New York State Department of Public Service

New York Green Bank - Home Page

Petition of New York State Energy Research and Development Authority
to Provide Initial Capitalization for the New York Green Bank
Case 13-M-0412

About the Initiative:

In January 2013, Governor Cuomo called for the establishment of a $1 billion New York Green Bank to mobilize private sector capital to finance the transition to a more cost-effective, resilient, and clean energy system. The Green Bank will accelerate the deployment of clean energy through a variety of financing tools targeted at alleviating financial market barriers and harnessing capital markets. On September 9, 2013, NYSERDA submitted a petition seeking authorization to reallocate uncommitted EEPS, SBC and RPS funds to provide the initial capitalization of the New York Green Bank and on December 19, 2013, the Commission issued an order granting NYSERDA’s request, providing the Green Bank with $165.6 million to begin its operation.

The primary socioeconomic objectives of the proposed Green Bank are to:

Market barriers vary across different technologies and real estate sectors, but there are a number of financing issues that are constraining private capital in the clean energy sector as a whole. The Green Bank would operate on a wholesale level, partnering with intermediaries to alleviate market barriers.

In order to address these barriers, the Green Bank would follow several important operating principles:

The long-term objective of the proposed Green Bank is to provide a bridge to a sustainable and efficient private sector clean energy financing market.

Upcoming Meetings/Conferences:

May 29, 2014 Technical Conference:

October 15, 2013 Technical Conference:

Related Documents & Resources:

Documents and public comments submitted as part of the New York Green Bank proceeding are publicly available.

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