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New York Clean Energy Initiatives Reduce Greenhouse Gas Emissions
Governor Andrew M. Cuomo announced that during fiscal year 2016-2017, NY Green Bank generated $2.7 million in positive net income as a result of $291.6 million in investments in clean energy transactions across New York. Achieved one year ahead of schedule, this positive net income surpassed expectations and NY Green Bank’s overall portfolio is expected to reduce between 4.3 and 6.4 million metric tons of greenhouse gas emissions, which is the equivalent of taking between 50,000 and 70,000 cars off the road for 20 years.
"New York is taking aggressive action to reduce our carbon footprint, and through the nation's largest green bank, we continue to invest in smart growth strategies that will help make our communities cleaner, greener and stronger than ever before," Governor Cuomo said. "As the federal government continues to sidestep funding and support of critical clean energy programs, New York will continue to lead the fight against climate change, while working with communities across the state to ensure sustainable initiatives support future generations of New Yorkers."
By generating revenue in excess of expenses, NY Green Bank's positive net income will be re-invested for future transactions, ensuring New York customers are receiving greater clean energy benefits for every public dollar put to use. Additionally, NY Green Bank has demonstrated its ability to support the state’s transition to a more sustainable, clean energy economy by surpassing the organization’s goal of committing $200 million, and ultimately investing $291.6 million in a variety of clean energy transactions in fiscal year 2016-2017.
In addition to achieving positive net income, the organization’s investment portfolio reached $346.1 million as of March 31, 2017, as outlined in the NY Green Bank's Annual Business Plan. This achievement is expected to catalyze a total investment of $1 - $1.4 billion into New York’s clean energy marketplace over the lifetime of the projects.
NY Green Bank is one part of the state’s 10-year, $5 billion Clean Energy Fund, which is jump-starting clean tech innovation and mobilizing private investment in New York State. The Clean Energy Fund has already experienced successes beyond NY Green Bank – including its NY-Sun initiative that has helped facilitate an 800 percent increase in solar deployment over five years – while reducing customer collections by $1.5 billion by 2025. As a key component of the Clean Energy Fund, NY Green Bank has been garnering strong interest from the private sector – evidenced by the extensive and growing number of submissions received for financing.
"The announcement represents a major accomplishment for NY Green Bank and demonstrates the market transformation that is already underway as a result of its investment activities," New York State Chairman of Energy and Finance Richard Kauffman said. "The strong private sector interest in working with NY Green Bank, demonstrated by the $2 billion in requests for their capital received since inception, confirms that NY Green Bank is fulfilling its mission to identify and fill financing gaps in New York’s expanding clean energy economy."
"We’re pleased by the accomplishments we’ve achieved as an organization, and the positive net income and transaction execution milestones send a strong signal to the marketplace that sustainable infrastructure provides attractive investment opportunities," said Alfred Griffin, NY Green Bank President. "We have built a high-quality organization with a dedicated team of experts in their respective fields, industry-leading sustainable infrastructure finance capabilities, and deep technical knowledge, all of which have enabled us to achieve these milestones today."
"NY Green Bank is driving greater use of clean energy technologies to benefit New Yorkers across the State," said Janet Joseph, Acting President and CEO, NYSERDA. "The significant milestones NY Green Bank has achieved demonstrate that innovative clean energy financing solutions are more important than ever in achieving Governor Cuomo's ambitious energy goals as part of the State's fight on climate change."
Chair of the Senate Committee on Energy and Telecommunications Joseph Griffo said, "By investing in transformative clean energy projects that further enhance New York's efforts to become a more sustainable state, we are helping to create the promising foundation for a better future for the next generation of New Yorkers."
Chair of the Assembly Committee on Energy Amy Paulin said, "The Governor's efforts in advancing this state as a leader in clean energy has helped every community become more aware of greenhouse gas emissions and how everyone can reduce their carbon footprint. The results of NY Green Bank are exactly the kind of progress we need to continue taking steps toward a healthier, stronger environment, and I commend our partners at all levels of government for making the future of this state a priority."
NY Green Bank's current active portfolio includes numerous proposed transactions in various clean energy sectors including community solar; residential energy efficiency; residential solar, commercial and industrial solar; municipal, university, school and hospital energy efficiency; and microgrids.
Since its launch in 2014, NY Green Bank has helped nine New York-based companies expand their operations within the state, and seven non-New York-based companies grow their existing footprint within the state. In addition to this progress, two new transactions have closed since March 31, 2017:
- Sunrun Inc. – a national solar provider that has accelerated the deployment of over 5,000 solar systems on homes across New York, with support from NY Green Bank’s financing.
- Motivate International Inc. – the largest bike share operator in North America and operator of New York's Citi Bike program, received nearly $50 million in two separate loan products from NY Green Bank. This financing will help fund the completion of the New York City’s Citi Bike program Phase II expansion, which includes the installation of 2,000 new bikes in low-to-moderate income neighborhoods.
This announcement complements Governor Cuomo's leadership in establishing the U.S. Climate Alliance with California Governor Edmund G. Brown, Jr., and Washington State Governor Jay Inslee. The three states formed the alliance in response to the federal government’s decision to withdraw from the Paris Accord. The alliance is convening U.S. states committed to achieving the U.S. goal of reducing emissions 26-28 percent from 2005 levels and meeting or exceeding the targets of the federal Clean Power Plan. Announced by New York, California and Washington State on June 1, the alliance now includes 13 members. With input from all participants, the U.S. Climate Alliance will also act as a forum to sustain and strengthen existing climate programs, promote the sharing of information and best practices, and implement new programs to reduce carbon emissions from all sectors of the economy.