National Grid to secure interconnection rights for a portfolio of community distributed generation solar projects in New York State. This transaction is expected to support up to 84 MW of solar assets in New York State and reduce up to 870,378 metric tons of greenhouse gas emissions annually

USD 50 Million Term Loan to support AES Distributed Energy – Continued Support of Distributed Generation
The bank group’s loan proceeds are expected to finance AES’s portfolio of 41 Northeast projects under development, including 14 distributed solar projects totaling USD 97 million in project costs in New York State, which will deliver considerable environmental and economic benefits to New Yorkers.

USD 35 Million loan to a portfolio of assets owned by Generate – Accelerating Clean Energy Investment
NY Green Bank provided a USD 35 million loan to support Generate and will result in projects with an installed generation capacity of at least 17 MW which will deliver environmental and economic development benefits to New Yorkers across the state.

USD 10 Million loan to BQ Energy – Supporting the Deployment of Solar Projects
NY Green Bank provided BQ Energy, a solar energy project developer specialising in landfill and brownfield site redevelopment, a USD 10 million loan to finance the cost of project development efforts in New York State.

USD 20 Million Term Loan to True Green Capital – Continued Support of Distributed Generation
This USD 20 million term loan transaction will help NY Green Bank continue to demonstrate the viability of community solar in the State, draw new investors and financial institutions into the marketplace, and lower the cost of capital related to community distributed generation.

NY Green Bank, which is a division of the New York State Energy Research and Development Authority (NYSERDA) is a state-sponsored, specialised financial entity working with the private sector to increase investments into New York’s clean energy markets, creating a more efficient, reliable and sustainable energy system.