NY Green Bank

Today we announced the closing of an additional $25 million revolving credit facility from NY Green Bank, a division of NYSERDA. This upsized facility brings our total financing from NYGB to $50 million, fueling our mission to support New York's transition to cleaner, more sustainable energy sources. Kelsey Clair, Director at NY Green Bank, who co-led the transaction, said, “This catalytic financing… is spurring multiples of invested capital on our contribution and driving significant impact in a key growth area of energy storage, while facilitating deployment of additional battery storage sites in New York City.” Since our first closing with NYGB, we've made significant strides: Our initial Bronx battery site is fully operational and we're on track with the buildout of our next sites to reach commercial operation this year. Having the support of a dedicated public fund like NY Green Bank has been critical in our ability to execute and grow. Together, we're making the City’s grid more resilient, reducing greenhouse gas emissions, and paving the way for a greener future in New York. #CleanEnergy #Sustainability #BatteryStorage #NYGreenBank #RenewableEnergy #RenewableEnergyFinance #CleanEnergyFunding #SustainableFinance https://lnkd.in/emUk3Wdt

ICYMI: Kelsey Clair, Director at NY Green Bank joined the Wood Mackenzie’s Interchange Recharged podcast to discuss the impact of the Inflation Reduction Act on clean energy markets. The discussion included how NYGB has developed a tax equity bridge loan for solar and energy storage projects utilizing Investment Tax Credits.   Listen to the full episode or Kelsey’s segment starting at 30:30. https://bit.ly/3VXJzr9

During the Reuters Global Energy Transition Conference 2024, Gregory Randolph, Managing Director, NY Green Bank, joined Eric Cohen Head of Green Economy Banking at JPMorganChase on the Wood Mackenzie’s Energy Gang podcast. They discussed a range of topics from NYGB’s commitment to equity to innovative financial products such as interconnection (IX) loans. Greg contextualizes NYGB’s relationship with large private financial institutions such as JP Morgan, stating, “We’re not here to compete with the private sector. In fact, a good day for us is when we create a product that somebody at JP Morgan is willing to copy and do on their balance sheet.” Listen to Greg’s segment, beginning at 42:16, to hear how NYGB works alongside the private sector to catalyze clean energy financing:   https://lnkd.in/ebXPdMtU 

ICYMI: Gov. Kathy Hochul announced the approval of a new framework for New York State to achieve a nation-leading 6 GW of energy storage by 2030, supporting the buildout of storage deployments estimated to reduce electric system costs by nearly $2B. The Order authorizes the implementation of NYSERDA-led programs to procure an additional 4.7 GW of new storage projects across large-scale, retail, and residential energy storage sectors, and provides a clear pathway forward for storage market participants active in New York’s clean energy sector. Read the full announcement: https://lnkd.in/dJFdECEx

We are excited to announce the close of a transaction with Leviticus Fund, a regional nonprofit community development financial institution that provides flexible capital to propel the growth of more equitable communities throughout the Northeast. Funded through NY Green Bank’s Community Decarbonization Fund (CDF) this $18.3 million transaction will enable Leviticus to fund multi-family, real estate development loans that support new construction and retrofits of energy-efficient affordable housing throughout New York State, particularly in New York City and the Hudson Valley. ➡Learn more about CDF: https://lnkd.in/ezTyPDq5 ➡ Learn more about this transaction: https://lnkd.in/eaSVjaEN

NY Green Bank is excited to announce we are providing a revolving credit facility for interconnection (IX) finance that will support community distributed generation solar and solar-plus-storage projects in Upstate NY! This transaction with Norbut Solar Farms unlocks critical capital and helps to alleviate barriers traditionally associated with IX financing, expanding the capacity of developers to invest in additional clean energy projects. Check out our transaction profile to learn more: https://lnkd.in/eFfgERh3

In a recent interview for Wood Mackenzie’s Interchange Recharged podcast, NY Green Bank Director Kelsey Clair discusses the impact of the Inflation Reduction Act (IRA) on clean energy markets. One key opportunity Kelsey highlights is the ability for solar and energy storage projects to earn Investment Tax Credits (ITCs), which they can then sell in the tax credit transfer market. NYGB has developed a tax equity bridge loan to support ITC monetization in the transfer market, which should help advance these projects at a significant scale.    Listen to the full episode and learn more about NYGB’s catalytic capital: https://lnkd.in/eUKCY__R

NY Green Bank is excited to announce the completion of two transactions with New York City Energy Efficiency Corporation (NYCEEC) to support energy-efficient, affordable housing in Brooklyn and the Bronx. ➡️ In Brooklyn, NYGB has committed up to $1.75 million of funding toward a $3.5 million predevelopment loan, offering crucial financial backing for a Passive House-certified, 172-unit affordable housing project in Coney Island, where NYCEEC is the lead lender. Impact-driven developers face challenges securing funding for building decarbonization in underserved communities, and NYGB is proud to provide this support. ➡️ In the Bronx, our $1.25 million participation in a $2.5 million predevelopment loan deploys NYGB capital to support NYCEEC’s predevelopment loan investing in an all-electric 72-unit affordable housing development. A shortage of quality housing choices is especially challenging for low-income earners. NYGB addresses this challenge by providing capital to experienced lenders and development teams during the predevelopment phase, enabling project teams to plan and design effectively. Learn more about our Brooklyn transaction: https://lnkd.in/epVVaqqx Learn more about our Bronx transaction: https://lnkd.in/ebyPURTB

Congratulations to Parity, Inc. on their successful Series B raise, which will allow for the accelerated adoption of grid-interactive efficient buildings (GEBs) through HVAC optimization, an important step in the green transition for multifamily and large buildings. NY Green Bank is pleased to have been one of Parity’s early lenders—just last year we provided a $4M loan to finance the deployment of Parity’s innovative HVAC optimization software solution to improve energy efficiency in New York State. We look forward to their continued growth in the U.S. market.  

Tune in this afternoon, Tuesday, June 11th at 3:30 pm ET to learn about NY Green Bank’s investment activity and impact during the first quarter of 2024! You will hear from Rio Mizuno and Ben Goodwin on NYGB’s exciting work.   Join here: https://lnkd.in/ewKnNaHb