Financing Kicks Off for New York’s $1B Green Bank

Katherine Tweed for Greentechmedia Governor Andrew Cuomo just announced $165 million financing for New York State’s $1 billion Green Bank. Once the initial funds are approved by the public service commission, the Green Bank will look for private sector financing to join the bank to fund clean energy projects. The Bank is expected to be open for business in early 2014. Governor Cuomo said the money will be used “to build a more cost-effective, resilient and clean energy system in New York,” although the specifics of which projects will be able to take advantage of the Bank have yet to be determined. The money will go to technologies that are ready to be deployed, and could include everything from more efficient chillers and voltage control devices to solar PV and combined heat and power systems. “As a public-private partnership, the Green Bank will implement a pioneering approach that strategically and efficiently uses limited state resources to drive investment into…
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