NY Green Bank closes USD 40.6m of deals in Q1

NY Green Bank has closed a record USD 40.6 million (EUR 37.3m) of clean energy financing transactions in the first quarter of 2017, the state-backed institution said on Thursday.

These latest six deals bring the bank's overall commitments since 2015 to USD 346.1 million. The USD-1-billion NY Green Bank is focused on increasing investment in the clean energy sector and supporting the state's target for 50% of its power to come from renewables by 2030.

The first-quarter transactions include the provision of USD 10.5 million in financing for Distributed Sun and Building Energy to build four solar projects serving Cornell University in Ithaca; USD 20 million for Vivint Solar to expand its operations in the state; as well as USD 6 million for Spruce Finance Inc, which is also beefing up its activities in New York. The latter two deals are expected to result in 3,760 residential rooftop solar installations.

Simultaneously, NY Green Bank announced two new requests for proposals (RfPs), designed to streamline the process for project financing for certain project types, namely solar or energy efficiency upgrades in commercial and multi-family properties, and solar for corporate and industrial end users.

(USD 1.0 = EUR 0.918)

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