NY Green Bank said it closed its first private capital raise, a $314 million transaction with Bank of America.
The backing will allow NY Green Bank to reinvest capital into new projects at a faster rate by making this additional financing available to more projects. It said that its ability to raise the private capital provides “third-party validation of the quality of its transaction portfolio” and demonstrates the “strong and growing appetite” among private-sector investors to gain more exposure to clean energy projects.
NY Green Bank had made cumulative investments of $1.6 billion as of June. It said it has consistently generated positive net income since 2017.
The bank’s pipeline totals $790 million and spans residential, agricultural, and commercial industrial, technology classes including solar, energy efficiency, wind and sustainable transport.
NY Green Bank is a unit of New York State Energy Research and Development Authority (NYSERDA). In addition to the investment from Bank of America, global investment bank Moelis & Company acted as placement agent.
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