Opening of New York State's Green Bank Creates a New Source of Financing for Clean Energy Projects as It Issues Its First Request for Proposals

more+
less-
more+
less-

The $1 billion New York Green Bank initiative opened for business on February 5, 2014. The New York Green Bank, initially capitalized with $210 million in funding in December 2013, will partner with private-sector institutions to provide financing for qualifying clean energy projects and to accelerate clean energy deployment in the state of New York.

In its first request for proposal (RFP)1, the New York Green Bank invites clean energy industry participants—such as developers, energy service companies, owner/operators, and equipment manufacturers—as well as private-sector capital providers, including financial institutions or other third-party capital providers, to propose partnership arrangements with the Green Bank that would facilitate the financing of qualifying clean energy projects in New York.

Proposed projects, including those related to energy generation and energy savings, may include a wide range of commercially proven technologies, such as:

  • solar PV and thermal
  • onshore and offshore wind power
  • fuel cells
  • hydroelectric
  • biomass
  • biothermal energy
  • biogas
  • liquid biofuels
  • tidal/ocean power

Nuclear, municipal solid waste combustion, and adulterated biomass or biofuels are excluded.

According to the RFP, the New York Green Bank may consider supporting the financing of projects using other technologies if the proposers "demonstrate a potential for increased deployment of energy efficiency or renewable energy and/or a potential for greenhouse gas reductions in New York State."

In the energy efficiency sector, comprehensive projects that result in comprehensive energy consumption improvements will be emphasized.

The open, ongoing nature of this RFP and its broad range and flexibility present a unique opportunity to obtain financing for qualifying clean energy projects in New York State.

1 Available at http://greenbank.ny.gov/RFP1.aspx.

Topics:  Banks, Clean Energy, Energy Policy, Green Banks

Published In: Energy & Utilities Updates, Environmental Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Wilson Sonsini Goodrich & Rosati | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »