The NY Green Bank has set a $1 billion target in a planned fundraise after announcing last month it would manage and invest third-party capital in clean energy projects.
New York Governor Andrew Cuomo said in September the state’s green bank plans to expand its mission from that of a regional clean energy finance institution to a national investor. NY Green Bank will issue a request for proposals for a fundraising advisor by the end of the year, according to a statement.
“As the federal government turns its back on solutions to climate change while denying reality, New York is doubling down on our efforts to act on the clean energy future,” Cuomo said.
The bank was created in 2013 to help spur private-sector investments in clean energy projects and companies. It has since deployed $400 million of public money across 21 projects, matched with private investments. Its goal now is to tap a large pool of private capital ready to invest in clean energy and will also work to establish local green banks in other states.
“Our intentions are to raise private capital at the portfolio level,” NY Green Bank President Alfred Griffin told Infrastructure Investor in an interview last month. “We have the ability to put substantial capital to work in a way that delivers greater benefits to ratepayers.”
In June, the bank reported its first profit at $2.7 million – one year ahead of schedule.
The bank is part of New York’s 10-year, $5 billion Clean Energy Fund. Some of its notable transactions include $13.5 million, along with US Bank, in small-scale wind developer United Wind, $25 million committed to residential solar provider Sunrun, and a $200 million partnership with Investec to fund distributed solar financier Solar Mosaic.