The New York Green Bank today announced the closing of a $37.5 million loan to Vivint Solar, as part of a $313 million loan package which Vivint announced last week.
Vivint says that with the loan it will add 8,250 residential solar installations in New York for a total of 58 MW, and the administration of New York Governor Cuomo says that this will result in roughly $167 million in new investment in the state.
However, it is unclear if Vivint has any requirement to use the funds in New York, and in previous loans the New York Green Bank did not state any specific requirements for solar companies to use the funds for in-state projects.
In May, the Bank participated in a consortium that loaned $340 million to Sunrun, as well as a transaction with a German bank to provide up to $200 million for Solar Mosaic.
With the Vivint deal, NY Green Bank has closed 11 transactions and committed $158 million in capital, which it estimates has stimulated almost $686 million in clean energy projects across the state.
NY Green Bank says that by doing so, it is bringing down the cost of solar. “By addressing known financing gaps and expanding available financing options, we expect prices for clean energy solutions to be reduced for developers, homeowners and small business owners,” says NY Green Bank President Alfred Griffin.
The deal also triggers the release of another $150 million in funding, as it works towards a capitalization of $1 billion.