NY Green Bank to raise at least $1 billion
These additional funds to be raised from third-party investors will enable NY Green Bank to deliver even greater environmental and cost benefits to New Yorkers and broaden the scope of investable projects beyond the boundaries of New York State.
Because of its robust track record which has resulted in driving nearly $1.4 billion in clean energy investment in New York State, NY Green Bank has seen strong interest from third-party entities like pension funds and insurance companies seeking to utilize it as an investment vehicle for sustainable infrastructure projects.
The additional capital raised can be invested in projects across the United States, expanding transaction scale and leverage, increasing the amount of clean energy that will be deployed for every dollar invested.
NY Green Bank will also work with other states and philanthropic entities to help establish local Green Banks in other states.
In support of these new Green Banks, NY Green Bank may provide financing along with mid- and back-office services, due diligence, underwriting and general technical support.
As the next step in raising third-party capital, NY Green Bank will issue a request for proposals for advisory services to evaluate options for structuring and facilitating such an effort and ultimately assisting in securing third-party capital.
The RFP is expected to be released by the end of the year. ■