New York Gov. Andrew Cuomo announced three new NY Green Bank deals that will allow private sector partners to provide and improve access to cleaner and more affordable energy for their residential, commercial and agricultural customers.
NY Green Bank, a core initiative of the governor's Reforming the Energy Vision plan, is providing a total of $49 million for the three transactions and leveraging up to $178 million in additional private capital from private sector partners and financial institutions.
"These investments further cement New York's position as a global leader in clean energy development, as well as in the fight against climate change," Cuomo said. "These three projects will not only help improve access to renewable energy for residents and businesses, but will also help stir economic growth by enabling these industries to grow in New York State."
NY Green Bank is a $1 billion state-sponsored financial entity designed to accelerate clean energy growth in New York State through private sector partnerships that help create a self-sustaining marketplace and reduce the need for future government support. To date, NY Green Bank has received proposals for more than $850 million of NY Green Bank capital that would result in about $3.5 billion in total investments in New York's clean energy markets.
The three deals announced today not only help improve consumers' access to clean energy, but also address market barriers that have prevented these deals from being completed in the past.
The $49 million in NY Green Bank funding will be distributed as follows:
· $25 million will support a new warehouse facility for Level Solar – a New York-based solar power provider that designs and installs systems for residential homes at no cost to the consumer. With funding from NY Green Bank and U.S. Bank, Level Solar will be able to provide solar installations for up to 6,000 New Yorkers.
· $4 million in revolving construction loans and a partnership with U.S. Bank will support New York-based United Wind's installation of over 160 distributed wind energy projects for residential, commercial and agricultural customers throughout Central and Western New York.
· $20 million along with a $50 million warehouse facility provided by Citi for Renew Financial to expand its consumer lending program to New York State for the first time. This program, ReHome New York, is an innovative public-private partnership that will offer up to 12,000 New York homeowners as much as $20,000 in low-cost financing for clean energy and energy efficiency improvements to their homes.
These transactions are expected to reduce lifetime greenhouse gas emissions in New York State by up to 886,000 metric tons, which is equivalent to taking more than 14,000 cars off the road annually for at least 10 years.