- • NY Green Bank, part of NYSERDA, closed four new transactions, which will help add more solar installations across the state of New York
- Transactions are expected to generate up to $220 million in clean energy projects
- Installer Sunrun will receive $340 million, up to $200 million will go to Mosaic, a micro-financing company
- Green Bank is also working with BQ Energy to establish a standardized approach to construction and post-construction project finance
The state government of New York announced closing four new NY Green Bank transactions, which will lead to the installation of more than 6,200 residential rooftop solar systems across the state. At the same time, it will lead to eight large, ground-mounted solar installations for commercial and industrial users, along with 400 residential energy efficiency projects. The transactions are expected to generate up to $220 million in clean energy projects.
NY Green Bank is participating in a consortium of capital providers led by Investec, an international specialist bank and asset manager, which is providing $340 million to residential installer Sunrun to help expand its residential solar market. An official release from the NY Governor’s office states, “It is expected that NY Green Bank’s involvement in the transaction will result in up to $140 million used to develop solar projects in New York State.”
Green Bank is also participating in a transaction with DZ Bank of Germany to provide financing of up to $200 million for Solar Mosaic Inc, a micro-financing company offering home loans for solar systems. This is expected to result into $40 million in new residential rooftop solar projects in NY.
It is also working with BQ Energy to establish a standardized approach to construction and post-construction project finance to help broaden the availability of solar to businesses that prevents them from accessing financing due to lack of scale or public credit ratings. NY State Governor Andrew Cuomo said, “These projects will not only help to reduce greenhouse gas emissions and protect the environment, but ensure the state continues to reach its ambitious goal of 50% renewable energy by 2030.”
NY Green Bank is a division of the New York State Energy Research and Development Authority (NYSERDA). It was launched in 2014 with the mission ‘to accelerate clean energy deployment in New York State by working in partnership with the private sector to transform financing markets.’