Skip to content

NY Green Bank wants $1 billion to expand financing for clean energy


They say everything is bigger in Texas, but when it comes to clean-energy investment, few states are committing as many funds to the goal as New York.

Just since January 1, the state has invested $11 million in community microgrids, committed to procuring $1.5 billion in renewable energy, approved an energy-storage target and identified 850 sites it plans to use the Solarize plan to add solar to communities.

If solar’s growth in the state is any indication, the investments are paying off. Over the past five years, installed solar has grown 795% in the state.

But if Governor Andrew Cuomo’s latest initiative takes off, the state may not only increase its own clean-energy investments, it might be coming to other states soon.

Last week, Cuomo announced that the NY Green Bank, an organization designed to improve clean-energy financing, is seeking $1 billion in private-sector investments to expand the financing options available to clean-energy projects exponentially.

“As the federal government turns its back on solutions to climate change while denying reality, New York is doubling down on our efforts to act on the clean energy future,” Cuomo said in his announcement. “This expansion of the NY Green Bank will combat climate change while creating good-paying clean energy jobs across the state, helping to secure a cleaner and greener tomorrow for all New Yorkers.”

To date, the NY Green bank has spurred almost $1.4 billion in clean-energy investments in the state, which has peaked the interest of outside entities, including pension funds and insurance companies, looking for forward-looking investments. As a result, the state says it has been approached to be a financing vehicle in other states.

A portion of the $1 billion would be used to invest in other states’ clean-energy projects and expand the transaction scale NY Green Bank can handle.

NY Green Bank says will be issuing a request for proposals by the end of the year for advisory services to help it raise the funds.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.

Welcome to pv magazine USA. This site uses cookies. Read our policy.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.