February 17 (Renewables Now) - The NY Green Bank registered USD 117.5 million (EUR 108.4m) of clean energy investments in the fourth quarter of 2019, its strongest quarter in terms of financing commitments.
NY Green Bank is focused on supporting investment in renewable energy and energy efficiency projects, in line with the state’s goal to source 70% of its power from renewables by 2030 and the ambitious capacity deployment targets behind it. It also backs the state’s objective for an 85% cut in greenhouse gas emissions by 2050.
The state-backed institution said on Friday its overall investments in the past year stood at USD 276.1 million, which expanded its total portfolio commitment to more than USD 909 million. In the fourth quarter alone, NY Green Bank provided capital in five deals, the largest one of which was worth USD 50 million. As part of it, the lender committed the particular sum in the form of a term loan to AES Distributed Energy for 41 projects that the renewables firm is developing in the Northeast, 14 of which are distributed solar photovoltaic (PV) in New York.
Additionally, a USD-35-million loan was extended for a portfolio of assets owned by Generate Capital and a USD-20-million term loan went to True Green Capital for community solar projects throughout the state. Local wind developer BQ Energy, meanwhile, got USD 10 million in debt to finance certain landfill and brownfield site redevelopment projects in the state. Last but not least, Eden Renewables obtained a USD-2.5-million bridge loan to cover deposits made to secure interconnection rights for 84 MW of community distributed solar projects.
(USD 1.0 = EUR 0.923)