NY Green Bank helps generate over USD 200m of solar projects
Solar system, New York. Author: Evan O'Neil. License: Creative Commons, Attribution 2.0 Generic
The NY Green Bank has closed four new transaction that are seen to back up to USD 220 million (EUR 194m) of clean energy projects, including over 6,200 rooftop and up to eight ground-mounted solar installations statewide.
One of those transactions was recently unveiled by residential solar lender Mosaic. It said in late April that it raised about USD 200 million from the NY Green Bank and Germany's DZ BANK to fund a portfolio of loans for over 5,000 American homeowners who want to install solar panels on their rooftops. The bank, a division of the New York State Energy Research and Development Authority (NYSERDA), said on Thursday that this transaction is expected to result in up to USD 40 million in residential rooftop solar projects in New York state.
At the same time, the NY Green Bank took part in a consortium that is providing USD 340 million of capital to residential solar firm Sunrun Inc (NASDAQ:RUN). The lender estimates that its involvement will lead to the development of up to USD 140 million worth of solar projects in the state.
Also, the bank has partnered with renewables developer BQ Energy to create a new standardised approach to construction and post-construction project finance. They will practice this approach on a portfolio of solar projects totalling USD 30 million, the first of which is located at the landfill in Patterson, New York.
On the other hand, New York City-based energy software developer Sealed Inc will receive financing from the NY Green Bank for USD 7.5 million of energy upgrades for up to 400 homeowners in the state. Sealed finances home comfort projects by allowing customers to pay for the improvements out of the savings those projects are guaranteed to generate.
“These projects will not only help to reduce greenhouse gas emissions and protect the environment, but ensure the state continues to reach its ambitious goal of 50% renewable energy by 2030,” said New York governor Andrew Cuomo.