NY Green Bank issues RFP for $1bn fundraising

The clean lender is looking for an advisor and placement agent as it gears up to raise and manage third-party capital.

The New York Green Bank on Friday released a request for proposals for its planned $1 billion fundraising, a first step in its move to raise institutional capital for clean energy projects.

The bank is looking for a single firm or a group to act both in an advisory role and as a placement agent for the fund, which will target projects both in and outside New York State. The role will include evaluating fund structures and strategies as well as the execution of the fundraising.

Launched in 2013, the bank announced in September that it will begin managing and investing third-party capital and expand its footprint beyond New York.

“This gives us an opportunity to further fulfil our original mandate, which is to accelerate activity in the clean energy financing markets by mobilising more dollars to support the deployment of sustainable infrastructure in New York State and beyond,” Alfred Griffin, the bank’s president, told Infrastructure Investor.

The RFP is seeking proposers with access to insurance companies, pension funds, endowments, funds of funds, family offices and investors focused on sustainability.

In October, NYGB set a target of at least $1 billion for the fund. After selecting an advisor, the bank will work with them to decide on a hard-cap, Griffin said.

Responses to the RFP are due by 16 January, and NYGB expects to begin closing on capital commitments by next autumn.

As of 30 September, the bank has deployed $440.9 million across 29 transactions.